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. 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?






2. 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.






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






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






5. Detailed and plausible views of how the business environment of an organization might develop in the future based on key drivers for change about which there is a high level of uncertainty






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






7. Risk associated with a particular business.






8. 1 Work Specialization 2 Departmentalization 3 Chain of Command 4 Centralization and Decentralization 5 Formalization






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






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






11. 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






12. 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.






13. 1 Preparation 2 Due Diligence 3 Planning integration of the business entities 4 Implementation - monitoring and measurement






14. Value - Exploit - Rare - Imitate - Substitute






15. The categories of activities within and around an organization which together create a product or service.






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






17. Specific - Measurable - Attainable - Realistic - Timely






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






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






20. 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






21. 1 Statement of the problem 2 Objectives 3 Description of potential solution 4 Project Time line 5 Project Metrics.






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






23. 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






24. 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






25. Comparing operations in totally unrelated industries






26. 1 Introduction 2 Growth 3 Maturity 4 Decline






27. 1 Attitudes towards career 2 Immigration 3 Occupational and industry skills 4 Recruitment 5 Unions 6 Unemployment 7 Turnover 8 Relocation






28. 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






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






30. 1 Strategies are reviewed 2 Performance towards objective is measured 3 Corrective action is taken






31. Where an individual (such as a corporate officer) acts on behalf of someone else (such as a shareholder)






32. 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.






33. 1 Organizational Strategy 2 Business unit strategy 3 Functional Strategy






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






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






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






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






38. Is concerned with the ways in which an organization exeeds its minimum obligations to stakeholders specified through regulation.






39. 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.






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






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






42. Internal Benchmarks establish levels of current performance of a particular tasks - such as cost per hire.






43. 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.






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






45. The decisions made and the direction provided for managing multiple business units under a single corporate umbrella.






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. 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)






48. 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






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






50. 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.