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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. 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






2. 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






3. Combine both qualitative and quantitative measures - acknowledge the expectations of different stakeholders and relate an assessment of performance to choice of strategy.






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






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






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






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






8. 1 Financial 2 Human 3 Physical 4 Technological






9. Scheduling problems are largely resolved - and staffing and organizational culture begin to stabilize. Policies - procedures and rules are formalized and communicated to all employees. Training gains added emphasis in this phase to maintain flexibi






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






12. When a corporation is able to combine similar primary value chain activities.






13. 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.






14. 1 Age 2 Gender 3 Generational Difference 4 Geographic shifts in population 5 Ethnicity 6 Unskilled Labor 7 Non traditional labor force






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






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






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






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






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






20. 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






21. primary activities and support activities






22. 1 Planning 2 Organizing 3 Directing 4 Controlling






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






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






25. Studying the future and arranging the means for dealing with it - which encompass forecasting - selling goals - and determining actions. eg: Forecasting future staffing needs.






26. Cut costs - add value - or increase prices






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






28. Comparing operations in totally unrelated industries






29. 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






30. 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)






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






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






33. 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






34. Divestiture in which a corporation creates a new company out of one of its businesses. The new company has its own shares of stock and shareholders - and its own board of directors. Typically - shareholders of the corporation will receive newly iss






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






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






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






38. Comparing a the firms operations with a direct competitor






39. 1. multinational 2. global 3. transnational






40. 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.






41. 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.






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






43. Ensure that organization's strategy and operations are consistent with each other






44. 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.






45. 1 Vision and mission 2 Value Statement






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






47. 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)






48. 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.






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






50. 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.






Can you answer 50 questions in 15 minutes?



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