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. 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






2. Comparing similar functional firms in your industry






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






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






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






6. 1 Strategy Formulation 2 Strategy Development 3 Strategy Implementation 4 Strategy Evaluation






7. It describes a project in detail and shows how it will contribute value to the organization and provides sufficient information about how the project will be designed - implemented - and measured to enable the organization's leaders to make informe






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






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






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






11. 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)






12. They are often based on industry best practice.






13. 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.






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






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






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






17. 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.






18. 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)






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






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






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






22. 1. multinational 2. global 3. transnational






23. 1 Statement of the problem 2 Objectives 3 Description of potential solution 4 Project Time line 5 Project Metrics.






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






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






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






27. 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






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






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






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






31. 1 Cost Leadership 2 Differentiation 3 Focus






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






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






34. 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.






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






36. 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.






37. A plant or service department is moved to another country. Although separated geographically - the off shored entity remains part of the organization - and workers are still employees of the organization.






38. 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.






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






40. Comparing operations in totally unrelated industries






41. Is the means by which a strategy can be pursued.






42. 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.






43. 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






44. 1 Charts and graphs 2 Measures of central tendency 3 Measures of variation 4 Measures of association






45. Risk associated with macro-economic forces.






46. 1 Global Economy 2 Wage comparison 3 Trade Agreement 4 International Labor Law






47. 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






48. 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






49. 1 Preparation 2 Due Diligence 3 Planning integration of the business entities 4 Implementation - monitoring and measurement






50. 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