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






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






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






4. 1 Cost Leadership 2 Differentiation 3 Focus






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






6. 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






7. It is a system of moral principles and values that establish appropriate conduct.






8. A corporation that owns a large number of businesses that are different sizes and operate in different industry sectors.






9. 1 Short term objective 2 Action plan to achieve these objective 3 Allocating resources 4 Motivating employees to manage the plan.






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






11. 1 Preparation 2 Due Diligence 3 Planning integration of the business entities 4 Implementation - monitoring and measurement






12. 1 Introduction 2 Growth 3 Maturity 4 Decline






13. 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.






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






15. 1 Attitudes towards career 2 Immigration 3 Occupational and industry skills 4 Recruitment 5 Unions 6 Unemployment 7 Turnover 8 Relocation






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






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






18. 1 Financial 2 Human 3 Physical 4 Technological






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






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






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






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






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






24. Comparing similar functional firms in your industry






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






26. 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






27. 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






28. 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.






29. 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.






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






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






32. 1. multinational 2. global 3. transnational






33. 1 Statement of the problem 2 Objectives 3 Description of potential solution 4 Project Time line 5 Project Metrics.






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






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






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






37. 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.






38. 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.






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






40. They are often based on industry best practice.






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






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






43. 1 Demographic Factors 2 Economic Factors 3 Employment Factors 4 International Factors 5 Political Factors 6 Social Factors 7 Technological Factors






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






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






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






47. 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.






48. 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






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






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