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. Economic - legal resp. - ethical - and discretionary






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






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






4. 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.






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






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






7. 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.






8. 1 Planning 2 Organizing 3 Directing 4 Controlling






9. 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






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






11. Is the set of internationalization links and relationships that are necessary to create a product or service.






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






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






14. Quality of information and interpretation of it






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






16. 1 Advances in technology 2 Technological skills 3 The digital divide 4 Process changes






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






18. 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.






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






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






21. 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






22. 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






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






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






25. 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.






26. 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






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






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






29. 1 Global Economy 2 Wage comparison 3 Trade Agreement 4 International Labor Law






30. 1 Population 2 Sample 3 Normal Distribution






31. 1 Demographic Factors 2 Economic Factors 3 Employment Factors 4 International Factors 5 Political Factors 6 Social Factors 7 Technological Factors






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






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






34. 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






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






36. They are often based on industry best practice.






37. 1 Age 2 Gender 3 Generational Difference 4 Geographic shifts in population 5 Ethnicity 6 Unskilled Labor 7 Non traditional labor force






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






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






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






41. 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.






42. 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)






43. 1 Charts and graphs 2 Measures of central tendency 3 Measures of variation 4 Measures of association






44. Comparing similar functional firms in your industry






45. 1 Cost Leadership 2 Differentiation 3 Focus






46. 1 Attitudes towards career 2 Immigration 3 Occupational and industry skills 4 Recruitment 5 Unions 6 Unemployment 7 Turnover 8 Relocation






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






48. 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






49. It is a process not just written project plan that helps an organization focus on how to succeed in the future - where the company is now? - where does the company want to go? - How will the company get there?






50. Cut costs - add value - or increase prices