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. 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.






2. 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.






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






4. 1 Organizational Strategy 2 Business unit strategy 3 Functional Strategy






5. When a corporation enters a new business in a different industry from that in which it currently operates and does not expect to achieve any value chain synergies through the combination.






6. 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






7. 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






8. 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






9. 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.






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






11. 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






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






13. 1 Strategies are reviewed 2 Performance towards objective is measured 3 Corrective action is taken






14. 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.






15. 1 Charts and graphs 2 Measures of central tendency 3 Measures of variation 4 Measures of association






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






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






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






19. 1 Preparation 2 Due Diligence 3 Planning integration of the business entities 4 Implementation - monitoring and measurement






20. Specific - Measurable - Attainable - Realistic - Timely






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






22. 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.






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






24. 1 Demographic Factors 2 Economic Factors 3 Employment Factors 4 International Factors 5 Political Factors 6 Social Factors 7 Technological Factors






25. 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.






26. 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"






27. 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)






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






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






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






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






32. They are often based on industry best practice.






33. Is part of an organization for which there is a distinct external market for goods or services that is different from another SBU






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






35. 1 Work Specialization 2 Departmentalization 3 Chain of Command 4 Centralization and Decentralization 5 Formalization






36. 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






37. 1 Cost Leadership 2 Differentiation 3 Focus






38. 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






39. 1 Short term objective 2 Action plan to achieve these objective 3 Allocating resources 4 Motivating employees to manage the plan.






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






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






42. A process and goal: the process: choices regarding acquiring and using scared resources: the goal: maintain and achieving a unique and valuable position in the international market






43. 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






44. 1 Capacity 2 Standards 3 Scheduling 4 Inventory 5 Control






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






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






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






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






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






50. 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.