Practice Test

Q1) Business Policy permits the management to deal with the problems and issues without consulting ................... management every time for decisions. Show Answer

Q2) At the corporate level, a organization starts the strategic planning process by defining its overall purpose and ................... Show Answer

Q3) Business policies are the ................... developed by an organization to govern its actions. Show Answer

Q4) A clear mission statement acts as an invisible hand that guides people in the firm. It is a statement of ................... . Show Answer

Q5) Which of the following is best identified as a statement that presents "a firm's big picture statement, describing a desired end-state, general in scope, and not restrictive"? Show Answer

Q6) Business policy also deals with - Show Answer

Q7) Which of the following statement is TRUE about a Vision statement of a company? Show Answer

Q8) What does a market-oriented mission statement define about the business? Show Answer

Q9) Every policy must have a basic feature of being - Show Answer

Q10) ................................ serves the purpose of stating what an organization wishes to achieve in the long run. Show Answer

Q11) "To be a global leader in promoting good corporate governance" is of ICSI. Show Answer

Q12) An effective business policy - Show Answer

Q13) A vision statement is a company's - Show Answer

Q14) Which of the following is feature of vision statement? Show Answer

Q15) Policy should be ................... in application. Show Answer

Q16) Which of the following describes the desired future position of the company? Show Answer

Q17) Assertion (A): Strategic vision and mission statements are not needed in small business houses.
Reason (R): Organizations irrespective of their size face similar business environment and have to work through competition. Small organizations have to plan strategies for their survival in the market where large organizations are also present.
Select the correct answer from the options given below. Show Answer

Q18) A narrow market focus is to a differentiation-based strategy as a - Show Answer

Q19) Vision Statement answers the question - Show Answer

Q20) A ................... defines the company's business, its objectives and its approach to reach those objectives. Show Answer

Q21) One of the primary advantages of diversification is sharing core competencies. In order for diversification to be most successful, it is important that - Show Answer

Q22) ................... is a force that creates a sense of commonality that permeates the organization and gives coherence to diverse activities. Show Answer

Q23) Mission and Vision Statements are not commonly used to: ................... Show Answer

Q24) ................................of a company focuses on the question: 'Who we are' and 'What we do'. Show Answer

Q25) Horizontal integration, is concerned with Show Answer

Q26) Corporate level of management consists of - Show Answer

Q27) Competitive rivalry has the most effect on the firm's ................... strategies than the firm's other strategies. Show Answer

Q28) Vision statement - Show Answer

Q29) Your is your ultimate goal, your is how you will get there Show Answer

Q30) A firm successfully implementing a differentiation strategy would expect: Show Answer

Q31) In the case where an organization acquires its supplier, this is an example of - Show Answer

Q32) The strategic management process is the way in which strategists determine objectives and ................... Show Answer

Q33) Conglomerate diversification is another name for which of the following? Show Answer

Q34) Mission statement reflects the - Show Answer

Q35) Corporate Strategy is - Show Answer

Q36) Internal ................... are activities in an organization that are performed especially well. Show Answer

Q37) Corporate Strategy deals with - Show Answer

Q38) Corporate Strategy uses - Show Answer

Q39) A mission statement is a ................... of an organization's purpose, identifying the goal of its operations. Show Answer

Q40) Assertion (A): Functional level constitutes the lowest hierarchical level of strategic management.
Reason (R): Functional level is responsible for the specific business functions or operations (human resources, purchasing, product development, customer service, and so on) that constitute a company or one of its divisions.
Select the correct answer from the options given below. Show Answer

Q41) A financing strategy is integral to an organization's - Show Answer

Q42) Net worth is the - Show Answer

Q43) The New York based financial advisory ................... postulated a concept of economic value added. Show Answer

Q44) Risk management is responsibility of the - Show Answer

Q45) Where you want your business to be in 10 years time. This can be termed as: ................... Show Answer

Q46) What are the key decisions falling within the scope of financial strategy? Show Answer

Q47) Aim of financial strategy is to achieve - Show Answer

Q48) Similar to Mission and Vision Statements, Corporate Values Statements provide three of the following. Which is not true? Show Answer

