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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 Vision and mission 2 Value Statement






2. Specific - Measurable - Attainable - Realistic - Timely






3. Ensuring that everything is carried out according to the plan. Eg: Measuring recruiting efforts and effectiveness.






4. 1. multinational 2. global 3. transnational






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






6. Value - Exploit - Rare - Imitate - Substitute






7. A method of planning in which corporate hq develops and provides guidelines - disadvantages: the method of planning restricts initiative at lower level - shows insensitivity to local conditions - advantages: headquarters formulates a plan; this ensur






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






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






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






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






12. 1 Organizational Strategy 2 Business unit strategy 3 Functional Strategy






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






14. 1 Balance Scorecard






15. 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?






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






17. Serve the purpose similar to short term objectives but are completed in 1 to 3 years.






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






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






20. 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.






21. 1 Experiments 2 Pilot Projects 3 Surveys/questionnaires 4 Interviews (exit - panel - individual) 5 Focus group 6 Direct observation 7 Testing






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






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






24. 1 Cost Benefit Analysis 2 Return On Investment 3 Breakeven Analysis 4 Financial Statement Analysis






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






26. 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.






27. 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.






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






29. 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






30. A value creating strategy that creates more perceived value by primarily reducing costs






31. 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)






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






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






34. Acquisition of another company upstream (supplier) or downstream (buyer) in the value chain of the same industry in which the corporation operates.






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






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






37. 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






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






39. 1 Planning 2 Organizing 3 Directing 4 Controlling






40. 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






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






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






43. The underlying principles that guide an organization's strategy






44. Comparing a the firms operations with a direct competitor






45. 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.






46. When a corporation can take synergistic advantage of relationships with suppliers and/or customers in making an acquisition.






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






48. 1 Financial 2 Human 3 Physical 4 Technological






49. primary activities and support activities






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






Can you answer 50 questions in 15 minutes?



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