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 Vision and mission 2 Value Statement






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






3. 1. multinational 2. global 3. transnational






4. 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






5. It describes a project in detail and shows how it will contribute value to the organization and provides sufficient information about how the project will be designed - implemented - and measured to enable the organization's leaders to make informe






6. Risk associated with macro-economic forces.






7. 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






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






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






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






11. Comparing similar functional firms in your industry






12. 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






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






14. 1 Charts and graphs 2 Measures of central tendency 3 Measures of variation 4 Measures of association






15. 1 Statement of the problem 2 Objectives 3 Description of potential solution 4 Project Time line 5 Project Metrics.






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






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






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






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






20. 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.






21. 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.






22. A value creating strategy that creates more perceived value by primarily reducing costs






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






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






25. 1 The rule is proposed 2 Public comment is invited 3 The final rule is issued






26. 1 Attitudes towards career 2 Immigration 3 Occupational and industry skills 4 Recruitment 5 Unions 6 Unemployment 7 Turnover 8 Relocation






27. Comparing operations in totally unrelated industries






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






29. 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.






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






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






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






33. 1 Global Economy 2 Wage comparison 3 Trade Agreement 4 International Labor Law






34. 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.






35. Specific - Measurable - Attainable - Realistic - Timely






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






37. 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






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






39. 1 Experiments 2 Pilot Projects 3 Surveys/questionnaires 4 Interviews (exit - panel - individual) 5 Focus group 6 Direct observation 7 Testing






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






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






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






43. 1 SWOT analysis and environmental scanning 2 Long term objectives 3 Strategies to achieve these objectives are defined






44. 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






45. They are often based on industry best practice.






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






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






48. 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






49. 1 Planning 2 Organizing 3 Directing 4 Controlling






50. Collateralized Loan Obligation. Large pool of bank loans bundled together by financial services firms and sold off to investors in slices - with the goal to spread default risk "an inch deep and a mile wide"