Business Policy And Strategic Management MCQ with Answers PDF: Having a grip on and understanding of Business Policy and Strategic Management is hugely beneficial to you, regardless of your field. At the most basic level, BPSM is the course that deals with the “problem” of how to make money for your business. It not only deals with financial institutions and money-making opportunities, but it also deals with their impacts on the company’s operations and social developments.
This is a collection of Business Policy and Strategic Management MCQ with Answers for MBA, MCA, MMS, PGDM, BBA, B.Com, M.Com, and other management students. These Business policies and Strategic Management multiple-choice questions will help students for SE, NET, Ph.D. entrance exams, and other competitive exams preparation. Let’s start practicing BPSM MCQs for better understanding & score.
A Brief Description About Business Policy And Strategic Management MCQ with Answers
| Topic Name: | Business Policy and Strategic Management MCQ |
| No. of Questions: | 50 |
| Type of Questions: | Multiple Choice Questions |
| Questions Format: | Text & PDF |
| PDF Size: | 1 MB |
| PDF Download: | Attached Below |
Business Policy And Strategic Management MCQ with Answers
1. Procedure is developed or designed by _______
A. Line Managers
B. Top Management
C. Operator
D. Government
Answer: Line Managers
2. A ______ is a series of steps to be followed.
A. Policy
B. Strategy
C. Procedure
D. Coordination
Answer: Procedure
3. ________ offers guidelines for managers to take appropriate decisions.
A. Business Policy
B. Strategic Management
C. Corporate Governance
D. Risk Management
Answer: Business Policy
4. A performance rating system is _________
A. Ratings for last years objectives
B. The extent to which the work objectives met
C. Yearly achievements during specified period
D. A grade or score relating to the overall performance
Answer: A grade or score relating to the overall performance
5. ______ is the type of business policy according to the Nature of Origin.
A. Originated Policy
B. Imposed Policy
C. Appealed Policy
D. All of the above
Answer: All of the above
6. ______ is NOT the type of business policy According to the Mode of Expression.
A. Implied Policy
B. Oral Policy
C. Appealed Policy
D. Written Policy
Answer: Appealed Policy
7. ______ is the type of business policy according to the structure of the organization.
A. Internal Policy
B. External Policy
C. Recruitment and selection policy
D. All of the above
Answer: All of the above
8. Basic Policy, Major Policy and Minor Policy are the types of Business Policies according to_________
A. Origin
B. Importance
C. Structure
D. Scope
Answer: All of the above
9. According to the Scope, business policies can be classified into______
A. General, Specific & Directive Policy
B. Internal & External Policy
C. Oral, Written & Implied Policy
D. All of the above
Answer: All of the above
10. ________can be defined as the decision to select from among the grand strategies considered, the strategy which will best meet the enterprise’s objectives.
A. Business Policy
B. Strategic Management
C. Strategic Choice
D. Risk Management
Answer: Strategic Choice
11. The timescale for performance appraisals is usually –
A. Quarterly
B. Monthly
C. One Year
D. Three Years
Answer: One Year
12. Objective-based rating scales are _______
A. Rating scales allocated by Manager
B. Measures of performance against objectives set
C. Ratings subjectively determined
D. All of the above
Answer: Measures of performance against objectives set
13. ________ is a formal document outlining the ways in which an organization intends to conduct its affairs and act in specific circumstances.
A. Corporate Strategy
B. Policy Statement
C. Blue Ocean Strategy
D. Procedure Statement
Answer: Policy Statement
14. In Business Policy & Strategic Management (BPSM), SAC stands for __________
A. Strategic Advantage of Company
B. Structural Analysis & Comparison
C. Strategic Analysis Code
D. Strategy Analysis and Choice
Answer: Strategy Analysis and Choice
15. The word “Policy” is derived from the french word _______ meaning ‘civil administration’.
A. Politeia
B. Policie
C. Polity
D. Policium
Answer: Policie
16. In BPSM, __________ is guide to action.
A. Strategy
B. Procedure
C. Law
D. Policy
Answer: Policy
17. The word Policy originated in Latin from the Greek word _______ meaning ‘citizenship’.
A. Politeia
B. Policie
C. Politica
D. Policio
Answer: Politeia
18. The fundamental purpose for the existence of any organization is described by its _________
A. Business Mission
B. Strategic Management
C. Business Policy
D. Corporate Strategy
Answer: Business Mission
19. _______acts as a guide in decision making process.
A. Policy
B. Procedure
C. Strategy
D. Governance
Answer: Policy
20. _______is the mode of thought and the principles underlying the activities of an organization or an institution
A. Policy
B. Business
C. Strategy
D. Management
Answer: Policy
21. _________ refers to the exchange of commodities and services for increasing utilities
A. Policy
B. Strategy
C. Business
D. Management
Answer: Business
22. In Business Policy & Strategic Management, SWOC stands for _________
A. Strength Weakness Options Challenges
B. Strategy Weakness Opportunity Challenge
C. Strengths Weaknesses Opportunity Clarity
D. Strengths Weaknesses Opportunities Challenges
Answer: Strengths Weaknesses Opportunities Challenges
23. _________ may be written, oral or implied.
A. Policy
B. Procedure
C. Document
D. Letter
Answer: Policy
24. _________ are always in writing.
