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. 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.






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






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






4. 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






5. 1 Global Economy 2 Wage comparison 3 Trade Agreement 4 International Labor Law






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






7. The categories of activities within and around an organization which together create a product or service.






8. A company in which 70-95% of revenue comes from a single business






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






10. 1 The rule is proposed 2 Public comment is invited 3 The final rule is issued






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






12. 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






13. 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.






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






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






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






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






18. 1 Strategies are reviewed 2 Performance towards objective is measured 3 Corrective action is taken






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






20. 1 Population 2 Sample 3 Normal Distribution






21. 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.






22. 1. choose a viable position on efficiency frontier 2. configure its internal ops to support the chosen position 3.ensure firm has the right orginizational structure in place to execute its strategy






23. Specific - Measurable - Attainable - Realistic - Timely






24. 1 Organizational Strategy 2 Business unit strategy 3 Functional Strategy






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






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






27. The central focus of the department is the provision of goods and services to the customer. Basically this department must ensure that the product/service is produced and delivered to the customer.






28. 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"






29. Special Purpose Acquisition Company. Empty-shell firms that promise to buy businesses with the proceeds of their initial public stock offerings.






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






31. 1 Advances in technology 2 Technological skills 3 The digital divide 4 Process changes






32. 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.






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






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






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






36. 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.






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






38. 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.






39. Comparing a the firms operations with a direct competitor






40. 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.






41. 1. multinational 2. global 3. transnational






42. 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






43. 1 Statement of the problem 2 Objectives 3 Description of potential solution 4 Project Time line 5 Project Metrics.






44. 1 Balance Scorecard






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






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






47. 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.






48. 1. information systems 2. logistics 3. HR






49. Cut costs - add value - or increase prices






50. 1 Work Specialization 2 Departmentalization 3 Chain of Command 4 Centralization and Decentralization 5 Formalization