Business Environment Test

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Business Environment Test - 28

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Weekly Quiz Competition

Question 1
1 / -0

External environmental scanning accounts the _________.

A
Social environment (general forces)

B
Task environment (industry analysis)

C
Both (A) and (B)

D
Neither (A) nor (B)

Solution

The external scanning process includes scanning of the environment which does not affect the business directly.
External environmental scanning accounts for both the social environment (general forces) and task environment (industry analysis).
Hence, option (C) is the correct answer.
Question 2
1 / -0

Which of the following technique can be used in environment scanning?

A
SWOT Analysis

B
PEST/PESTEL Analysis

C
Industry Analysis

D
All of above

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.Following technique can be used in environment scanning:
A) SWOT Analysis
B) PEST/PESTEL Analysis
C) Industry Analysis.
Question 3
1 / -0

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

A
Internal

B
External

C
Both (A) and (B)

D
Outside

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 analyse threats and grab the opportunities at the earliest.
Question 4
1 / -0

Environmental scanning begins with gathering information about the __________.

A
internal environments

B
external environments

C
internal and external environments

D
none of the above

Solution

Environmental scanning begins with gathering information about the internal and external environments. It helps to improve the condition of the business organization. It also helps to identify threats and grabs the opportunities at the earliest.
Question 5
1 / -0

PESTLE stands for __________________.

A
Political, Environmental, Sociological, Technological, Long, and Environmental

B
Political, Economic, Sociological, Theoretical, Legal, and Environmental

C
Political, Economic, Sociological, Technological, Legal, and Environmental

D
Political, European, Sociological, Technological, Legal, and Environmental

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 6
1 / -0

The importance of environmental scanning was first recognized by life insurance firms in the late _______.

A
1670s

B
1770s

C
1870s

D
1970s

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.The importance of environmental scanning was recognized by life insurance firms in the late 1970s.
Question 7
1 / -0

The importance of environmental scanning was recognized by ________ in the late 1970s.

A
banking firms

B
life insurance firms

C
trading firms

D
all of the above

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.The importance of environmental scanning was recognized by life insurance firms in the late 1970s.
Question 8
1 / -0

As per Porter's Forces Analysis, _________ evaluates how easy it is for buyers to drive prices down.

A
Buyer power

B
Supplier power

C
Threat of new entry

D
Threat of substitution

Solution

The Porter's five forces tool is a simple but powerful tool to evaluate the power of business.Porter's Forces Analysis assumes that there are important forces that determine competitive power in a business situation. These are: a) Supplier power,
b) Buyer power,
c) Competitive rivalry,
d) Threat of substitution,
e) Threat of new entryAs per Porter's Forces Analysis, supplier power assesses how easily suppliers may drive up prices.As per Porter's Forces Analysis, buyer power evaluates how easy it is for buyers to drive prices down.
Question 9
1 / -0

As per Porter's Forces Analysis,_______ assesses how easily suppliers may drive up prices.

A
Buyer power

B
Supplier power

C
Threat of new entry

D
Threat of substitution

Solution

As per Porter's Forces Analysis, supplier power assesses how easily suppliers may drive up prices.The Porter's five forces tool is a simple but powerful tool to evaluate the power of business.Porter's Forces Analysis assumes that there are important forces that determine competitive power in a business situation. These are: a) Supplier power,
b) Buyer power,
c) Competitive rivalry,
d) Threat of substitution,
e) Threat of new entry
Question 10
1 / -0

The Porter's _____ is a simple but powerful tool to evaluate the power of business.

A
four forces tool

B
five forces tool

C
six forces tool

D
seven forces tool

Solution

The Porter's five forces tool is a simple but powerful tool to evaluate the power of business.Porter's Forces Analysis assumes that there are important forces that determine competitive power in a business situation. These are: a) Supplier power,
b) Buyer power,
c) Competitive rivalry,
d) Threat of substitution,
e) Threat of new entryAs per Porter's Forces Analysis, supplier power assesses how easily suppliers may drive up prices.As per Porter's Forces Analysis, buyer power evaluates how easy it is for buyers to drive prices down.

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Re-Attempt Weekly Quiz Competition

Business Environment Test - 28

Result

Business Environment Test - 28

Score

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Rank

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SHARING IS CARING

Question 1

Social environment (general forces)

Task environment (industry analysis)

Both (A) and (B)

Neither (A) nor (B)

Solution

Question 2

SWOT Analysis

PEST/PESTEL Analysis

Industry Analysis

All of above

Solution

Question 3

Internal

External

Both (A) and (B)

Outside

Solution

Question 4

internal environments

external environments

internal and external environments

none of the above

Solution

Question 5

Political, Environmental, Sociological, Technological, Long, and Environmental

Political, Economic, Sociological, Theoretical, Legal, and Environmental

Political, Economic, Sociological, Technological, Legal, and Environmental

Political, European, Sociological, Technological, Legal, and Environmental

Solution

Question 6

1670s

1770s

1870s

1970s

Solution

Question 7

banking firms

life insurance firms

trading firms

all of the above

Solution

Question 8

Buyer power

Supplier power

Threat of new entry

Threat of substitution

Solution

Question 9

Buyer power

Supplier power

Threat of new entry

Threat of substitution

Solution

Question 10

four forces tool

five forces tool

six forces tool

seven forces tool

Solution

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