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






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






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






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






6. It is a vivid - guiding image of the organization's desired future. It is the ultimate picture of what leadership envisions for the organization.






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






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






9. 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






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






11. 1. talking to competitors - customers - and distributors 2. testing competitors products 3. view competitors exhibits at trade shows






12. 1 Demographic Factors 2 Economic Factors 3 Employment Factors 4 International Factors 5 Political Factors 6 Social Factors 7 Technological Factors






13. 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.






14. 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.






15. 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.






16. 1 Global Economy 2 Wage comparison 3 Trade Agreement 4 International Labor Law






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






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






19. Cut costs - add value - or increase prices






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






21. 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






22. 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.






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






24. It describes a project in detail and shows how it will contribute value to the organization and provides sufficient information about how the project will be designed - implemented - and measured to enable the organization's leaders to make informe






25. 1 Capacity 2 Standards 3 Scheduling 4 Inventory 5 Control






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






27. 1 The rule is proposed 2 Public comment is invited 3 The final rule is issued






28. primary activities and support activities






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






31. 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?






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






33. 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






34. A strategy by which an organization takes increased share of its existing markets with its existing product range.






35. 1 Cost Leadership 2 Differentiation 3 Focus






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






37. 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






38. Comparing a the firms operations with a direct competitor






39. 1 Introduction 2 Growth 3 Maturity 4 Decline






40. Specific - Measurable - Attainable - Realistic - Timely






41. 1 Balance Scorecard






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






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






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






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






46. 1. multinational 2. global 3. transnational






47. 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






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






49. 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






50. 1 Cost Benefit Analysis 2 Return On Investment 3 Breakeven Analysis 4 Financial Statement Analysis







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