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. 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






2. 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






3. 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"






4. Scheduling problems are largely resolved - and staffing and organizational culture begin to stabilize. Policies - procedures and rules are formalized and communicated to all employees. Training gains added emphasis in this phase to maintain flexibi






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






6. 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






7. 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.






8. A process or function previously performed by an organization is transferred to a separate entity. The workers now performing this function are not employees of the organization but they are employees of entity to whom the work is given.






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






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






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






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






13. 1 Advances in technology 2 Technological skills 3 The digital divide 4 Process changes






14. 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






15. 1. choose a viable position on efficiency frontier 2. configure its internal ops to support the chosen position 3.ensure firm has the right orginizational structure in place to execute its strategy






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






17. 1 The rule is proposed 2 Public comment is invited 3 The final rule is issued






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






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






20. Corporation that owns the majority of voting shares of other companies - but that allows the other companies to operate as independent entities.






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






22. 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






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. Is concerned with the ways in which an organization exeeds its minimum obligations to stakeholders specified through regulation.






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






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






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






28. Comparing similar functional firms in your industry






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






30. Value - Exploit - Rare - Imitate - Substitute






31. 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






32. primary activities and support activities






33. 1 Interest Rates 2 Gross Domestic Product (GDP) 3 Consumer Price Index (CPI) 4 Disposable Income 5 Inflation






34. 1 Global Economy 2 Wage comparison 3 Trade Agreement 4 International Labor Law






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






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






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






38. 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






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






40. Risk associated with macro-economic forces.






41. Designing a structure to assist in goal accomplishment that effectively relates human and nonhuman resources to the tasks of enterprise.Eg : Designing an interview process.






42. 1 Traditional Generation 2 Baby Boom Generation 3 Generation X 4 Generation Y






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






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






45. 1 Experiments 2 Pilot Projects 3 Surveys/questionnaires 4 Interviews (exit - panel - individual) 5 Focus group 6 Direct observation 7 Testing






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






47. 1 Statement of the problem 2 Objectives 3 Description of potential solution 4 Project Time line 5 Project Metrics.






48. 1 Capacity 2 Standards 3 Scheduling 4 Inventory 5 Control






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






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