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. primary activities and support activities






2. Combine both qualitative and quantitative measures - acknowledge the expectations of different stakeholders and relate an assessment of performance to choice of strategy.






3. 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






4. Cut costs - add value - or increase prices






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






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






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






8. 1. multinational 2. global 3. transnational






9. These objectives are generally achieved within 3 to 5 years. Establishing these objectives provides direction - synergy and aids in establishing guidelines for evaluation.






10. 1 Global Economy 2 Wage comparison 3 Trade Agreement 4 International Labor Law






11. 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






12. 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.






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






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






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






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






17. A merger or acquisition where there is some similarity of industry and/or value chain between the corporation and the company it seeks to acquire.






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






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






20. Engaging in those activities that ensure effective operation - including leadership and motivation pf employee action towards goals. eg : Scheduling and conducting interview.






21. 1 Capacity 2 Standards 3 Scheduling 4 Inventory 5 Control






22. 1 Organizational Strategy 2 Business unit strategy 3 Functional Strategy






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






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






25. To achieve cost advantage - an organization has to be the low cost producer in its industry.The finished products of low cost producers are sold at prices that beat the competition. These industries depend on volume to provide profit and is less bra






26. 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






27. 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






28. 1 Cost Leadership 2 Differentiation 3 Focus






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






30. Comparing similar functional firms in your industry






31. Risk associated with a particular business.






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






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






34. 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.






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






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






38. Studying the future and arranging the means for dealing with it - which encompass forecasting - selling goals - and determining actions. eg: Forecasting future staffing needs.






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






40. Identifies stakeholder expectations and power and helps in understanding political priorities.






41. 1 Balance Scorecard






42. 1 Short term objective 2 Action plan to achieve these objective 3 Allocating resources 4 Motivating employees to manage the plan.






43. 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






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






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






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






47. Risk associated with macro-economic forces.






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






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






50. Acquisition of another company upstream (supplier) or downstream (buyer) in the value chain of the same industry in which the corporation operates.