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






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






3. Specific - Measurable - Attainable - Realistic - Timely






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






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






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






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






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






9. 1 Short term objective 2 Action plan to achieve these objective 3 Allocating resources 4 Motivating employees to manage the plan.






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






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






12. 1 Charts and graphs 2 Measures of central tendency 3 Measures of variation 4 Measures of association






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






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






15. 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






16. Engaging in those activities that ensure effective operation - including leadership and motivation pf employee action towards goals. eg : Scheduling and conducting interview.






17. 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.






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






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






20. Suppliers - buyers - competitive rivalry - product substitutes and potential entrants; reinforces the importance of economic theory; analytical tool of previously lacking the field of strategy; determines the nature/level of competition and profit






21. 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






22. Comparing 1 operation in the firm with another






23. Designing a structure to assist in goal accomplishment that effectively relates human and nonhuman resources to the tasks of enterprise.Eg : Designing an interview process.






24. 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






25. 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






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






27. It is a systematic process of gathering and analyzing all relevant data about external opportunities (emerging marketplace - additional capabilities provided through new technology.) and threats (emerging competition - shifts in marketplaces. )






28. 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.






29. The organization relies on high energy and creativity. Attempts to develop products and services - decision may be made to use experiences staff so training is not an integral part of this phase. may meet or exceed the standard pay range to recruit






30. 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






31. 1 Cost Leadership 2 Differentiation 3 Focus






32. 1 Strategies are reviewed 2 Performance towards objective is measured 3 Corrective action is taken






33. 1 The rule is proposed 2 Public comment is invited 3 The final rule is issued






34. 1 Strategy Formulation 2 Strategy Development 3 Strategy Implementation 4 Strategy Evaluation






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






36. It describes a project in detail and shows how it will contribute value to the organization and provides sufficient information about how the project will be designed - implemented - and measured to enable the organization's leaders to make informe






37. A strategy by which an organization takes increased share of its existing markets with its existing product range.






38. 1 Advances in technology 2 Technological skills 3 The digital divide 4 Process changes






39. 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.






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






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






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






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






44. When a corporation can take synergistic advantage of administrative and support activities of the value chain in making an acquisition.






45. 1 Attitudes towards career 2 Immigration 3 Occupational and industry skills 4 Recruitment 5 Unions 6 Unemployment 7 Turnover 8 Relocation






46. 1 Preparation 2 Due Diligence 3 Planning integration of the business entities 4 Implementation - monitoring and measurement






47. High-yield debt that is rated below investment grade at the time of purchase. These bonds have a higher risk of default - but typically pay higher yields than better quality bonds in order to make them attractive to investors. Typically issued by bu






48. Is part of an organization for which there is a distinct external market for goods or services that is different from another SBU






49. 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






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