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






2. A plant or service department is moved to another country. Although separated geographically - the off shored entity remains part of the organization - and workers are still employees of the organization.






3. 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.






4. 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






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






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






7. 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






8. 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.






9. Comparing operations in totally unrelated industries






10. 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.






11. 1 Balance Scorecard






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






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






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






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






16. 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






17. Specific - Measurable - Attainable - Realistic - Timely






18. 1 Vision and mission 2 Value Statement






19. 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






20. 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)






21. Comparing similar functional firms in your industry






22. 1 Interest Rates 2 Gross Domestic Product (GDP) 3 Consumer Price Index (CPI) 4 Disposable Income 5 Inflation






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






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






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






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






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. 1 Demographic Factors 2 Economic Factors 3 Employment Factors 4 International Factors 5 Political Factors 6 Social Factors 7 Technological Factors






29. 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






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






31. To achieve cost advantage - an organization has to be the low cost producer in its industry.The finished products of low cost producers are sold at prices that beat the competition. These industries depend on volume to provide profit and is less bra






32. 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.






33. 1 Planning 2 Organizing 3 Directing 4 Controlling






34. Value - Exploit - Rare - Imitate - Substitute






35. 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.






36. 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






37. 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.






38. It is a system of moral principles and values that establish appropriate conduct.






39. 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.






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






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






42. 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






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






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






45. 1 Work Specialization 2 Departmentalization 3 Chain of Command 4 Centralization and Decentralization 5 Formalization






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






47. 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






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






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






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