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






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






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






4. 1 Planning 2 Organizing 3 Directing 4 Controlling






5. Risk associated with macro-economic forces.






6. Comparing similar functional firms in your industry






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






8. 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






9. 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






10. 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






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






12. 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






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






14. Risk associated with a particular business.






15. 1 Strategy Formulation 2 Strategy Development 3 Strategy Implementation 4 Strategy Evaluation






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






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






18. 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.






19. 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






20. When a corporation can take synergistic advantage of administrative and support activities of the value chain in making an acquisition.






21. These are the detailed steps a unit - department - or team will take in order to achieve the short term objectives.






22. 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






23. 1 Age 2 Gender 3 Generational Difference 4 Geographic shifts in population 5 Ethnicity 6 Unskilled Labor 7 Non traditional labor force






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






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






26. Comparing operations in totally unrelated industries






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






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






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






30. 1 Experiments 2 Pilot Projects 3 Surveys/questionnaires 4 Interviews (exit - panel - individual) 5 Focus group 6 Direct observation 7 Testing






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






32. 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






33. 1 Balance Scorecard






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






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






36. 1 Introduction 2 Growth 3 Maturity 4 Decline






37. 1 Cost Benefit Analysis 2 Return On Investment 3 Breakeven Analysis 4 Financial Statement Analysis






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






39. The decisions made and the direction provided for managing multiple business units under a single corporate umbrella.






40. 1 Demographic Factors 2 Economic Factors 3 Employment Factors 4 International Factors 5 Political Factors 6 Social Factors 7 Technological Factors






41. Cut costs - add value - or increase prices






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






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






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






45. They are often based on industry best practice.






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






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






48. Comparing a the firms operations with a direct competitor






49. 1 Cost Leadership 2 Differentiation 3 Focus






50. It uses data already gathered by others and reported in various sources.