Test your basic knowledge |

Business Strategy

Subject : business-skills
  • Answer 50 questions in 15 minutes.
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  • Match each statement with the correct term.
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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. It involves data that is gathered firsthand for the specific evaluation being conduced.

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

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

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

5. 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

6. 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

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

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

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

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

11. Value - Exploit - Rare - Imitate - Substitute

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

13. Comparing a the firms operations with a direct competitor

14. Acquisition of a company in a different industry - but which employs a similar value chain.

15. 1 Charts and graphs 2 Measures of central tendency 3 Measures of variation 4 Measures of association

16. 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.

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

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. 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.

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

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

22. 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.

23. 1 Vision and mission 2 Value Statement

24. 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

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

26. 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.

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

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

29. The skills and abilities by which resources are deployed through an organization's activities and processes such as to achieve competitive advantage in ways that others cannot imitate or obtain.

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

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

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

33. 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

34. 1 Age 2 Gender 3 Generational Difference 4 Geographic shifts in population 5 Ethnicity 6 Unskilled Labor 7 Non traditional labor force

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

36. 1 Attitudes towards career 2 Immigration 3 Occupational and industry skills 4 Recruitment 5 Unions 6 Unemployment 7 Turnover 8 Relocation

37. 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. )

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

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

40. 1 Planning 2 Organizing 3 Directing 4 Controlling

41. 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

42. 1 Historical Data (HR records - census records) 2 Benchmarking and best practices reports 3 Purchased Data ( Gallup or Roper data) 4 Professional Journals - Books - and other media 5 Secondhand reports (grapevine reports)

43. 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

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

45. 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

46. Risk associated with a particular business.

47. They are often based on industry best practice.

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

49. Specific - Measurable - Attainable - Realistic - Timely

50. 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.