Principles of Business Quiz (whats shakin & keep the change).
Economic factors can affect a business's operations by
increasing or decreasing costs
How does technology affects a business's customers
it influences what they want and need
which of the following is a true statement about innovative management
it is more participative than traditional management
Laura is part of a group that is traveling to the state capitol to convince legislators to pass laws that are favorable for small businesses. This is a practice know as
lobbying
Jon makes custom furniture for his customers. He strives to make sure that meeting their needs and wants is his top priority. What "adaptable" strategy is Jon using
market orientation
at each organization's core should be a commitment to
meeting customers needs
Priscilla's design company is always willing to consider new ideas, trends, and ways of thinking. This is an example of which of the following characteristics of an adaptable organization
open-mindedness
which of the following "adaptable" strategies seeks to strengthen an organization by bringing employee's together as well as by empowering them as individuals
organizational learning
Which of the following actions must a business take as a result of political factors in the external environment
paying taxes
which of the following actions describes proactive management
planning in advance for change
A new law has been passed that will require Karl's business to recycle all of its plastic waste
political
Antitrust laws are created to keep competition fair. Which of the following external factors are these laws a part of
political
Kevin is preparing to make his quarterly estimated tax payment to the federal government
political
Every new business owner must pay attention to forces operating outside the company that affect its chances for success. These forces are referred to
the external environment
Customers have more to spend right now, helping Dan's luxury cruise business to prosper.
economic factor
which of the following industries is part of the fast-growing services-producing sector of the economy
education
Businesses keep track of external changes as part of a process called
environmental scanning
One of Roger's new customers doesn't speak english. He must hire a translator to negotiate the deal
ethnic/ cultural
Sheryl's company is about to undertake operations in Brazil, and she is researching the best way to hire employee's there
ethnic/ cultural
Which of the following is a true statement about how technology affects the external business environment
Businesses must look for updated technology all the time
Which of the following is a way that businesses can plan proactively for environmental changes
Conducting research on a new market
Which of the following is an example of a governmental regulatory agency
Federal Aviation Administration (FAA)
The main way that economic factors influence the external business environment is by
affecting customer's ability to spend
an organization that has the ability to adapt quickly is
agile
how have industry structure changes affected the current business environment
business now moves faster than ever
which of the following is a true statement about the external factor of competition
businesses cannot control their competition
Kelley makes sure her business runs smoothly and all employee's have fast access to important information and the latest technologies. this is an example of which of the following characteristics of an adaptable organization
cohesiveness
Another salon is opening across the street, so Betty's Beauty Barn if offering a 20% discount for new customers
competitive
striving to get new products to the market first and win scarce customer dollars is an "adaptable" strategy often called
competitive aggression
which of the following is a true statement about consumer demands
consumers want new product features
Since Amie deals with people from many different countries, she attempts to become sensitive to differences in their customs and traditions. Amie is
cultural intelligence
what characteristic has the globalization trend made it necessary for adaptable organizations to display
cultural intelligence
Businesses are affected by social factors in the external environment because
customer needs are affected by these factors as well
Because of slow market growth, Melissa hasn't been able to expand her business enough to offer new jobs
economic
Jonathan has some extra money to spend this month, so he purchases an e-reader. He dosent need this product, but he wants it, making it a
discretionary item
Industry associations differ from regulatory agencies in that they
dont have government authority
the polar bear publishing company, a publisher of children's books, has made adjustments to its promotion and pricing strategies to suit the current market. This is an illustration of which of the following characteristics of an adaptable organization.
flexibility
which of the following actions illustrates the strong leadership needed in an adaptable organization
focusing on maximizing resources
Amie talks to customers and suppliers from all over the world on a daily basis. Her companys involvement with people in so many different countries is due to the trend of
globalization
which of the following is a result of globalization
higher productivity
what actions are consumers most likely to take when the economy is poor
restrain their spending
Nick's company is making some quick changes in response to the shifting market conditions. The ability to easily realign its people and resources appropriately is called
scalability
Wyatt's laptop is only a couple of years old, bud he'd already like to replace it with a newer, updated model. What characteristic of the current business environment does this illustrate
shrinking product life cycles
Jodi needs $10,000 per month to operate her photography business. Last month, she made $13,000. The extra $3,000 are called
slack resources
A department store must get rid of last year's styles to make room for the latest shipment of jeans
social
More of the population is living in urban areas now, prompting rose's business to open more locations in big cities
social
seeing the "big picture" instead of smaller, individual parts is an organization learning concept known as
system thinking
A new robotics system is introduced that can increase the speed of certain manufacturing lines by as much as 15%
technological
Which of the following is a true statement about the social factor of lifestyle and fashion trends
they change quite frequently
true of false: certain industries are more sensitive to specific environmental changes then others
true; some environmental factors have a greater impact on certain industries
