Exam 1: Business Now: Change Is the Only Constant

Before sales of its iPad 1 reached its peak, Apple launched the iPad 2, which took sales from the iPad 1 but also beat competitors' products. This move helped Apple maintain its standing as a leading­edge company in tablet PCs and demonstrates the importance of _____ as a competitive advantage.

Too much taxation, an overuse of regulation, and limited choices in the broader business environment are likely to result in:

Nonprofits are business­like establishments, although their primary goal is not to make a profit.

The production era is recognized for:

Nonprofit organizations only focus on health, human services, and religion.

Children's Campground is a summer program for school­aged children. It advertises that there is one counselor for every four children and that several other highly­trained professionals are on staff. Its advertisements indicate that Children's Campground relies heavily on _____ to provide its services.

The stock market, housing foreclosures, and unemployment rates are all part of an organization's _____ environment.

The production era is recognized for creating satisfied customers who act as advocates for business.

Dan, the founder of Four Muddy Paws, discovered that dog owners were willing to spend extra money on unique, healthy treats for their pets. The company immediately launched a selection of organic, flavored dog bones. The company also changes flavors and adds new flavors well before its competitors do. Four Muddy Paws uses the concept of _____ to maintain its competitive lead.

The ethical meltdowns at major corporations such as Enron can increase the cost of doing business for everyone involved.

A _____ is a type of a nonprofit organization.

Entrepreneurship is the resource that appears to be the most important determinant of economic growth.

Demographic factors that affect business include population size and density, as well as specific traits such as age, gender, race, education, and income.

Demographics refers to the measurable characteristics of a population including traits such as age, education, and income level.

Lisa is a marketing consultant who is trying to help a regional company design an advertising campaign that will appeal to the local population. Her report should take into account _____ factors such as the age, income, and ethnic composition of the area's population.

High­profile ethical meltdowns such as Enron have forced the Federal government to pass legislation demanding transparent financial management and more accountability from senior executives.

Entrepreneurs are individuals willing to take the risk of owning and operating a business

Demographics are measurable characteristics of a population.

A tariff is a:

Human resources include the: