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. They are often based on industry best practice.






2. 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.






3. Comparing 1 operation in the firm with another






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






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






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






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






8. 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.






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






10. Acquisition of another company upstream (supplier) or downstream (buyer) in the value chain of the same industry in which the corporation operates.






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






12. 1 SWOT analysis and environmental scanning 2 Long term objectives 3 Strategies to achieve these objectives are defined






13. 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






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






15. Value - Exploit - Rare - Imitate - Substitute






16. 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






17. Acquisition of a company that operates in the same industry using the same value chain.






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






19. primary activities and support activities






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. 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






22. 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.






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






24. 1 Work Specialization 2 Departmentalization 3 Chain of Command 4 Centralization and Decentralization 5 Formalization






25. 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






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






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






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






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






30. 1 Strategies are reviewed 2 Performance towards objective is measured 3 Corrective action is taken






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






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






33. 1 Charts and graphs 2 Measures of central tendency 3 Measures of variation 4 Measures of association






34. 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






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






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






37. Studying the future and arranging the means for dealing with it - which encompass forecasting - selling goals - and determining actions. eg: Forecasting future staffing needs.






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






39. 1 Cost Benefit Analysis 2 Return On Investment 3 Breakeven Analysis 4 Financial Statement Analysis






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






41. 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






42. Comparing operations in totally unrelated industries






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






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






45. 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.






46. 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.






47. 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






48. 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.






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






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