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 Cost Leadership 2 Differentiation 3 Focus






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






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






4. Cut costs - add value - or increase prices






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






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






7. 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.






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






9. 1 Strategies are reviewed 2 Performance towards objective is measured 3 Corrective action is taken






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






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






12. 1 Advances in technology 2 Technological skills 3 The digital divide 4 Process changes






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






14. It refers to relocation of processes or functions from a home country to another country and it appeals to organization for cost saving.






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






16. Comparing operations in totally unrelated industries






17. 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.






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






19. 1 Introduction 2 Growth 3 Maturity 4 Decline






20. 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.






21. 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.






22. 1 Work Specialization 2 Departmentalization 3 Chain of Command 4 Centralization and Decentralization 5 Formalization






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






24. 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?






25. They are often based on industry best practice.






26. Quality of information and interpretation of it






27. primary activities and support activities






28. 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)






29. 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.






30. 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.






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






32. 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






33. 1 Vision and mission 2 Value Statement






34. Collateralized Loan Obligation. Large pool of bank loans bundled together by financial services firms and sold off to investors in slices - with the goal to spread default risk "an inch deep and a mile wide"






35. 1 Age 2 Gender 3 Generational Difference 4 Geographic shifts in population 5 Ethnicity 6 Unskilled Labor 7 Non traditional labor force






36. 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






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






38. 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






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






40. 1 Capacity 2 Standards 3 Scheduling 4 Inventory 5 Control






41. 1 Demographic Factors 2 Economic Factors 3 Employment Factors 4 International Factors 5 Political Factors 6 Social Factors 7 Technological Factors






42. High-yield debt that is rated below investment grade at the time of purchase. These bonds have a higher risk of default - but typically pay higher yields than better quality bonds in order to make them attractive to investors. Typically issued by bu






43. 1. information systems 2. logistics 3. HR






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






45. 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.






46. 1 Attitudes towards career 2 Immigration 3 Occupational and industry skills 4 Recruitment 5 Unions 6 Unemployment 7 Turnover 8 Relocation






47. 1 Interest Rates 2 Gross Domestic Product (GDP) 3 Consumer Price Index (CPI) 4 Disposable Income 5 Inflation






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






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






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