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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. Risk associated with macro-economic forces.






2. Acquisition of a company that operates in the same industry using the same value chain.






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






4. A plant or service department is moved to another country. Although separated geographically - the off shored entity remains part of the organization - and workers are still employees of the organization.






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






6. 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.






7. 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






8. It describes a project in detail and shows how it will contribute value to the organization and provides sufficient information about how the project will be designed - implemented - and measured to enable the organization's leaders to make informe






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






10. When a corporation can take synergistic advantage of administrative and support activities of the value chain in making an acquisition.






11. 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.






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






13. Risk associated with a particular business.






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 Age 2 Gender 3 Generational Difference 4 Geographic shifts in population 5 Ethnicity 6 Unskilled Labor 7 Non traditional labor force






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






17. 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






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






19. Comparing a the firms operations with a direct competitor






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






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






22. Engaging in those activities that ensure effective operation - including leadership and motivation pf employee action towards goals. eg : Scheduling and conducting interview.






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






24. It is based on numeric data that is analyzed with statistic method. 1 Descriptive Statistic 2 Inferential Statistic






25. 1 Cost Leadership 2 Differentiation 3 Focus






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






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






28. 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






29. 1 Short term objective 2 Action plan to achieve these objective 3 Allocating resources 4 Motivating employees to manage the plan.






30. 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






31. 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.






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






33. The skills and abilities by which resources are deployed through an organization's activities and processes such as to achieve competitive advantage in ways that others cannot imitate or obtain.






34. 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.






35. Cut costs - add value - or increase prices






36. 1 Demographic Factors 2 Economic Factors 3 Employment Factors 4 International Factors 5 Political Factors 6 Social Factors 7 Technological Factors






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. They represent milestones that must be achieved in order to reach the long term objectives. They are usually within 6 months to a year.






39. 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)






40. 1 Balance Scorecard






41. 1 Strategies are reviewed 2 Performance towards objective is measured 3 Corrective action is taken






42. 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.






43. 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.






44. 1 Population 2 Sample 3 Normal Distribution






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






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






47. 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.






48. Adhering to set of governing principles whether the philosophy is one of fairness - individual rights - avoiding conflicts of interest or another philosophical grounding.






49. They are often based on industry best practice.






50. 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. )