Business Environment Test

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Business Environment Test - 34

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Weekly Quiz Competition

Question 1
1 / -0

All of the following are the broad categories of External forces EXCEPT _____.

A
economic forces

B
socioeconomic forces

C
technological forces

D
none of the above

Solution

All the following are the broad categories of external forces.
External forces are those factor which are not with in the control of management/organization.
Question 2
1 / -0

Which of the following is a characteristic of a business environment?

A
Aggregative

B
Dynamic

C
Uncertain

D
All of them.

Solution

Option d is the correct answer.
1. It is an aggregative of all factors of environment of business.
2. The environment keeps on changing, it is dynamic in nature.
3. The business environment is full of uncertainty and risk.
Hence, of these are the characteristics of business environment.
Question 3
1 / -0

The type of business environment within a company is called __________ environment ___________.

A
culture

B
employers

C
customers

D
internal

Solution

The type of business environment within a company is called internal environment. Internal environment contains the owners of the business, the shareholders, the managing director, the non-managers, employees, the customer, structure of the business organization and the culture of the organization.
Question 4
1 / -0

The acronym STEEP means ____________.

A
Social, Technological, Economical, Environmental, and Political

B
Suppliers, Technology conditions, Ecology and physical environment, Political and legal

C
Employees & Political legal

D
None of these

Solution

STEEP is basically an acronym which stands for Social, Technological, Economical, Environmental, and Political. A STEEP analysis is a tool commonly used in marketing to evaluate different external factors which impact an organization. It is essential for every business to consider some external forces before they can take decisions.
The social developments include factors like consumer behavior demographics, religion, lifestyles, values, and advertising.
The technology aspect of STEEP analysis focuses highly on technological advancements.The economic condition is strongly associated with the consumers’ buying position.
Environmental developments involve ecosystem factors such as water, wind, food, soil, energy, pollution and environmental regulations. The Political developments can highly influence individuals and organizations.
Question 5
1 / -0

Choose the correct alternative.
(i)Demographic trends are a part of _______.

A
Economic environment III

B
Social environment

C
Political environment

D
Legal environment

Solution

The social environment refers to the environment which is surrounded by a social setting in which the people act upon. Demographic trends are a part of social environment. Demographics refer to the size, density, distribution and growth rate of population.Cancel
Question 6
1 / -0

Understanding of environment enables a business enterprise to _______.

A
Focus on customers

B
Gain the first mover advantage

C
Become aware of impending threat

D
All of them.

Solution

Option D
A business environment enables firms to analyse their competitors' strategies and actions. Further, they can create their own strategies accordingly,
Understanding of Environment enables a business enterprise to
Focus on customer, helps to understand what consumer needs are and gain the first mover advantage and help to become aware of the impending threat.
Question 7
1 / -0

A society's basic values, lifestyle, culture, preferences are all part of its ____________ Environment.

A
Cultural-economic

B
Physical environment

C
Natural

D
Socio cultural

Solution

A society's basic values, lifestyle, culture, preferences are all part of its socio-cultural Environment. These factors directly or indirectly leave the impact on the business environment. Societal values and lifestyles are dynamic in nature- these changes over time.
Question 8
1 / -0

Merger of associate banks of SBI into SBI is an example of changes in ________.

A
Economic environment

B
Technological environment

C
Social environment

D
Demographic environment

Solution

Merger of associate banks of SBI into SBI is an example of changes in economic environment. Since the merger of associate banks proved to be beneficial on economic terms. It will help to increase the real GDP.
Question 9
1 / -0

Demonetization and GST are examples of changes in ________.

A
Political environment

B
Social environment

C
Technological environment

D
Global environment

Solution

Demonetization and GST are examples of changes in political environment. Political environment of a country gets influenced by the political organizations. Demonetization and GST are classified under political environment since these reforms are taken by the government of India.
Question 10
1 / -0

Which of the following relates to population?

A
Demographic environment

B
Social environment

C
Cultural environment

D
Natural environment

Solution

Demographic environment relates to population. Demographics refer to the size, density, distribution and growth rate of population.Demographics is a part of the macro environment of the business organization. It is one of the key factors of the business environment.

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Re-Attempt Weekly Quiz Competition

Business Environment Test - 34

Result

Business Environment Test - 34

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SHARING IS CARING

Question 1

economic forces

socioeconomic forces

technological forces

none of the above

Solution

Question 2

Aggregative

Dynamic

Uncertain

All of them.

Solution

Question 3

culture

employers

customers

internal

Solution

Question 4

Social, Technological, Economical, Environmental, and Political

Suppliers, Technology conditions, Ecology and physical environment, Political and legal

Employees & Political legal

None of these

Solution

Question 5

Economic environment III

Social environment

Political environment

Legal environment

Solution

Question 6

Focus on customers

Gain the first mover advantage

Become aware of impending threat

All of them.

Solution

Question 7

Cultural-economic

Physical environment

Natural

Socio cultural

Solution

Question 8

Economic environment

Technological environment

Social environment

Demographic environment

Solution

Question 9

Political environment

Social environment

Technological environment

Global environment

Solution

Question 10

Demographic environment

Social environment

Cultural environment

Natural environment

Solution

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