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 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.






2. A process or function previously performed by an organization is transferred to a separate entity. The workers now performing this function are not employees of the organization but they are employees of entity to whom the work is given.






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






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






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






6. 1 Cost Leadership 2 Differentiation 3 Focus






7. 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.






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






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






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






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






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






13. 1 Strategies are reviewed 2 Performance towards objective is measured 3 Corrective action is taken






14. Organization become entrenched in rules and policies and leadership become resistant to change. series of efforts to turn the tide such as product enhancement or cost reduction programs. If unsuccessful in these then will focus on reducing workforce






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






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






17. 1 Attitudes towards career 2 Immigration 3 Occupational and industry skills 4 Recruitment 5 Unions 6 Unemployment 7 Turnover 8 Relocation






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






19. Adhering to set of governing principles whether the philosophy is one of fairness - individual rights - avoiding conflicts of interest or another philosophical grounding.






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






21. 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.






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






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






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






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






26. 1 Cost Benefit Analysis 2 Return On Investment 3 Breakeven Analysis 4 Financial Statement Analysis






27. 1 SWOT analysis and environmental scanning 2 Long term objectives 3 Strategies to achieve these objectives are defined






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






29. 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)






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






31. 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






32. 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.






33. 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






34. 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






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






36. 1 Population 2 Sample 3 Normal Distribution






37. 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"






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






39. The choices made through the 4 Ps : Product - Price - Place and Promotion are what makes a product or service unique. This is distinctive blend of marketing decision.






40. primary activities and support activities






41. They are often based on industry best practice.






42. 1 Age 2 Gender 3 Generational Difference 4 Geographic shifts in population 5 Ethnicity 6 Unskilled Labor 7 Non traditional labor force






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






44. 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.






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






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






47. 1 Capacity 2 Standards 3 Scheduling 4 Inventory 5 Control






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






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






50. 1 Traditional Generation 2 Baby Boom Generation 3 Generation X 4 Generation Y