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






2. 1 Cost Leadership 2 Differentiation 3 Focus






3. 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.






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






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






6. Comparing 1 operation in the firm with another






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






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






9. Value - Exploit - Rare - Imitate - Substitute






10. Risk associated with a particular business.






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






12. Identifies stakeholder expectations and power and helps in understanding political priorities.






13. Comparing operations in totally unrelated industries






14. 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)






15. 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?






16. 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






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






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






19. Economic - legal resp. - ethical - and discretionary






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






21. 1 Traditional Generation 2 Baby Boom Generation 3 Generation X 4 Generation Y






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






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






24. Often accompanied by backlogs and scheduling problems while the organization adjusts to increase demands. Policies - procedures and rules should begin to be formalized as organization needs increased structure during this phase to operate effectively






25. 1 Short term objective 2 Action plan to achieve these objective 3 Allocating resources 4 Motivating employees to manage the plan.






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






27. 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.






28. 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






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






30. 1 Cost Benefit Analysis 2 Return On Investment 3 Breakeven Analysis 4 Financial Statement Analysis






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






32. 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.






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






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






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






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






37. 1 Interest Rates 2 Gross Domestic Product (GDP) 3 Consumer Price Index (CPI) 4 Disposable Income 5 Inflation






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






40. Views the world as its unit of analysis - Plants are built to provide local marketing advantages - recognizes the importance of being flexible at the country-level operations - more responsive to local needs






41. 1. talking to competitors - customers - and distributors 2. testing competitors products 3. view competitors exhibits at trade shows






42. 1 SWOT analysis and environmental scanning 2 Long term objectives 3 Strategies to achieve these objectives are defined






43. 1 Demographic Factors 2 Economic Factors 3 Employment Factors 4 International Factors 5 Political Factors 6 Social Factors 7 Technological Factors






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






45. 1 Statement of the problem 2 Objectives 3 Description of potential solution 4 Project Time line 5 Project Metrics.






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






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






48. 1 Work Specialization 2 Departmentalization 3 Chain of Command 4 Centralization and Decentralization 5 Formalization






49. Comparing similar functional firms in your industry






50. It is based on numeric data that is analyzed with statistic method. 1 Descriptive Statistic 2 Inferential Statistic