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 Planning 2 Organizing 3 Directing 4 Controlling






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






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






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






5. 1 Strategy Formulation 2 Strategy Development 3 Strategy Implementation 4 Strategy Evaluation






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






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






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






9. 1 Age 2 Gender 3 Generational Difference 4 Geographic shifts in population 5 Ethnicity 6 Unskilled Labor 7 Non traditional labor force






10. The skills and abilities by which resources are deployed through an organization's activities and processes such as to achieve competitive advantage in ways that others cannot imitate or obtain.






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






12. Comparing operations in totally unrelated industries






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






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






15. Comparing 1 operation in the firm with another






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






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






18. 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






19. These objectives are generally achieved within 3 to 5 years. Establishing these objectives provides direction - synergy and aids in establishing guidelines for evaluation.






20. 1 Population 2 Sample 3 Normal Distribution






21. 1. multinational 2. global 3. transnational






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






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






24. 1 Introduction 2 Growth 3 Maturity 4 Decline






25. 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.






26. 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






27. It refers to relocation of processes or functions from a home country to another country and it appeals to organization for cost saving.






28. A method of planning in which corporate hq develops and provides guidelines - disadvantages: the method of planning restricts initiative at lower level - shows insensitivity to local conditions - advantages: headquarters formulates a plan; this ensur






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






30. 1 Vision and mission 2 Value Statement






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






32. 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.






33. 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.






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






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






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






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






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






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






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






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






44. Collateralized Loan Obligation. Large pool of bank loans bundled together by financial services firms and sold off to investors in slices - with the goal to spread default risk "an inch deep and a mile wide"






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






46. Is part of an organization for which there is a distinct external market for goods or services that is different from another SBU






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. The underlying principles that guide an organization's strategy






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






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