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. A tool to help you think about the wider issues that have an impact on the industry or service area as a whole - taking five main categories into account: Socio-cultural - Technological - Economic - Environmental - Political






2. 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






3. Value - Exploit - Rare - Imitate - Substitute






4. 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.






5. 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.






6. 1 Cost Benefit Analysis 2 Return On Investment 3 Breakeven Analysis 4 Financial Statement Analysis






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






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






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






10. 1 Advances in technology 2 Technological skills 3 The digital divide 4 Process changes






11. 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






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






13. 1 Global Economy 2 Wage comparison 3 Trade Agreement 4 International Labor Law






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






15. Information systems with a charter to achieve competitive superiority.






16. 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






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






18. 1 Experiments 2 Pilot Projects 3 Surveys/questionnaires 4 Interviews (exit - panel - individual) 5 Focus group 6 Direct observation 7 Testing






19. Is part of an organization for which there is a distinct external market for goods or services that is different from another SBU






20. Describes the structure of product - service - and information flows and the role of participating parties.






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






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






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






24. It describes an organizational challenge and possible alternative solutions - presenting evidence in support of a proposed solution. They are effective way to compete for limited resources.






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






26. Divestiture in which a corporation creates a new company out of one of its businesses. The new company has its own shares of stock and shareholders - and its own board of directors. Typically - shareholders of the corporation will receive newly iss






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






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






29. 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






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






31. 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.






32. 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






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






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






35. 1 Cost Leadership 2 Differentiation 3 Focus






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






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






38. 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






39. 1 Traditional Generation 2 Baby Boom Generation 3 Generation X 4 Generation Y






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






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






42. 1 Population 2 Sample 3 Normal Distribution






43. 1 Planning 2 Organizing 3 Directing 4 Controlling






44. They represent milestones that must be achieved in order to reach the long term objectives. They are usually within 6 months to a year.






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. They are often based on industry best practice.






47. 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






48. 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.






49. 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






50. It describes a project in detail and shows how it will contribute value to the organization and provides sufficient information about how the project will be designed - implemented - and measured to enable the organization's leaders to make informe