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 Introduction 2 Growth 3 Maturity 4 Decline






2. 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.






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






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






5. 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.






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






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






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






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






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






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






12. Comparing 1 operation in the firm with another






13. Comparing operations in totally unrelated industries






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






15. 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






16. 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.






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






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






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






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






21. 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.






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






23. Quality of information and interpretation of it






24. 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






25. 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.






26. Value - Exploit - Rare - Imitate - Substitute






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






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






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






30. 1. multinational 2. global 3. transnational






31. primary activities and support activities






32. The types of decisions made and direction created for a single business






33. Independent & entrepreneurial - adopts a more flexible approach to their international operations - More sensitive & responsive to local environment






34. Internal Benchmarks establish levels of current performance of a particular tasks - such as cost per hire.






35. 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






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






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. 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






39. 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






40. 1 Vision and mission 2 Value Statement






41. Comparing similar functional firms in your industry






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






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






44. 1 Financial 2 Human 3 Physical 4 Technological






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






46. 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






47. 1 Attitudes towards career 2 Immigration 3 Occupational and industry skills 4 Recruitment 5 Unions 6 Unemployment 7 Turnover 8 Relocation






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






49. 1 Age 2 Gender 3 Generational Difference 4 Geographic shifts in population 5 Ethnicity 6 Unskilled Labor 7 Non traditional labor force






50. 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.