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. 1. a graph demonstrating the different positions a firm can adopt in creating value 2. compares value and differentiation (Y) versus high cost to low cost (x)






2. Business remain separate entities but may appear to outsiders as one entity. Commonly formed through the use of outsourcing.






3. 1 They can help to identify improvements in an organization's performance that can be attributed to the projects 2 They can suggest appropriate targets for improvement to be included in project objectives.






4. They represent milestones that must be achieved in order to reach the long term objectives. They are usually within 6 months to a year.






5. 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






6. 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






7. 1 Balance Scorecard






8. The political - economic - social - technological - environmental - and legal dimensions of an organization's external environment.






9. 1 Short term objective 2 Action plan to achieve these objective 3 Allocating resources 4 Motivating employees to manage the plan.






10. It is a vivid - guiding image of the organization's desired future. It is the ultimate picture of what leadership envisions for the organization.






11. Not necessarily considered HR core function like benefits plan administration - payroll administration - and background checks - etc.






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






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






14. These are the detailed steps a unit - department - or team will take in order to achieve the short term objectives.






15. Those product features with which a organization must outperform the competition because they are particularly valued by a group of customers.






16. It can be defined as principles of conduct within an organization that guide decision making and behavior.






17. Engaging in those activities that ensure effective operation - including leadership and motivation pf employee action towards goals. eg : Scheduling and conducting interview.






18. It is a process not just written project plan that helps an organization focus on how to succeed in the future - where the company is now? - where does the company want to go? - How will the company get there?






19. It involves data that is gathered firsthand for the specific evaluation being conduced.






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






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






22. 1 Planning 2 Organizing 3 Directing 4 Controlling






23. 1. multinational 2. global 3. transnational






24. 1 Financial 2 Human 3 Physical 4 Technological






25. Comparing 1 operation in the firm with another






26. 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"






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






28. Value - Exploit - Rare - Imitate - Substitute






29. 1 Statement of the problem 2 Objectives 3 Description of potential solution 4 Project Time line 5 Project Metrics.






30. Cut costs - add value - or increase prices






31. Individuals or groups who depend on an organization to fulfill their own goals and on whom - in turn the organization depends.






32. 1 SWOT analysis and environmental scanning 2 Long term objectives 3 Strategies to achieve these objectives are defined






33. To achieve cost advantage - an organization has to be the low cost producer in its industry.The finished products of low cost producers are sold at prices that beat the competition. These industries depend on volume to provide profit and is less bra






34. 1 Work Specialization 2 Departmentalization 3 Chain of Command 4 Centralization and Decentralization 5 Formalization






35. They are often based on industry best practice.






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






37. Cost savings accomplished by operating combined companies more efficiently.






38. Suppliers - buyers - competitive rivalry - product substitutes and potential entrants; reinforces the importance of economic theory; analytical tool of previously lacking the field of strategy; determines the nature/level of competition and profit






39. Is the set of internationalization links and relationships that are necessary to create a product or service.






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






41. 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.






42. 1 Cost Benefit Analysis 2 Return On Investment 3 Breakeven Analysis 4 Financial Statement Analysis






43. 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.






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






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






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






47. 1 Preparation 2 Due Diligence 3 Planning integration of the business entities 4 Implementation - monitoring and measurement






48. The organization relies on high energy and creativity. Attempts to develop products and services - decision may be made to use experiences staff so training is not an integral part of this phase. may meet or exceed the standard pay range to recruit






49. 1 Global Economy 2 Wage comparison 3 Trade Agreement 4 International Labor Law






50. Ensure that organization's strategy and operations are consistent with each other