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. Comparing operations in totally unrelated industries






3. 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.






4. It is a systematic process of gathering and analyzing all relevant data about external opportunities (emerging marketplace - additional capabilities provided through new technology.) and threats (emerging competition - shifts in marketplaces. )






5. 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.






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






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






8. 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.






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






10. 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






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






12. 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.






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






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






15. 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






16. 1 Short term objective 2 Action plan to achieve these objective 3 Allocating resources 4 Motivating employees to manage the plan.






17. 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






18. 1 Planning 2 Organizing 3 Directing 4 Controlling






19. Risk associated with macro-economic forces.






20. It is based on numeric data that is analyzed with statistic method. 1 Descriptive Statistic 2 Inferential Statistic






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






22. Comparing 1 operation in the firm with another






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






24. 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






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






26. 1 Preparation 2 Due Diligence 3 Planning integration of the business entities 4 Implementation - monitoring and measurement






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






28. The choices made through the 4 Ps : Product - Price - Place and Promotion are what makes a product or service unique. This is distinctive blend of marketing decision.






29. 1 Advances in technology 2 Technological skills 3 The digital divide 4 Process changes






30. 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.






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






32. 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






33. 1 Cost Benefit Analysis 2 Return On Investment 3 Breakeven Analysis 4 Financial Statement Analysis






34. Risk associated with a particular business.






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






36. 1 Financial 2 Human 3 Physical 4 Technological






37. 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






38. Processes and activities used to formulate HR objectives - practices - and policies.






39. 1. choose a viable position on efficiency frontier 2. configure its internal ops to support the chosen position 3.ensure firm has the right orginizational structure in place to execute its strategy






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






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






42. 1 The rule is proposed 2 Public comment is invited 3 The final rule is issued






43. 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.






44. 1 Interest Rates 2 Gross Domestic Product (GDP) 3 Consumer Price Index (CPI) 4 Disposable Income 5 Inflation






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






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






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






48. 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)






49. 1. talking to competitors - customers - and distributors 2. testing competitors products 3. view competitors exhibits at trade shows






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