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 Capacity 2 Standards 3 Scheduling 4 Inventory 5 Control






2. 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?






3. 1. multinational 2. global 3. transnational






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






5. 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






6. It describes a project in detail and shows how it will contribute value to the organization and provides sufficient information about how the project will be designed - implemented - and measured to enable the organization's leaders to make informe






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






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






9. 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.






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






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






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






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






14. 1 Charts and graphs 2 Measures of central tendency 3 Measures of variation 4 Measures of association






15. 1 Attitudes towards career 2 Immigration 3 Occupational and industry skills 4 Recruitment 5 Unions 6 Unemployment 7 Turnover 8 Relocation






16. Combine both qualitative and quantitative measures - acknowledge the expectations of different stakeholders and relate an assessment of performance to choice of strategy.






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






18. 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






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






20. Comparing similar functional firms in your industry






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






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






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






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






25. 1 Introduction 2 Growth 3 Maturity 4 Decline






26. 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. )






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






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






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






30. Risk associated with a particular business.






31. 1 Population 2 Sample 3 Normal Distribution






32. 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.






33. 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






34. Quality of information and interpretation of it






35. 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.






36. 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.






37. 1 SWOT analysis and environmental scanning 2 Long term objectives 3 Strategies to achieve these objectives are defined






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






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






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






41. 1 Historical Data (HR records - census records) 2 Benchmarking and best practices reports 3 Purchased Data ( Gallup or Roper data) 4 Professional Journals - Books - and other media 5 Secondhand reports (grapevine reports)






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






43. Value - Exploit - Rare - Imitate - Substitute






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






45. 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






46. 1 Strategies are reviewed 2 Performance towards objective is measured 3 Corrective action is taken






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






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






49. Private (nonpublic) corporations or partnerships that use their financial resources to engineer buyouts and acquisitions of other companies.






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