Business Q2 Test Prep

What is a form of technology that reduces the need for manual labor and maximizes production efficiency?

Robotics

What is an example of a cultural and social characteristic that would impact businesses that trade with certain foreign countries?

Role of women

Which type of resource would most likely encourage a company to do business with a foreign firm?

Scarce

An American businessperson in London was offered a "cuppa" by the company's receptionist. The businessperson did not know that the receptionist was offering a cup of tea. This is an example of

a language barrier.

Companies that operate at the international level should be aware of political factors that affect trade, such as civil unrest or

embargoes

Businesses should practice good ethics because it

is the right thing to do

When a company considers how a new trade agreement among several countries may impact its business activities, it is evaluating a(n) ________ factor.

political

PRD Manufacturing quickly realigned its production processes to meet a sudden rise in customer demand for its products. What characteristic of an adaptable organization did the manufacturing company exhibit?

Agility

What do businesses often need to do to adapt to today's markets?

Analyze organizational resources

What is an example of an economic factor that affects the business environment?

Business cycle

How does innovation support a business's long-term survival?

By giving a business a competitive edge

What is a computer-software technology that helps a business automate and track its sales, marketing, and service efforts?

Customer relationship management (CRM)

What is an external factor that could impact a business?

Decrease in production levels

To gather information for an environmental scan, Greenburg Industries gathers 12 of its loyal customers to get insight about their needs, wants, and preferences. What method is the business using to obtain information?

Focus group

How has the spread of capitalism in the world since the early 1990s affected business?

It has encouraged the growth of a global economy.

What is an example of a business using technology to improve the efficiency of its salespeople?

Providing laptop computers

A business that focuses on making money is mainly concerned with what type of social responsibility?

economic responsibility

What characteristics do societies that have a low tolerance for uncertainty have?

cultural characteristics

While conducting an environmental scan, a convention bureau obtained information revealing that consumer confidence was gaining strength in the nation. This is an example of a(n) __________ factor.

economic