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. 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.






2. 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)






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






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






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






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






7. 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






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






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






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






11. 1 Strategy Formulation 2 Strategy Development 3 Strategy Implementation 4 Strategy Evaluation






12. 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






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






14. They are often based on industry best practice.






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






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






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






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






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






20. 1 Organizational Strategy 2 Business unit strategy 3 Functional Strategy






21. 1. multinational 2. global 3. transnational






22. 1. information systems 2. logistics 3. HR






23. 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






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






25. 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






26. 1 SWOT analysis and environmental scanning 2 Long term objectives 3 Strategies to achieve these objectives are defined






27. Comparing 1 operation in the firm with another






28. Acquisition of a company in a different industry - but which employs a similar value chain.






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






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






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






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






33. 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.






34. 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.






35. Quality of information and interpretation of it






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






37. When a corporation can take synergistic advantage of relationships with suppliers and/or customers in making an acquisition.






38. 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"






39. 1 Strategies are reviewed 2 Performance towards objective is measured 3 Corrective action is taken






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






41. 1 Traditional Generation 2 Baby Boom Generation 3 Generation X 4 Generation Y






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






43. 1 Financial 2 Human 3 Physical 4 Technological






44. 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.






45. 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.






46. 1 Cost Benefit Analysis 2 Return On Investment 3 Breakeven Analysis 4 Financial Statement Analysis






47. 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






48. 1 Demographic Factors 2 Economic Factors 3 Employment Factors 4 International Factors 5 Political Factors 6 Social Factors 7 Technological Factors






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






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