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. Information systems with a charter to achieve competitive superiority.






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






3. Cut costs - add value - or increase prices






4. primary activities and support activities






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






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






7. 1 Capacity 2 Standards 3 Scheduling 4 Inventory 5 Control






8. Comparing 1 operation in the firm with another






9. Combine both qualitative and quantitative measures - acknowledge the expectations of different stakeholders and relate an assessment of performance to choice of strategy.






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






11. Risk associated with macro-economic forces.






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






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






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






15. 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






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






17. 1 Work Specialization 2 Departmentalization 3 Chain of Command 4 Centralization and Decentralization 5 Formalization






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






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






20. Business remain separate entities but may appear to outsiders as one entity. Commonly formed through the use of outsourcing.






21. 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






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






23. 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






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






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






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






27. 1 Cost Benefit Analysis 2 Return On Investment 3 Breakeven Analysis 4 Financial Statement Analysis






28. Engaging in those activities that ensure effective operation - including leadership and motivation pf employee action towards goals. eg : Scheduling and conducting interview.






29. Comparing similar functional firms in your industry






30. 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






31. 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






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






33. When a corporation enters a new business in a different industry from that in which it currently operates and does not expect to achieve any value chain synergies through the combination.






34. 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






35. 1 Advances in technology 2 Technological skills 3 The digital divide 4 Process changes






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






37. 1 SWOT analysis and environmental scanning 2 Long term objectives 3 Strategies to achieve these objectives are defined






38. Corporation that owns the majority of voting shares of other companies - but that allows the other companies to operate as independent entities.






39. 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"






40. 1 Balance Scorecard






41. 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.






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






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






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






45. 1 Statement of the problem 2 Objectives 3 Description of potential solution 4 Project Time line 5 Project Metrics.






46. 1 Strategies are reviewed 2 Performance towards objective is measured 3 Corrective action is taken






47. 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.






48. Quality of information and interpretation of it






49. 1. multinational 2. global 3. transnational






50. 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.