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MCQ on Business Policy and Formulation of Functional Strategy

1. Which of the following describes the desired future position of the company?
(A) Vision statement
(B) Mission statement
(C) Planning statement
(D) Forecasting statement

2. 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

3. ______ 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

4. 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

5. 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

6. Every policy must have a basic feature of being –
(A) Tailor-made
(B) Specific and definite
(C) Complex and stable
(D) Flexible and stable

7. Human resource strategy is concerned with the employed in an organization.
(A) Resources
(B) People
(C) Assets
(D) All of the above

8. ____ 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

9. _____ serves the purpose of stating what an organization wishes to achieve in the long run.
(A) Mission
(B) Value
(C) Vision
(D) Rule

10. 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

11. 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

12. 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

13. “To be a global leader in promoting good corporate governance” is _____ of ICSI.
(A) Vision
(B) Mission
(C) Rule
(D) Destination

14. At the corporate level, an organization starts the strategic planning process by defining its overall purpose and
(A) Mission
(B) Values
(C) Vision
(D) All the above

15. The policy should be in the application.
(A) Rigid
(B) Complex
(C) Flexible
(D) Indecisive

16. 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

17. 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

18. Business policies are the _______ developed by an organization to govern its actions.
(A) Ethics
(B) Roadmap
(C) Guidelines
(D) Actions

19. A vision statement is a company’s –
(A) Profitability statement
(B) Road map
(C) Ethical thinking
(D) Policy statement

20. 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

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