Exam 1: Business Now: Change Is the Only Constant

Customer satisfaction comes in large part from delivering unsurpassed value.

Bleeding­edge firms launch products that fail because they are too far ahead of the market.

Businesses _____ the standard of living of people.

Convincing new customers to try your product for the first time is a lot less expensive than getting current customers to buy more of your product because of the technological implications involved.

Successful firms generate long­term profits by delivering unsurpassed value to their customers.

What is a business and how does it survive and maintain a profit?

The Industrial Revolution era is recognized for its technological advances.

Speed­to­market is the rate at which a company's competitors copy its new product innovations.

With regard to the history of American business, which of the following environments was prevalent during the Industrial Revolution?

Businesses are primarily focused on creating profits by offering products and services desired by the consumer.