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 Financial 2 Human 3 Physical 4 Technological






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






3. 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.






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






5. 1 Balance Scorecard






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






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






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






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






10. 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






11. 1 Organizational Strategy 2 Business unit strategy 3 Functional Strategy






12. The benefits that develop through the extension and application of corporate resources to a newly acquired company.






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






14. 1 Work Specialization 2 Departmentalization 3 Chain of Command 4 Centralization and Decentralization 5 Formalization






15. 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






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






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






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






19. 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






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






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






22. 1 Demographic Factors 2 Economic Factors 3 Employment Factors 4 International Factors 5 Political Factors 6 Social Factors 7 Technological Factors






23. 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.






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






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






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






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






28. Comparing operations in totally unrelated industries






29. 1 Planning 2 Organizing 3 Directing 4 Controlling






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






31. 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.






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






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






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






35. 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.






36. 1 Preparation 2 Due Diligence 3 Planning integration of the business entities 4 Implementation - monitoring and measurement






37. 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






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






39. 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)






40. 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






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






42. 1 Strategies are reviewed 2 Performance towards objective is measured 3 Corrective action is taken






43. 1. multinational 2. global 3. transnational






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






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






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






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






48. It is a process not just written project plan that helps an organization focus on how to succeed in the future - where the company is now? - where does the company want to go? - How will the company get there?






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






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