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. The organization relies on high energy and creativity. Attempts to develop products and services - decision may be made to use experiences staff so training is not an integral part of this phase. may meet or exceed the standard pay range to recruit






2. 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






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






4. 1 Planning 2 Organizing 3 Directing 4 Controlling






5. 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






6. 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






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






8. 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.






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






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






11. 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






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






13. Value - Exploit - Rare - Imitate - Substitute






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. 1 Cost Leadership 2 Differentiation 3 Focus






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






17. Organization that follow this approach are not competing in an established market. They see themselves as a creating entirely new value. This strategy values innovation - creativity and rule breaking.






18. 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.






19. 1. R&D 2. production 3. marketing and sales 4. customer service






20. 1 Demographic Factors 2 Economic Factors 3 Employment Factors 4 International Factors 5 Political Factors 6 Social Factors 7 Technological Factors






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






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






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






24. 1 Statement of the problem 2 Objectives 3 Description of potential solution 4 Project Time line 5 Project Metrics.






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






26. 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






27. 1 Introduction 2 Growth 3 Maturity 4 Decline






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






29. 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






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






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






32. 1 Strategy Formulation 2 Strategy Development 3 Strategy Implementation 4 Strategy Evaluation






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






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






35. 1 Preparation 2 Due Diligence 3 Planning integration of the business entities 4 Implementation - monitoring and measurement






36. It specifies what activities the organization intends to pursue and what course of management has charted for the future. It provides general outline of how the organization will achieve the vision. It includes who the company is - what the company






37. 1 Global Economy 2 Wage comparison 3 Trade Agreement 4 International Labor Law






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






39. 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






40. Comparing 1 operation in the firm with another






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






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






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






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






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






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






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






48. These strategy requires that organizations focus on a particular buyer group - segment of the product line or geographical market within an industry. It is build around serving particular target to the exclusion of others.






49. They are often based on industry best practice.






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