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






2. 1 Financial 2 Human 3 Physical 4 Technological






3. 1 Global Economy 2 Wage comparison 3 Trade Agreement 4 International Labor Law






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






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






6. 1 SWOT analysis and environmental scanning 2 Long term objectives 3 Strategies to achieve these objectives are defined






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






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






9. 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






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






11. Ability to broaden a product line or a customer base achieved through an acquisition.






12. 1 Interest Rates 2 Gross Domestic Product (GDP) 3 Consumer Price Index (CPI) 4 Disposable Income 5 Inflation






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






14. 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






15. 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.






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






17. 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






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






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






21. 1 The rule is proposed 2 Public comment is invited 3 The final rule is issued






22. 1 Strategy Formulation 2 Strategy Development 3 Strategy Implementation 4 Strategy Evaluation






23. 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.






24. Specific - Measurable - Attainable - Realistic - Timely






25. Business remain separate entities but may appear to outsiders as one entity. Commonly formed through the use of outsourcing.






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






27. Organization become entrenched in rules and policies and leadership become resistant to change. series of efforts to turn the tide such as product enhancement or cost reduction programs. If unsuccessful in these then will focus on reducing workforce






28. 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)






29. 1 Statement of the problem 2 Objectives 3 Description of potential solution 4 Project Time line 5 Project Metrics.






30. Risk associated with macro-economic forces.






31. When a corporation is able to combine similar primary value chain activities.






32. 1 Organizational Strategy 2 Business unit strategy 3 Functional Strategy






33. Risk associated with a particular business.






34. Comparing 1 operation in the firm with another






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






36. Comparing operations in totally unrelated industries






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






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






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






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






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






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






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






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






45. 1. multinational 2. global 3. transnational






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






47. Those product features with which a organization must outperform the competition because they are particularly valued by a group of customers.






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






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






50. 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