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. 1 Vision and mission 2 Value Statement






2. 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.






3. 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






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






5. 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.






6. 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






7. 1 Global Economy 2 Wage comparison 3 Trade Agreement 4 International Labor Law






8. They represent milestones that must be achieved in order to reach the long term objectives. They are usually within 6 months to a year.






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






10. Acquisition of a company in a different industry - but which employs a similar value chain.






11. 1 Cost Benefit Analysis 2 Return On Investment 3 Breakeven Analysis 4 Financial Statement Analysis






12. 1 Financial 2 Human 3 Physical 4 Technological






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






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






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






16. Risk associated with macro-economic forces.






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






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






19. 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






20. 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.






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






22. 1 Attitudes towards career 2 Immigration 3 Occupational and industry skills 4 Recruitment 5 Unions 6 Unemployment 7 Turnover 8 Relocation






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






24. It describes a project in detail and shows how it will contribute value to the organization and provides sufficient information about how the project will be designed - implemented - and measured to enable the organization's leaders to make informe






25. 1 Capacity 2 Standards 3 Scheduling 4 Inventory 5 Control






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






27. 1 Work Specialization 2 Departmentalization 3 Chain of Command 4 Centralization and Decentralization 5 Formalization






28. 1 Strategy Formulation 2 Strategy Development 3 Strategy Implementation 4 Strategy Evaluation






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






30. 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






31. 1 Planning 2 Organizing 3 Directing 4 Controlling






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






33. 1 Experiments 2 Pilot Projects 3 Surveys/questionnaires 4 Interviews (exit - panel - individual) 5 Focus group 6 Direct observation 7 Testing






34. 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.






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






36. 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.






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






38. 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






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






40. Comparing similar functional firms in your industry






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






42. 1 SWOT analysis and environmental scanning 2 Long term objectives 3 Strategies to achieve these objectives are defined






43. Comparing a the firms operations with a direct competitor






44. 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.






45. Often accompanied by backlogs and scheduling problems while the organization adjusts to increase demands. Policies - procedures and rules should begin to be formalized as organization needs increased structure during this phase to operate effectively






46. 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. )






47. 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






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






49. Value - Exploit - Rare - Imitate - Substitute






50. Acquisition of a company that operates in the same industry using the same value chain.