A. Policy
B. Procedures
C. Decisions
D. None of the above
Answer: Procedures
25. Policy is more ________than procedure.
A. Rigid
B. Flexible
C. Clear
D. Easy
Answer: Flexible
26. Policy is the creation or design of _______
A. Line Managers
B. Top Management
C. Operator
D. Government
Answer: Top Management
27. Competitive advantage can be best described as ________.
A. Increased Efficiency
B. What sets an organization apart.
C. A strength of the organization
D. Intangible Resources
Answer: Increased Efficiency
28. ________ is the foundation of the Blue Ocean Strategy.
A. Innovation
B. Value Creation
C. Value Innovation
D. Value-cost Trade-off
Answer: Value Innovation
29. The concept of ‘Strategic Window’ was introduced by ________.
A. Michael Porter
B. Peter Drucker
C. Gray Hamel
D. Derek F. Abell
Answer: Derek F. Abell
30. Functional strategies are sometimes called _______.
A. Process Strategies
B. Corporate Strategies
C. Business-unit level Strategies
D. Operational Strategies
Answer: Operational Strategies
31. Corporate Governance is primarily guided by ________.
A. Customers
B. Shareholders
C. Board of Directors
D. Employees
Answer: Shareholders
32. ________ is a new tool for the systematic review of strategy by board members without directly involving themselves with the management of companies
A. Strategic Review
B. Management Review
C. Strategic Planning
D. Strategic Audit
Answer: Strategic Audit
33. The _______ of a company is variously called a statement of philosophy, a statement of beliefs, and a statement of purpose.
A. Mission Statement
B. Vision Statement
C. Quality Principles
D. Policies
Answer: Mission Statement
34. ________ can be defined as the alignment of business operations with social values.
A. Corporate Governance
B. Corporate Social Responsibility
C. Business Policy
D. Sustainability
Answer: Corporate Social Responsibility
35. _______ is the unique capability that helps an organization in capitalizing upon a particular opportunity.
A. Core Competence
B. Distinctive Competence
C. Strategic Competence
D. Threshold Competence
Answer: Distinctive Competence
36. In the BCG Model, ‘BCG’ stands for ________.
A. Business Communication Gap
B. Business Consulting Group
C. Benchmark Consulting Group
D. Boston Consulting Group
Answer: Boston Consulting Group
37. The BCG model is also known as ________.
A. Johari Window
B. Evaluation Matrix
C. Generic Strategy Model
D. Portfolio Matrix
Answer: Portfolio Matrix
38. The competitive threat model or the five forces model was developed by ________.
A. Gray Hamel
B. Peter Drucker
C. Michael E. Porter
D. K. Prahlad
Answer: Michael E. Porter
39. What does STARS symbolize in the BCG matrix ?
A. Introduction
B. Growth
C. Maturity
D. Decline
Answer: Growth
40. What does DOG symbolize in the BCG matrix?
A. Introduction
B. Growth
C. Maturity
D. Decline
Answer: Decline
41. The BCG matrix is mainly designed to analyze ________.
A. Current strategy of the organization
B. Long-term strategic planning
C. Short-term strategic planning
D. Revenue generated by the organization
Answer: Long-term strategic planning
42. ________ is not an element of VUCA.
A. Volatility
B. Unclarity
C. Complexity
D. Ambiguity
Answer: Unclarity
43. ________ is identifying opportunities and threats affecting the business.
A. Environmental Analysis
B. Organizational Analysis
C. Industry Analysis
D. Competitive Analysis
Answer: Environmental Analysis
44. ________ is the collection of managerial decisions and actions that determine the long-run performance of an organization.
A. Planning
B. Leadership
C. Strategic Management
D. Corporate Management
Answer: Strategic Management
45. In the sketch of the BCG matrix, ________ is the label of the vertical axis.
A. Market Growth Rate
B. Business Strength
C. Market Share
D. Industry Growth Rate
Answer: Industry Growth Rate
46. The formal-structured approach of SMP is also sometimes called _________ mode.
A. Execution
B. Adaptive
C. Planning
C. Opportunistic
Answer: Planning
47. The system by which business corporation are directed and controlled is called ________.
A. Corporate Governance
B. Corporate Social Responsibility
C. Strategic Management
D. Organizational Planning
Answer: Corporate Governance
48. The affairs of the company are directed and controlled through the _________ who represent the shareholders of the company.
A. Board of Directors
B. Senior Management
C. Middle Management
D. Managing Director and Chief Executive Officer
Answer: Board of Directors
49. Management thinkers like Peter Drucker feel that business definition should strongly focus on the _________.
A. Shareholders
B. Suppliers
C. Customers
D. Employees
Answer: Customers
50. Xerox’s competence in photocopying and Canon’s competencies in optics, imaging and laser control are examples of _________ competence.
A. Strategic
B. Threshold
C. Distinctive
D. Core
Answer: Core
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FAQ on Business Policy And Strategic Management
Question-1: What is the relationship of business policy to strategic management?
Answer: The relationship between business policy and strategic management is, Strategic Management is a method of putting a policy into effect within a set of time restrictions, whereas Business Policy provides instructions for managers to make acceptable decisions. Business policy is a broad plan of action with no set deadlines.
Question-2: What do you understand by business policy in strategic management?
Answer: The scope or domains within which subordinates in an organization can make decisions are defined by business policy. It allows lower-level management to deal with difficulties and concerns without having to consult top-level management every time a decision needs to be made.
Question-3: What is the relationship between strategy and policy?
Answer: The relationship between strategy and policy is, A policy is a set of guidelines for individuals in charge of making decisions in terms of how they should think and act. A strategy, on the other hand, deals with the allocation and deployment of physical and human resources in the face of environmental challenges in order to achieve the intended goals. A strategy can exist in the absence of a policy.
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