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. 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.






2. Describes the structure of product - service - and information flows and the role of participating parties.






3. 1 Experiments 2 Pilot Projects 3 Surveys/questionnaires 4 Interviews (exit - panel - individual) 5 Focus group 6 Direct observation 7 Testing






4. The benefits that develop through the extension and application of corporate resources to a newly acquired company.






5. 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.






6. 1 Advances in technology 2 Technological skills 3 The digital divide 4 Process changes






7. 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






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






9. A strategy by which an organisation offers existing products to new markets.






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






11. 1 Preparation 2 Due Diligence 3 Planning integration of the business entities 4 Implementation - monitoring and measurement






12. Refers to an intensive investigation of all factors surrounding a business decision to ensure that all risks are understood.






13. Value - Exploit - Rare - Imitate - Substitute






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






15. 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






16. 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.






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






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






19. Is concerned with the structures and systems of control by which managers are held accountable to those who have a legitimate stake an organization.






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






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






22. Organization become entrenched in rules and policies and leadership become resistant to change. series of efforts to turn the tide such as product enhancement or cost reduction programs. If unsuccessful in these then will focus on reducing workforce






23. Comparing a the firms operations with a direct competitor






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






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






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






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






28. 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






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






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






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






32. 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






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






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






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






36. 1 The rule is proposed 2 Public comment is invited 3 The final rule is issued






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






38. Comparing 1 operation in the firm with another






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






40. 1 Strategies are reviewed 2 Performance towards objective is measured 3 Corrective action is taken






41. 1 Short term objective 2 Action plan to achieve these objective 3 Allocating resources 4 Motivating employees to manage the plan.






42. 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






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






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






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






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






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






48. It is a systematic process of gathering and analyzing all relevant data about external opportunities (emerging marketplace - additional capabilities provided through new technology.) and threats (emerging competition - shifts in marketplaces. )






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






50. 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.