Intro to Business ch. 1 test

Which of the following is most likely to reduce the risks of running a business

A low level of corruption

in the context of the competitive environment of business, the rate at which a new product moves from conception to commercialization is referred to as

Speed to market

A company engages in post purchase communication to get feedback, also gives vouchers with customize messages to customers on their birthdays. This company values the importance of building long-term customer relationships in this context which dimension of the business environment is affected the most

The competitive environment

a restaurant focuses on customer satisfaction, also has a voluntary service charge policy in this context which dimension of the business environment is affected the most

The competitive environment

A policy describes the actions that would be taken against anyone who violates the company rules. This ensures that the business faces minimal risk. In this context which dimension of the business environment is affected the most

The economic environment

leading edge companies have focused on customer satisfaction, with a goal to develop long-term mutually beneficial relationships with customers. Which of the following dimensions of a business environment does this illustrate

The social environment

Which of the following is a key dimension of the business a moment

The technological environment

customers who are reluctant to use credit cards for their daily purchases were enthusiastic about a government demonetized one hundred dollar. in this context which dimension of the business environment is affected the most

The technological environment

Which of the following statements is true of successful firms

They deliver unsurpassed value to their customers

Which of the following statements is true of online technology

alternative selling strategies give rise to a more individualized buying experience

Which of the following can be considered a business

an online shopping portal that offers discounted prices on clothes

Melvin and Neil run a pawnshop in their neighborhood. They offer loans to individuals in exchange for personal items of higher or equal value which are used as collateral. Their pawnshop is an example of...

business

which of the following statements is true of e-commerce

business to business selling comprises the vast majority of total e commerce sales

in the context of the competitive environment of business, customer satisfaction comes in large part from

delivering unsurpassed value

context of the social environment dimensions of business, ______ is the measurable population

demographics

Millennials outnumber digital natives by 1 million

false

People can create natural resources by growing and harvesting agricultural products

false

Which of the following was the outcome of Hurricane Katrina 2005

it brought the gulf coast oil industry to a virtual standstill

when a business brings in less money than it needs to cover expenses incurs a

loss

which of the following Factors is most likely to be covered by the social environment of business

population size

In the context of a business environment, computers, telecommunications, and other digital tools are considered to be a part of the

technological environment

questions 53-55 have the same answer...

the social environment

in the context of the history of American business, which of the following statements is true of the industrial revolution

there was a loss of individual ownership in the production process, and there was a loss of personal pride in the production process

Capital, as a factor of production, includes machines, tools, buildings, information and technology

true

Which of the following is true of the competitive environment

vocal promoters of a firms products can get the firm new customers effectively

The ________ emerged in the second half of the 1800s, by building on the foundation of the industrial revolution

entrepreneurship era

which of the following will most likely increase the cost of doing business for everyone involved

ethical lapses

Speed to market is the rate at which a company's competitors copy its new product Innovations

false

The physiological environment is a key dimension of the business environment

false

The value of all natural resources tends to rise with low demand, high supply, or both

false

during the production era, managers focus mostly on customer satisfaction and not on production efficiency

false

in the context of the history of American business the industrial revolution era encourage workers to take individual ownership and personal pride in the production process

false

in the context of the history of American business, the hard-sell emerge during the relationship era of marketing

false

an international economic and political movement designed to help goods and services flow more easily across international boundaries

free trade

In the context of factors of production which of the following statements is true of capital

it does not include money

Which of the following statements is true of the economic environment of a business

it is affected by corruption

Which of the following statements is true of the technological environment of business

it represents a rich source of competitive advantage for fast-moving firms

in the contacts of customer satisfaction, a product has value when

it's benefits to the customer or equal to or greater than the price that the customer pays

in the context of factors of production, which of the following is an example of a natural resource

land

during the _______, businesses began to develop distinctive identities to help customers understand the differences among various products

marketing era

during the _________, jobs became more specialized, increasing productivity and lowering costs and prices

production era

in the _______ leading edge firms look beyond each immediate transaction with a customer and aim to build long-term ties

relationship era

In the context of the competitive environment of business, which of the following can be a key source of competitive advantage

speed to market

which of the following dimensions of a business environment embodies the values, attitudes, customs, and beliefs shared by groups of people

the social environment

Questions 44 through 50 have the same answer...

the technological environment

In the context of factors of production which of the following statements is true of natural resources

the value of natural resources tends to rise with high demand

In the context of factors of production, which of the following statements is true of entrepreneurs

they thrive in an environment that supports economic freedom

Digital natives only spend when a business offers them value

true

value is the relationship between the price of a good or service in the benefits that it offers to the customer

true

when business drives of the standard of living for people worldwide, it contributes to a higher quality of life

true

in the context of the history of American business, which of the following was a result of rapid industrialization in America from the mid-1700s to the mid-1800s?

unprecedented production efficiency