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. Sell more in existing markets - or enter new markets






2. These are the detailed steps a unit - department - or team will take in order to achieve the short term objectives.






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






4. 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






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






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






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






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






9. 1 Charts and graphs 2 Measures of central tendency 3 Measures of variation 4 Measures of association






10. 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






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






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






13. Shows the behavioral - physical and symbolic manifestations of a culture that inform and are informed by the taken-for-granted assumptions - or paradigm - of an organisation






14. 1 Statement of the problem 2 Objectives 3 Description of potential solution 4 Project Time line 5 Project Metrics.






15. Cut costs - add value - or increase prices






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






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






18. 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






19. 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.






20. A merger or acquisition where there is some similarity of industry and/or value chain between the corporation and the company it seeks to acquire.






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






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






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






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






25. Specific - Measurable - Attainable - Realistic - Timely






26. 1 Balance Scorecard






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






28. 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






29. 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.






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






31. 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






32. A company in which 70-95% of revenue comes from a single business






33. 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






34. 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.






35. Comparing 1 operation in the firm with another






36. 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.






37. 1 Capacity 2 Standards 3 Scheduling 4 Inventory 5 Control






38. 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.






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






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






41. 1 Cost Benefit Analysis 2 Return On Investment 3 Breakeven Analysis 4 Financial Statement Analysis






42. 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.






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






44. 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






45. Risk associated with macro-economic forces.






46. It is a vivid - guiding image of the organization's desired future. It is the ultimate picture of what leadership envisions for the organization.






47. 1 Traditional Generation 2 Baby Boom Generation 3 Generation X 4 Generation Y






48. 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






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






50. 1 Preparation 2 Due Diligence 3 Planning integration of the business entities 4 Implementation - monitoring and measurement