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. A process where a company is bought primarily using debt. Typically engineered by management of the company - or by private equity firms.






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






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






4. 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






5. 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.






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






7. 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






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






9. Risk associated with macro-economic forces.






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






11. 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.






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






13. Not necessarily considered HR core function like benefits plan administration - payroll administration - and background checks - etc.






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






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






16. 1 Global Economy 2 Wage comparison 3 Trade Agreement 4 International Labor Law






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






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






19. Comparing a the firms operations with a direct competitor






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






21. 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






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






23. 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






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






25. 1 Strategies are reviewed 2 Performance towards objective is measured 3 Corrective action is taken






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






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






28. 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






29. Combine both qualitative and quantitative measures - acknowledge the expectations of different stakeholders and relate an assessment of performance to choice of strategy.






30. 1 Experiments 2 Pilot Projects 3 Surveys/questionnaires 4 Interviews (exit - panel - individual) 5 Focus group 6 Direct observation 7 Testing






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






32. 1 Cost Benefit Analysis 2 Return On Investment 3 Breakeven Analysis 4 Financial Statement Analysis






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






34. 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






35. 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.






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






37. 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.






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






39. Cut costs - add value - or increase prices






40. Comparing 1 operation in the firm with another






41. Quality of information and interpretation of it






42. 1 Demographic Factors 2 Economic Factors 3 Employment Factors 4 International Factors 5 Political Factors 6 Social Factors 7 Technological Factors






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






44. Often accompanied by backlogs and scheduling problems while the organization adjusts to increase demands. Policies - procedures and rules should begin to be formalized as organization needs increased structure during this phase to operate effectively






45. 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.






46. 1. multinational 2. global 3. transnational






47. 1 Charts and graphs 2 Measures of central tendency 3 Measures of variation 4 Measures of association






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






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






50. 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