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 Demographic Factors 2 Economic Factors 3 Employment Factors 4 International Factors 5 Political Factors 6 Social Factors 7 Technological Factors






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






3. 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






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






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






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






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






8. 1 Preparation 2 Due Diligence 3 Planning integration of the business entities 4 Implementation - monitoring and measurement






9. New ideas should not be dismissed simply because they originated at a grassroots level. Business innovations developed under these circumstances will create new objectives or modify existing ones and create an overlay of new direction compared to wha






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






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






12. 1 Charts and graphs 2 Measures of central tendency 3 Measures of variation 4 Measures of association






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






14. 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"






15. 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.






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






17. 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






18. 1 Global Economy 2 Wage comparison 3 Trade Agreement 4 International Labor Law






19. 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.






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






21. 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






22. 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






23. 1 Advances in technology 2 Technological skills 3 The digital divide 4 Process changes






24. 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






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






26. 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.






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






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






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






30. 1 Organizational Strategy 2 Business unit strategy 3 Functional Strategy






31. 1 Capacity 2 Standards 3 Scheduling 4 Inventory 5 Control






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






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






34. 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.






35. 1 Traditional Generation 2 Baby Boom Generation 3 Generation X 4 Generation Y






36. 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?






37. 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






38. 1 Strategy Formulation 2 Strategy Development 3 Strategy Implementation 4 Strategy Evaluation






39. Comparing 1 operation in the firm with another






40. 1 Short term objective 2 Action plan to achieve these objective 3 Allocating resources 4 Motivating employees to manage the plan.






41. It describes a project in detail and shows how it will contribute value to the organization and provides sufficient information about how the project will be designed - implemented - and measured to enable the organization's leaders to make informe






42. Economic - legal resp. - ethical - and discretionary






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






44. Combine both qualitative and quantitative measures - acknowledge the expectations of different stakeholders and relate an assessment of performance to choice of strategy.






45. 1 Interest Rates 2 Gross Domestic Product (GDP) 3 Consumer Price Index (CPI) 4 Disposable Income 5 Inflation






46. Risk associated with macro-economic forces.






47. 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






48. 1 Experiments 2 Pilot Projects 3 Surveys/questionnaires 4 Interviews (exit - panel - individual) 5 Focus group 6 Direct observation 7 Testing






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. 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.