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






2. 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






3. 1 Planning 2 Organizing 3 Directing 4 Controlling






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






5. 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.






6. 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.






7. 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.






8. 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






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






10. The benefits that develop through the extension and application of corporate resources to a newly acquired company.






11. 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






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






13. 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






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






15. 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.






16. 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?






17. 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






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






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






20. Economic - legal resp. - ethical - and discretionary






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






22. 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






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






24. Risk associated with a particular business.






25. 1 Financial 2 Human 3 Physical 4 Technological






26. 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






27. 1 Global Economy 2 Wage comparison 3 Trade Agreement 4 International Labor Law






28. 1 Attitudes towards career 2 Immigration 3 Occupational and industry skills 4 Recruitment 5 Unions 6 Unemployment 7 Turnover 8 Relocation






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






30. 1 SWOT analysis and environmental scanning 2 Long term objectives 3 Strategies to achieve these objectives are defined






31. 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.






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






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






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






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






36. 1 Short term objective 2 Action plan to achieve these objective 3 Allocating resources 4 Motivating employees to manage the plan.






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






38. A process where a company is bought primarily using debt. Typically engineered by management of the company - or by private equity firms.






39. 1 Advances in technology 2 Technological skills 3 The digital divide 4 Process changes






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






41. 1. improve bidding success 2. identify competitors key customers 3. identify expansion plans 4. improve understanding of competitors






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






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






44. primary activities and support activities






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






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






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






48. 1 Age 2 Gender 3 Generational Difference 4 Geographic shifts in population 5 Ethnicity 6 Unskilled Labor 7 Non traditional labor force






49. 1 Statement of the problem 2 Objectives 3 Description of potential solution 4 Project Time line 5 Project Metrics.






50. 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)