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






2. 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






3. 1 Cost Leadership 2 Differentiation 3 Focus






4. Ability to broaden a product line or a customer base achieved through an acquisition.






5. Risk associated with a particular business.






6. 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






7. 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






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






9. primary activities and support activities






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






11. 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.






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






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






14. 1 Global Economy 2 Wage comparison 3 Trade Agreement 4 International Labor Law






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






16. 1 Organizational Strategy 2 Business unit strategy 3 Functional Strategy






17. 1 Vision and mission 2 Value Statement






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






19. 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






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






21. 1 Introduction 2 Growth 3 Maturity 4 Decline






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






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






24. 1 Preparation 2 Due Diligence 3 Planning integration of the business entities 4 Implementation - monitoring and measurement






25. 1 Planning 2 Organizing 3 Directing 4 Controlling






26. 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.






27. 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.






28. 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






29. 1 Cost Benefit Analysis 2 Return On Investment 3 Breakeven Analysis 4 Financial Statement Analysis






30. 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.






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






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






33. Risk associated with macro-economic forces.






34. 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






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






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






37. 1 SWOT analysis and environmental scanning 2 Long term objectives 3 Strategies to achieve these objectives are defined






38. It is a process not just written project plan that helps an organization focus on how to succeed in the future - where the company is now? - where does the company want to go? - How will the company get there?






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






40. Cut costs - add value - or increase prices






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






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






43. Comparing a the firms operations with a direct competitor






44. These objectives are generally achieved within 3 to 5 years. Establishing these objectives provides direction - synergy and aids in establishing guidelines for evaluation.






45. Comparing 1 operation in the firm with another






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






47. 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)






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






49. 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






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







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