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






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






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






4. 1 Vision and mission 2 Value Statement






5. primary activities and support activities






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






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






8. 1 Population 2 Sample 3 Normal Distribution






9. It is a process not just written project plan that helps an organization focus on how to succeed in the future - where the company is now? - where does the company want to go? - How will the company get there?






10. Cut costs - add value - or increase prices






11. 1 Introduction 2 Growth 3 Maturity 4 Decline






12. 1 Demographic Factors 2 Economic Factors 3 Employment Factors 4 International Factors 5 Political Factors 6 Social Factors 7 Technological Factors






13. 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.






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






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






16. Comparing operations in totally unrelated industries






17. The benefits that develop through the extension and application of corporate resources to a newly acquired company.






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






19. 1 Planning 2 Organizing 3 Directing 4 Controlling






20. 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.






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






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






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






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






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






26. 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






27. When a corporation enters a new business in a different industry from that in which it currently operates and does not expect to achieve any value chain synergies through the combination.






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






29. Comparing 1 operation in the firm with another






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






31. 1. multinational 2. global 3. transnational






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






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






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






35. Identifies stakeholder expectations and power and helps in understanding political priorities.






36. 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






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






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






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






40. 1 Global Economy 2 Wage comparison 3 Trade Agreement 4 International Labor Law






41. Risk associated with macro-economic forces.






42. 1 Traditional Generation 2 Baby Boom Generation 3 Generation X 4 Generation Y






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






44. 1 Capacity 2 Standards 3 Scheduling 4 Inventory 5 Control






45. 1 Experiments 2 Pilot Projects 3 Surveys/questionnaires 4 Interviews (exit - panel - individual) 5 Focus group 6 Direct observation 7 Testing






46. 1 Advances in technology 2 Technological skills 3 The digital divide 4 Process changes






47. 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






48. 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.






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






50. A participative approach to planning in which there is involvement at all levels; plans are developed at the lower levels of an organisation and funnelled up through consecutive levels until they reach top management - advantage:People are responsibl