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. The organization of a set of businesses that share identical or very similar strategies or strategic challenges.






2. 1 SWOT analysis and environmental scanning 2 Long term objectives 3 Strategies to achieve these objectives are defined






3. Quality of information and interpretation of it






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






5. Independent & entrepreneurial - adopts a more flexible approach to their international operations - More sensitive & responsive to local environment






6. 1 Cost Leadership 2 Differentiation 3 Focus






7. A process where a company is bought primarily using debt. Typically engineered by management of the company - or by private equity firms.






8. Value - Exploit - Rare - Imitate - Substitute






9. These objectives are generally achieved within 3 to 5 years. Establishing these objectives provides direction - synergy and aids in establishing guidelines for evaluation.






10. Comparing operations in totally unrelated industries






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






12. 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






13. Studying the future and arranging the means for dealing with it - which encompass forecasting - selling goals - and determining actions. eg: Forecasting future staffing needs.






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






15. Is the means by which a strategy can be pursued.






16. A company in which 70-95% of revenue comes from a single business






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






18. A strategy by which an organization takes increased share of its existing markets with its existing product range.






19. 1 Strategies are reviewed 2 Performance towards objective is measured 3 Corrective action is taken






20. 1 Experiments 2 Pilot Projects 3 Surveys/questionnaires 4 Interviews (exit - panel - individual) 5 Focus group 6 Direct observation 7 Testing






21. 1 Planning 2 Organizing 3 Directing 4 Controlling






22. Collateralized Loan Obligation. Large pool of bank loans bundled together by financial services firms and sold off to investors in slices - with the goal to spread default risk "an inch deep and a mile wide"






23. 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






24. The types of decisions made and direction created for a single business






25. Risk associated with macro-economic forces.






26. 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






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






28. It is simple and effective process for collecting information on the organization's current state. It answers four basic question.






29. Comparing similar functional firms in your industry






30. 1 Charts and graphs 2 Measures of central tendency 3 Measures of variation 4 Measures of association






31. When a corporation reduces its level of diversification and strategically refocuses on core businesses where the synergies of scope - economizing - and leverage are more evident and more easily realized.






32. The skills and abilities by which resources are deployed through an organization's activities and processes such as to achieve competitive advantage in ways that others cannot imitate or obtain.






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






34. They are often based on industry best practice.






35. It specifies what activities the organization intends to pursue and what course of management has charted for the future. It provides general outline of how the organization will achieve the vision. It includes who the company is - what the company






36. 1 Capacity 2 Standards 3 Scheduling 4 Inventory 5 Control






37. 1. choose a viable position on efficiency frontier 2. configure its internal ops to support the chosen position 3.ensure firm has the right orginizational structure in place to execute its strategy






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






39. Organizations within an industry with similar strategic characteristics - following similar strategies or competing on similar bases






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






41. primary activities and support activities






42. Organization that follow this approach are not competing in an established market. They see themselves as a creating entirely new value. This strategy values innovation - creativity and rule breaking.






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






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






45. A participative approach to planning in which there is involvement at all levels; plans are developed at the lower levels of an organisation and funnelled up through consecutive levels until they reach top management - advantage:People are responsibl






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






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






48. Comparing a the firms operations with a direct competitor






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






50. Sell more in existing markets - or enter new markets