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






2. 1 Cost Leadership 2 Differentiation 3 Focus






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






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






5. 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.






6. 1 Preparation 2 Due Diligence 3 Planning integration of the business entities 4 Implementation - monitoring and measurement






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






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






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






10. 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.






11. 1 Introduction 2 Growth 3 Maturity 4 Decline






12. The types of decisions made and direction created for a single business






13. 1 Global Economy 2 Wage comparison 3 Trade Agreement 4 International Labor Law






14. Comparing operations in totally unrelated industries






15. 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






16. 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?






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






18. Comparing 1 operation in the firm with another






19. 1 Strategy Formulation 2 Strategy Development 3 Strategy Implementation 4 Strategy Evaluation






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






21. 1 Balance Scorecard






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






23. 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






24. 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






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






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






27. 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.






28. 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






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






30. Cut costs - add value - or increase prices






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 Planning 2 Organizing 3 Directing 4 Controlling






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






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






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






36. 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






37. primary activities and support activities






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






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






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






41. It uses data already gathered by others and reported in various sources.






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






43. 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.






44. 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






45. 1 Financial 2 Human 3 Physical 4 Technological






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






47. 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.






48. 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






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






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