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






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






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






4. 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"






5. 1 Organizational Strategy 2 Business unit strategy 3 Functional Strategy






6. 1 Capacity 2 Standards 3 Scheduling 4 Inventory 5 Control






7. It is the process that involves a systematic survey and interruption of relevant data to identify external opportunities and threats and to assess how these factors affect the organization currently and how they are likely to affect the organization






8. 1 Strategies are reviewed 2 Performance towards objective is measured 3 Corrective action is taken






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






10. 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






11. 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






12. 1 Experiments 2 Pilot Projects 3 Surveys/questionnaires 4 Interviews (exit - panel - individual) 5 Focus group 6 Direct observation 7 Testing






13. 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.






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






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






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






17. 1 Financial 2 Human 3 Physical 4 Technological






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






19. 1 Work Specialization 2 Departmentalization 3 Chain of Command 4 Centralization and Decentralization 5 Formalization






20. 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.






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






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






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






24. 1 Attitudes towards career 2 Immigration 3 Occupational and industry skills 4 Recruitment 5 Unions 6 Unemployment 7 Turnover 8 Relocation






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






26. 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






27. Value - Exploit - Rare - Imitate - Substitute






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






29. They are often based on industry best practice.






30. 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?






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






32. 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. )






33. 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.






34. Describes the structure of product - service - and information flows and the role of participating parties.






35. 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.






36. 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.






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






38. 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.






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






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






41. 1 Cost Benefit Analysis 2 Return On Investment 3 Breakeven Analysis 4 Financial Statement Analysis






42. 1 Advances in technology 2 Technological skills 3 The digital divide 4 Process changes






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






44. 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.






45. Views the world as its unit of analysis - Plants are built to provide local marketing advantages - recognizes the importance of being flexible at the country-level operations - more responsive to local needs






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






47. 1. R&D 2. production 3. marketing and sales 4. customer service






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






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






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