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. 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.






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






3. 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






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






5. Designing a structure to assist in goal accomplishment that effectively relates human and nonhuman resources to the tasks of enterprise.Eg : Designing an interview process.






6. 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.






7. 1 SWOT analysis and environmental scanning 2 Long term objectives 3 Strategies to achieve these objectives are defined






8. 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






9. 1 Strategy Formulation 2 Strategy Development 3 Strategy Implementation 4 Strategy Evaluation






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






11. Value - Exploit - Rare - Imitate - Substitute






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






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






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






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






17. 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.






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






19. 1. multinational 2. global 3. transnational






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






21. 1 Advances in technology 2 Technological skills 3 The digital divide 4 Process changes






22. A plant or service department is moved to another country. Although separated geographically - the off shored entity remains part of the organization - and workers are still employees of the organization.






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






24. 1 Interest Rates 2 Gross Domestic Product (GDP) 3 Consumer Price Index (CPI) 4 Disposable Income 5 Inflation






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






26. A strategy by which an organization peruses new product offerings and new markets.






27. Comparing operations in totally unrelated industries






28. Quality of information and interpretation of it






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






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






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






32. 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






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






34. 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






35. 1 Attitudes towards career 2 Immigration 3 Occupational and industry skills 4 Recruitment 5 Unions 6 Unemployment 7 Turnover 8 Relocation






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






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






38. 1 Short term objective 2 Action plan to achieve these objective 3 Allocating resources 4 Motivating employees to manage the plan.






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






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






41. 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.






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






43. 1 Strategies are reviewed 2 Performance towards objective is measured 3 Corrective action is taken






44. 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.






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






46. 1 Cost Benefit Analysis 2 Return On Investment 3 Breakeven Analysis 4 Financial Statement Analysis






47. 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






48. It describes what is important to an organization and often dictate employee behavior. They are the heart of the culture of an organization.






49. 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






50. 1 Balance Scorecard