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. Comparing similar functional firms in your industry






2. 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.






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






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






5. 1 Traditional Generation 2 Baby Boom Generation 3 Generation X 4 Generation Y






6. 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






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






8. 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






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






10. 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.






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






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






13. Comparing a the firms operations with a direct competitor






14. 1. multinational 2. global 3. transnational






15. 1 Capacity 2 Standards 3 Scheduling 4 Inventory 5 Control






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






17. 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.






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






19. It is the process that involves a systematic survey and interruption of relevant data to identify external opportunities and threats and to assess how these factors affect the organization currently and how they are likely to affect the organization






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






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






22. 1 Interest Rates 2 Gross Domestic Product (GDP) 3 Consumer Price Index (CPI) 4 Disposable Income 5 Inflation






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






24. 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






25. 1 The rule is proposed 2 Public comment is invited 3 The final rule is issued






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






27. Risk associated with a particular business.






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






29. High-yield debt that is rated below investment grade at the time of purchase. These bonds have a higher risk of default - but typically pay higher yields than better quality bonds in order to make them attractive to investors. Typically issued by bu






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






31. 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.






32. Not necessarily considered HR core function like benefits plan administration - payroll administration - and background checks - etc.






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






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






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






36. 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.






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






38. Quality of information and interpretation of it






39. 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.






40. 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






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






42. Corporation that owns the majority of voting shares of other companies - but that allows the other companies to operate as independent entities.






43. 1 Statement of the problem 2 Objectives 3 Description of potential solution 4 Project Time line 5 Project Metrics.






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






45. 1 Age 2 Gender 3 Generational Difference 4 Geographic shifts in population 5 Ethnicity 6 Unskilled Labor 7 Non traditional labor force






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






47. 1 Cost Leadership 2 Differentiation 3 Focus






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






49. 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






50. Risk associated with macro-economic forces.