Test your basic knowledge |

Business Strategy

Subject : business-skills
Instructions:
  • Answer 50 questions in 15 minutes.
  • If you are not ready to take this test, you can study here.
  • Match each statement with the correct term.
  • Don't refresh. All questions and answers are randomly picked and ordered every time you load a test.

This is a study tool. The 3 wrong answers for each question are randomly chosen from answers to other questions. So, you might find at times the answers obvious, but you will see it re-enforces your understanding as you take the test each time.
1. A tool to help you think about the wider issues that have an impact on the industry or service area as a whole - taking five main categories into account: Socio-cultural - Technological - Economic - Environmental - Political






2. A strategy by which an organization peruses new product offerings and new markets.






3. 1 Financial 2 Human 3 Physical 4 Technological






4. Processes and activities used to formulate HR objectives - practices - and policies.






5. 1 Age 2 Gender 3 Generational Difference 4 Geographic shifts in population 5 Ethnicity 6 Unskilled Labor 7 Non traditional labor force






6. The categories of activities within and around an organization which together create a product or service.






7. A process where a large group of shareholders vote in new members to the board of directors - with the result that the new board can make changes in the company's management.






8. 1 Preparation 2 Due Diligence 3 Planning integration of the business entities 4 Implementation - monitoring and measurement






9. Scheduling problems are largely resolved - and staffing and organizational culture begin to stabilize. Policies - procedures and rules are formalized and communicated to all employees. Training gains added emphasis in this phase to maintain flexibi






10. Is part of an organization for which there is a distinct external market for goods or services that is different from another SBU






11. It describes an organizational challenge and possible alternative solutions - presenting evidence in support of a proposed solution. They are effective way to compete for limited resources.






12. Where an individual (such as a corporate officer) acts on behalf of someone else (such as a shareholder)






13. It is a systematic process of gathering and analyzing all relevant data about external opportunities (emerging marketplace - additional capabilities provided through new technology.) and threats (emerging competition - shifts in marketplaces. )






14. The resources and competences of an organization needed for it to survive and prosper.






15. It is the process that involves a systematic survey and interruption of relevant data to identify external opportunities and threats and to assess how these factors affect the organization currently and how they are likely to affect the organization






16. Information systems with a charter to achieve competitive superiority.






17. 1. R&D 2. production 3. marketing and sales 4. customer service






18. 1. multinational 2. global 3. transnational






19. A corporation that owns a large number of businesses that are different sizes and operate in different industry sectors.






20. It refers to relocation of processes or functions from a home country to another country and it appeals to organization for cost saving.






21. Risk associated with a particular business.






22. Detailed and plausible views of how the business environment of an organization might develop in the future based on key drivers for change about which there is a high level of uncertainty






23. A process and goal: the process: choices regarding acquiring and using scared resources: the goal: maintain and achieving a unique and valuable position in the international market






24. It describes a project in detail and shows how it will contribute value to the organization and provides sufficient information about how the project will be designed - implemented - and measured to enable the organization's leaders to make informe






25. Ability to broaden a product line or a customer base achieved through an acquisition.






26. Comparing a the firms operations with a direct competitor






27. Describes the structure of product - service - and information flows and the role of participating parties.






28. The central focus of the department is the provision of goods and services to the customer. Basically this department must ensure that the product/service is produced and delivered to the customer.






29. A strategy by which an organisation offers existing products to new markets.






30. A process or function previously performed by an organization is transferred to a separate entity. The workers now performing this function are not employees of the organization but they are employees of entity to whom the work is given.






31. Comparing operations in totally unrelated industries






32. 1. talking to competitors - customers - and distributors 2. testing competitors products 3. view competitors exhibits at trade shows






33. New ideas should not be dismissed simply because they originated at a grassroots level. Business innovations developed under these circumstances will create new objectives or modify existing ones and create an overlay of new direction compared to wha






34. 1 Strategies are reviewed 2 Performance towards objective is measured 3 Corrective action is taken






35. Special Purpose Acquisition Company. Empty-shell firms that promise to buy businesses with the proceeds of their initial public stock offerings.






36. Acquisition of a company in a different industry - but which employs a similar value chain.






37. When a corporation enters a new business in a different industry from that in which it currently operates and does not expect to achieve any value chain synergies through the combination.






38. It uses data already gathered by others and reported in various sources.






39. Private (nonpublic) corporations or partnerships that use their financial resources to engineer buyouts and acquisitions of other companies.






40. Is concerned with the structures and systems of control by which managers are held accountable to those who have a legitimate stake an organization.






41. 1 Demographic Factors 2 Economic Factors 3 Employment Factors 4 International Factors 5 Political Factors 6 Social Factors 7 Technological Factors






42. Quality of information and interpretation of it






43. 1 Experiments 2 Pilot Projects 3 Surveys/questionnaires 4 Interviews (exit - panel - individual) 5 Focus group 6 Direct observation 7 Testing






44. Shows the behavioral - physical and symbolic manifestations of a culture that inform and are informed by the taken-for-granted assumptions - or paradigm - of an organisation






45. Identifies stakeholder expectations and power and helps in understanding political priorities.






46. 1. improve bidding success 2. identify competitors key customers 3. identify expansion plans 4. improve understanding of competitors






47. A value creating strategy that primary increases perceived value by increasing attractiveness of product






48. Combine both qualitative and quantitative measures - acknowledge the expectations of different stakeholders and relate an assessment of performance to choice of strategy.






49. They are used to condense and summarize large quantities of data for quick understanding.






50. Cut costs - add value - or increase prices