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. 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






2. 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.






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






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






5. 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






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






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






8. 1 Cost Leadership 2 Differentiation 3 Focus






9. 1 Financial 2 Human 3 Physical 4 Technological






10. 1 Preparation 2 Due Diligence 3 Planning integration of the business entities 4 Implementation - monitoring and measurement






11. primary activities and support activities






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






13. They are often based on industry best practice.






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






15. 1 Advances in technology 2 Technological skills 3 The digital divide 4 Process changes






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






17. 1 Interest Rates 2 Gross Domestic Product (GDP) 3 Consumer Price Index (CPI) 4 Disposable Income 5 Inflation






18. 1 Work Specialization 2 Departmentalization 3 Chain of Command 4 Centralization and Decentralization 5 Formalization






19. 1 Statement of the problem 2 Objectives 3 Description of potential solution 4 Project Time line 5 Project Metrics.






20. 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)






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






22. 1 Strategies are reviewed 2 Performance towards objective is measured 3 Corrective action is taken






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






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






25. 1 Age 2 Gender 3 Generational Difference 4 Geographic shifts in population 5 Ethnicity 6 Unskilled Labor 7 Non traditional labor force






26. 1 Demographic Factors 2 Economic Factors 3 Employment Factors 4 International Factors 5 Political Factors 6 Social Factors 7 Technological Factors






27. The organization of a set of businesses that share identical or very similar strategies or strategic challenges.






28. 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






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






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






31. 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)






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






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






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






35. 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.






36. 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






37. Studying the future and arranging the means for dealing with it - which encompass forecasting - selling goals - and determining actions. eg: Forecasting future staffing needs.






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






39. 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






40. 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.






41. 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"






42. 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.






43. Private (nonpublic) corporations or partnerships that use their financial resources to engineer buyouts and acquisitions of other companies.






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






45. Risk associated with macro-economic forces.






46. 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






47. 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






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






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






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