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. 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






2. 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.






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






4. 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






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






6. 1 They can help to identify improvements in an organization's performance that can be attributed to the projects 2 They can suggest appropriate targets for improvement to be included in project objectives.






7. Specific - Measurable - Attainable - Realistic - Timely






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






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






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






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






12. 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






13. 1. talking to competitors - customers - and distributors 2. testing competitors products 3. view competitors exhibits at trade shows






14. 1 SWOT analysis and environmental scanning 2 Long term objectives 3 Strategies to achieve these objectives are defined






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






16. 1 Global Economy 2 Wage comparison 3 Trade Agreement 4 International Labor Law






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






18. The underlying principles that guide an organization's strategy






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






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






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






22. 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






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






24. 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.






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






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






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






29. 1 Preparation 2 Due Diligence 3 Planning integration of the business entities 4 Implementation - monitoring and measurement






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






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






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






33. 1 Capacity 2 Standards 3 Scheduling 4 Inventory 5 Control






34. 1 Experiments 2 Pilot Projects 3 Surveys/questionnaires 4 Interviews (exit - panel - individual) 5 Focus group 6 Direct observation 7 Testing






35. 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






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






37. 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.






38. 1 Vision and mission 2 Value Statement






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






40. Information systems with a charter to achieve competitive superiority.






41. Comparing a the firms operations with a direct competitor






42. 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.






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






44. Comparing operations in totally unrelated industries






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






46. 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






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






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






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






50. Risk associated with a particular business.