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. They are often based on industry best practice.






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






3. 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.






4. 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






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






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






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






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. 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.






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






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






12. 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






13. 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.






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






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






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






17. 1 Interest Rates 2 Gross Domestic Product (GDP) 3 Consumer Price Index (CPI) 4 Disposable Income 5 Inflation






18. 1 Vision and mission 2 Value Statement






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






20. 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






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






22. 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






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






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






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






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






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






28. Individuals or groups who depend on an organization to fulfill their own goals and on whom - in turn the organization depends.






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






30. 1. multinational 2. global 3. transnational






31. 1 Attitudes towards career 2 Immigration 3 Occupational and industry skills 4 Recruitment 5 Unions 6 Unemployment 7 Turnover 8 Relocation






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






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






34. 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.






35. 1 Balance Scorecard






36. 1 Charts and graphs 2 Measures of central tendency 3 Measures of variation 4 Measures of association






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






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






39. 1 Introduction 2 Growth 3 Maturity 4 Decline






40. 1 Strategy Formulation 2 Strategy Development 3 Strategy Implementation 4 Strategy Evaluation






41. It is simple and effective process for collecting information on the organization's current state. It answers four basic question.






42. 1 Statement of the problem 2 Objectives 3 Description of potential solution 4 Project Time line 5 Project Metrics.






43. A process where a large group of shareholders vote in new members to the board of directors - with the result that the new board can make changes in the company's management.






44. 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






45. 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.






46. A process or function previously performed by an organization is transferred to a separate entity. The workers now performing this function are not employees of the organization but they are employees of entity to whom the work is given.






47. 1 Age 2 Gender 3 Generational Difference 4 Geographic shifts in population 5 Ethnicity 6 Unskilled Labor 7 Non traditional labor force






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






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






50. Is concerned with the structures and systems of control by which managers are held accountable to those who have a legitimate stake an organization.