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






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






3. 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






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






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






6. 1 Statement of the problem 2 Objectives 3 Description of potential solution 4 Project Time line 5 Project Metrics.






7. 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






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






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






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






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






12. 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






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






14. 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.






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






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






17. 1 Interest Rates 2 Gross Domestic Product (GDP) 3 Consumer Price Index (CPI) 4 Disposable Income 5 Inflation






18. 1 Preparation 2 Due Diligence 3 Planning integration of the business entities 4 Implementation - monitoring and measurement






19. 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






20. A process where a company is bought primarily using debt. Typically engineered by management of the company - or by private equity firms.






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






22. 1 Global Economy 2 Wage comparison 3 Trade Agreement 4 International Labor Law






23. primary activities and support activities






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






25. Views the world as its unit of analysis - Plants are built to provide local marketing advantages - recognizes the importance of being flexible at the country-level operations - more responsive to local needs






26. 1 Work Specialization 2 Departmentalization 3 Chain of Command 4 Centralization and Decentralization 5 Formalization






27. 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.






28. 1 Historical Data (HR records - census records) 2 Benchmarking and best practices reports 3 Purchased Data ( Gallup or Roper data) 4 Professional Journals - Books - and other media 5 Secondhand reports (grapevine reports)






29. 1 Demographic Factors 2 Economic Factors 3 Employment Factors 4 International Factors 5 Political Factors 6 Social Factors 7 Technological Factors






30. 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.






31. 1 Population 2 Sample 3 Normal Distribution






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






33. 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






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






35. 1 Strategies are reviewed 2 Performance towards objective is measured 3 Corrective action is taken






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






37. 1 Age 2 Gender 3 Generational Difference 4 Geographic shifts in population 5 Ethnicity 6 Unskilled Labor 7 Non traditional labor force






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






39. 1 Balance Scorecard






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






41. 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)






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






43. 1 Cost Leadership 2 Differentiation 3 Focus






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






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






46. 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.






47. 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.






48. Studying the future and arranging the means for dealing with it - which encompass forecasting - selling goals - and determining actions. eg: Forecasting future staffing needs.






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






50. Economic - legal resp. - ethical - and discretionary