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






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






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






4. Detailed and plausible views of how the business environment of an organization might develop in the future based on key drivers for change about which there is a high level of uncertainty






5. 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.






6. 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.






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






8. Value - Exploit - Rare - Imitate - Substitute






9. 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.






10. 1 Preparation 2 Due Diligence 3 Planning integration of the business entities 4 Implementation - monitoring and measurement






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






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






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






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






15. primary activities and support activities






16. 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






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






18. Organization that follow this approach are not competing in an established market. They see themselves as a creating entirely new value. This strategy values innovation - creativity and rule breaking.






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






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






21. 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






22. 1 The rule is proposed 2 Public comment is invited 3 The final rule is issued






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






24. 1 Traditional Generation 2 Baby Boom Generation 3 Generation X 4 Generation Y






25. 1 SWOT analysis and environmental scanning 2 Long term objectives 3 Strategies to achieve these objectives are defined






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






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






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






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






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






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






32. 1 Planning 2 Organizing 3 Directing 4 Controlling






33. 1 Demographic Factors 2 Economic Factors 3 Employment Factors 4 International Factors 5 Political Factors 6 Social Factors 7 Technological Factors






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






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






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






37. 1 Population 2 Sample 3 Normal Distribution






38. They are often based on industry best practice.






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






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






41. 1 Strategies are reviewed 2 Performance towards objective is measured 3 Corrective action is taken






42. 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






43. 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.






44. 1 Advances in technology 2 Technological skills 3 The digital divide 4 Process changes






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






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






47. 1 Organizational Strategy 2 Business unit strategy 3 Functional Strategy






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






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






50. It describes what is important to an organization and often dictate employee behavior. They are the heart of the culture of an organization.