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. The benefits that develop through the extension and application of corporate resources to a newly acquired company.






2. 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.






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






4. 1 Age 2 Gender 3 Generational Difference 4 Geographic shifts in population 5 Ethnicity 6 Unskilled Labor 7 Non traditional labor force






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






6. Sell more in existing markets - or enter new markets






7. Comparing similar functional firms in your industry






8. 1 Financial 2 Human 3 Physical 4 Technological






9. Specific - Measurable - Attainable - Realistic - Timely






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






11. A process where a company is bought primarily using debt. Typically engineered by management of the company - or by private equity firms.






12. 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






13. Quality of information and interpretation of it






14. 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)






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






16. It is the process that involves a systematic survey and interruption of relevant data to identify external opportunities and threats and to assess how these factors affect the organization currently and how they are likely to affect the organization






17. Risk associated with macro-economic forces.






18. 1 Vision and mission 2 Value Statement






19. 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.






20. 1 Charts and graphs 2 Measures of central tendency 3 Measures of variation 4 Measures of association






21. 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






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






23. 1 Cost Leadership 2 Differentiation 3 Focus






24. 1 Advances in technology 2 Technological skills 3 The digital divide 4 Process changes






25. 1 Global Economy 2 Wage comparison 3 Trade Agreement 4 International Labor Law






26. 1 Strategies are reviewed 2 Performance towards objective is measured 3 Corrective action is taken






27. 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






28. Cost savings accomplished by operating combined companies more efficiently.






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






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






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






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






33. 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.






34. 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?






35. 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






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






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






38. 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.






39. 1 Cost Benefit Analysis 2 Return On Investment 3 Breakeven Analysis 4 Financial Statement Analysis






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






41. 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






42. 1. multinational 2. global 3. transnational






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






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






45. 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






46. A method of planning in which corporate hq develops and provides guidelines - disadvantages: the method of planning restricts initiative at lower level - shows insensitivity to local conditions - advantages: headquarters formulates a plan; this ensur






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






48. 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






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






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