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 Age 2 Gender 3 Generational Difference 4 Geographic shifts in population 5 Ethnicity 6 Unskilled Labor 7 Non traditional labor force






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






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






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






5. 1 Capacity 2 Standards 3 Scheduling 4 Inventory 5 Control






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






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






8. 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






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






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






11. 1 Traditional Generation 2 Baby Boom Generation 3 Generation X 4 Generation Y






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






13. 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.






14. They are often based on industry best practice.






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






16. 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.






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






18. 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






19. 1 Introduction 2 Growth 3 Maturity 4 Decline






20. 1 Experiments 2 Pilot Projects 3 Surveys/questionnaires 4 Interviews (exit - panel - individual) 5 Focus group 6 Direct observation 7 Testing






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






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






23. 1 Vision and mission 2 Value Statement






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






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






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






27. 1 Strategies are reviewed 2 Performance towards objective is measured 3 Corrective action is taken






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






29. 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.






30. 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.






31. 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






32. Value - Exploit - Rare - Imitate - Substitute






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






34. 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






35. 1 Advances in technology 2 Technological skills 3 The digital divide 4 Process changes






36. 1 Global Economy 2 Wage comparison 3 Trade Agreement 4 International Labor Law






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






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






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






40. The resources and competences of an organization needed for it to survive and prosper.






41. 1 Cost Leadership 2 Differentiation 3 Focus






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






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






44. Shows the behavioral - physical and symbolic manifestations of a culture that inform and are informed by the taken-for-granted assumptions - or paradigm - of an organisation






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






46. 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






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






48. 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.






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






50. 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