Q49) ................................ is concerned more with how a business competes successfully in a particular market and often described as mission statement. Show Answer

Q50) Which of the following is said to be the lifeblood of an organization? Show Answer

Q51) Which of the following is concerned with how each part of the business is organized to deliver the corporate and business-unit level strategic direction and is concerned with strategic decisions about choice of products, meeting needs of customers etc. Show Answer

Q52) Financial Management is concerned with -
A. Investment decisions.
B. Labour turnover decisions.
C. Financing decisions.
D. Personnel policy decisions.
E. Dividend decisions.
Select the correct answer from the options given below. Show Answer

Q53) Operational strategy focuses on issues of ................... Show Answer

Q54) Which of the following business function more focus on customer Show Answer

Q55) Which of the following is concerned with the overall purpose and scope of the business to meet stakeholder expectations? Show Answer

Q56) Concept through which life is brought up in message of advertising strategy in memorable and distinctive way is classified as - Show Answer

Q57) Customer driven marketing strategy is another name of the - Show Answer

Q58) Marketing strategy in which a firm sells different segments and offers different product is classified as Show Answer

Q59) Adapting the firm to take advantage of opportunities in its constant changing environment is called - Show Answer

Q60) All of the following are accurate descriptions of a company's mission statement, except which one? Show Answer

Q61) The original framework of marketing mix comprises of 4 Ps - Show Answer

Q62) Marketing strategy is a - Show Answer

Q63) The Strategic Marketing answers three 'W's: Show Answer

Q64) ................................ is a company that has the largest market share in an industry and which can use its dominance to affect the competitive landscape and direction the market takes. Show Answer

Q65) Market challengers are known as - Show Answer

Q66) ................................ generally follows the policy of wait and watch. They rarely invest in their own funds in R & D and sit and relax to watch market leaders to bring out novel and innovative products and afterwards adopt a "me-too" approach. Show Answer

Q67) ................... will compete 'neck to neck' with the market leader in an effort to grab their market share. Show Answer

Q68) In terms of market position, firms may be classified as -
(i) Market Nichers
(ii) Market Challengers
(iii) Market Leaders
(iv) Market Followers
Arrange in proper sequence. Show Answer

Q69) According to ................... , every entrant into a market whether it is new or not is classified under a Market Pioneer, Close Follower or a Late follower. Show Answer

Q70) ................................ are known to often open a new market to consumers based on major innovation. Show Answer

Q71) According to Lieberman and Montgomery who have the first-mover advantage? Show Answer

Q72) Technological Leadership means - Show Answer

Q73) Human Resource strategy is that part of management which is - Show Answer

Q74) Human resource strategy is concerned with the ................... employed in an organization. Show Answer

Q75) Which of the following activity is not included in human resource management? Show Answer

Q76) The human resource management functions aim at - Show Answer

Q77) Which of the following statement is true?
(1) Human resource management aids in strategic management.
(2) The human resource management helps the organization to effectively deal with the external environmental challenges.
Select the correct answer from the options given below. Show Answer

Q78) Prominent area where Human Resource Manager can play a strategic role - Show Answer

Q79) Prominent area where Human Resource Manager can play a strategic role - Show Answer

Q80) In relation Human Resource management, 'Empowerment' means - Show Answer

Q81) Restructuring Strategies relating to Human Resource includes - Show Answer

Q82) Retention Strategy relating to Human Resource includes - Show Answer

Q83) Which of the following cannot be classified as Business Strategies - Show Answer

Q84) Under a ................... , the company tries to be different and unique from its competitors. Show Answer

Q85) Under a cost leadership strategy - Show Answer

Q86) Under ................... , the company produces and sells high-quality goods and services. Show Answer

Q87) Under eco-friendly strategy - Show Answer

Q88) In ................... importance is given to speed and reliability. Show Answer

Q89) Purpose of supply chain management is - Show Answer

Q90) The term supply chain refers to the linkages between - Show Answer

Q91) ................................is an extension of ................... Show Answer

Q92) Which of the following statement is true?
1. Logistic Management is an extension of Supply Chain Management.
2. Supply chain management is a tool of business transformation and involves delivering the right product at the right time to the right place and at the right price.
Select the correct answer from the options given below. Show Answer

