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Test: Business Environment- Case Based Type Questions - Commerce MCQ


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12 Questions MCQ Test - Test: Business Environment- Case Based Type Questions

Test: Business Environment- Case Based Type Questions for Commerce 2024 is part of Commerce preparation. The Test: Business Environment- Case Based Type Questions questions and answers have been prepared according to the Commerce exam syllabus.The Test: Business Environment- Case Based Type Questions MCQs are made for Commerce 2024 Exam. Find important definitions, questions, notes, meanings, examples, exercises, MCQs and online tests for Test: Business Environment- Case Based Type Questions below.
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Test: Business Environment- Case Based Type Questions - Question 1

Direction: Read the following text and answer the questions given below:

As the government has opened up its economy to Multinational Corporations, it has encouraged foreign companies to invest in some sectors of retailing. It has also put in place new rules and regulations for FDI (Foreign Direct Investment) in the retail sector. The FDI policy allows foreign investment through two modes. It may be either under the ‘automatic route’ or under the ‘approval route’ where prior approval of the Indian Government is required for any foreign investment in an Indian company which is carrying on retailing business in India. Moreover, the policy also talks about ‘Single brand retailing’ like Nike or ‘Multi- brand retailing’ like Walmart. The argument is that customers can afford to purchase the products of these companies as their income is rising gradually. It will increase research and innovations in the retail sector which will provide new ways of producing goods as well as increase the variety of goods in the market. This will eventually improve the quality of life.

This will eventually improve the quality of life.” Identify which dimension of business environment is depicted here.

Detailed Solution for Test: Business Environment- Case Based Type Questions - Question 1
The social environment of business includes the social forces like customs and traditions, values, social trends, society’s expectations from business, etc.
Test: Business Environment- Case Based Type Questions - Question 2

Direction: Read the following text and answer the questions given below:

As the government has opened up its economy to Multinational Corporations, it has encouraged foreign companies to invest in some sectors of retailing. It has also put in place new rules and regulations for FDI (Foreign Direct Investment) in the retail sector. The FDI policy allows foreign investment through two modes. It may be either under the ‘automatic route’ or under the ‘approval route’ where prior approval of the Indian Government is required for any foreign investment in an Indian company which is carrying on retailing business in India. Moreover, the policy also talks about ‘Single brand retailing’ like Nike or ‘Multi- brand retailing’ like Walmart. The argument is that customers can afford to purchase the products of these companies as their income is rising gradually. It will increase research and innovations in the retail sector which will provide new ways of producing goods as well as increase the variety of goods in the market. This will eventually improve the quality of life.

Customers can afford to purchase the products of these companies as their income is rising gradually.” Identify which dimension of business environment is depicted here.

Detailed Solution for Test: Business Environment- Case Based Type Questions - Question 2
Economic environment refers to factors like interest rates, inflation rates and changes in disposable income of people, etc. which have an impact on business enterprise.
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Test: Business Environment- Case Based Type Questions - Question 3

Direction: Read the following text and answer the questions given below:

As the government has opened up its economy to Multinational Corporations, it has encouraged foreign companies to invest in some sectors of retailing. It has also put in place new rules and regulations for FDI (Foreign Direct Investment) in the retail sector. The FDI policy allows foreign investment through two modes. It may be either under the ‘automatic route’ or under the ‘approval route’ where prior approval of the Indian Government is required for any foreign investment in an Indian company which is carrying on retailing business in India. Moreover, the policy also talks about ‘Single brand retailing’ like Nike or ‘Multi- brand retailing’ like Walmart. The argument is that customers can afford to purchase the products of these companies as their income is rising gradually. It will increase research and innovations in the retail sector which will provide new ways of producing goods as well as increase the variety of goods in the market. This will eventually improve the quality of life.

As the government has opened up its economy to Multinational Corporations, it has encouraged foreign companies to invest in some sectors of retailing.” Identify which dimension of business environment is depicted here.

Detailed Solution for Test: Business Environment- Case Based Type Questions - Question 3
Political environment includes political conditions such as general stability and peace in the country and specific attitudes that elected government representatives hold towards business.
Test: Business Environment- Case Based Type Questions - Question 4

Direction: Read the following text and answer the questions given below:

As the government has opened up its economy to Multinational Corporations, it has encouraged foreign companies to invest in some sectors of retailing. It has also put in place new rules and regulations for FDI (Foreign Direct Investment) in the retail sector. The FDI policy allows foreign investment through two modes. It may be either under the ‘automatic route’ or under the ‘approval route’ where prior approval of the Indian Government is required for any foreign investment in an Indian company which is carrying on retailing business in India. Moreover, the policy also talks about ‘Single brand retailing’ like Nike or ‘Multi- brand retailing’ like Walmart. The argument is that customers can afford to purchase the products of these companies as their income is rising gradually. It will increase research and innovations in the retail sector which will provide new ways of producing goods as well as increase the variety of goods in the market. This will eventually improve the quality of life.

It will increase research and innovations in the retail sector…” Identify which dimension of business environment is depicted here.

