Exam 1: Business Now: Change Is the Only Constant

Black Marbles Resort is a resort in Miami. The members of the marketing department of the resort work hard to develop long-term associations with the resort's customers. They call them to receive feedback about their recent visits to the resort and offer huge discounts on their next visit. In the context of the history of American business, the marketing department is most likely using concepts that were popularized during the _____.

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?

In the__________, leading-edge firms look beyond each immediate transaction with a customer and aim to build long-term ties.

In the context of the history of American business, the industrial revolution era encouraged workers to take individual ownership and personal pride in the production process.

Touca Ness, a fantasy movie franchise, was initially created for children in the early 1960s. However, as the franchise started to gain a cult following, the content of the franchise began to include mature themes in order to maintain popularity among its existing consumers. Identify the dimension of the social environment that this scenario exemplifies.

Buba Joe's Pizzeria, a fast food chain, wants to expand its customer base. It introduced a new range of vegan pizzas to cater specifically to the vegan market. It also introduced new flavors to cater especially to Hispanic Americans. In this context, which dimension of the business environment is affected the most?

Minsk Revel, a food and beverage company, recently faced criticism when customers found worms in some of its products. As a result, the company was obligated to have a better level of transparency between its production processes and its consumers. Identify the dimension of the social environment that this scenario exemplifies.

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?

The significance of the social dimension of a business environment is highlighted when a number of states-from Alabama to Nevada-make their local economies more appealing by providing special tax deals to attract new firms.

Preston, a luthier, used to own a workshop in the 1750s where he produced handmade musical instruments of high quality. However, due to technological advancements, musical instruments started being mass produced in factories, and Preston's business began to decline. Given this information, it can be assumed that Preston belonged to the _____.

In the context of making a career choice, following one's passion guarantees a fat paycheck.

Melvin and Neil run a pawnshop in their neighborhood. They offer loans to individuals in exchange for personal items of higher or equal value, which are used as collateral. If an individual is unable to repay the loan, Melvin and Neil then sell these items at higher rates. In this scenario, Melvin and Neil's pawnshop is an example of a _____.

In the context of factors of production, the synthetic resources that a business needs to produce goods or services are referred to as__________.

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:

Menoth, a recreational resort for the elderly, saw a sharp increase in its customers in the last decade compared to the period between 1996 and 2006. This was because 65% of working individuals retired in the last decade. Identify the dimension of the social environment that this scenario exemplifies.

Torino Mex, a men's fashion boutique, is renowned for creating designer clothes for Latino Americans. However, it introduced a new line of designer clothing that especially caters to young Hispanic Americans to widen its customer base. Which of the following dimensions of the social environment is highlighted in this scenario?

The value of all natural resources tends to rise with low demand, high supply, or both.

Lint Port, an apparel company, offers personalized customer service in all its stores and engages in post-purchase communication to take feedback from its customers. It also gives gift vouchers with customized messages to its customers on their birthdays. The company values the importance of building long-term customer relationships. In this context, which dimension of the business environment is affected the most?

In the context of your career choice, the broader economy will influence the level of your personal financial success.

A small-scale consulting firm in Hawaii was struggling financially because it was unable to generate enough capital to run its business transactions. To generate capital, the firm decided to use web technologies and digital resources to build long-term associations with current customers and to reach out to new customers. In this scenario, the firm is using concepts that primarily originated in the _____ of American business history.