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






2. 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.






3. 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.






4. These strategies attempt to set the product or service apart form its competition by giving it unique characteristic that customers value and for which they will be willing to pay a premium price.






5. 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






6. 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.






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






8. primary activities and support activities






9. 1 Advances in technology 2 Technological skills 3 The digital divide 4 Process changes






10. 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






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






12. 1. talking to competitors - customers - and distributors 2. testing competitors products 3. view competitors exhibits at trade shows






13. Comparing a the firms operations with a direct competitor






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






15. 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






16. 1. multinational 2. global 3. transnational






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






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






20. It is the process that involves a systematic survey and interruption of relevant data to identify external opportunities and threats and to assess how these factors affect the organization currently and how they are likely to affect the organization






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






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






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






24. 1 Demographic Factors 2 Economic Factors 3 Employment Factors 4 International Factors 5 Political Factors 6 Social Factors 7 Technological Factors






25. 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






26. Designing a structure to assist in goal accomplishment that effectively relates human and nonhuman resources to the tasks of enterprise.Eg : Designing an interview process.






27. 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?






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






29. 1 Introduction 2 Growth 3 Maturity 4 Decline






30. 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






31. Cut costs - add value - or increase prices






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






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






34. 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)






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






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






37. 1 Global Economy 2 Wage comparison 3 Trade Agreement 4 International Labor Law






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






39. Risk associated with a particular business.






40. A corporation that owns a large number of businesses that are different sizes and operate in different industry sectors.






41. Cost savings accomplished by operating combined companies more efficiently.






42. Private (nonpublic) corporations or partnerships that use their financial resources to engineer buyouts and acquisitions of other companies.






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






44. 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






45. Acquisition of a company that operates in the same industry using the same value chain.






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






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






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






49. Comparing similar functional firms in your industry






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.