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






2. 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






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






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






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






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






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






8. 1 Global Economy 2 Wage comparison 3 Trade Agreement 4 International Labor Law






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






10. 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






11. They are often based on industry best practice.






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






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






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






15. 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






16. 1 Strategies are reviewed 2 Performance towards objective is measured 3 Corrective action is taken






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






18. 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. )






19. 1 Advances in technology 2 Technological skills 3 The digital divide 4 Process changes






20. Specific - Measurable - Attainable - Realistic - Timely






21. 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.






22. High-yield debt that is rated below investment grade at the time of purchase. These bonds have a higher risk of default - but typically pay higher yields than better quality bonds in order to make them attractive to investors. Typically issued by bu






23. 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.






24. 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






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






26. The organization relies on high energy and creativity. Attempts to develop products and services - decision may be made to use experiences staff so training is not an integral part of this phase. may meet or exceed the standard pay range to recruit






27. Comparing operations in totally unrelated industries






28. 1 Work Specialization 2 Departmentalization 3 Chain of Command 4 Centralization and Decentralization 5 Formalization






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






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






31. 1 SWOT analysis and environmental scanning 2 Long term objectives 3 Strategies to achieve these objectives are defined






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






33. 1 Traditional Generation 2 Baby Boom Generation 3 Generation X 4 Generation Y






34. 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.






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






36. Ensuring that everything is carried out according to the plan. Eg: Measuring recruiting efforts and effectiveness.






37. 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






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






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






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






41. 1 Strategy Formulation 2 Strategy Development 3 Strategy Implementation 4 Strategy Evaluation






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






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






44. 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.






45. 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)






46. It describes what is important to an organization and often dictate employee behavior. They are the heart of the culture of an organization.






47. Comparing similar functional firms in your industry






48. A process where a large group of shareholders vote in new members to the board of directors - with the result that the new board can make changes in the company's management.






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






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