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






3. 1 Balance Scorecard






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






5. 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






6. Is the means by which a strategy can be pursued.






7. 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






8. 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.






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






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






11. 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






12. 1 Cost Leadership 2 Differentiation 3 Focus






13. 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.






14. 1 Age 2 Gender 3 Generational Difference 4 Geographic shifts in population 5 Ethnicity 6 Unskilled Labor 7 Non traditional labor force






15. 1 Capacity 2 Standards 3 Scheduling 4 Inventory 5 Control






16. 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






17. 1 Charts and graphs 2 Measures of central tendency 3 Measures of variation 4 Measures of association






18. 1 Introduction 2 Growth 3 Maturity 4 Decline






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






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






21. Specific - Measurable - Attainable - Realistic - Timely






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






23. Divestiture in which a corporation creates a new company out of one of its businesses. The new company has its own shares of stock and shareholders - and its own board of directors. Typically - shareholders of the corporation will receive newly iss






24. 1 Strategies are reviewed 2 Performance towards objective is measured 3 Corrective action is taken






25. 1 Work Specialization 2 Departmentalization 3 Chain of Command 4 Centralization and Decentralization 5 Formalization






26. 1 Global Economy 2 Wage comparison 3 Trade Agreement 4 International Labor Law






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






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






29. Risk associated with macro-economic forces.






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






31. 1 Traditional Generation 2 Baby Boom Generation 3 Generation X 4 Generation Y






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






33. The central focus of the department is the provision of goods and services to the customer. Basically this department must ensure that the product/service is produced and delivered to the customer.






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






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






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






37. 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)






38. 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






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






40. Special Purpose Acquisition Company. Empty-shell firms that promise to buy businesses with the proceeds of their initial public stock offerings.






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






42. 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.






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






44. 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






45. 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.






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






47. 1 Preparation 2 Due Diligence 3 Planning integration of the business entities 4 Implementation - monitoring and measurement






48. 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






49. 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.






50. Quality of information and interpretation of it