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. The central focus of the department is the provision of goods and services to the customer. Basically this department must ensure that the product/service is produced and delivered to the customer.






2. 1 They can help to identify improvements in an organization's performance that can be attributed to the projects 2 They can suggest appropriate targets for improvement to be included in project objectives.






3. 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.






4. 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






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






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






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






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






9. The organization of a set of businesses that share identical or very similar strategies or strategic challenges.






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






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






12. 1 Population 2 Sample 3 Normal Distribution






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






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






15. 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.






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






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






18. 1 Capacity 2 Standards 3 Scheduling 4 Inventory 5 Control






19. 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. )






20. A value creating strategy that primary increases perceived value by increasing attractiveness of product






21. A method of planning in which corporate hq develops and provides guidelines - disadvantages: the method of planning restricts initiative at lower level - shows insensitivity to local conditions - advantages: headquarters formulates a plan; this ensur






22. 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






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






24. 1 Strategy Formulation 2 Strategy Development 3 Strategy Implementation 4 Strategy Evaluation






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






26. 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






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






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






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






30. 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.






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






32. 1 Experiments 2 Pilot Projects 3 Surveys/questionnaires 4 Interviews (exit - panel - individual) 5 Focus group 6 Direct observation 7 Testing






33. They are often based on industry best practice.






34. 1 Global Economy 2 Wage comparison 3 Trade Agreement 4 International Labor Law






35. Designing a structure to assist in goal accomplishment that effectively relates human and nonhuman resources to the tasks of enterprise.Eg : Designing an interview process.






36. 1. multinational 2. global 3. transnational






37. 1 Planning 2 Organizing 3 Directing 4 Controlling






38. 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






39. 1 Organizational Strategy 2 Business unit strategy 3 Functional Strategy






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






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






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






43. Specific - Measurable - Attainable - Realistic - Timely






44. 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






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






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






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






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






49. Collateralized Loan Obligation. Large pool of bank loans bundled together by financial services firms and sold off to investors in slices - with the goal to spread default risk "an inch deep and a mile wide"






50. 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.