Business Environment Test

Result

Business Environment Test - 27

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Weekly Quiz Competition

Question 1
1 / -0

Competitor analysis involves:
(1)Identifying the actual competitors
(2)Assessing competitor's objectives, strategies, strengths & weaknesses, and reaction patterns
(3)Selecting the strategies to deal with competitors
Select the correct answer from the options given below

A
(1) and (2)

B
(2) and (3)

C
(1) and (3)

D
All of the above

Solution

Competitor analysis helps an organization to grab the opportunities earlier than the competitors. It also helps to improve the business strategy. Competitor analysis involves:
(1)Identifying the actual competitors
(2)Assessing competitor's objectives, strategies, strengths & weaknesses, and reaction patterns
(3)Selecting the strategies to deal with competitors.
Question 2
1 / -0

Environment scanning applies to -
1.External scanning processes
2. Motivational scanning processes
3. Internal scanning processes
4. Lead scanning processes

Select the correct answer from the options given below -

A
None of the given

B
Except 4 all other

C
Both 1 and 3

D
1 only

Solution

Environment scanning applies to-
a) External scanning process- It includes scanning of the environment which does not affect the business directly.
b) Internal scanning process- It includes scanning of the environment which does affect the business directly.
Hence, option (C) is the correct answer.
Question 3
1 / -0

___________ is careful monitoring of an organization's internal and external environments for detecting early signs of opportunities and threats that may influence its current and future plans.

A
Early scanning

B
Economic scanning

C
Environment scanning

D
Customer scanning

Solution

Environment Scanning is careful monitoring of an organization's internal and external environments for detecting early signs of opportunities and threats that may influence its current and future plans. It helps to improve the business organization's condition in the market. It helps to analyze threats and grab the opportunities at the earliest.
Hence, option (C) is the correct answer.
Question 4
1 / -0

Scholars belonging to ______ are of the opinion that if planning, decision-making, organizing, etc., confirm to logical processes then the same can easily and suitable be presented in mathematical symbols.

A
Group behaviour approach

B
Mathematical approach

C
Interpersonal behaviour approach

D
Empirical approach

Solution

Scholars belonging to mathematical approach are of the opinion that if planning, decision-making, organizing, etc., confirm to logical processes then the same can easily and suitable be presented in mathematical symbols. Under mathematical approach, various mathematical methods are used to perform the functions of management. It also helps to simplify decision-making process.
Question 5
1 / -0

The advantages of competition rivalry are___________________.

A
Identifying the actual competitors

B
Assessing competitors' objectives, strategies, strengths & weakness, and reaction patterns

C
To root out the companies

D
All the above

Solution

Competition rivalry proved to be beneficial. Competitor analysis is a critical aspect of analyzing the internal business environment. The advantages of competition rivalry are:a) Identifying the actual competitors
b) Assessing competitors' objectives, strategies, strengths & weakness, and reaction patterns
c) To root out the companies
Question 6
1 / -0

In the PESTEL framework for environmental analysis what does the letter S stand for?

A
Superior

B
Surroundings

C
Society

D
Sociological

Solution

PESTLE analysis is a useful tool for understanding the big picture of the environment in which an entrepreneur is planning to operate.PESTLE stands for Political, Economic, Sociological, Technological, Legal, and Environmental.
Question 7
1 / -0

Which of the following can be classified as "external forces"?

A
Political forces

B
Educational and cultural forces

C
Technological forces

D
All of the above

Solution

External forces includes all entities that exist outside its boundaries, but have significant influence over its growth and survival. An organization has little or no control over external forces but it needs to be constantly monitored to adapt to this external changed.
The following can be classified as "external forces":
(I) Political forces
(II) Educational and cultural forces
(III) Technological forces
Hence, option (D) is the correct answer.
Question 8
1 / -0

In India, which sector provides more job opportunities than any other sector?

A
Agriculture sector

B
Public sector undertakings

C
Medium level

D
Large scale

Solution

In India, the agricultural sector provides more job opportunities than any other sector. It employs 50% of the workforce of the country. It also accounts for 18% of the total GDP of India.
Hence, option (A) is the correct answer.
Question 9
1 / -0

What is the full form of LDC?

A
Less Developed Countries

B
Low Development Countries

C
Less Development Countries

D
Low Division Countries

Solution

The full form of LDC is Less Developed Countries. These countries possess least Human Development Index. LDC also exhibits lower index in socio-economic factors.
Question 10
1 / -0

Threat to go on strike is ________ of resistance to change.

A
An implicit expression

B
An overt expression

C
Deferred expression

D
All of the above

Solution

The threat to go on strike is an overt expression of resistance to change. It is considered as an overt expression of resistance to change as it is directly observable. Threat to go to strike is not hidden expression.
Hence, option (B) is the correct answer.

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Re-Attempt Weekly Quiz Competition

Business Environment Test - 27

Result

Business Environment Test - 27

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SHARING IS CARING

Question 1

(1) and (2)

(2) and (3)

(1) and (3)

All of the above

Solution

Question 2

None of the given

Except 4 all other

Both 1 and 3

1 only

Solution

Question 3

Early scanning

Economic scanning

Environment scanning

Customer scanning

Solution

Question 4

Group behaviour approach

Mathematical approach

Interpersonal behaviour approach

Empirical approach

Solution

Question 5

Identifying the actual competitors

Assessing competitors' objectives, strategies, strengths & weakness, and reaction patterns

To root out the companies

All the above

Solution

Question 6

Superior

Surroundings

Society

Sociological

Solution

Question 7

Political forces

Educational and cultural forces

Technological forces

All of the above

Solution

Question 8

Agriculture sector

Public sector undertakings

Medium level

Large scale

Solution

Question 9

Less Developed Countries

Low Development Countries

Less Development Countries

Low Division Countries

Solution

Question 10

An implicit expression

An overt expression

Deferred expression

All of the above

Solution

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