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. 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






2. 1 Strategy Formulation 2 Strategy Development 3 Strategy Implementation 4 Strategy Evaluation






3. 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?






4. 1. improve bidding success 2. identify competitors key customers 3. identify expansion plans 4. improve understanding of competitors






5. 1 Vision and mission 2 Value Statement






6. A strategy by which an organization takes increased share of its existing markets with its existing product range.






7. Processes and activities used to formulate HR objectives - practices - and policies.






8. 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






9. Ability to broaden a product line or a customer base achieved through an acquisition.






10. 1 Organizational Strategy 2 Business unit strategy 3 Functional Strategy






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






12. 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






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






14. 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






15. 1 SWOT analysis and environmental scanning 2 Long term objectives 3 Strategies to achieve these objectives are defined






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






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






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






19. 1 Experiments 2 Pilot Projects 3 Surveys/questionnaires 4 Interviews (exit - panel - individual) 5 Focus group 6 Direct observation 7 Testing






20. Comparing operations in totally unrelated industries






21. 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






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






23. 1 Work Specialization 2 Departmentalization 3 Chain of Command 4 Centralization and Decentralization 5 Formalization






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






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






26. 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.






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






28. 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.






29. 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.






30. Quality of information and interpretation of it






31. Shows the behavioral - physical and symbolic manifestations of a culture that inform and are informed by the taken-for-granted assumptions - or paradigm - of an organisation






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






33. 1 Preparation 2 Due Diligence 3 Planning integration of the business entities 4 Implementation - monitoring and measurement






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. 1 Cost Leadership 2 Differentiation 3 Focus






36. Cut costs - add value - or increase prices






37. Divestiture in which a corporation creates a new company out of one of its businesses. The new company has its own shares of stock and shareholders - and its own board of directors. Typically - shareholders of the corporation will receive newly iss






38. 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






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






40. 1 Planning 2 Organizing 3 Directing 4 Controlling






41. 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.






42. 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.






43. 1 Advances in technology 2 Technological skills 3 The digital divide 4 Process changes






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






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






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






47. 1 Population 2 Sample 3 Normal Distribution






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






49. 1 Strategies are reviewed 2 Performance towards objective is measured 3 Corrective action is taken






50. They are often based on industry best practice.