Test your basic knowledge |

Business Strategy

Subject : business-skills
  • Answer 50 questions in 15 minutes.
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  • 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. 1 Historical Data (HR records - census records) 2 Benchmarking and best practices reports 3 Purchased Data ( Gallup or Roper data) 4 Professional Journals - Books - and other media 5 Secondhand reports (grapevine reports)

2. 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

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

4. 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.

5. 1 Statement of the problem 2 Objectives 3 Description of potential solution 4 Project Time line 5 Project Metrics.

6. 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.

7. Risk associated with macro-economic forces.

8. 1 Traditional Generation 2 Baby Boom Generation 3 Generation X 4 Generation Y

9. 1 Preparation 2 Due Diligence 3 Planning integration of the business entities 4 Implementation - monitoring and measurement

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

11. 1 Work Specialization 2 Departmentalization 3 Chain of Command 4 Centralization and Decentralization 5 Formalization

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

14. 1 Interest Rates 2 Gross Domestic Product (GDP) 3 Consumer Price Index (CPI) 4 Disposable Income 5 Inflation

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

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

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

18. It describes what is important to an organization and often dictate employee behavior. They are the heart of the culture of an organization.

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

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

21. 1 Introduction 2 Growth 3 Maturity 4 Decline

22. 1 Planning 2 Organizing 3 Directing 4 Controlling

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

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. Cost savings accomplished by operating combined companies more efficiently.

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

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

28. 1. multinational 2. global 3. transnational

29. Cut costs - add value - or increase prices

30. Comparing operations in totally unrelated industries

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

32. 1 Strategies are reviewed 2 Performance towards objective is measured 3 Corrective action is taken

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

34. 1. choose a viable position on efficiency frontier 2. configure its internal ops to support the chosen position 3.ensure firm has the right orginizational structure in place to execute its strategy

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

36. 1 Organizational Strategy 2 Business unit strategy 3 Functional Strategy

37. 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

38. 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.

39. Value - Exploit - Rare - Imitate - Substitute

40. 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)

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

42. 1 Balance Scorecard

43. 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.

44. Risk associated with a particular business.

45. 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?

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

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

48. 1 Advances in technology 2 Technological skills 3 The digital divide 4 Process changes

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

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