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






2. 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






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






4. Organization become entrenched in rules and policies and leadership become resistant to change. series of efforts to turn the tide such as product enhancement or cost reduction programs. If unsuccessful in these then will focus on reducing workforce






5. 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?






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






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






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






9. Comparing 1 operation in the firm with another






10. 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.






11. 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






12. 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)






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






14. 1 Vision and mission 2 Value Statement






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






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






17. Information systems with a charter to achieve competitive superiority.






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






19. Risk associated with a particular business.






20. 1 Organizational Strategy 2 Business unit strategy 3 Functional Strategy






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






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






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






24. Value - Exploit - Rare - Imitate - Substitute






25. 1 Advances in technology 2 Technological skills 3 The digital divide 4 Process changes






26. 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.






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






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






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






30. 1 Demographic Factors 2 Economic Factors 3 Employment Factors 4 International Factors 5 Political Factors 6 Social Factors 7 Technological Factors






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






32. 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






33. 1 Planning 2 Organizing 3 Directing 4 Controlling






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






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






36. Specific - Measurable - Attainable - Realistic - Timely






37. 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.






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






39. 1 Balance Scorecard






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






41. It refers to relocation of processes or functions from a home country to another country and it appeals to organization for cost saving.






42. 1 Strategy Formulation 2 Strategy Development 3 Strategy Implementation 4 Strategy Evaluation






43. 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






44. A company in which 70-95% of revenue comes from a single business






45. 1 Cost Leadership 2 Differentiation 3 Focus






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






47. 1 Population 2 Sample 3 Normal Distribution






48. Comparing operations in totally unrelated industries






49. 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.






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