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. 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






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






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






4. 1 Attitudes towards career 2 Immigration 3 Occupational and industry skills 4 Recruitment 5 Unions 6 Unemployment 7 Turnover 8 Relocation






5. It is a systematic process of gathering and analyzing all relevant data about external opportunities (emerging marketplace - additional capabilities provided through new technology.) and threats (emerging competition - shifts in marketplaces. )






6. 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.






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






8. 1 Balance Scorecard






9. Cut costs - add value - or increase prices






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






11. 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






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






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






14. 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






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






16. 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






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






18. 1 SWOT analysis and environmental scanning 2 Long term objectives 3 Strategies to achieve these objectives are defined






19. They are often based on industry best practice.






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






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






22. 1 Demographic Factors 2 Economic Factors 3 Employment Factors 4 International Factors 5 Political Factors 6 Social Factors 7 Technological Factors






23. 1 Financial 2 Human 3 Physical 4 Technological






24. Ability to broaden a product line or a customer base achieved through an acquisition.






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






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






27. 1 Short term objective 2 Action plan to achieve these objective 3 Allocating resources 4 Motivating employees to manage the plan.






28. 1 Capacity 2 Standards 3 Scheduling 4 Inventory 5 Control






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






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






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






32. 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?






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






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






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






36. Risk associated with a particular business.






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






38. 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






39. 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.






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






41. 1 Strategy Formulation 2 Strategy Development 3 Strategy Implementation 4 Strategy Evaluation






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






43. 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.






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






45. 1. R&D 2. production 3. marketing and sales 4. customer service






46. 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.






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






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






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






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