BUS 100 CH.1
Competitive Environment
A global competition intensifies yet further, leading-edge companies have focused on customer satisfaction like never before. The goal: to develop long-term, mutually beneficial relationships with customers.
The Entrepreneurship Era
A large number of entrepreneurs emerged after the industrial revolution around the second half of the 1800s. These industrial titans created enormous wealth.
The Marketing Era
After WWII, the balance of power shifted away from producers and toward consumers, flooding the markets with enticing choices.Companies started to set themselves apart from one another with branding.
The Relationship Era
Building on the marketing concept, today, leading-edge firms look beyond each immediate transaction with a consumer and aim to build long-term relationships.Satisfied customers can become advocates of business by promoting the brad with mouth to mouth advertising.
Economic Environment
In September 2008, the U.S. economy plunged into the worst fiscal crisis since the Great Depression. Huge, venerable fiscal institutions faced collapse, spurring unprecedented bailouts by the federal government and the Federal Reserve. Another key element of the U.S. economic environment is legislation that supports enforceable contracts.
The Production Era
In the early 1900s, major businesses focused on further refining the production process and creating greater efficiencies. In 1913 Henry ford introduced the assembly line, revolutionizing the way of production.
The Industrial Revolution
Technological advances fueled a period of rapid industrialization in America from mid-1700s to the mid-1800s. As mass production took hold, huge factories replaced skilled artesian workshops with workers not as skilled that only had to perform a limited number of tasks.
Global Environment
The U.S. economy operates within the context of the global environment, interacting continually with other economies. In fact, over the past two decades, technology and free trade have blurred the lines between individual economies around the world.
Technological Environment
The broad definition of business technology includes any tools that business can use to become more efficient and effective. But more specifically, in today's world, business technology usually refers to computers, telecommunications, and other digital tools.
Business Environment
The setting in which business operates. The five key components are: economic environment, competitive environment, technological environment, social environment, and global environment.
Social Environment
The social environment embodies the values, attitudes, customs, and beliefs shared by groups of people. It also covers demographics, or the measurable characteristics of a population.
