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






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






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






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






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






6. Often accompanied by backlogs and scheduling problems while the organization adjusts to increase demands. Policies - procedures and rules should begin to be formalized as organization needs increased structure during this phase to operate effectively






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






8. 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.






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






10. 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






11. Comparing operations in totally unrelated industries






12. 1 Preparation 2 Due Diligence 3 Planning integration of the business entities 4 Implementation - monitoring and measurement






13. 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.






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






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






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






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






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






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






20. 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






21. 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.






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






23. 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






24. 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






25. Comparing similar functional firms in your industry






26. 1 Age 2 Gender 3 Generational Difference 4 Geographic shifts in population 5 Ethnicity 6 Unskilled Labor 7 Non traditional labor force






27. 1 Balance Scorecard






28. Combine both qualitative and quantitative measures - acknowledge the expectations of different stakeholders and relate an assessment of performance to choice of strategy.






29. A process where a company is bought primarily using debt. Typically engineered by management of the company - or by private equity firms.






30. Quality of information and interpretation of it






31. It is the process that involves a systematic survey and interruption of relevant data to identify external opportunities and threats and to assess how these factors affect the organization currently and how they are likely to affect the organization






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






33. Comparing a the firms operations with a direct competitor






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






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






36. 1 Introduction 2 Growth 3 Maturity 4 Decline






37. 1 Vision and mission 2 Value Statement






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






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






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






41. 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.






42. 1 The rule is proposed 2 Public comment is invited 3 The final rule is issued






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






44. 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






45. Comparing 1 operation in the firm with another






46. 1 SWOT analysis and environmental scanning 2 Long term objectives 3 Strategies to achieve these objectives are defined






47. The decisions made and the direction provided for managing multiple business units under a single corporate umbrella.






48. 1 Strategy Formulation 2 Strategy Development 3 Strategy Implementation 4 Strategy Evaluation






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






50. 1 Charts and graphs 2 Measures of central tendency 3 Measures of variation 4 Measures of association