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. 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






2. 1. multinational 2. global 3. transnational






3. 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






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






5. 1 Preparation 2 Due Diligence 3 Planning integration of the business entities 4 Implementation - monitoring and measurement






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






7. 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.






8. 1 Financial 2 Human 3 Physical 4 Technological






9. 1 Interest Rates 2 Gross Domestic Product (GDP) 3 Consumer Price Index (CPI) 4 Disposable Income 5 Inflation






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






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






12. 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






13. It is a process not just written project plan that helps an organization focus on how to succeed in the future - where the company is now? - where does the company want to go? - How will the company get there?






14. 1 Experiments 2 Pilot Projects 3 Surveys/questionnaires 4 Interviews (exit - panel - individual) 5 Focus group 6 Direct observation 7 Testing






15. 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






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






17. 1 Organizational Strategy 2 Business unit strategy 3 Functional Strategy






18. Specific - Measurable - Attainable - Realistic - Timely






19. Value - Exploit - Rare - Imitate - Substitute






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






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






22. 1 SWOT analysis and environmental scanning 2 Long term objectives 3 Strategies to achieve these objectives are defined






23. 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.






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






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






26. 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






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






28. 1 Cost Benefit Analysis 2 Return On Investment 3 Breakeven Analysis 4 Financial Statement Analysis






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






30. 1 Statement of the problem 2 Objectives 3 Description of potential solution 4 Project Time line 5 Project Metrics.






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






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






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






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






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






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






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






38. 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






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






40. 1 The rule is proposed 2 Public comment is invited 3 The final rule is issued






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






42. It describes an organizational challenge and possible alternative solutions - presenting evidence in support of a proposed solution. They are effective way to compete for limited resources.






43. They are often based on industry best practice.






44. Is part of an organization for which there is a distinct external market for goods or services that is different from another SBU






45. Comparing 1 operation in the firm with another






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






47. 1 Strategies are reviewed 2 Performance towards objective is measured 3 Corrective action is taken






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






49. 1 Work Specialization 2 Departmentalization 3 Chain of Command 4 Centralization and Decentralization 5 Formalization






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