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. Independent & entrepreneurial - adopts a more flexible approach to their international operations - More sensitive & responsive to local environment






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






3. 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






4. 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.






5. 1 Vision and mission 2 Value Statement






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






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






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






9. 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.






10. Is the set of internationalization links and relationships that are necessary to create a product or service.






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






12. 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.






13. 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.






14. 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.






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






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






17. 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






18. 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






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






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






21. Risk associated with a particular business.






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






23. 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






24. The political - economic - social - technological - environmental - and legal dimensions of an organization's external environment.






25. 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






26. 1 Population 2 Sample 3 Normal Distribution






27. Specific - Measurable - Attainable - Realistic - Timely






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






29. 1 Work Specialization 2 Departmentalization 3 Chain of Command 4 Centralization and Decentralization 5 Formalization






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






31. 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)






32. 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






33. Risk associated with macro-economic forces.






34. They are often based on industry best practice.






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






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






37. 1 Capacity 2 Standards 3 Scheduling 4 Inventory 5 Control






38. 1. multinational 2. global 3. transnational






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






40. The choices made through the 4 Ps : Product - Price - Place and Promotion are what makes a product or service unique. This is distinctive blend of marketing decision.






41. 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






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






43. 1 The rule is proposed 2 Public comment is invited 3 The final rule is issued






44. 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.






45. 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






46. 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






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






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






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






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