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






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






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






4. Specific - Measurable - Attainable - Realistic - Timely






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






6. 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.






7. 1. information systems 2. logistics 3. HR






8. Comparing a the firms operations with a direct competitor






9. 1 Balance Scorecard






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






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






12. 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.






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






14. 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






15. Suppliers - buyers - competitive rivalry - product substitutes and potential entrants; reinforces the importance of economic theory; analytical tool of previously lacking the field of strategy; determines the nature/level of competition and profit






16. 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.






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






18. 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.






19. 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.






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






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






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






23. 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






24. Value - Exploit - Rare - Imitate - Substitute






25. Comparing 1 operation in the firm with another






26. 1. multinational 2. global 3. transnational






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






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






29. A strategy by which an organization peruses new product offerings and new markets.






30. A merger or acquisition where there is some similarity of industry and/or value chain between the corporation and the company it seeks to acquire.






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






32. 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.






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






34. Collateralized Loan Obligation. Large pool of bank loans bundled together by financial services firms and sold off to investors in slices - with the goal to spread default risk "an inch deep and a mile wide"






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






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






37. 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






38. They are often based on industry best practice.






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






40. 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






41. 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






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






43. 1 Demographic Factors 2 Economic Factors 3 Employment Factors 4 International Factors 5 Political Factors 6 Social Factors 7 Technological Factors






44. 1 Cost Leadership 2 Differentiation 3 Focus






45. Shows the behavioral - physical and symbolic manifestations of a culture that inform and are informed by the taken-for-granted assumptions - or paradigm - of an organisation






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






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






48. 1 Organizational Strategy 2 Business unit strategy 3 Functional Strategy






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






50. Comparing operations in totally unrelated industries