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






2. 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.






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






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






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






6. 1 Strategies are reviewed 2 Performance towards objective is measured 3 Corrective action is taken






7. 1 Statement of the problem 2 Objectives 3 Description of potential solution 4 Project Time line 5 Project Metrics.






8. 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






9. 1 Planning 2 Organizing 3 Directing 4 Controlling






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






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






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






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






14. Comparing operations in totally unrelated industries






15. 1. multinational 2. global 3. transnational






16. 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






17. 1 The rule is proposed 2 Public comment is invited 3 The final rule is issued






18. 1 Work Specialization 2 Departmentalization 3 Chain of Command 4 Centralization and Decentralization 5 Formalization






19. 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.






20. Is the means by which a strategy can be pursued.






21. 1 Vision and mission 2 Value Statement






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






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






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






25. 1 Capacity 2 Standards 3 Scheduling 4 Inventory 5 Control






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






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






28. 1 Population 2 Sample 3 Normal Distribution






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






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






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






33. Risk associated with a particular business.






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






35. 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)






36. Cut costs - add value - or increase prices






37. 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.






38. 1 SWOT analysis and environmental scanning 2 Long term objectives 3 Strategies to achieve these objectives are defined






39. 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.






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






41. 1 Demographic Factors 2 Economic Factors 3 Employment Factors 4 International Factors 5 Political Factors 6 Social Factors 7 Technological Factors






42. 1 Cost Leadership 2 Differentiation 3 Focus






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






44. The underlying principles that guide an organization's strategy






45. Comparing 1 operation in the firm with another






46. Not necessarily considered HR core function like benefits plan administration - payroll administration - and background checks - etc.






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






48. Scheduling problems are largely resolved - and staffing and organizational culture begin to stabilize. Policies - procedures and rules are formalized and communicated to all employees. Training gains added emphasis in this phase to maintain flexibi






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






50. 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