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. 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.






2. They are often based on industry best practice.






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






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






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






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






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






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






9. 1 Capacity 2 Standards 3 Scheduling 4 Inventory 5 Control






10. Acquisition of another company upstream (supplier) or downstream (buyer) in the value chain of the same industry in which the corporation operates.






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






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






13. Independent & entrepreneurial - adopts a more flexible approach to their international operations - More sensitive & responsive to local environment






14. 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.






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






16. 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)






17. 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






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






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






20. 1 Age 2 Gender 3 Generational Difference 4 Geographic shifts in population 5 Ethnicity 6 Unskilled Labor 7 Non traditional labor force






21. 1 Financial 2 Human 3 Physical 4 Technological






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






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






24. 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.






25. Comparing a the firms operations with a direct competitor






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






27. 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






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






29. 1 Cost Leadership 2 Differentiation 3 Focus






30. Value - Exploit - Rare - Imitate - Substitute






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






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






33. Risk associated with a particular business.






34. Comparing operations in totally unrelated industries






35. 1 Introduction 2 Growth 3 Maturity 4 Decline






36. The resources and competences of an organization needed for it to survive and prosper.






37. Risk associated with macro-economic forces.






38. 1 Planning 2 Organizing 3 Directing 4 Controlling






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






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






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






42. 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.






43. Those product features with which a organization must outperform the competition because they are particularly valued by a group of customers.






44. 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.






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






46. 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






47. 1. multinational 2. global 3. transnational






48. 1 Strategies are reviewed 2 Performance towards objective is measured 3 Corrective action is taken






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






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