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 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)






2. 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






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






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






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






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






7. Specific - Measurable - Attainable - Realistic - Timely






8. Comparing similar functional firms in your industry






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






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






11. 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.






12. 1 Balance Scorecard






13. 1 Organizational Strategy 2 Business unit strategy 3 Functional Strategy






14. 1 Global Economy 2 Wage comparison 3 Trade Agreement 4 International Labor Law






15. High-yield debt that is rated below investment grade at the time of purchase. These bonds have a higher risk of default - but typically pay higher yields than better quality bonds in order to make them attractive to investors. Typically issued by bu






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






17. 1 SWOT analysis and environmental scanning 2 Long term objectives 3 Strategies to achieve these objectives are defined






18. It is a process not just written project plan that helps an organization focus on how to succeed in the future - where the company is now? - where does the company want to go? - How will the company get there?






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






20. 1 Short term objective 2 Action plan to achieve these objective 3 Allocating resources 4 Motivating employees to manage the plan.






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






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






23. 1 Vision and mission 2 Value Statement






24. 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






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






26. Private (nonpublic) corporations or partnerships that use their financial resources to engineer buyouts and acquisitions of other companies.






27. 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






28. 1 Cost Benefit Analysis 2 Return On Investment 3 Breakeven Analysis 4 Financial Statement Analysis






29. 1 Preparation 2 Due Diligence 3 Planning integration of the business entities 4 Implementation - monitoring and measurement






30. It describes what is important to an organization and often dictate employee behavior. They are the heart of the culture of an organization.






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






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






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






34. Individuals or groups who depend on an organization to fulfill their own goals and on whom - in turn the organization depends.






35. Comparing 1 operation in the firm with another






36. 1 Experiments 2 Pilot Projects 3 Surveys/questionnaires 4 Interviews (exit - panel - individual) 5 Focus group 6 Direct observation 7 Testing






37. Cut costs - add value - or increase prices






38. A corporation that owns a large number of businesses that are different sizes and operate in different industry sectors.






39. 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






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






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






42. 1 Planning 2 Organizing 3 Directing 4 Controlling






43. 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.






44. 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






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






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






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






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






50. 1 Population 2 Sample 3 Normal Distribution