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






2. 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






3. 1 Financial 2 Human 3 Physical 4 Technological






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






5. 1 Global Economy 2 Wage comparison 3 Trade Agreement 4 International Labor Law






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






7. 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






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






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






10. 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.






11. Comparing similar functional firms in your industry






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






13. 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






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






15. 1. multinational 2. global 3. transnational






16. 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"






17. 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






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






19. 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






20. It is based on numeric data that is analyzed with statistic method. 1 Descriptive Statistic 2 Inferential Statistic






21. 1 Strategy Formulation 2 Strategy Development 3 Strategy Implementation 4 Strategy Evaluation






22. Ensure that organization's strategy and operations are consistent with each other






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






24. The underlying principles that guide an organization's strategy






25. 1 Short term objective 2 Action plan to achieve these objective 3 Allocating resources 4 Motivating employees to manage the plan.






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






27. 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.






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






29. 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






30. 1 Advances in technology 2 Technological skills 3 The digital divide 4 Process changes






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






32. 1 Age 2 Gender 3 Generational Difference 4 Geographic shifts in population 5 Ethnicity 6 Unskilled Labor 7 Non traditional labor force






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






34. 1 They can help to identify improvements in an organization's performance that can be attributed to the projects 2 They can suggest appropriate targets for improvement to be included in project objectives.






35. Comparing 1 operation in the firm with another






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






37. 1 Demographic Factors 2 Economic Factors 3 Employment Factors 4 International Factors 5 Political Factors 6 Social Factors 7 Technological Factors






38. 1. a graph demonstrating the different positions a firm can adopt in creating value 2. compares value and differentiation (Y) versus high cost to low cost (x)






39. 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.






40. 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.






41. 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.






42. The organization of a set of businesses that share identical or very similar strategies or strategic challenges.






43. 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.






44. 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






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






46. These strategy requires that organizations focus on a particular buyer group - segment of the product line or geographical market within an industry. It is build around serving particular target to the exclusion of others.






47. 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






48. 1 Introduction 2 Growth 3 Maturity 4 Decline






49. 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






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