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. It is a system of moral principles and values that establish appropriate conduct.






2. Often accompanied by backlogs and scheduling problems while the organization adjusts to increase demands. Policies - procedures and rules should begin to be formalized as organization needs increased structure during this phase to operate effectively






3. A process where a company is bought primarily using debt. Typically engineered by management of the company - or by private equity firms.






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






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






6. 1 Preparation 2 Due Diligence 3 Planning integration of the business entities 4 Implementation - monitoring and measurement






7. A corporation that owns a large number of businesses that are different sizes and operate in different industry sectors.






8. 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






9. 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






10. 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






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






12. Private (nonpublic) corporations or partnerships that use their financial resources to engineer buyouts and acquisitions of other companies.






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






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






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






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






17. Quality of information and interpretation of it






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






19. A value creating strategy that primary increases perceived value by increasing attractiveness of product






20. Value - Exploit - Rare - Imitate - Substitute






21. 1 Planning 2 Organizing 3 Directing 4 Controlling






22. Comparing operations in totally unrelated industries






23. 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)






24. 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.






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






26. 1 Attitudes towards career 2 Immigration 3 Occupational and industry skills 4 Recruitment 5 Unions 6 Unemployment 7 Turnover 8 Relocation






27. Risk associated with a particular business.






28. 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)






29. 1 The rule is proposed 2 Public comment is invited 3 The final rule is issued






30. 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.






31. 1 Age 2 Gender 3 Generational Difference 4 Geographic shifts in population 5 Ethnicity 6 Unskilled Labor 7 Non traditional labor force






32. 1 Traditional Generation 2 Baby Boom Generation 3 Generation X 4 Generation Y






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






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






35. 1 Global Economy 2 Wage comparison 3 Trade Agreement 4 International Labor Law






36. 1 Capacity 2 Standards 3 Scheduling 4 Inventory 5 Control






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






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






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






40. Organization that follow this approach are not competing in an established market. They see themselves as a creating entirely new value. This strategy values innovation - creativity and rule breaking.






41. 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






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






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






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






45. Acquisition of another company upstream (supplier) or downstream (buyer) in the value chain of the same industry in which the corporation operates.






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






47. 1 Demographic Factors 2 Economic Factors 3 Employment Factors 4 International Factors 5 Political Factors 6 Social Factors 7 Technological Factors






48. 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






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






50. Ensure that organization's strategy and operations are consistent with each other