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






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






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






4. 1 The rule is proposed 2 Public comment is invited 3 The final rule is issued






5. 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.






6. 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.






7. 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






8. 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.






9. 1 Vision and mission 2 Value Statement






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






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






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






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






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






15. 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.






16. A process and goal: the process: choices regarding acquiring and using scared resources: the goal: maintain and achieving a unique and valuable position in the international market






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






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






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






20. 1 Advances in technology 2 Technological skills 3 The digital divide 4 Process changes






21. 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






22. 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






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






24. 1 Interest Rates 2 Gross Domestic Product (GDP) 3 Consumer Price Index (CPI) 4 Disposable Income 5 Inflation






25. It describes a project in detail and shows how it will contribute value to the organization and provides sufficient information about how the project will be designed - implemented - and measured to enable the organization's leaders to make informe






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






27. 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.






28. 1 Statement of the problem 2 Objectives 3 Description of potential solution 4 Project Time line 5 Project Metrics.






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






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






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






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






33. 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.






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






35. 1 Attitudes towards career 2 Immigration 3 Occupational and industry skills 4 Recruitment 5 Unions 6 Unemployment 7 Turnover 8 Relocation






36. 1 Capacity 2 Standards 3 Scheduling 4 Inventory 5 Control






37. Ensuring that everything is carried out according to the plan. Eg: Measuring recruiting efforts and effectiveness.






38. A tool to help you think about the wider issues that have an impact on the industry or service area as a whole - taking five main categories into account: Socio-cultural - Technological - Economic - Environmental - Political






39. 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






40. 1 Experiments 2 Pilot Projects 3 Surveys/questionnaires 4 Interviews (exit - panel - individual) 5 Focus group 6 Direct observation 7 Testing






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






42. A plant or service department is moved to another country. Although separated geographically - the off shored entity remains part of the organization - and workers are still employees of the organization.






43. 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.






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






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






46. New ideas should not be dismissed simply because they originated at a grassroots level. Business innovations developed under these circumstances will create new objectives or modify existing ones and create an overlay of new direction compared to wha






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






48. 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






49. 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.






50. Divestiture in which a corporation creates a new company out of one of its businesses. The new company has its own shares of stock and shareholders - and its own board of directors. Typically - shareholders of the corporation will receive newly iss







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