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. 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






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






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






4. When a corporation reduces its level of diversification and strategically refocuses on core businesses where the synergies of scope - economizing - and leverage are more evident and more easily realized.






5. 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. )






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






7. 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






8. 1 Advances in technology 2 Technological skills 3 The digital divide 4 Process changes






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






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






11. The choices made through the 4 Ps : Product - Price - Place and Promotion are what makes a product or service unique. This is distinctive blend of marketing decision.






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






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






14. Studying the future and arranging the means for dealing with it - which encompass forecasting - selling goals - and determining actions. eg: Forecasting future staffing needs.






15. 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






16. 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.






17. Comparing operations in totally unrelated industries






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






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






20. 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






21. 1 Interest Rates 2 Gross Domestic Product (GDP) 3 Consumer Price Index (CPI) 4 Disposable Income 5 Inflation






22. 1 Attitudes towards career 2 Immigration 3 Occupational and industry skills 4 Recruitment 5 Unions 6 Unemployment 7 Turnover 8 Relocation






23. 1 Age 2 Gender 3 Generational Difference 4 Geographic shifts in population 5 Ethnicity 6 Unskilled Labor 7 Non traditional labor force






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






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






26. 1 Charts and graphs 2 Measures of central tendency 3 Measures of variation 4 Measures of association






27. 1 Organizational Strategy 2 Business unit strategy 3 Functional Strategy






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






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






30. They are often based on industry best practice.






31. 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.






32. Risk associated with macro-economic forces.






33. 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






34. 1 Planning 2 Organizing 3 Directing 4 Controlling






35. Comparing a the firms operations with a direct competitor






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






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






38. 1 SWOT analysis and environmental scanning 2 Long term objectives 3 Strategies to achieve these objectives are defined






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






40. The resources and competences of an organization needed for it to survive and prosper.






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






42. 1 Global Economy 2 Wage comparison 3 Trade Agreement 4 International Labor Law






43. 1 Work Specialization 2 Departmentalization 3 Chain of Command 4 Centralization and Decentralization 5 Formalization






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






45. 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.






46. Describes the structure of product - service - and information flows and the role of participating parties.






47. Specific - Measurable - Attainable - Realistic - Timely






48. 1 Cost Benefit Analysis 2 Return On Investment 3 Breakeven Analysis 4 Financial Statement Analysis






49. Scheduling problems are largely resolved - and staffing and organizational culture begin to stabilize. Policies - procedures and rules are formalized and communicated to all employees. Training gains added emphasis in this phase to maintain flexibi






50. 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