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. 1 Cost Leadership 2 Differentiation 3 Focus






2. 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.






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






4. 1 Organizational Strategy 2 Business unit strategy 3 Functional Strategy






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






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. New ideas should not be dismissed simply because they originated at a grassroots level. Business innovations developed under these circumstances will create new objectives or modify existing ones and create an overlay of new direction compared to wha






8. 1 The rule is proposed 2 Public comment is invited 3 The final rule is issued






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






10. 1 Capacity 2 Standards 3 Scheduling 4 Inventory 5 Control






11. When a corporation reduces its level of diversification and strategically refocuses on core businesses where the synergies of scope - economizing - and leverage are more evident and more easily realized.






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






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






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






15. Information systems with a charter to achieve competitive superiority.






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






17. Organization become entrenched in rules and policies and leadership become resistant to change. series of efforts to turn the tide such as product enhancement or cost reduction programs. If unsuccessful in these then will focus on reducing workforce






18. 1 Statement of the problem 2 Objectives 3 Description of potential solution 4 Project Time line 5 Project Metrics.






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






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






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






22. 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






23. 1 Demographic Factors 2 Economic Factors 3 Employment Factors 4 International Factors 5 Political Factors 6 Social Factors 7 Technological Factors






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






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






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






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






28. 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.






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






30. 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






31. 1 Planning 2 Organizing 3 Directing 4 Controlling






32. 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






33. When a corporation is able to combine similar primary value chain activities.






34. Value - Exploit - Rare - Imitate - Substitute






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






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






37. A merger or acquisition where there is some similarity of industry and/or value chain between the corporation and the company it seeks to acquire.






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. Comparing 1 operation in the firm with another






40. 1 Attitudes towards career 2 Immigration 3 Occupational and industry skills 4 Recruitment 5 Unions 6 Unemployment 7 Turnover 8 Relocation






41. The choices made through the 4 Ps : Product - Price - Place and Promotion are what makes a product or service unique. This is distinctive blend of marketing decision.






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






43. 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. )






44. Comparing operations in totally unrelated industries






45. 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)






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






47. 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






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






49. Comparing a the firms operations with a direct competitor






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