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






2. 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






3. 1 Vision and mission 2 Value Statement






4. 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






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






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






7. 1 SWOT analysis and environmental scanning 2 Long term objectives 3 Strategies to achieve these objectives are defined






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






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






10. 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






11. 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.






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






13. 1 Organizational Strategy 2 Business unit strategy 3 Functional Strategy






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






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






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






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






18. 1 Interest Rates 2 Gross Domestic Product (GDP) 3 Consumer Price Index (CPI) 4 Disposable Income 5 Inflation






19. Is concerned with the structures and systems of control by which managers are held accountable to those who have a legitimate stake an organization.






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






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






22. 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






23. 1 Strategies are reviewed 2 Performance towards objective is measured 3 Corrective action is taken






24. Serve the purpose similar to short term objectives but are completed in 1 to 3 years.






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






26. 1 Introduction 2 Growth 3 Maturity 4 Decline






27. 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.






28. 1 Preparation 2 Due Diligence 3 Planning integration of the business entities 4 Implementation - monitoring and measurement






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






30. When a corporation is able to combine similar primary value chain activities.






31. Comparing a the firms operations with a direct competitor






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






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






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






35. 1 Short term objective 2 Action plan to achieve these objective 3 Allocating resources 4 Motivating employees to manage the plan.






36. Refers to an intensive investigation of all factors surrounding a business decision to ensure that all risks are understood.






37. 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






38. 1 Balance Scorecard






39. Quality of information and interpretation of it






40. Combine both qualitative and quantitative measures - acknowledge the expectations of different stakeholders and relate an assessment of performance to choice of strategy.






41. 1 Charts and graphs 2 Measures of central tendency 3 Measures of variation 4 Measures of association






42. 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






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






44. Economic - legal resp. - ethical - and discretionary






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






46. Cut costs - add value - or increase prices






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






48. 1 Experiments 2 Pilot Projects 3 Surveys/questionnaires 4 Interviews (exit - panel - individual) 5 Focus group 6 Direct observation 7 Testing






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






50. 1 Strategy Formulation 2 Strategy Development 3 Strategy Implementation 4 Strategy Evaluation