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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 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.






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






4. 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.






5. Comparing 1 operation in the firm with another






6. 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






7. 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






8. Comparing operations in totally unrelated industries






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






10. Suppliers - buyers - competitive rivalry - product substitutes and potential entrants; reinforces the importance of economic theory; analytical tool of previously lacking the field of strategy; determines the nature/level of competition and profit






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






12. Often accompanied by backlogs and scheduling problems while the organization adjusts to increase demands. Policies - procedures and rules should begin to be formalized as organization needs increased structure during this phase to operate effectively






13. 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






14. A value creating strategy that creates more perceived value by primarily reducing costs






15. 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?






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






17. 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.






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






19. 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






20. Quality of information and interpretation of it






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






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






23. 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






24. 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.






25. Comparing similar functional firms in your industry






26. 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






27. 1 Financial 2 Human 3 Physical 4 Technological






28. 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.






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






30. It is a systematic process of gathering and analyzing all relevant data about external opportunities (emerging marketplace - additional capabilities provided through new technology.) and threats (emerging competition - shifts in marketplaces. )






31. Refers to an intensive investigation of all factors surrounding a business decision to ensure that all risks are understood.






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






33. 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






34. They are often based on industry best practice.






35. 1 Attitudes towards career 2 Immigration 3 Occupational and industry skills 4 Recruitment 5 Unions 6 Unemployment 7 Turnover 8 Relocation






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






37. 1 Strategies are reviewed 2 Performance towards objective is measured 3 Corrective action is taken






38. 1 Demographic Factors 2 Economic Factors 3 Employment Factors 4 International Factors 5 Political Factors 6 Social Factors 7 Technological Factors






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






40. It can be defined as principles of conduct within an organization that guide decision making and behavior.






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






42. 1 Capacity 2 Standards 3 Scheduling 4 Inventory 5 Control






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






44. Comparing a the firms operations with a direct competitor






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






46. Serve the purpose similar to short term objectives but are completed in 1 to 3 years.






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






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






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






50. 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)







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