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






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






3. It uses data already gathered by others and reported in various sources.






4. 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






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






6. 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






7. Adhering to set of governing principles whether the philosophy is one of fairness - individual rights - avoiding conflicts of interest or another philosophical grounding.






8. It describes what is important to an organization and often dictate employee behavior. They are the heart of the culture of an organization.






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






10. Scheduling problems are largely resolved - and staffing and organizational culture begin to stabilize. Policies - procedures and rules are formalized and communicated to all employees. Training gains added emphasis in this phase to maintain flexibi






11. 1 Attitudes towards career 2 Immigration 3 Occupational and industry skills 4 Recruitment 5 Unions 6 Unemployment 7 Turnover 8 Relocation






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






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






14. 1 Capacity 2 Standards 3 Scheduling 4 Inventory 5 Control






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






16. 1 Population 2 Sample 3 Normal Distribution






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






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






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






20. Quality of information and interpretation of it






21. 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.






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. 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






24. 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?






25. Value - Exploit - Rare - Imitate - Substitute






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






27. 1 SWOT analysis and environmental scanning 2 Long term objectives 3 Strategies to achieve these objectives are defined






28. 1 Statement of the problem 2 Objectives 3 Description of potential solution 4 Project Time line 5 Project Metrics.






29. They are often based on industry best practice.






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






31. 1 Historical Data (HR records - census records) 2 Benchmarking and best practices reports 3 Purchased Data ( Gallup or Roper data) 4 Professional Journals - Books - and other media 5 Secondhand reports (grapevine reports)






32. Comparing similar functional firms in your industry






33. 1 Strategy Formulation 2 Strategy Development 3 Strategy Implementation 4 Strategy Evaluation






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






35. To achieve cost advantage - an organization has to be the low cost producer in its industry.The finished products of low cost producers are sold at prices that beat the competition. These industries depend on volume to provide profit and is less bra






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






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






38. 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






39. Specific - Measurable - Attainable - Realistic - Timely






40. A process and goal: the process: choices regarding acquiring and using scared resources: the goal: maintain and achieving a unique and valuable position in the international market






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






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






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






44. 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.






45. 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.






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






47. 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






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






49. 1 Global Economy 2 Wage comparison 3 Trade Agreement 4 International Labor Law






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