Business Policy & Formulation of Functional Strategy – Financial and Strategic Management MCQBy CACSMockTest / November 25, 2022 1 Business Policy & Formulation of Functional Strategy – Financial and Strategic Management MCQ 1 / 47 A campaign advocating the message of ‘SAVE WATER’ is: (A) Services Marketing (B) Holistic marketing (C) Social Marketing (D) Direct Marketing 2 / 47 A tool by which management identifies and evaluates the various businesses that make up a company is termed as: (A) Value Chain Analysis (B) Portfolio Analysis (C) Competition Analysis (D) Strategic Analysis 3 / 47 An advertisement says, ‘Have Roohafza with milk and lassi too’. Which strategy is the company trying to use: (A) Market Development (B) Product Development (C) Market Penetration (D) All of the above 4 / 47 Geographical Diversification, Product Diversification, and Entry Mode are the domains of: (A) Functional Strategy (B) Business Strategy (C) Corporate Strategy (D) All of the Above 5 / 47 ‘Inbound and Outbound logistics” are related to: (A) Supply Chain Management (B) Logistics Management (C) Value Chain Analysis (D) All of the above 6 / 47 ____ is an extension of (A) Supply chain management; logistics management. (B) Logistic management; Supply chain management; logistic management (C) Supply chain management; purchase management (D) Purchase management; Logistic management 7 / 47 The term supply chain refers to the linkages between – (A) Seller, debtor, and creditor (B) Issuer, investor, and broker (C) Suppliers, manufacturers, and customers. (D) Purchaser and supplier 8 / 47 The purpose of supply chain management is – (A) Provide customer satisfaction (B) Improve the quality of a product (C) Integrating supply and demand management (D) Increase production 9 / 47 In___importance is given to speed and reliability. (A) Flexible response strategy (B) Service Strategy (C) Response strategy (D) Low-Cost Strategy 10 / 47 Under eco-friendly strategy – (A) The company keeps a friendly approach with its customers. (B) The company keeps a friendly approach with its customers and suppliers. (C) The company produces and sells agricultural products. (D) The company produces and sells environment-friendly products also called Green Products. 11 / 47 Under___, the company produces and sells high-quality goods and services. (A) Profit strategy (B) Quality strategy (C) Delivery Strategy (D) Quantity Strategy 12 / 47 Under a cost leadership strategy – (A) The company divides the market according to the cost associated with marketing. (B) The company tries to reduce its cost of production. (C) The company sells its product below cost. (D) The company reduces cost by scarifying quality. 13 / 47 Under the company tries to be different and unique from its competitors. (A) Low-Cost Strategy (B) Product Mix Strategy (C) Differentiation strategy (D) Quality Strategy 14 / 47 Which of the following cannot be classified as Business Strategies – (A) Differentiation Strategy (B) Delivery Strategy (C) Cost Leadership Strategy (D) Market Segmentation Strategy 15 / 47 Retention Strategy relating to Human Resource includes – (A) Every area of the employer-employee relationship in your orga¬nization deserves your attention. (B) Providing the current staff with training and development oppor¬tunities to encompass new roles in the organization (C) Collaborating with other organizations to learn from how others do things, allows employees to gain skills and knowledge not previously available in their own organization. (D) None of the above 16 / 47 Restructuring Strategies relating to Human Resource includes – (A) Providing the current staff with training and development oppor¬tunities to encompass new roles in the organization (B) Reducing staff, regrouping tasks to create well-designed jobs, and reorganizing workgroups to per¬form more efficiently. (C) Outreaching to external individuals or organizations to complete certain tasks. (D) Area of the employer-employee relationship in your organization deserves your attention. 17 / 47 In relation to Human Resource management, ‘Empowerment’ means – (A) Accomplishments rather than active (B) Management of diverse work-force (C) Authorizing every member of an organization to take up his own destiny realizing his full potential. (D) All of the above 18 / 47 The prominent area where Human Resource Manager can play a strategic role – (A) Managing workforce diversity (B) Empowerment of human resources (C) Development of works ethic and culture (D) All of the above 19 / 47 The prominent area where Human Resource Manager can play a strategic role – (A) Providing purposeful direction (B) Building a core competency (C) Creating competitive advantage (D) All of the above 20 / 47 The human resource management functions aim at – (A) Ensuring that the human resources possess adequate capital, tool, equipment, and material to perform the job successfully (B) Helping the organization deal with its employees in different stages of employment (C) Improving an organization’s creditworthiness among financial institutions (D) None of the above 21 / 47 Which of the following activity is not included in human resource management? (A) Training and development (B) Appraisal of performance of employees (C) Resistance management (D) Motivation of workforce 22 / 47 Human resource strategy is concerned with the employed in an organization. (A) Resources (B) People (C) Assets (D) All of the above 23 / 47 Human Resource strategy is that part of management which is – (A) Concerned with how people at work use the various resources available in the organization. (B) Concerned with people at work and with their relationship with an enterprise. (C) Concerned with how the manager effectively uses the various resources available in the organization. (D) Concerned with how the manager effectively controls the people in the organization. 