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. Risk associated with macro-economic forces.






2. The types of decisions made and direction created for a single business






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






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






5. 1 Organizational Strategy 2 Business unit strategy 3 Functional Strategy






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






7. 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






8. 1 Cost Leadership 2 Differentiation 3 Focus






9. 1 Traditional Generation 2 Baby Boom Generation 3 Generation X 4 Generation Y






10. A strategy by which an organization takes increased share of its existing markets with its existing product range.






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






12. 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.






13. 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.






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






15. 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.






16. Identifies stakeholder expectations and power and helps in understanding political priorities.






17. 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.






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






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






20. 1 Work Specialization 2 Departmentalization 3 Chain of Command 4 Centralization and Decentralization 5 Formalization






21. 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






22. 1. choose a viable position on efficiency frontier 2. configure its internal ops to support the chosen position 3.ensure firm has the right orginizational structure in place to execute its strategy






23. Organization become entrenched in rules and policies and leadership become resistant to change. series of efforts to turn the tide such as product enhancement or cost reduction programs. If unsuccessful in these then will focus on reducing workforce






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






25. 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






26. 1 Planning 2 Organizing 3 Directing 4 Controlling






27. 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






28. 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.






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






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






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






32. 1 Global Economy 2 Wage comparison 3 Trade Agreement 4 International Labor Law






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






34. Comparing 1 operation in the firm with another






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






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






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






38. 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






39. 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.






40. 1 Preparation 2 Due Diligence 3 Planning integration of the business entities 4 Implementation - monitoring and measurement






41. 1 Cost Benefit Analysis 2 Return On Investment 3 Breakeven Analysis 4 Financial Statement Analysis






42. Acquisition of a company in a different industry - but which employs a similar value chain.






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






44. Quality of information and interpretation of it






45. A process where a company is bought primarily using debt. Typically engineered by management of the company - or by private equity firms.






46. Value - Exploit - Rare - Imitate - Substitute






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






48. 1 Strategies are reviewed 2 Performance towards objective is measured 3 Corrective action is taken






49. 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.






50. 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