Detailed Solution for Test: Business Environment- Case Based Type Questions - Question 4
Technological environment includes forces relating to scientific improvements and innovations which provide new ways of producing goods and services and new methods and techniques of operating a business.
Test: Business Environment- Case Based Type Questions - Question 5

Direction: Read the following text and answer the following questions on the basis of the same:

The name and taste of Coca-Cola is known to almost each and every individual in India as well as throughout the world. This carbonated soft drink holds the most market share in the soft drink market and got itself a special seat in each and every gathering. The Coca-Cola Company has on occasion introduced other cola drinks under the Coke name. The most common of these are Diet Coke, along with others including Caffeine free Coca-Cola, Diet Coke Caffeine free, Coca-Cola Zero Sugar, CocaCola Cherry, Coca-Cola Vanilla and the list goes on. It has capitalized on each and every opportunity to market itself effectively and place itself in the middle of every gathering. The main reason for such an outstanding placement of product goes to the way they have established the connection between every occasion and the need for Coke to be present there, product design and creative advertising.

Which of the following is not a product of COCACOLA?

Detailed Solution for Test: Business Environment- Case Based Type Questions - Question 5
The most common of these are Diet Coke, along with others including Caffeine free Coca-Cola, Diet Coke Caffeine free, Coca-Cola Zero Sugar, CocaCola Cherry, Coca-Cola Vanilla and the list goes on.
Test: Business Environment- Case Based Type Questions - Question 6

Direction: Read the following text and answer the following questions on the basis of the same:

The name and taste of Coca-Cola is known to almost each and every individual in India as well as throughout the world. This carbonated soft drink holds the most market share in the soft drink market and got itself a special seat in each and every gathering. The Coca-Cola Company has on occasion introduced other cola drinks under the Coke name. The most common of these are Diet Coke, along with others including Caffeine free Coca-Cola, Diet Coke Caffeine free, Coca-Cola Zero Sugar, CocaCola Cherry, Coca-Cola Vanilla and the list goes on. It has capitalized on each and every opportunity to market itself effectively and place itself in the middle of every gathering. The main reason for such an outstanding placement of product goes to the way they have established the connection between every occasion and the need for Coke to be present there, product design and creative advertising.

Identify the feature of Business Environment which the Coca-Cola Company managed to get in their favour.

Detailed Solution for Test: Business Environment- Case Based Type Questions - Question 6
Business environment includes both specific and general forces. Specific forces (such as investors, customers, competitors and suppliers) affect individual enterprises directly and immediately in their day-to-day working. General forces (such as social, political, legal and technological conditions) have an impact on all business enterprises and thus, may affect an individual firm only indirectly.
Test: Business Environment- Case Based Type Questions - Question 7

Direction: Read the following text and answer the following questions on the basis of the same:

The name and taste of Coca-Cola is known to almost each and every individual in India as well as throughout the world. This carbonated soft drink holds the most market share in the soft drink market and got itself a special seat in each and every gathering. The Coca-Cola Company has on occasion introduced other cola drinks under the Coke name. The most common of these are Diet Coke, along with others including Caffeine free Coca-Cola, Diet Coke Caffeine free, Coca-Cola Zero Sugar, CocaCola Cherry, Coca-Cola Vanilla and the list goes on. It has capitalized on each and every opportunity to market itself effectively and place itself in the middle of every gathering. The main reason for such an outstanding placement of product goes to the way they have established the connection between every occasion and the need for Coke to be present there, product design and creative advertising.

In the context of the above given case, identify one valid importance of Business Environment.

Detailed Solution for Test: Business Environment- Case Based Type Questions - Question 7
Environment provides numerous opportunities for business success. Early identification of opportunities helps an enterprise to be the first to exploit them instead of losing them to competitors.
Test: Business Environment- Case Based Type Questions - Question 8

Direction: Read the following text and answer the following questions on the basis of the same:

The name and taste of Coca-Cola is known to almost each and every individual in India as well as throughout the world. This carbonated soft drink holds the most market share in the soft drink market and got itself a special seat in each and every gathering. The Coca-Cola Company has on occasion introduced other cola drinks under the Coke name. The most common of these are Diet Coke, along with others including Caffeine free Coca-Cola, Diet Coke Caffeine free, Coca-Cola Zero Sugar, CocaCola Cherry, Coca-Cola Vanilla and the list goes on. It has capitalized on each and every opportunity to market itself effectively and place itself in the middle of every gathering. The main reason for such an outstanding placement of product goes to the way they have established the connection between every occasion and the need for Coke to be present there, product design and creative advertising.

Which business environment did Coca-Cola majorly tap into ?

Detailed Solution for Test: Business Environment- Case Based Type Questions - Question 8
The social environment of business include the social forces like customs and traditions, values, social trends, society’s expectations from business, etc.
Test: Business Environment- Case Based Type Questions - Question 9

Direction: Read the following text and answer the questions given below:

The Government is considering an innovative proposal to launch a single card having the features of both debit and credit card in order to improve the existing card facility and to increase the ease and usage for the consumers to carry out monetary transactions. The card will have unique advantages as it could be used for making a variety of payments like utility bills, metro and bus tickets, parking fee, etc., other than shopping and cash withdrawal facility. After this announcement was made, many banks decided to bring out a similar product i.e., a debit-cum-credit card. Your Bank Ltd., a private bank became the first one to exploit this opportunity. They launched a card called ‘DRCR Card’ in this era of increasing digitization. In order to improve their sales, a unique feature was added to the card that it could also be used for making international transactions within the home country and abroad as well. In order to meet the increasing demand of the customers and to capture the market, they planned to hire more sales force and marketing personnel to reach the end customer. They also trained their staff and prepared guidelines regarding the issue, usage, renewal, withdrawal and charges related to the new card.

