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