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






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






3. 1 Planning 2 Organizing 3 Directing 4 Controlling






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






5. To achieve cost advantage - an organization has to be the low cost producer in its industry.The finished products of low cost producers are sold at prices that beat the competition. These industries depend on volume to provide profit and is less bra






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






7. 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.






8. It refers to relocation of processes or functions from a home country to another country and it appeals to organization for cost saving.






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






10. 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






11. 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.






12. 1 Vision and mission 2 Value Statement






13. 1 Work Specialization 2 Departmentalization 3 Chain of Command 4 Centralization and Decentralization 5 Formalization






14. 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.






15. 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)






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






17. 1 Charts and graphs 2 Measures of central tendency 3 Measures of variation 4 Measures of association






18. 1 Cost Benefit Analysis 2 Return On Investment 3 Breakeven Analysis 4 Financial Statement Analysis






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






20. 1 Preparation 2 Due Diligence 3 Planning integration of the business entities 4 Implementation - monitoring and measurement






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






22. 1 Financial 2 Human 3 Physical 4 Technological






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






24. 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?






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






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






27. 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






28. 1 Demographic Factors 2 Economic Factors 3 Employment Factors 4 International Factors 5 Political Factors 6 Social Factors 7 Technological Factors






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






30. 1 Interest Rates 2 Gross Domestic Product (GDP) 3 Consumer Price Index (CPI) 4 Disposable Income 5 Inflation






31. Studying the future and arranging the means for dealing with it - which encompass forecasting - selling goals - and determining actions. eg: Forecasting future staffing needs.






32. 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.






33. Value - Exploit - Rare - Imitate - Substitute






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






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






36. 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






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






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






39. 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






40. Specific - Measurable - Attainable - Realistic - Timely






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






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






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






44. 1. talking to competitors - customers - and distributors 2. testing competitors products 3. view competitors exhibits at trade shows






45. They are often based on industry best practice.






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






47. 1 Strategies are reviewed 2 Performance towards objective is measured 3 Corrective action is taken






48. 1 SWOT analysis and environmental scanning 2 Long term objectives 3 Strategies to achieve these objectives are defined






49. 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.






50. It is a vivid - guiding image of the organization's desired future. It is the ultimate picture of what leadership envisions for the organization.