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






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






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






4. Cut costs - add value - or increase prices






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






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






7. 1 Organizational Strategy 2 Business unit strategy 3 Functional Strategy






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






9. 1 SWOT analysis and environmental scanning 2 Long term objectives 3 Strategies to achieve these objectives are defined






10. When a corporation is able to combine similar primary value chain activities.






11. Is part of an organization for which there is a distinct external market for goods or services that is different from another SBU






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






13. Scheduling problems are largely resolved - and staffing and organizational culture begin to stabilize. Policies - procedures and rules are formalized and communicated to all employees. Training gains added emphasis in this phase to maintain flexibi






14. 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






15. Risk associated with macro-economic forces.






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






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






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






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






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






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






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






23. 1 Advances in technology 2 Technological skills 3 The digital divide 4 Process changes






24. 1 Capacity 2 Standards 3 Scheduling 4 Inventory 5 Control






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






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






27. 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)






28. 1 Balance Scorecard






29. A process and goal: the process: choices regarding acquiring and using scared resources: the goal: maintain and achieving a unique and valuable position in the international market






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






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






32. 1 Charts and graphs 2 Measures of central tendency 3 Measures of variation 4 Measures of association






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






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






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






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






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






38. The categories of activities within and around an organization which together create a product or service.






39. 1 Strategies are reviewed 2 Performance towards objective is measured 3 Corrective action is taken






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






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






42. 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. )






43. A participative approach to planning in which there is involvement at all levels; plans are developed at the lower levels of an organisation and funnelled up through consecutive levels until they reach top management - advantage:People are responsibl






44. 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.






45. 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.






46. 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






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






48. 1 Work Specialization 2 Departmentalization 3 Chain of Command 4 Centralization and Decentralization 5 Formalization






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






50. 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