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. Risk associated with a particular business.






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






3. Risk associated with macro-economic forces.






4. 1 The rule is proposed 2 Public comment is invited 3 The final rule is issued






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






6. 1 Short term objective 2 Action plan to achieve these objective 3 Allocating resources 4 Motivating employees to manage the plan.






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






8. 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






9. Comparing a the firms operations with a direct competitor






10. 1 Preparation 2 Due Diligence 3 Planning integration of the business entities 4 Implementation - monitoring and measurement






11. Acquisition of another company upstream (supplier) or downstream (buyer) in the value chain of the same industry in which the corporation operates.






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






13. These strategy requires that organizations focus on a particular buyer group - segment of the product line or geographical market within an industry. It is build around serving particular target to the exclusion of others.






14. 1 Capacity 2 Standards 3 Scheduling 4 Inventory 5 Control






15. 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.






16. 1 Strategy Formulation 2 Strategy Development 3 Strategy Implementation 4 Strategy Evaluation






17. A company in which 70-95% of revenue comes from a single business






18. 1 Advances in technology 2 Technological skills 3 The digital divide 4 Process changes






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






20. 1 Charts and graphs 2 Measures of central tendency 3 Measures of variation 4 Measures of association






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






22. Value - Exploit - Rare - Imitate - Substitute






23. 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.






24. 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






25. 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






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






27. 1 Work Specialization 2 Departmentalization 3 Chain of Command 4 Centralization and Decentralization 5 Formalization






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






29. Information systems with a charter to achieve competitive superiority.






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






31. Specific - Measurable - Attainable - Realistic - Timely






32. These objectives are generally achieved within 3 to 5 years. Establishing these objectives provides direction - synergy and aids in establishing guidelines for evaluation.






33. 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.






34. Is part of an organization for which there is a distinct external market for goods or services that is different from another SBU






35. 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






36. It is a system of moral principles and values that establish appropriate conduct.






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






38. primary activities and support activities






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






40. 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)






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






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






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






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






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






46. 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






47. Not necessarily considered HR core function like benefits plan administration - payroll administration - and background checks - etc.






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






49. 1 Vision and mission 2 Value Statement






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