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






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






3. 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.






4. 1 Short term objective 2 Action plan to achieve these objective 3 Allocating resources 4 Motivating employees to manage the plan.






5. primary activities and support activities






6. 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.






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






8. 1 Financial 2 Human 3 Physical 4 Technological






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






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






11. 1 Strategy Formulation 2 Strategy Development 3 Strategy Implementation 4 Strategy Evaluation






12. It can be defined as principles of conduct within an organization that guide decision making and behavior.






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






14. A process where a company is bought primarily using debt. Typically engineered by management of the company - or by private equity firms.






15. A corporation that owns a large number of businesses that are different sizes and operate in different industry sectors.






16. Risk associated with macro-economic forces.






17. 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.






18. The decisions made and the direction provided for managing multiple business units under a single corporate umbrella.






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






20. 1 Planning 2 Organizing 3 Directing 4 Controlling






21. Sell more in existing markets - or enter new markets






22. 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






23. 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.






24. The categories of activities within and around an organization which together create a product or service.






25. 1 Population 2 Sample 3 Normal Distribution






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






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






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






29. 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






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






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






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






33. Processes and activities used to formulate HR objectives - practices - and policies.






34. 1 Strategies are reviewed 2 Performance towards objective is measured 3 Corrective action is taken






35. 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.






36. 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. )






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






39. 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.






40. Acquisition of a company in a different industry - but which employs a similar value chain.






41. 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?






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






43. Risk associated with a particular business.






44. Where an individual (such as a corporate officer) acts on behalf of someone else (such as a shareholder)






45. 1 Cost Leadership 2 Differentiation 3 Focus






46. A process or function previously performed by an organization is transferred to a separate entity. The workers now performing this function are not employees of the organization but they are employees of entity to whom the work is given.






47. 1 Advances in technology 2 Technological skills 3 The digital divide 4 Process changes






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






49. 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






50. 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