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






2. 1 Introduction 2 Growth 3 Maturity 4 Decline






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






4. 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.






5. Internal Benchmarks establish levels of current performance of a particular tasks - such as cost per hire.






6. Comparing 1 operation in the firm with another






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






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






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






10. 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






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






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






13. 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.






14. 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.






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






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






17. 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.






18. 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.






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






20. It describes a project in detail and shows how it will contribute value to the organization and provides sufficient information about how the project will be designed - implemented - and measured to enable the organization's leaders to make informe






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






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






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






24. 1 Age 2 Gender 3 Generational Difference 4 Geographic shifts in population 5 Ethnicity 6 Unskilled Labor 7 Non traditional labor force






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






26. 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.






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






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






29. Designing a structure to assist in goal accomplishment that effectively relates human and nonhuman resources to the tasks of enterprise.Eg : Designing an interview process.






30. 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. )






31. Identifies stakeholder expectations and power and helps in understanding political priorities.






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






33. 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.






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






35. When a corporation can take synergistic advantage of administrative and support activities of the value chain in making an acquisition.






36. It refers to relocation of processes or functions from a home country to another country and it appeals to organization for cost saving.






37. 1 Planning 2 Organizing 3 Directing 4 Controlling






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






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






40. 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






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






42. 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)






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






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






45. 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






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






47. 1 Interest Rates 2 Gross Domestic Product (GDP) 3 Consumer Price Index (CPI) 4 Disposable Income 5 Inflation






48. Risk associated with macro-economic forces.






49. 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)






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