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






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






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






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






5. 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






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






7. 1 Strategy Formulation 2 Strategy Development 3 Strategy Implementation 4 Strategy Evaluation






8. 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. )






9. 1 Vision and mission 2 Value Statement






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






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






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






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






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






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






16. 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.






17. It is the process that involves a systematic survey and interruption of relevant data to identify external opportunities and threats and to assess how these factors affect the organization currently and how they are likely to affect the organization






18. 1 Population 2 Sample 3 Normal Distribution






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






20. Comparing operations in totally unrelated industries






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






22. 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)






23. 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






24. It involves data that is gathered firsthand for the specific evaluation being conduced.






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






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






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






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






29. 1 Interest Rates 2 Gross Domestic Product (GDP) 3 Consumer Price Index (CPI) 4 Disposable Income 5 Inflation






30. These strategy requires that organizations focus on a particular buyer group - segment of the product line or geographical market within an industry. It is build around serving particular target to the exclusion of others.






31. 1 Historical Data (HR records - census records) 2 Benchmarking and best practices reports 3 Purchased Data ( Gallup or Roper data) 4 Professional Journals - Books - and other media 5 Secondhand reports (grapevine reports)






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






33. 1 Attitudes towards career 2 Immigration 3 Occupational and industry skills 4 Recruitment 5 Unions 6 Unemployment 7 Turnover 8 Relocation






34. 1 Balance Scorecard






35. They are often based on industry best practice.






36. 1 SWOT analysis and environmental scanning 2 Long term objectives 3 Strategies to achieve these objectives are defined






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






38. 1 Cost Leadership 2 Differentiation 3 Focus






39. 1 Charts and graphs 2 Measures of central tendency 3 Measures of variation 4 Measures of association






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






41. Ensuring that everything is carried out according to the plan. Eg: Measuring recruiting efforts and effectiveness.






42. 1 Capacity 2 Standards 3 Scheduling 4 Inventory 5 Control






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






44. 1 Age 2 Gender 3 Generational Difference 4 Geographic shifts in population 5 Ethnicity 6 Unskilled Labor 7 Non traditional labor force






45. When a corporation can take synergistic advantage of administrative and support activities of the value chain in making an acquisition.






46. 1 Preparation 2 Due Diligence 3 Planning integration of the business entities 4 Implementation - monitoring and measurement






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






48. Specific - Measurable - Attainable - Realistic - Timely






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






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







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