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






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






3. These strategies attempt to set the product or service apart form its competition by giving it unique characteristic that customers value and for which they will be willing to pay a premium price.






4. 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






5. 1 Advances in technology 2 Technological skills 3 The digital divide 4 Process changes






6. 1 Planning 2 Organizing 3 Directing 4 Controlling






7. 1. multinational 2. global 3. transnational






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






9. Risk associated with a particular business.






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






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






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






13. 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.






14. 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






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






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






17. Scheduling problems are largely resolved - and staffing and organizational culture begin to stabilize. Policies - procedures and rules are formalized and communicated to all employees. Training gains added emphasis in this phase to maintain flexibi






18. 1 Cost Leadership 2 Differentiation 3 Focus






19. 1 Attitudes towards career 2 Immigration 3 Occupational and industry skills 4 Recruitment 5 Unions 6 Unemployment 7 Turnover 8 Relocation






20. 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






21. 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.






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






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






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






25. Divestiture in which a corporation creates a new company out of one of its businesses. The new company has its own shares of stock and shareholders - and its own board of directors. Typically - shareholders of the corporation will receive newly iss






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






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






28. 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.






29. 1 Organizational Strategy 2 Business unit strategy 3 Functional Strategy






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






31. Corporation that owns the majority of voting shares of other companies - but that allows the other companies to operate as independent entities.






32. 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.






33. When a corporation can take synergistic advantage of administrative and support activities of the value chain in making an acquisition.






34. 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)






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






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






37. It describes an organizational challenge and possible alternative solutions - presenting evidence in support of a proposed solution. They are effective way to compete for limited resources.






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






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






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






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






42. 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






43. 1 Global Economy 2 Wage comparison 3 Trade Agreement 4 International Labor Law






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






45. 1 Strategies are reviewed 2 Performance towards objective is measured 3 Corrective action is taken






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






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






48. 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






49. It is simple and effective process for collecting information on the organization's current state. It answers four basic question.






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