Q93) "Inbound and Outbound logistics" are related to: Show Answer

Q94) Geographical Diversification, Product diversification and Entry Mode are the domains of: Show Answer

Q95) An advertisement says, 'Have Roohafza with milk and lassi too'. Which strategy is the company trying to use: Show Answer

Q96) A tool by which management identifies and evaluates the various businesses that make up a company is termed as: Show Answer

Q97) A campaign advocating the message of 'SAVE WATER' is: Show Answer

Q98) The study of the overall functions and responsibilities of senior management, problems and the decisions determining the future of the organisation is. Show Answer

Q99) Strategic levels in the organisation are Show Answer

Q100) .....................are the guidelines developed by an organization to govern the actions of those who are a part of it? Show Answer

Q101) Business Policy defines the scope within which decisions may be taken by the .....................in an organization. Show Answer

Q102) Business policy is the study of the roles and responsibilities of ...................... . Show Answer

Q103) The top management consists of Show Answer

Q104) An effective business policy has following features Show Answer

Q105) Business Policy must be Show Answer

Q106) Business Policy must not be Show Answer

Q107) Business policy was introduced in the curriculum of business schools Show Answer

Q108) Formal management education started in India in the late Show Answer

Q109) Indian Institutes of Management (IIMs) were established in the Show Answer

Q110) First IIM was established in Show Answer

Q111) Importance of Business Policy includes Show Answer

Q112) Strategy management framework consists Show Answer

Q113) Serves the purpose that an organization wishes to achieve in the long run Show Answer

Q114) Following is true about vision except Show Answer

Q115) Vision must be Show Answer

Q116) Vision must not be Show Answer

Q117) Vision statements Show Answer

Q118) A statement that defines the basic reason for the existence of that organization. Show Answer

Q119) Mission must be Show Answer

Q120) Characteristics of a ‘Good’ Mission Statement Show Answer

Q121) Mission statement must not be Show Answer

Q122) Features of an effective mission statement Show Answer

Q123) Mission statement answers the question. Show Answer

Q124) Vision statement answers the question. Show Answer

Q125) Vision statement Show Answer

Q126) Organizational levels of strategies Show Answer

Q127) Corporate Strategy is the essence of Show Answer

Q128) What is not true for corporate level strategy? Show Answer

Q129) Strategy is Show Answer

Q130) Corporate strategy usually Show Answer

Q131) Business strategy Show Answer

Q132) Business-level strategies identified by Porter Show Answer

Q133) The strategy of cost leadership requires Show Answer

Q134) Who defined business-unit strategy as a process of decision making at the strategic business unit (SBU) level Show Answer

Q135) Functional-Level Strategy Show Answer

Q136) A functional strategy, can be subdivided into Show Answer

Q137) Business strategy is created by Show Answer

Q138) Corporate strategy is created by Show Answer

Q139) Business strategy is Show Answer

Q140) Corporate strategy is Show Answer

Q141) Corporate strategy is Show Answer

Q142) Business strategy is Show Answer

Q143) The business strategies Show Answer

Q144) The corporate strategy Show Answer

Q145) Finance strategy includes Show Answer

Q146) Finance strategy includes Show Answer

Q147) Strategic Financial Management is Show Answer

Q148) Financial decisions include Show Answer

Q149) .....................is the foremost important component of financial strategy. Show Answer

Q150) The process of making investment decisions in capital expenditure, benefits of which are expected over a long period of time exceeding one year. Show Answer

Q151) Short Term Investment Decision Show Answer

Q152) Dividend is a part of .....................which is distributed to shareholders as a reward to high risk investment in business. Show Answer

Q153) Philip Kotler defined Marketing Strategy as Show Answer

Q154) Aaker & Mills defined Marketing strategy as Show Answer

Q155) Michael Porter defined marketing strategy as Show Answer

Q156) Strategic Marketing answers three 'W's Show Answer

Q157) Firms may be classified as Show Answer

Q158) Market leader Show Answer

Q159) Market challenger Show Answer

Q160) Market follower Show Answer

Q161) Market nicher Show Answer

Q162) Entrant into a market are classified under Show Answer

Q163) Market pioneers must have at least Show Answer

Q164) Late Entrants Show Answer

Q165) The process of identifying current and future human resources needs for an organization to achieve its goals Show Answer

