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Business Strategy

Subject : business-skills
  • Answer 50 questions in 15 minutes.
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  • Match each statement with the correct term.
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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. Ability to broaden a product line or a customer base achieved through an acquisition.

2. 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)

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

4. 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.

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

6. Quality of information and interpretation of it

7. Is the means by which a strategy can be pursued.

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

9. These strategies attempt to set the product or service apart form its competition by giving it unique characteristic that customers value and for which they will be willing to pay a premium price.

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

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

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

13. 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. )

14. 1 Work Specialization 2 Departmentalization 3 Chain of Command 4 Centralization and Decentralization 5 Formalization

15. 1 SWOT analysis and environmental scanning 2 Long term objectives 3 Strategies to achieve these objectives are defined

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

17. 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.

18. 1 Attitudes towards career 2 Immigration 3 Occupational and industry skills 4 Recruitment 5 Unions 6 Unemployment 7 Turnover 8 Relocation

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

20. Collateralized Loan Obligation. Large pool of bank loans bundled together by financial services firms and sold off to investors in slices - with the goal to spread default risk "an inch deep and a mile wide"

21. Comparing 1 operation in the firm with another

22. 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

23. 1 Strategies are reviewed 2 Performance towards objective is measured 3 Corrective action is taken

24. 1 Organizational Strategy 2 Business unit strategy 3 Functional Strategy

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

26. 1 Charts and graphs 2 Measures of central tendency 3 Measures of variation 4 Measures of association

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

28. 1 Cost Leadership 2 Differentiation 3 Focus

29. 1. information systems 2. logistics 3. HR

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

31. 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.

32. 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.

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

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

35. 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.

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

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

38. A strategy by which an organization peruses new product offerings and new markets.

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

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

41. 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.

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

43. primary activities and support activities

44. 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

45. 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

46. 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?

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

48. 1 Vision and mission 2 Value Statement

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

50. 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