Question 1

In the context of the competitive environment of business, customer satisfaction comes in large part from:
A) using a price skimming strategy.
B) using a high/low pricing strategy.
C) offering discounts on products without warranty.
D) greenwashing products.

Accepted Answer

Customer satisfaction comes from offering products that meet or exceed customer expectations. Greenwashing, or making false or misleading claims about the environmental benefits of a product, is unethical and can damage customer trust.

Question 2

In the context of the workforce advantage in the business environment, finding and holding the best talent will likely become a crucial competitive issue in the next decade as the baby boom generation begins to retire. However, job market contraction may not be an issue, because:
A) baby boomers include about 47 million people, while the generation that follows includes 77 million.
B) baby boomers contribute to dysfunctional turnover, which is likely to reduce after they retire.
C) reverse mentoring can ensure that young employees are properly trained by baby boomers.
D) many baby boomers opt to postpone retirement in the face of inadequate financial resources.

Accepted Answer

The answer of In the context of the workforce advantage...

Question 3

When Rotomate, a technology solutions company, started producing portable GPS tracking devices in the early 1980s, it faced severe losses because of the lack of a market for its product. Given this information, it can be concluded that Rotomate:
A) was a bleeding-edge firm.
B) used the concept of fast-laning.
C) had a low speed-to-market.
D) was a leading-edge firm.

Accepted Answer

Rotomate was a bleeding-edge firm because it introduced a product that was too advanced for the market at the time, resulting in severe losses due to the lack of demand.

Question 4

Which of the following is a key dimension of the business environment?
A) The communal environment
B) The physiological environment
C) The technological environment
D) The political environment

Accepted Answer

The answer of Which of the following is a key...

Question 5

In the context of the competitive environment of business, which of the following can be a key source of competitive advantage?
A) A cost-to-serve analysis
B) Speed-to-market
C) Greenwashing
D) Reserved banking

Accepted Answer

Speed-to-market can be a key source of competitive advantage because it allows businesses to get their products or services to market faster than their competitors. This can give them a significant advantage in terms of market share and profitability.

Question 6

Restazure, a beauty therapy center, focuses on customer satisfaction and building long-term relationships with customers. The firm ensures that customers are provided with high-quality services, and feedback is collected after every customer visit. It also provides its members with seasonal discounts and points every time they avail any of the center's services. In this context, which dimension of the business environment is affected the most?
A) The political environment
B) The technological environment
C) The competitive environment
D) The global environment

Accepted Answer

The competitive environment is affected the most as Restazure focuses on customer satisfaction, feedback, and loyalty programs to differentiate itself and maintain a competitive edge.

Question 7

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 _____.
A) power-to-cost
B) speed-to-market
C) on-site prototyping
D) market base flow

Accepted Answer

Speed-to-market refers to the rate at which a new product moves from conception to commercialization. It is a key factor in the competitive environment of business, as companies strive to be the first to market with new products and services.

Question 8

In the context of a business environment, computers, telecommunications, and other digital tools are considered to be part of the _____.
A) economic environment
B) social environment
C) cultural environment
D) technological environment

Accepted Answer

Computers, telecommunications, and other digital tools are part of the technological environment, which encompasses the tools and systems that businesses use to operate and compete.

Question 9

Onyi Muro, a boutique restaurant, has dining tables with interactive screens on them. The customers can place their orders, watch their food being prepared, and provide feedback to the chefs using these screens. In this context, which dimension of the business environment is affected the most?
A) The technological environment
B) The political environment
C) The global environment
D) The social environment

Accepted Answer

The technological environment is affected the most as the use of interactive screens for ordering and feedback involves advancements in technology.

Question 10

Chargon Flasks, a restaurant specializing in Asian cuisine, focuses solely on customer satisfaction. It allows patrons to customize the quantity of their meals and only charges them half the price if their meal is unsatisfactory. The restaurant also has a voluntary service charge policy. In this context, which dimension of the business environment is affected the most?
A) The global environment
B) The political environment
C) The technological environment
D) The competitive environment

Accepted Answer

The competitive environment is affected the most as the restaurant's policies are designed to enhance customer satisfaction and differentiate itself from competitors.

Question 11

In the context of the dimensions of the business environment, which of the following is true of the competitive environment?
A) Getting current customers to buy more of one's products is very expensive for a firm.
B) Convincing potential customers to try one's products for the first time can be quite easy for a firm.
C) Unlike current customers, potential customers can be turned into loyal advocates.
D) Vocal promoters of a firm's products can get the firm new customers effectively.

Accepted Answer

Vocal promoters, who are satisfied customers, can effectively attract new customers through word-of-mouth and recommendations, thus benefiting the firm in the competitive environment.

Question 12

Mavin is the regional manager of Crustie Mex, a packaged food company. He is respected by his peers and subordinates for his immense knowledge and skills. Mavin decides to quit the company for a higher position at another firm. The CEO of Crustie Mex entices him with a competitive compensation package and promotion because he knows that Mavin is an important resource. The given scenario most likely exemplifies the concept of _____.
A) free trade
B) blurred retirement
C) workforce advantage
D) social responsibility

Accepted Answer

Mavin's situation exemplifies "workforce advantage," where his skills and knowledge make him a valuable asset to the company, prompting the CEO to offer incentives to retain him.

