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. 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)






2. Comparing operations in totally unrelated industries






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






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






5. 1 Statement of the problem 2 Objectives 3 Description of potential solution 4 Project Time line 5 Project Metrics.






6. 1 The rule is proposed 2 Public comment is invited 3 The final rule is issued






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






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






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






10. 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






11. Specific - Measurable - Attainable - Realistic - Timely






12. 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.






13. 1 Vision and mission 2 Value Statement






14. 1 Strategy Formulation 2 Strategy Development 3 Strategy Implementation 4 Strategy Evaluation






15. 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






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






17. 1 Cost Leadership 2 Differentiation 3 Focus






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






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






21. 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






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






23. 1 SWOT analysis and environmental scanning 2 Long term objectives 3 Strategies to achieve these objectives are defined






24. 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






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






26. 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






27. 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






28. 1 Financial 2 Human 3 Physical 4 Technological






29. 1 Interest Rates 2 Gross Domestic Product (GDP) 3 Consumer Price Index (CPI) 4 Disposable Income 5 Inflation






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






31. 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






32. Comparing a the firms operations with a direct competitor






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. 1. talking to competitors - customers - and distributors 2. testing competitors products 3. view competitors exhibits at trade shows






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






36. The political - economic - social - technological - environmental - and legal dimensions of an organization's external environment.






37. 1 Charts and graphs 2 Measures of central tendency 3 Measures of variation 4 Measures of association






38. 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






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






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






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






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






43. 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.






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






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






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






47. 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






48. 1 Global Economy 2 Wage comparison 3 Trade Agreement 4 International Labor Law






49. 1 Demographic Factors 2 Economic Factors 3 Employment Factors 4 International Factors 5 Political Factors 6 Social Factors 7 Technological Factors






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