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 Population 2 Sample 3 Normal Distribution






2. 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.






3. 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






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






5. Collateralized Loan Obligation. Large pool of bank loans bundled together by financial services firms and sold off to investors in slices - with the goal to spread default risk "an inch deep and a mile wide"






6. 1 Strategies are reviewed 2 Performance towards objective is measured 3 Corrective action is taken






7. 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.






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






9. 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






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






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






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






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






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






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






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






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






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






19. 1 Planning 2 Organizing 3 Directing 4 Controlling






20. Risk associated with a particular business.






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






22. 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






23. 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.






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






25. 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)






26. Comparing a the firms operations with a direct competitor






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






28. 1 Traditional Generation 2 Baby Boom Generation 3 Generation X 4 Generation Y






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






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






31. 1. R&D 2. production 3. marketing and sales 4. customer service






32. Sell more in existing markets - or enter new markets






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






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






35. 1 Global Economy 2 Wage comparison 3 Trade Agreement 4 International Labor Law






36. 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.






37. 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






38. 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.






39. Comparing operations in totally unrelated industries






40. Individuals or groups who depend on an organization to fulfill their own goals and on whom - in turn the organization depends.






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






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






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






44. 1 Cost Leadership 2 Differentiation 3 Focus






45. 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






46. 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






47. Economic - legal resp. - ethical - and discretionary






48. 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.






49. 1 Work Specialization 2 Departmentalization 3 Chain of Command 4 Centralization and Decentralization 5 Formalization






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