Exam 1: Business Now: Change Is the Only Constant

Vertibram, a packaged food company, solely manufactured food products that catered specifically to the Islamic community in the United States. However, after facing a stagnation in its sales, the company started manufacturing other products that contained pork to cater to the whole community. Which of the following dimensions of the social environment does this scenario exemplify?

Barter Bate, a wholesale store chain, was the first in the city to launch an online shopping website. Its website allowed customers to select required products and collect them from the nearest Barter Bate outlet. In this context, which of the following dimensions of the business environment is affected the most?

Welterwes, a multinational company, has 15 members in its top management. These executives have to abide by the same company policies as the other employees. However, when it came to light that the executives were not following the appropriate office timings and were abusing their power, the HR department had to pass new policies aimed specifically at the top management. These policies stated that the executives would lose a part of their monthly commission if they failed to abide by the company policies. Identify the dimension of the social environment that this scenario exemplifies.

Rayman Automobiles, an automobile manufacturing company, was founded in 1912. The company primarily focused on creating greater efficiencies by refining its processes and creating specialized jobs. This allowed the company to increase its output and lower the prices of its products. As a result, automobiles became an affordable commodity. In the context of the history of American business, Rayman Automobiles was most likely founded during the _____.

In the context of the history of American business, which of the following statements is true of the marketing era?

Ricord Books, a publication house, faced huge losses after 2008. The majority of its readers were born during the late 1950s, whose population was rapidly declining. Most modern readers preferred using e-books rather than reading from hard copies. This resulted in a decrease in the sales of Ricord Books. Identify the dimension of the social environment that this scenario exemplifies.

Marsa and Hunare are Asian nations. Jorwen, Kellpit, and Denqor are North American nations. These five nations recently signed a multilateral agreement that allows them to carry out business operations with minimal tax implications. This arrangement would allow Jorwen, Kellpit, and Denqor to import goods from Marsa and Hunare, which have low labor costs and high production quality. This agreement among these five nations is most likely possible because of the _____.

The employees of Carrick Inc., an electronics company, are requesting the management to adopt a new performance appraisal process to allow better transparency between different levels of the company. They propose to have one-on-one feedback sessions that would help reduce various appraisal biases. Identify the dimension of the social environment that this scenario exemplifies.

A coal mining company has employed around 250 miners who work 8-hour shifts every day. In the context of factors of production, the miners can be classified as _____.

People can create natural resources by growing and harvesting agricultural products.

Capital, one of the factors of production, includes machines, tools, buildings, information, and technology.

Marina, a garments manufacturing company, signed a contract with Tertch Tex, a textile company, to receive 2 million pounds of yarn at a rate of $2 per pound. However, Tertch Tex hikes up the price to $5 per pound just before the day of delivery. Marina files a lawsuit against Tertch Tex for breaking an enforceable contract and receives $100 million in compensation. In this context, which dimension of the business environment is affected the most?

Niconti Inc. sells premium quality tea leaves. The company owns 400 acres of land on which it has established a large tea plantation with a tea processing factory. In this scenario, the land owned by Niconti Inc. can be classified as _____.

Roggenok, a textile company, owns 15 factories that produce clothing materials. The company has 1500 employees working in shifts. In this scenario, the factories owned by Roggenok can be classified as _____.

Operth, an automobile company, hires people from various cultural and social backgrounds. This allows the company to enjoy a competitive advantage by developing innovative products that serve a wide customer base. Which of the following dimensions of the social environment does this scenario exemplify?

In the context of the history of American business, which of the following statements is true of the production era?

Monclaire, a chain of luxury hotels, uses social media for promotional purposes. It also maintains a dedicated interactive Web page where customers write detailed reviews and discuss their experiences. In the context of the history of American business, Monclaire most likely belongs to the _____.

Value is the relationship between the price of a good or a service and the benefits that it offers its customers.

During the production era, managers focused mostly on customer satisfaction and not on production efficiency.

Richard is a technical analyst at a marketing firm. He is highly regarded by his peers and supervisors who always seek his advice while making important decisions for the company. In this scenario, Richard can be classified as a(n) _____.