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 Strategy Formulation 2 Strategy Development 3 Strategy Implementation 4 Strategy Evaluation






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






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






4. Processes and activities used to formulate HR objectives - practices - and policies.






5. Comparing 1 operation in the firm with another






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






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






8. 1 Preparation 2 Due Diligence 3 Planning integration of the business entities 4 Implementation - monitoring and measurement






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






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






11. 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.






12. 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.






13. Value - Exploit - Rare - Imitate - Substitute






14. 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






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






16. 1 Financial 2 Human 3 Physical 4 Technological






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






18. Risk associated with a particular business.






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






20. 1 They can help to identify improvements in an organization's performance that can be attributed to the projects 2 They can suggest appropriate targets for improvement to be included in project objectives.






21. Scheduling problems are largely resolved - and staffing and organizational culture begin to stabilize. Policies - procedures and rules are formalized and communicated to all employees. Training gains added emphasis in this phase to maintain flexibi






22. 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)






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






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






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






26. 1. multinational 2. global 3. transnational






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






28. 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.






29. 1 Planning 2 Organizing 3 Directing 4 Controlling






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






31. primary activities and support activities






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






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






34. It is simple and effective process for collecting information on the organization's current state. It answers four basic question.






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






36. Cut costs - add value - or increase prices






37. The resources and competences of an organization needed for it to survive and prosper.






38. 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.






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






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






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






42. 1 Advances in technology 2 Technological skills 3 The digital divide 4 Process changes






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






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






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






47. 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






48. The political - economic - social - technological - environmental - and legal dimensions of an organization's external environment.






49. 1 Cost Benefit Analysis 2 Return On Investment 3 Breakeven Analysis 4 Financial Statement Analysis






50. 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.