Test your basic knowledge |

Business Strategy

Subject : business-skills
  • 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. Quality of information and interpretation of it

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

3. 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

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

5. 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

6. 1. multinational 2. global 3. transnational

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

8. Value - Exploit - Rare - Imitate - Substitute

9. It is simple and effective process for collecting information on the organization's current state. It answers four basic question.

10. 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. )

11. 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.

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

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

14. 1 Cost Benefit Analysis 2 Return On Investment 3 Breakeven Analysis 4 Financial Statement Analysis

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

16. 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

17. Cut costs - add value - or increase prices

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

19. 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

20. 1 Capacity 2 Standards 3 Scheduling 4 Inventory 5 Control

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

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

23. Ensuring that everything is carried out according to the plan. Eg: Measuring recruiting efforts and effectiveness.

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

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

26. 1 Strategy Formulation 2 Strategy Development 3 Strategy Implementation 4 Strategy Evaluation

27. 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.

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

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

30. 1 Age 2 Gender 3 Generational Difference 4 Geographic shifts in population 5 Ethnicity 6 Unskilled Labor 7 Non traditional labor force

31. A corporation that owns a large number of businesses that are different sizes and operate in different industry sectors.

32. 1 Traditional Generation 2 Baby Boom Generation 3 Generation X 4 Generation Y

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

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

35. 1 Global Economy 2 Wage comparison 3 Trade Agreement 4 International Labor Law

36. 1 Demographic Factors 2 Economic Factors 3 Employment Factors 4 International Factors 5 Political Factors 6 Social Factors 7 Technological Factors

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

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

39. 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.

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

41. primary activities and support activities

42. It is based on numeric data that is analyzed with statistic method. 1 Descriptive Statistic 2 Inferential Statistic

43. 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

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

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

46. 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

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

48. 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.

49. 1 Balance Scorecard

50. Ensure that organization's strategy and operations are consistent with each other