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 strategy by which an organisation offers existing products to new markets.






2. 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.






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






4. Sell more in existing markets - or enter new markets






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






6. 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.






7. Quality of information and interpretation of it






8. 1 Financial 2 Human 3 Physical 4 Technological






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






10. 1 Vision and mission 2 Value Statement






11. 1 Experiments 2 Pilot Projects 3 Surveys/questionnaires 4 Interviews (exit - panel - individual) 5 Focus group 6 Direct observation 7 Testing






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






13. Specific - Measurable - Attainable - Realistic - Timely






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






15. 1 Global Economy 2 Wage comparison 3 Trade Agreement 4 International Labor Law






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






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






18. Detailed and plausible views of how the business environment of an organization might develop in the future based on key drivers for change about which there is a high level of uncertainty






19. 1 Capacity 2 Standards 3 Scheduling 4 Inventory 5 Control






20. primary activities and support activities






21. 1 Cost Benefit Analysis 2 Return On Investment 3 Breakeven Analysis 4 Financial Statement Analysis






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






23. New ideas should not be dismissed simply because they originated at a grassroots level. Business innovations developed under these circumstances will create new objectives or modify existing ones and create an overlay of new direction compared to wha






24. 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. )






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






26. 1 Statement of the problem 2 Objectives 3 Description of potential solution 4 Project Time line 5 Project Metrics.






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






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






29. 1 SWOT analysis and environmental scanning 2 Long term objectives 3 Strategies to achieve these objectives are defined






30. 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






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






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






33. 1. R&D 2. production 3. marketing and sales 4. customer service






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






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






36. Comparing a the firms operations with a direct competitor






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






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






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






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






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






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






43. Organization that follow this approach are not competing in an established market. They see themselves as a creating entirely new value. This strategy values innovation - creativity and rule breaking.






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






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






46. 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






47. 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






48. 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






49. 1 Balance Scorecard






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