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






2. 1 Introduction 2 Growth 3 Maturity 4 Decline






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






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






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






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






7. 1 Charts and graphs 2 Measures of central tendency 3 Measures of variation 4 Measures of association






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






9. These strategies attempt to set the product or service apart form its competition by giving it unique characteristic that customers value and for which they will be willing to pay a premium price.






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






11. They are often based on industry best practice.






12. Risk associated with a particular business.






13. 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






14. 1 Planning 2 Organizing 3 Directing 4 Controlling






15. 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






16. 1 Global Economy 2 Wage comparison 3 Trade Agreement 4 International Labor Law






17. The central focus of the department is the provision of goods and services to the customer. Basically this department must ensure that the product/service is produced and delivered to the customer.






18. 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.






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






20. 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)






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






22. 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.






23. Comparing a the firms operations with a direct competitor






24. 1 Traditional Generation 2 Baby Boom Generation 3 Generation X 4 Generation Y






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






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






27. It is a vivid - guiding image of the organization's desired future. It is the ultimate picture of what leadership envisions for the organization.






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






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






30. 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.






31. 1 Age 2 Gender 3 Generational Difference 4 Geographic shifts in population 5 Ethnicity 6 Unskilled Labor 7 Non traditional labor force






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






33. Quality of information and interpretation of it






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






35. Where an individual (such as a corporate officer) acts on behalf of someone else (such as a shareholder)






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






37. Risk associated with macro-economic forces.






38. 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.






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






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






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






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






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






44. 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. )






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






46. 1 Work Specialization 2 Departmentalization 3 Chain of Command 4 Centralization and Decentralization 5 Formalization






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






48. 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






49. 1 Interest Rates 2 Gross Domestic Product (GDP) 3 Consumer Price Index (CPI) 4 Disposable Income 5 Inflation






50. Comparing 1 operation in the firm with another