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. 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.






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






3. 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.






4. 1 Age 2 Gender 3 Generational Difference 4 Geographic shifts in population 5 Ethnicity 6 Unskilled Labor 7 Non traditional labor force






5. They represent milestones that must be achieved in order to reach the long term objectives. They are usually within 6 months to a year.






6. Comparing a the firms operations with a direct competitor






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






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






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






10. 1 Charts and graphs 2 Measures of central tendency 3 Measures of variation 4 Measures of association






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






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






13. 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. )






14. Is concerned with the ways in which an organization exeeds its minimum obligations to stakeholders specified through regulation.






15. 1 Organizational Strategy 2 Business unit strategy 3 Functional Strategy






16. 1. a graph demonstrating the different positions a firm can adopt in creating value 2. compares value and differentiation (Y) versus high cost to low cost (x)






17. 1 Global Economy 2 Wage comparison 3 Trade Agreement 4 International Labor Law






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






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






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






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






22. 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






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






24. 1 Preparation 2 Due Diligence 3 Planning integration of the business entities 4 Implementation - monitoring and measurement






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






26. They are often based on industry best practice.






27. 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






28. Comparing 1 operation in the firm with another






29. 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






30. Risk associated with a particular business.






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






32. 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






33. 1 Vision and mission 2 Value Statement






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






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






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






37. 1 Strategy Formulation 2 Strategy Development 3 Strategy Implementation 4 Strategy Evaluation






38. 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






39. Cut costs - add value - or increase prices






40. Acquisition of a company in a different industry - but which employs a similar value chain.






41. 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






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






43. 1 Attitudes towards career 2 Immigration 3 Occupational and industry skills 4 Recruitment 5 Unions 6 Unemployment 7 Turnover 8 Relocation






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






45. Quality of information and interpretation of it






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






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






48. 1 The rule is proposed 2 Public comment is invited 3 The final rule is issued






49. 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






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