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






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






3. 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.






4. 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






5. 1 Strategies are reviewed 2 Performance towards objective is measured 3 Corrective action is taken






6. 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.






7. Describes the structure of product - service - and information flows and the role of participating parties.






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






9. 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






10. 1 Balance Scorecard






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






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






13. 1 Age 2 Gender 3 Generational Difference 4 Geographic shifts in population 5 Ethnicity 6 Unskilled Labor 7 Non traditional labor force






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






15. 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






16. 1 Work Specialization 2 Departmentalization 3 Chain of Command 4 Centralization and Decentralization 5 Formalization






17. 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. )






18. 1 Strategy Formulation 2 Strategy Development 3 Strategy Implementation 4 Strategy Evaluation






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






20. Quality of information and interpretation of it






21. 1 Preparation 2 Due Diligence 3 Planning integration of the business entities 4 Implementation - monitoring and measurement






22. 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






23. 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






24. primary activities and support activities






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






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






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






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






29. 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.






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






31. 1 Advances in technology 2 Technological skills 3 The digital divide 4 Process changes






32. 1 Demographic Factors 2 Economic Factors 3 Employment Factors 4 International Factors 5 Political Factors 6 Social Factors 7 Technological Factors






33. 1 Experiments 2 Pilot Projects 3 Surveys/questionnaires 4 Interviews (exit - panel - individual) 5 Focus group 6 Direct observation 7 Testing






34. 1 Organizational Strategy 2 Business unit strategy 3 Functional Strategy






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






36. 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.






37. 1 Short term objective 2 Action plan to achieve these objective 3 Allocating resources 4 Motivating employees to manage the plan.






38. 1 Population 2 Sample 3 Normal Distribution






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. 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.






41. 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






42. Risk associated with a particular business.






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






44. 1 Vision and mission 2 Value Statement






45. Risk associated with macro-economic forces.






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






47. 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.






48. 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)






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






50. 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







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