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. R&D 2. production 3. marketing and sales 4. customer service






2. 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. )






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






4. 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






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. 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






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






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






9. 1 The rule is proposed 2 Public comment is invited 3 The final rule is issued






10. Quality of information and interpretation of it






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






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






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






14. 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.






15. 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






16. 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.






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






18. They are often based on industry best practice.






19. 1 Experiments 2 Pilot Projects 3 Surveys/questionnaires 4 Interviews (exit - panel - individual) 5 Focus group 6 Direct observation 7 Testing






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






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






22. 1 Strategy Formulation 2 Strategy Development 3 Strategy Implementation 4 Strategy Evaluation






23. Comparing similar functional firms in your industry






24. 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






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






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






27. 1 Capacity 2 Standards 3 Scheduling 4 Inventory 5 Control






28. 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






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






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






31. 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.






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






33. 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.






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






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






36. Risk associated with a particular business.






37. 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






38. 1 Charts and graphs 2 Measures of central tendency 3 Measures of variation 4 Measures of association






39. Comparing 1 operation in the firm with another






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






41. Is the set of internationalization links and relationships that are necessary to create a product or service.






42. 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






43. 1 SWOT analysis and environmental scanning 2 Long term objectives 3 Strategies to achieve these objectives are defined






44. 1 Cost Benefit Analysis 2 Return On Investment 3 Breakeven Analysis 4 Financial Statement Analysis






45. 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)






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






47. It is a system of moral principles and values that establish appropriate conduct.






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






49. 1 Population 2 Sample 3 Normal Distribution






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