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 Planning 2 Organizing 3 Directing 4 Controlling






2. 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?






3. Adhering to set of governing principles whether the philosophy is one of fairness - individual rights - avoiding conflicts of interest or another philosophical grounding.






4. 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.






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






6. 1 Capacity 2 Standards 3 Scheduling 4 Inventory 5 Control






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






8. They are often based on industry best practice.






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






10. 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






11. 1 Demographic Factors 2 Economic Factors 3 Employment Factors 4 International Factors 5 Political Factors 6 Social Factors 7 Technological Factors






12. 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.






13. 1 Financial 2 Human 3 Physical 4 Technological






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






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






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






17. 1 Attitudes towards career 2 Immigration 3 Occupational and industry skills 4 Recruitment 5 Unions 6 Unemployment 7 Turnover 8 Relocation






18. 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.






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






20. It is based on numeric data that is analyzed with statistic method. 1 Descriptive Statistic 2 Inferential Statistic






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






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






23. 1 Global Economy 2 Wage comparison 3 Trade Agreement 4 International Labor Law






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






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






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






27. The benefits that develop through the extension and application of corporate resources to a newly acquired company.






28. A plant or service department is moved to another country. Although separated geographically - the off shored entity remains part of the organization - and workers are still employees of the organization.






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






30. 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






31. Risk associated with macro-economic forces.






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






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






34. The decisions made and the direction provided for managing multiple business units under a single corporate umbrella.






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






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






37. 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






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






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






40. 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






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






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






43. 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






44. 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)






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






46. 1 Cost Benefit Analysis 2 Return On Investment 3 Breakeven Analysis 4 Financial Statement Analysis






47. primary activities and support activities






48. 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






49. Value - Exploit - Rare - Imitate - Substitute






50. 1 Advances in technology 2 Technological skills 3 The digital divide 4 Process changes