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






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






3. Value - Exploit - Rare - Imitate - Substitute






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






5. Comparing operations in totally unrelated industries






6. 1 Interest Rates 2 Gross Domestic Product (GDP) 3 Consumer Price Index (CPI) 4 Disposable Income 5 Inflation






7. 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






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






9. These are the detailed steps a unit - department - or team will take in order to achieve the short term objectives.






10. 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






11. 1 Preparation 2 Due Diligence 3 Planning integration of the business entities 4 Implementation - monitoring and measurement






12. Is the set of internationalization links and relationships that are necessary to create a product or service.






13. 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)






14. 1 Vision and mission 2 Value Statement






15. A strategy by which an organization peruses new product offerings and new markets.






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






17. 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






18. Risk associated with a particular business.






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






20. 1 Short term objective 2 Action plan to achieve these objective 3 Allocating resources 4 Motivating employees to manage the plan.






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






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






23. 1 Attitudes towards career 2 Immigration 3 Occupational and industry skills 4 Recruitment 5 Unions 6 Unemployment 7 Turnover 8 Relocation






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






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






26. 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.






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






28. 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






29. 1 Balance Scorecard






30. 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.






31. Views the world as its unit of analysis - Plants are built to provide local marketing advantages - recognizes the importance of being flexible at the country-level operations - more responsive to local needs






32. A merger or acquisition where there is some similarity of industry and/or value chain between the corporation and the company it seeks to acquire.






33. 1. multinational 2. global 3. transnational






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






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






36. 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






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






38. 1 Age 2 Gender 3 Generational Difference 4 Geographic shifts in population 5 Ethnicity 6 Unskilled Labor 7 Non traditional labor force






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






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






41. 1 Cost Leadership 2 Differentiation 3 Focus






42. Is concerned with the structures and systems of control by which managers are held accountable to those who have a legitimate stake an organization.






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






44. 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






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






46. 1 Population 2 Sample 3 Normal Distribution






47. It involves data that is gathered firsthand for the specific evaluation being conduced.






48. 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






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






50. 1 Charts and graphs 2 Measures of central tendency 3 Measures of variation 4 Measures of association