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. 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






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






3. It is a system of moral principles and values that establish appropriate conduct.






4. 1 Introduction 2 Growth 3 Maturity 4 Decline






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






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






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






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






9. When a corporation reduces its level of diversification and strategically refocuses on core businesses where the synergies of scope - economizing - and leverage are more evident and more easily realized.






10. The skills and abilities by which resources are deployed through an organization's activities and processes such as to achieve competitive advantage in ways that others cannot imitate or obtain.






11. 1 Attitudes towards career 2 Immigration 3 Occupational and industry skills 4 Recruitment 5 Unions 6 Unemployment 7 Turnover 8 Relocation






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






13. 1 Cost Leadership 2 Differentiation 3 Focus






14. 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






15. 1 Charts and graphs 2 Measures of central tendency 3 Measures of variation 4 Measures of association






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






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






18. Comparing 1 operation in the firm with another






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






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






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






22. Comparing operations in totally unrelated industries






23. 1 The rule is proposed 2 Public comment is invited 3 The final rule is issued






24. 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






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






26. 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






27. It is a process not just written project plan that helps an organization focus on how to succeed in the future - where the company is now? - where does the company want to go? - How will the company get there?






28. 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






29. 1 Advances in technology 2 Technological skills 3 The digital divide 4 Process changes






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






31. It refers to relocation of processes or functions from a home country to another country and it appeals to organization for cost saving.






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






33. It specifies what activities the organization intends to pursue and what course of management has charted for the future. It provides general outline of how the organization will achieve the vision. It includes who the company is - what the company






34. 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.






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






36. 1 Traditional Generation 2 Baby Boom Generation 3 Generation X 4 Generation Y






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






38. 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






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






40. 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"






41. 1 SWOT analysis and environmental scanning 2 Long term objectives 3 Strategies to achieve these objectives are defined






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. 1. R&D 2. production 3. marketing and sales 4. customer service






44. 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






45. 1 Short term objective 2 Action plan to achieve these objective 3 Allocating resources 4 Motivating employees to manage the plan.






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






47. 1 Balance Scorecard






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






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






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