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. 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






2. 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






3. 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






4. Organization become entrenched in rules and policies and leadership become resistant to change. series of efforts to turn the tide such as product enhancement or cost reduction programs. If unsuccessful in these then will focus on reducing workforce






5. A process where a large group of shareholders vote in new members to the board of directors - with the result that the new board can make changes in the company's management.






6. 1 The rule is proposed 2 Public comment is invited 3 The final rule is issued






7. 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






8. 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. )






9. 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






10. 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






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






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






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






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






15. 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






16. Risk associated with macro-economic forces.






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






18. High-yield debt that is rated below investment grade at the time of purchase. These bonds have a higher risk of default - but typically pay higher yields than better quality bonds in order to make them attractive to investors. Typically issued by bu






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






20. 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






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






22. 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.






23. 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.






24. 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






25. 1. talking to competitors - customers - and distributors 2. testing competitors products 3. view competitors exhibits at trade shows






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






27. 1 Financial 2 Human 3 Physical 4 Technological






28. Comparing 1 operation in the firm with another






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






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






31. 1 Strategies are reviewed 2 Performance towards objective is measured 3 Corrective action is taken






32. 1 SWOT analysis and environmental scanning 2 Long term objectives 3 Strategies to achieve these objectives are defined






33. 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.






34. 1 Attitudes towards career 2 Immigration 3 Occupational and industry skills 4 Recruitment 5 Unions 6 Unemployment 7 Turnover 8 Relocation






35. 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)






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






37. It is the process that involves a systematic survey and interruption of relevant data to identify external opportunities and threats and to assess how these factors affect the organization currently and how they are likely to affect the organization






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






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






40. 1 Experiments 2 Pilot Projects 3 Surveys/questionnaires 4 Interviews (exit - panel - individual) 5 Focus group 6 Direct observation 7 Testing






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






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






43. 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






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






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






46. 1 Introduction 2 Growth 3 Maturity 4 Decline






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






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






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






50. 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.