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 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.






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






3. It describes what is important to an organization and often dictate employee behavior. They are the heart of the culture of an organization.






4. Cut costs - add value - or increase prices






5. 1 Global Economy 2 Wage comparison 3 Trade Agreement 4 International Labor Law






6. 1 Attitudes towards career 2 Immigration 3 Occupational and industry skills 4 Recruitment 5 Unions 6 Unemployment 7 Turnover 8 Relocation






7. Acquisition of a company that operates in the same industry using the same value chain.






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






9. The choices made through the 4 Ps : Product - Price - Place and Promotion are what makes a product or service unique. This is distinctive blend of marketing decision.






10. These strategy requires that organizations focus on a particular buyer group - segment of the product line or geographical market within an industry. It is build around serving particular target to the exclusion of others.






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






12. Is concerned with the ways in which an organization exeeds its minimum obligations to stakeholders specified through regulation.






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






14. 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






15. High-yield debt that is rated below investment grade at the time of purchase. These bonds have a higher risk of default - but typically pay higher yields than better quality bonds in order to make them attractive to investors. Typically issued by bu






16. 1 Work Specialization 2 Departmentalization 3 Chain of Command 4 Centralization and Decentralization 5 Formalization






17. Comparing similar functional firms in your industry






18. 1 Population 2 Sample 3 Normal Distribution






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






20. Often accompanied by backlogs and scheduling problems while the organization adjusts to increase demands. Policies - procedures and rules should begin to be formalized as organization needs increased structure during this phase to operate effectively






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






22. Organization become entrenched in rules and policies and leadership become resistant to change. series of efforts to turn the tide such as product enhancement or cost reduction programs. If unsuccessful in these then will focus on reducing workforce






23. Economic - legal resp. - ethical - and discretionary






24. Comparing operations in totally unrelated industries






25. A merger or acquisition where there is some similarity of industry and/or value chain between the corporation and the company it seeks to acquire.






26. 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.






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






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






29. 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. )






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






31. Risk associated with macro-economic forces.






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






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






34. Refers to an intensive investigation of all factors surrounding a business decision to ensure that all risks are understood.






35. 1 Preparation 2 Due Diligence 3 Planning integration of the business entities 4 Implementation - monitoring and measurement






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






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






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






39. 1 Traditional Generation 2 Baby Boom Generation 3 Generation X 4 Generation Y






40. Risk associated with a particular business.






41. 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.






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






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






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






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






46. They are often based on industry best practice.






47. 1 Historical Data (HR records - census records) 2 Benchmarking and best practices reports 3 Purchased Data ( Gallup or Roper data) 4 Professional Journals - Books - and other media 5 Secondhand reports (grapevine reports)






48. 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






49. Corporation that owns the majority of voting shares of other companies - but that allows the other companies to operate as independent entities.






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