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






2. 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.






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






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






5. 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






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






7. 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






8. 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.






9. 1 Short term objective 2 Action plan to achieve these objective 3 Allocating resources 4 Motivating employees to manage the plan.






10. Internal Benchmarks establish levels of current performance of a particular tasks - such as cost per hire.






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






12. 1 Age 2 Gender 3 Generational Difference 4 Geographic shifts in population 5 Ethnicity 6 Unskilled Labor 7 Non traditional labor force






13. High-yield debt that is rated below investment grade at the time of purchase. These bonds have a higher risk of default - but typically pay higher yields than better quality bonds in order to make them attractive to investors. Typically issued by bu






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






15. 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.






16. 1 Traditional Generation 2 Baby Boom Generation 3 Generation X 4 Generation Y






17. 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






18. 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.






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






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






21. Comparing 1 operation in the firm with another






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






23. Risk associated with macro-economic forces.






24. Quality of information and interpretation of it






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






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






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






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






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






30. A company in which 70-95% of revenue comes from a single business






31. 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.






32. 1 Interest Rates 2 Gross Domestic Product (GDP) 3 Consumer Price Index (CPI) 4 Disposable Income 5 Inflation






33. 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)






34. 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.






35. 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






36. 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






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






38. 1 Vision and mission 2 Value Statement






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






40. It is a system of moral principles and values that establish appropriate conduct.






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






42. Comparing a the firms operations with a direct competitor






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






44. Business remain separate entities but may appear to outsiders as one entity. Commonly formed through the use of outsourcing.






45. 1 Organizational Strategy 2 Business unit strategy 3 Functional Strategy






46. 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)






47. 1 The rule is proposed 2 Public comment is invited 3 The final rule is issued






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






50. primary activities and support activities