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. 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.






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






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






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






5. 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






6. 1 Planning 2 Organizing 3 Directing 4 Controlling






7. Specific - Measurable - Attainable - Realistic - Timely






8. 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.






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






10. 1 Vision and mission 2 Value Statement






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






12. A process where a large group of shareholders vote in new members to the board of directors - with the result that the new board can make changes in the company's management.






13. 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






14. Comparing 1 operation in the firm with another






15. 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.






16. 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






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






18. 1 Population 2 Sample 3 Normal Distribution






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






20. 1 Cost Leadership 2 Differentiation 3 Focus






21. 1 Statement of the problem 2 Objectives 3 Description of potential solution 4 Project Time line 5 Project Metrics.






22. 1 Advances in technology 2 Technological skills 3 The digital divide 4 Process changes






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






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






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






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






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






28. 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.






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






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






31. 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. )






32. 1 Strategy Formulation 2 Strategy Development 3 Strategy Implementation 4 Strategy Evaluation






33. 1 Work Specialization 2 Departmentalization 3 Chain of Command 4 Centralization and Decentralization 5 Formalization






34. They are used to condense and summarize large quantities of data for quick understanding.






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






36. 1 Introduction 2 Growth 3 Maturity 4 Decline






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






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






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






40. 1 Attitudes towards career 2 Immigration 3 Occupational and industry skills 4 Recruitment 5 Unions 6 Unemployment 7 Turnover 8 Relocation






41. Cut costs - add value - or increase prices






42. They are often based on industry best practice.






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






44. 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






45. 1. multinational 2. global 3. transnational






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






47. Comparing similar functional firms in your industry






48. primary activities and support activities






49. 1 Traditional Generation 2 Baby Boom Generation 3 Generation X 4 Generation Y






50. 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?