Q166) A process in which an organization attempts to estimate the demand for labour and evaluate the size, nature and sources of supply which will be required to meet the demand is Show Answer

Q167) Human resource planning includes Show Answer

Q168) Rearrange the steps in the process of implementation of HR strategy:
1. Gap analysis.
2. Developing HR strategies.
3. Assessing the current HR capacity.
4. Forecasting HR requirements . Show Answer

Q169) Strategies adopted to attain the organizational goals include Show Answer

Q170) Strategies adopted to attain the organizational goals includes Show Answer

Q171) Strategies adopted to attain the organizational goals include Show Answer

Q172) Strategies adopted to attain the organizational goals include Show Answer

Q173) Strategies adopted to attain the organizational goals include Show Answer

Q174) The types of production strategies under Business Strategies are Show Answer

Q175) The production strategies under Competitive Priorities includes Show Answer

Q176) The production strategies under Competitive Advantages include Show Answer

Q177) Under a differentiation strategy Show Answer

Q178) Under a cost leadership strategy Show Answer

Q179) In market segmentation strategy Show Answer

Q180) Under price or cost strategy Show Answer

Q181) Under quality strategy Show Answer

Q182) Under delivery strategy Show Answer

Q183) Under Product mix or flexibility strategy Show Answer

Q184) Under the Service strategy Show Answer

Q185) Under eco-friendly strategy Show Answer

Q186) Under the Flexible response strategy Show Answer

Q187) Under low cost strategy Show Answer

Q188) The set of guiding principles, driving forces and ingrained attitudes that help to coordinate goals, plans and policies between partners across a given supply chain is Show Answer

Q189) Elements of the Logistics Strategy plan include Show Answer

Q190) Elements of the Logistics Strategy plan include Show Answer

Q191) Customer service strategy includes Show Answer

Q192) Human resource strategy Show Answer

Q193) Marketing strategy Show Answer

Q194) Competitive landscape requires the application of - Show Answer

Q195) 'Determinates Analysis' falls in the purview of - Show Answer

Q196) The concept of 'core competence' has been advocated by - Show Answer

Q197) Corporate level strategy is concerned with the following - Show Answer

Q198) 'Customer Analysis' and 'Market Analysis' are the part of - Show Answer

Q199) 'Strategic group mapping' involves - Show Answer

Q200) 'Attractiveness of firms' while conducting industry analysis should be seen - Show Answer

Q201) Geographical Diversification, Product diversification and entry mode are the domains of : Show Answer

Q202) Which of the following bases of competitive advantage is/are more sustainable : Show Answer

Q203) The niche strategy is the best way to enter a : Show Answer

Q204) Which of these basic questions should a vision statement answer ? Show Answer

Q205) According to Porter, what is usually the most powerful of the five competitive forces ? Show Answer

Q206) An organization that has a low relative market share position and competes in a slow growth industry is referred to as a Show Answer

Q207) What can be defined as the art and science of formulating, implementing and evaluating cross functional decisions that enable an organization to achieve its objectives ? Show Answer

Q208) An important activity in ___ is taking corrective action. Show Answer

Q209) It pertains to the mix of the business unit and product lines that fit together in a logical way, to provide the synergy and competitive advantage for the corporation. Show Answer

Q210) The ___ plan not anticipate but active only when problem occur Show Answer

Q211) The organisation purpose or fundamental reason for existence it an organisation ___ statment states that what it is, why it exist, and the unique contribution it can make. Show Answer

Q212) The ___ means widely descriptive image of what company want to be or want to be known for : Show Answer

Q213) ___ means the set of cherished norms. Show Answer

Q214) A future target or end result that an organisation wishes to achieve : Show Answer

Q215) An articulation of function that a company intends to fulfill through its business : Show Answer

Q216) A condition in which there are major incomparability between the goal of an organisation member and those of an organisation : Show Answer