... they planned to hire more sales force and marketing personnel…” Identify which of the following importance of understanding the business environment is discussed here.

Detailed Solution for Test: Business Environment- Case Based Type Questions - Question 9
Since environment is a source of both opportunities and threats for a business enterprise, its understanding and analysis can be the basis for deciding the future course of action (planning) or training guidelines for decision making (policy).
Test: Business Environment- Case Based Type Questions - Question 10

Direction: Read the following text and answer the questions given below:

The Government is considering an innovative proposal to launch a single card having the features of both debit and credit card in order to improve the existing card facility and to increase the ease and usage for the consumers to carry out monetary transactions. The card will have unique advantages as it could be used for making a variety of payments like utility bills, metro and bus tickets, parking fee, etc., other than shopping and cash withdrawal facility. After this announcement was made, many banks decided to bring out a similar product i.e., a debit-cum-credit card. Your Bank Ltd., a private bank became the first one to exploit this opportunity. They launched a card called ‘DRCR Card’ in this era of increasing digitization. In order to improve their sales, a unique feature was added to the card that it could also be used for making international transactions within the home country and abroad as well. In order to meet the increasing demand of the customers and to capture the market, they planned to hire more sales force and marketing personnel to reach the end customer. They also trained their staff and prepared guidelines regarding the issue, usage, renewal, withdrawal and charges related to the new card.

“…order to improve the existing card facility and to increase the ease and usage …” Identify which of the following importance of understanding the business environment is discussed here:

Detailed Solution for Test: Business Environment- Case Based Type Questions - Question 10
Environmental awareness can help managers to identify various threats on time and serve as an early warning signal.
Test: Business Environment- Case Based Type Questions - Question 11

Direction: Read the following text and answer the questions given below:

The Government is considering an innovative proposal to launch a single card having the features of both debit and credit card in order to improve the existing card facility and to increase the ease and usage for the consumers to carry out monetary transactions. The card will have unique advantages as it could be used for making a variety of payments like utility bills, metro and bus tickets, parking fee, etc., other than shopping and cash withdrawal facility. After this announcement was made, many banks decided to bring out a similar product i.e., a debit-cum-credit card. Your Bank Ltd., a private bank became the first one to exploit this opportunity. They launched a card called ‘DRCR Card’ in this era of increasing digitization. In order to improve their sales, a unique feature was added to the card that it could also be used for making international transactions within the home country and abroad as well. In order to meet the increasing demand of the customers and to capture the market, they planned to hire more sales force and marketing personnel to reach the end customer. They also trained their staff and prepared guidelines regarding the issue, usage, renewal, withdrawal and charges related to the new card.

Your Bank Ltd., a private bank became the first one to exploit this opportunity.” Identify which of the following importance of understanding the business environment is discussed here:

Detailed Solution for Test: Business Environment- Case Based Type Questions - Question 11
Enabling the identification of opportunities and getting the first mover advantage: Business environment provides many opportunities to the firms to improve their performance. The firms which are able to scan these opportunities at an early stage get maximum benefit and can leave their competitors behind. For example, scientific research has come out with an energy efficient light bulb which lasts at least 20 times more than a normal bulb. General Electric and Phillips had identified this discovery and are coming up with their new bulbs.
Test: Business Environment- Case Based Type Questions - Question 12

Direction: Read the following text and answer the questions given below:

The Government is considering an innovative proposal to launch a single card having the features of both debit and credit card in order to improve the existing card facility and to increase the ease and usage for the consumers to carry out monetary transactions. The card will have unique advantages as it could be used for making a variety of payments like utility bills, metro and bus tickets, parking fee, etc., other than shopping and cash withdrawal facility. After this announcement was made, many banks decided to bring out a similar product i.e., a debit-cum-credit card. Your Bank Ltd., a private bank became the first one to exploit this opportunity. They launched a card called ‘DRCR Card’ in this era of increasing digitization. In order to improve their sales, a unique feature was added to the card that it could also be used for making international transactions within the home country and abroad as well. In order to meet the increasing demand of the customers and to capture the market, they planned to hire more sales force and marketing personnel to reach the end customer. They also trained their staff and prepared guidelines regarding the issue, usage, renewal, withdrawal and charges related to the new card.

In order to improve their sales, a unique feature was added to the card…” Identify which of the following importance of understanding the business environment is discussed here.

Detailed Solution for Test: Business Environment- Case Based Type Questions - Question 12
There are two main ways to improve performance: improving the measured attribute by using the performance platform more effectively, or by improving the measured attribute by modifying the performance platform, which in turn allows a given level of use to be more effective in producing the desired output.
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