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. 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?






2. 1 Cost Leadership 2 Differentiation 3 Focus






3. 1 Vision and mission 2 Value Statement






4. 1 Financial 2 Human 3 Physical 4 Technological






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






6. 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






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






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






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






10. Processes and activities used to formulate HR objectives - practices - and policies.






11. 1 Demographic Factors 2 Economic Factors 3 Employment Factors 4 International Factors 5 Political Factors 6 Social Factors 7 Technological Factors






12. 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






13. 1 Experiments 2 Pilot Projects 3 Surveys/questionnaires 4 Interviews (exit - panel - individual) 5 Focus group 6 Direct observation 7 Testing






14. 1 Introduction 2 Growth 3 Maturity 4 Decline






15. Comparing operations in totally unrelated industries






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






17. These strategy requires that organizations focus on a particular buyer group - segment of the product line or geographical market within an industry. It is build around serving particular target to the exclusion of others.






18. 1 The rule is proposed 2 Public comment is invited 3 The final rule is issued






19. 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






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






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






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






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






24. 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






25. 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.






26. 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






27. 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.






28. 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.






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






30. 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.






31. 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)






32. 1 Attitudes towards career 2 Immigration 3 Occupational and industry skills 4 Recruitment 5 Unions 6 Unemployment 7 Turnover 8 Relocation






33. 1 Global Economy 2 Wage comparison 3 Trade Agreement 4 International Labor Law






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






35. The benefits that develop through the extension and application of corporate resources to a newly acquired company.






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






37. 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






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






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






40. 1 Strategy Formulation 2 Strategy Development 3 Strategy Implementation 4 Strategy Evaluation






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






42. 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.






43. 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






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






45. 1 Balance Scorecard






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






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






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






49. 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. )






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