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






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






3. These strategies attempt to set the product or service apart form its competition by giving it unique characteristic that customers value and for which they will be willing to pay a premium price.






4. 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






5. Risk associated with a particular business.






6. 1 Traditional Generation 2 Baby Boom Generation 3 Generation X 4 Generation Y






7. 1 Planning 2 Organizing 3 Directing 4 Controlling






8. 1 Cost Leadership 2 Differentiation 3 Focus






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






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






11. Information systems with a charter to achieve competitive superiority.






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






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






14. 1 Balance Scorecard






15. Risk associated with macro-economic forces.






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






17. Value - Exploit - Rare - Imitate - Substitute






18. These objectives are generally achieved within 3 to 5 years. Establishing these objectives provides direction - synergy and aids in establishing guidelines for evaluation.






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






20. 1 Preparation 2 Due Diligence 3 Planning integration of the business entities 4 Implementation - monitoring and measurement






21. 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






22. A plant or service department is moved to another country. Although separated geographically - the off shored entity remains part of the organization - and workers are still employees of the organization.






23. Comparing a the firms operations with a direct competitor






24. 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.






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






26. Is concerned with the ways in which an organization exeeds its minimum obligations to stakeholders specified through regulation.






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






28. 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






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






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






31. 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.






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






33. 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






34. Cut costs - add value - or increase prices






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






36. 1 Work Specialization 2 Departmentalization 3 Chain of Command 4 Centralization and Decentralization 5 Formalization






37. 1. multinational 2. global 3. transnational






38. 1 Statement of the problem 2 Objectives 3 Description of potential solution 4 Project Time line 5 Project Metrics.






39. 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.






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






41. 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






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






43. 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






44. 1 Age 2 Gender 3 Generational Difference 4 Geographic shifts in population 5 Ethnicity 6 Unskilled Labor 7 Non traditional labor force






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






46. 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.






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






48. Private (nonpublic) corporations or partnerships that use their financial resources to engineer buyouts and acquisitions of other companies.






49. 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.






50. 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