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






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






3. 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






4. When a corporation enters a new business in a different industry from that in which it currently operates and does not expect to achieve any value chain synergies through the combination.






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






6. 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






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






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






9. Those product features with which a organization must outperform the competition because they are particularly valued by a group of customers.






10. Specific - Measurable - Attainable - Realistic - Timely






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






12. Value - Exploit - Rare - Imitate - Substitute






13. 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.






14. 1 Organizational Strategy 2 Business unit strategy 3 Functional Strategy






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






16. 1 The rule is proposed 2 Public comment is invited 3 The final rule is issued






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






18. 1. information systems 2. logistics 3. HR






19. Ensure that organization's strategy and operations are consistent with each other






20. 1 Advances in technology 2 Technological skills 3 The digital divide 4 Process changes






21. 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.






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






23. 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






24. 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






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






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






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






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






29. 1 Planning 2 Organizing 3 Directing 4 Controlling






30. Comparing operations in totally unrelated industries






31. 1 SWOT analysis and environmental scanning 2 Long term objectives 3 Strategies to achieve these objectives are defined






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






33. The benefits that develop through the extension and application of corporate resources to a newly acquired company.






34. 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






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






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






37. 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






38. Quality of information and interpretation of it






39. 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






40. 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)






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






42. 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






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






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






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






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






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






48. 1 Attitudes towards career 2 Immigration 3 Occupational and industry skills 4 Recruitment 5 Unions 6 Unemployment 7 Turnover 8 Relocation






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






50. Cut costs - add value - or increase prices