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






3. 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






4. 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






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






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






7. 1. multinational 2. global 3. transnational






8. Corporation that owns the majority of voting shares of other companies - but that allows the other companies to operate as independent entities.






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






11. 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.






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






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






14. 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)






15. 1 Planning 2 Organizing 3 Directing 4 Controlling






16. 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






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






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






19. Comparing a the firms operations with a direct competitor






20. Is part of an organization for which there is a distinct external market for goods or services that is different from another SBU






21. 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.






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






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






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






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






26. primary activities and support activities






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






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






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






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






31. 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.






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






33. Quality of information and interpretation of it






34. 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






35. 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.






36. 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.






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






38. 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






39. Risk associated with macro-economic forces.






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






41. 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






42. 1 Cost Leadership 2 Differentiation 3 Focus






43. 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






44. High-yield debt that is rated below investment grade at the time of purchase. These bonds have a higher risk of default - but typically pay higher yields than better quality bonds in order to make them attractive to investors. Typically issued by bu






45. 1 Capacity 2 Standards 3 Scheduling 4 Inventory 5 Control






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






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






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






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






50. The underlying principles that guide an organization's strategy