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






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






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






4. 1 SWOT analysis and environmental scanning 2 Long term objectives 3 Strategies to achieve these objectives are defined






5. 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






6. 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.






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






8. 1 Short term objective 2 Action plan to achieve these objective 3 Allocating resources 4 Motivating employees to manage the plan.






9. Quality of information and interpretation of it






10. They are often based on industry best practice.






11. Acquisition of a company that operates in the same industry using the same value chain.






12. 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






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






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






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






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. The skills and abilities by which resources are deployed through an organization's activities and processes such as to achieve competitive advantage in ways that others cannot imitate or obtain.






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






19. 1 Planning 2 Organizing 3 Directing 4 Controlling






20. 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.






21. Comparing operations in totally unrelated industries






22. 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






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






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






25. 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.






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






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






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






29. 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






30. Specific - Measurable - Attainable - Realistic - Timely






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






32. Value - Exploit - Rare - Imitate - Substitute






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






34. 1 Strategies are reviewed 2 Performance towards objective is measured 3 Corrective action is taken






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






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






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






38. 1 Age 2 Gender 3 Generational Difference 4 Geographic shifts in population 5 Ethnicity 6 Unskilled Labor 7 Non traditional labor force






39. 1 Strategy Formulation 2 Strategy Development 3 Strategy Implementation 4 Strategy Evaluation






40. 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.






41. 1 Charts and graphs 2 Measures of central tendency 3 Measures of variation 4 Measures of association






42. 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.






43. 1 Interest Rates 2 Gross Domestic Product (GDP) 3 Consumer Price Index (CPI) 4 Disposable Income 5 Inflation






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






45. Comparing 1 operation in the firm with another






46. Cost savings accomplished by operating combined companies more efficiently.






47. 1 Organizational Strategy 2 Business unit strategy 3 Functional Strategy






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






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






50. 1 Vision and mission 2 Value Statement