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






2. Specific - Measurable - Attainable - Realistic - Timely






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






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






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






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






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






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. Collateralized Loan Obligation. Large pool of bank loans bundled together by financial services firms and sold off to investors in slices - with the goal to spread default risk "an inch deep and a mile wide"






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






11. 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






12. 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






13. 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.






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






15. 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






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






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






18. 1 SWOT analysis and environmental scanning 2 Long term objectives 3 Strategies to achieve these objectives are defined






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






20. 1 Charts and graphs 2 Measures of central tendency 3 Measures of variation 4 Measures of association






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






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






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






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






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






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






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






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






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






30. 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






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






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






33. 1 Vision and mission 2 Value Statement






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






35. 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.






36. They are often based on industry best practice.






37. Comparing similar functional firms in your industry






38. When a corporation can take synergistic advantage of relationships with suppliers and/or customers in making an acquisition.






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






40. 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






41. Comparing a the firms operations with a direct competitor






42. 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






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






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






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






46. These objectives are generally achieved within 3 to 5 years. Establishing these objectives provides direction - synergy and aids in establishing guidelines for evaluation.






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






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






49. 1 Historical Data (HR records - census records) 2 Benchmarking and best practices reports 3 Purchased Data ( Gallup or Roper data) 4 Professional Journals - Books - and other media 5 Secondhand reports (grapevine reports)






50. primary activities and support activities