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






2. 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






3. 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






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






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






6. Comparing operations in totally unrelated industries






7. 1. multinational 2. global 3. transnational






8. 1 Introduction 2 Growth 3 Maturity 4 Decline






9. 1 Capacity 2 Standards 3 Scheduling 4 Inventory 5 Control






10. 1 Age 2 Gender 3 Generational Difference 4 Geographic shifts in population 5 Ethnicity 6 Unskilled Labor 7 Non traditional labor force






11. 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






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






13. 1 Short term objective 2 Action plan to achieve these objective 3 Allocating resources 4 Motivating employees to manage the plan.






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






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






16. 1 Advances in technology 2 Technological skills 3 The digital divide 4 Process changes






17. 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.






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






19. 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






20. 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.






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






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






23. 1 The rule is proposed 2 Public comment is invited 3 The final rule is issued






24. 1 Global Economy 2 Wage comparison 3 Trade Agreement 4 International Labor Law






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






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






27. 1 Vision and mission 2 Value Statement






28. 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






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






30. 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.






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






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






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






34. 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






35. Risk associated with a particular business.






36. They are often based on industry best practice.






37. 1 Attitudes towards career 2 Immigration 3 Occupational and industry skills 4 Recruitment 5 Unions 6 Unemployment 7 Turnover 8 Relocation






38. primary activities and support activities






39. Internal Benchmarks establish levels of current performance of a particular tasks - such as cost per hire.






40. 1 Planning 2 Organizing 3 Directing 4 Controlling






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






42. They are used to condense and summarize large quantities of data for quick understanding.






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






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






45. 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






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






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






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. 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. )






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