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. 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






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






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






4. It is simple and effective process for collecting information on the organization's current state. It answers four basic question.






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






6. 1 Global Economy 2 Wage comparison 3 Trade Agreement 4 International Labor Law






7. 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






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






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






10. 1 Age 2 Gender 3 Generational Difference 4 Geographic shifts in population 5 Ethnicity 6 Unskilled Labor 7 Non traditional labor force






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






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






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






14. 1 Charts and graphs 2 Measures of central tendency 3 Measures of variation 4 Measures of association






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






16. 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.






17. 1 Strategy Formulation 2 Strategy Development 3 Strategy Implementation 4 Strategy Evaluation






18. It specifies what activities the organization intends to pursue and what course of management has charted for the future. It provides general outline of how the organization will achieve the vision. It includes who the company is - what the company






19. 1 Balance Scorecard






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






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






22. New ideas should not be dismissed simply because they originated at a grassroots level. Business innovations developed under these circumstances will create new objectives or modify existing ones and create an overlay of new direction compared to wha






23. Those product features with which a organization must outperform the competition because they are particularly valued by a group of customers.






24. 1 Introduction 2 Growth 3 Maturity 4 Decline






25. 1 SWOT analysis and environmental scanning 2 Long term objectives 3 Strategies to achieve these objectives are defined






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






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






28. 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.






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






30. 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.






31. 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






32. 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.






33. Specific - Measurable - Attainable - Realistic - Timely






34. 1 The rule is proposed 2 Public comment is invited 3 The final rule is issued






35. Cut costs - add value - or increase prices






36. 1 Preparation 2 Due Diligence 3 Planning integration of the business entities 4 Implementation - monitoring and measurement






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






38. 1 Cost Leadership 2 Differentiation 3 Focus






39. 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.






40. Comparing 1 operation in the firm with another






41. 1 Strategies are reviewed 2 Performance towards objective is measured 3 Corrective action is taken






42. 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.






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






44. 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






45. 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






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






47. 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.






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






49. These strategy requires that organizations focus on a particular buyer group - segment of the product line or geographical market within an industry. It is build around serving particular target to the exclusion of others.






50. 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