Question 13

Which of the following statements is true of the technological environment of business?
A) It helps firms that find it difficult to integrate new approaches.
B) The rise of digital networks hinders individualized buying experience.
C) It is beneficial for firms that are slow to adopt new innovations.
D) It represents a rich source of competitive advantage for fast-moving firms.

Accepted Answer

Fast-moving firms can leverage the technological environment to gain a competitive advantage by quickly adopting and integrating new technologies, which can improve efficiency, innovation, and customer experience.

Question 14

Moat & Meet, a travel agency, wants to widen its customer base. It adopts a strategy that allows customers to visit their favorite destinations through a virtual reality (VR) machine before visiting the place in person. In this context, which dimension of the business environment is affected the most?
A) The social environment
B) The technological environment
C) The political environment
D) The global environment

Accepted Answer

The technological environment is affected the most as the strategy involves using virtual reality technology to enhance customer experience.

Question 15

In the context of the workforce advantage in the business environment, as the baby boom generation begins to retire, which of the following will likely become a crucial competitive issue in the next decade?
A) Profitable implementation of speed-to-market strategies
B) Successful use of digital resources to find customer data
C) Finding and holding the best talent
D) Increasing dysfunctional employee turnover

Accepted Answer

As the baby boom generation retires, there will be a significant loss of experienced workers, making it crucial for businesses to find and retain the best talent to maintain a competitive edge.

Question 16

Picxellate, a retail store chain, introduced a new mobile application that allows its customers to make online purchases. It also shows available products at every Picxellate store in the city for customers who wish to collect the products themselves. In this context, which dimension of the business environment is affected the most?
A) The global environment
B) The political environment
C) The social environment
D) The technological environment

Accepted Answer

The introduction of a new mobile application is primarily related to advancements and changes in technology, thus affecting the technological environment the most.

Question 17

Norman Phone Inc. is a leading cell phone manufacturer who recently launched Omn-1 model. Even before the sales of Omn-1 model could reach its peak, the company launched the next version, Omn-2. Omn-2 overtook the sales of the Omn-1 model and also of its competitors' products. This helped Norman Phone Inc. to maintain its position as a leading-edge cell phone manufacturer. This scenario demonstrates the importance of _____ as a key source of competitive advantage.
A) speed-to-market
B) power-to-cost
C) event chain methodology
D) elemental cost planning

Accepted Answer

Speed-to-market is crucial as it allows a company to quickly introduce new products, staying ahead of competitors and capturing market share, as demonstrated by Norman Phone Inc.'s rapid launch of Omn-2.

Question 18

Vertivius, a gaming device manufacturer, entered the gaming market only after conducting a thorough survey of the potential customer base. Vertivius waited for five years before introducing its unique product-the first handheld gaming device-in the market. It introduced this product after ensuring that it would be embraced by the customers. In this scenario, Vertivius:
A) has a high speed-to-market.
B) is a leading-edge firm.
C) uses the concept of fast-laning.
D) is a bleeding-edge firm.

Accepted Answer

Vertivius is a leading-edge firm because it introduced a unique product after careful market research, ensuring customer acceptance, rather than rushing to market quickly or taking excessive risks.

Question 19

In the context of customer satisfaction, a product has value when:
A) it is purchased through deals offered at retail stores.
B) its impact on the environment is negligible and its carbon footprint is zero.
C) it is bought at the lowest available price.
D) its benefits to the customer are equal to or greater than the price that the customer pays.

Accepted Answer

A product has value when the benefits it provides to the customer are equal to or greater than the price paid, as this indicates that the customer perceives the product as worth the cost, leading to satisfaction.

Question 20

Ryron Bank, a private bank, introduced Internet banking facilities for its customers after the government demonetized hundred dollar bills. Customers who were reluctant to use credit cards for their daily purchases were enthusiastic about this new option. In this context, which dimension of the business environment is affected the most?
A) The social environment
B) The technological environment
C) The political environment
D) The global environment

Accepted Answer

The introduction of Internet banking facilities is primarily related to advancements and changes in technology, thus affecting the technological environment the most.

Quiz 1: Business Now: Change Is the Only Constant

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

In the context of the workforce advantage in the business environment, finding and holding the best talent will likely become a crucial competitive issue in the next decade as the baby boom generation begins to retire. However, job market contraction may not be an issue, because:

When Rotomate, a technology solutions company, started producing portable GPS tracking devices in the early 1980s, it faced severe losses because of the lack of a market for its product. Given this information, it can be concluded that Rotomate:

Which of the following is a key dimension of the business environment?

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

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 _____.

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

Onyi Muro, a boutique restaurant, has dining tables with interactive screens on them. The customers can place their orders, watch their food being prepared, and provide feedback to the chefs using these screens. In this context, which dimension of the business environment is affected the most?

In the context of the dimensions of the business environment, which of the following is true of the competitive environment?

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

In the context of the workforce advantage in the business environment, as the baby boom generation begins to retire, which of the following will likely become a crucial competitive issue in the next decade?

In the context of customer satisfaction, a product has value when: