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






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






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






4. 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






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






6. 1 Traditional Generation 2 Baby Boom Generation 3 Generation X 4 Generation Y






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






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






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






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






11. 1 Attitudes towards career 2 Immigration 3 Occupational and industry skills 4 Recruitment 5 Unions 6 Unemployment 7 Turnover 8 Relocation






12. 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






13. 1 Cost Benefit Analysis 2 Return On Investment 3 Breakeven Analysis 4 Financial Statement Analysis






14. 1 Strategies are reviewed 2 Performance towards objective is measured 3 Corrective action is taken






15. 1 Planning 2 Organizing 3 Directing 4 Controlling






16. 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.






17. 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.






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






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






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






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






22. 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.






23. 1 Vision and mission 2 Value Statement






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






25. 1 Organizational Strategy 2 Business unit strategy 3 Functional Strategy






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






27. 1 Experiments 2 Pilot Projects 3 Surveys/questionnaires 4 Interviews (exit - panel - individual) 5 Focus group 6 Direct observation 7 Testing






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






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






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






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






32. Comparing a the firms operations with a direct competitor






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






34. A method of planning in which corporate hq develops and provides guidelines - disadvantages: the method of planning restricts initiative at lower level - shows insensitivity to local conditions - advantages: headquarters formulates a plan; this ensur






35. Views the world as its unit of analysis - Plants are built to provide local marketing advantages - recognizes the importance of being flexible at the country-level operations - more responsive to local needs






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






37. 1 Global Economy 2 Wage comparison 3 Trade Agreement 4 International Labor Law






38. 1 Strategy Formulation 2 Strategy Development 3 Strategy Implementation 4 Strategy Evaluation






39. 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. )






40. Specific - Measurable - Attainable - Realistic - Timely






41. 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






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






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






44. 1 Demographic Factors 2 Economic Factors 3 Employment Factors 4 International Factors 5 Political Factors 6 Social Factors 7 Technological Factors






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






46. Quality of information and interpretation of it






47. 1. multinational 2. global 3. transnational






48. 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.






49. 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.






50. Organization that follow this approach are not competing in an established market. They see themselves as a creating entirely new value. This strategy values innovation - creativity and rule breaking.