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. 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?






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






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






4. Special Purpose Acquisition Company. Empty-shell firms that promise to buy businesses with the proceeds of their initial public stock offerings.






5. 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.






6. 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






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






8. 1 Strategy Formulation 2 Strategy Development 3 Strategy Implementation 4 Strategy Evaluation






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






10. 1 Organizational Strategy 2 Business unit strategy 3 Functional Strategy






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






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






13. 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.






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






15. 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.






16. 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






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






18. 1 Population 2 Sample 3 Normal Distribution






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






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






21. A plant or service department is moved to another country. Although separated geographically - the off shored entity remains part of the organization - and workers are still employees of the organization.






22. 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)






23. 1. multinational 2. global 3. transnational






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






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






26. 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






27. Risk associated with a particular business.






28. 1 Planning 2 Organizing 3 Directing 4 Controlling






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






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






31. 1 Cost Leadership 2 Differentiation 3 Focus






32. 1 Attitudes towards career 2 Immigration 3 Occupational and industry skills 4 Recruitment 5 Unions 6 Unemployment 7 Turnover 8 Relocation






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






34. 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






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






36. Ability to broaden a product line or a customer base achieved through an acquisition.






37. 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.






38. Shows the behavioral - physical and symbolic manifestations of a culture that inform and are informed by the taken-for-granted assumptions - or paradigm - of an organisation






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






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






41. 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.






42. They are often based on industry best practice.






43. 1 Experiments 2 Pilot Projects 3 Surveys/questionnaires 4 Interviews (exit - panel - individual) 5 Focus group 6 Direct observation 7 Testing






44. The decisions made and the direction provided for managing multiple business units under a single corporate umbrella.






45. 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.






46. 1 SWOT analysis and environmental scanning 2 Long term objectives 3 Strategies to achieve these objectives are defined






47. 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.






48. 1 Capacity 2 Standards 3 Scheduling 4 Inventory 5 Control






49. 1 Vision and mission 2 Value Statement






50. 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. )