24 / 47 ___of a company focuses on the question: ‘Who we are’ and ‘What we do’. (A) Vision statement (B) Mission statement (C) Philosophy (D) Statement of Philosophy 25 / 47 Mission and Vision Statements are NOT commonly used to: (A) Guide management’s thinking on strategic issues, especially during times of significant change (B) Create wider linkages with customers, suppliers, and alliance partners (C) Help establish a framework for ethical behavior (D) Inspire employees to work more productively by providing focus and common goals 26 / 47 ____ is a force that creates a sense of commonality that permeates the organization and gives coherence to diverse activities (A) Right mission (B) Shared vision (C) Purpose statement (D) Shares views 27 / 47 One of the primary advantages of diversification is sharing core competencies. In order for diversification to be most successful, it is important that – (A) The target market is the same, even if the products are very different. (B) The products use similar distribution channels. (C) The methods of production are the same. (D) The similarity required for sharing core competencies must be in the value chain, not in the product. 28 / 47 A defines the company’s business, its objectives, and its approach to reach those objectives. (A) Vision statement (B) Mission statement (C) Planning statement (D) Forecasting statement 29 / 47 Vision Statement answers the question – (A) What do we do? (B) What makes us different? (C) Where do we aim to be? (D) Whether is it possible to make growth? 30 / 47 A narrow market focus is to a differentiation-based strategy as a – (A) Broadly-defined target market is to a cost leadership strategy (B) Growth market is to a cost-based strategy (C) Technological innovation is a cost-based strategy (D) Growth market is to a differentiation-based strategy 31 / 47 Which of the following describes the desired future position of the company? (A) Vision statement (B) Mission statement (C) Planning statement (D) Forecasting statement 32 / 47 Vision statement – (A) Is something that can be easily met and discarded. (B) Is general enough to encompass all of the organization’s interests and strategic direction. (C) Likely to be impacted by market or technology changes. (D) Undergo maximum revisions during the life of a business. 33 / 47 The policy should be in the application. (A) Rigid (B) Complex (C) Flexible (D) Indecisive 34 / 47 Which of the following is a feature of the vision statement? (A) It motivates employees and is something that employees view as desirable (B) It describes where the company is going from the current level. (C) It offers a long-term perspective and is unlikely to be impacted by market or technology changes. (D) All of the above 35 / 47 A vision statement is a company’s – (A) Profitability statement (B) Road map (C) Ethical thinking (D) Policy statement 36 / 47 An effective business policy – (A) Must be unambiguous and as clear as possible in order to guide the subordinates effectively. (B) Must be uniform and reliable enough to be efficiently followed by the subordinates. (C) Should be appropriate to represent the organizational goals. (D) All of the above 37 / 47 “To be a global leader in promoting good corporate governance” is __ of ICSI. (A) Vision (B) Mission (C) Rule (D) Destination 38 / 47 _____serves the purpose of stating what an organization wishes to achieve in the long run. (A) Mission (B) Value (C) Vision (D) Rule 39 / 47 Every policy must have a basic feature of being – (A) Tailor-made (B) Specific and definite (C) Complex and stable (D) Flexible and stable 40 / 47 What does a market-oriented mission statement define about the business? (A) Satisfying basic supplier needs (B) Satisfying basic customer needs (C) Satisfying basic stockholder needs (D) Satisfying basic owner needs 41 / 47 Which of the following statement is TRUE about a Vision statement of a company? (A) It concentrates on future (B) It defines the customers (C) It identifies critical processes (D) It informs about the desired level of performance 42 / 47 Business policy also deals with – (A) Process of conducting research on a company and its operating environment. (B) The process that is conducted periodically to keep the strategies up to date (C) Acquisition of resources with which organizational goals can be achieved. (D) Products being offered by the business at present. 43 / 47 Which of the following is best identified as a statement that presents “a firm’s big picture statement, describing the desired end-state, general in scope, and not restrictive”? (A) Corporate philosophy statement (B) Company creed (C) Vision statement (D) Mission statement 44 / 47 A clear mission statement acts as an invisible hand that guides people in the firm. It is a statement of___ (A) Fact (B) Value (C) Purpose (D) Financial goals 45 / 47 Business policies are the___ developed by an organization to govern its actions. (A) Ethics (B) Roadmap (C) Guidelines (D) Actions 46 / 47 At the corporate level, an organization starts the strategic planning process by defining its overall purpose and(A) Mission (A) Mission (B) Values (C) Vision (D) All the above 47 / 47 Business Policy permits the___ management to deal with the problems and issues without consulting management every time for decisions. (A) Top-level; Lower level (B) Lower level; Top level (C) Lower level; Subordinate (D) Middle management; Lower level Your score is LinkedIn Facebook Twitter VKontakte Related