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 Cost Leadership 2 Differentiation 3 Focus






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






3. Quality of information and interpretation of it






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






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






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






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






8. 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.






9. A corporation that owns a large number of businesses that are different sizes and operate in different industry sectors.






10. Comparing 1 operation in the firm with another






11. 1 Population 2 Sample 3 Normal Distribution






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






13. 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.






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






15. 1 Attitudes towards career 2 Immigration 3 Occupational and industry skills 4 Recruitment 5 Unions 6 Unemployment 7 Turnover 8 Relocation






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






17. Ability to broaden a product line or a customer base achieved through an acquisition.






18. 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)






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






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






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






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






23. 1 Age 2 Gender 3 Generational Difference 4 Geographic shifts in population 5 Ethnicity 6 Unskilled Labor 7 Non traditional labor force






24. 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






25. Risk associated with macro-economic forces.






26. 1 Strategy Formulation 2 Strategy Development 3 Strategy Implementation 4 Strategy Evaluation






27. Comparing operations in totally unrelated industries






28. 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






29. A strategy by which an organisation offers existing products to new markets.






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






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






32. 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






33. 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






34. They are often based on industry best practice.






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






36. 1. improve bidding success 2. identify competitors key customers 3. identify expansion plans 4. improve understanding of competitors






37. 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






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






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






40. Comparing similar functional firms in your industry






41. 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






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






43. 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.






44. Corporation that owns the majority of voting shares of other companies - but that allows the other companies to operate as independent entities.






45. 1 Interest Rates 2 Gross Domestic Product (GDP) 3 Consumer Price Index (CPI) 4 Disposable Income 5 Inflation






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






47. 1 Short term objective 2 Action plan to achieve these objective 3 Allocating resources 4 Motivating employees to manage the plan.






48. Risk associated with a particular business.






49. 1 Advances in technology 2 Technological skills 3 The digital divide 4 Process changes






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