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. 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.






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






3. A strategy by which an organisation offers existing products to new markets.






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






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






6. 1 Introduction 2 Growth 3 Maturity 4 Decline






7. 1 Charts and graphs 2 Measures of central tendency 3 Measures of variation 4 Measures of association






8. Comparing operations in totally unrelated industries






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






10. 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.






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






12. 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






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






14. 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






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






16. When a corporation can take synergistic advantage of administrative and support activities of the value chain in making an acquisition.






17. primary activities and support activities






18. 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






19. 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.






20. 1 SWOT analysis and environmental scanning 2 Long term objectives 3 Strategies to achieve these objectives are defined






21. 1 Age 2 Gender 3 Generational Difference 4 Geographic shifts in population 5 Ethnicity 6 Unskilled Labor 7 Non traditional labor force






22. 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






23. Risk associated with a particular business.






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






25. 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






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






27. 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






28. 1 Cost Benefit Analysis 2 Return On Investment 3 Breakeven Analysis 4 Financial Statement Analysis






29. 1 Organizational Strategy 2 Business unit strategy 3 Functional Strategy






30. 1 The rule is proposed 2 Public comment is invited 3 The final rule is issued






31. Comparing a the firms operations with a direct competitor






32. 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






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






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






35. Value - Exploit - Rare - Imitate - Substitute






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






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






38. The skills and abilities by which resources are deployed through an organization's activities and processes such as to achieve competitive advantage in ways that others cannot imitate or obtain.






39. 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.






40. Cut costs - add value - or increase prices






41. 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)






42. 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.






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






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






45. 1 Strategy Formulation 2 Strategy Development 3 Strategy Implementation 4 Strategy Evaluation






46. It can be defined as principles of conduct within an organization that guide decision making and behavior.






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






48. Where an individual (such as a corporate officer) acts on behalf of someone else (such as a shareholder)






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






50. 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