Exam 1: The Changing Face of Business

MATCHING Complete the following using the terms listed. -_____ is the era in business history defined by the collection of activities that build and maintain ongoing,mutually beneficial ties between a business and its customers and other parties.

The Nike swoosh is an example of a brand.

Businesses that operate in an environment where success or failure is determined by how well they match and counter the offerings of competitors are operating under ________.

The relationship era is also the age of connections between:

The Industrial Revolution began in Germany and quickly spread to the rest of Europe.

Private property is considered the most important right in the private enterprise system.

Transaction management was introduced during the industrial era.

All of the following are true of the production era EXCEPT:

Consumer orientation and branding are indicative of the marketing era.

In order to remain viable,not-for-profit organizations need to focus on profits even more than the public service they provide.

Not-for-profit organizations are commonly exempt from federal,state,and local taxes.

The human resources of a firm refer to ________.

MATCHING Complete the following using the terms listed. -A person who seeks a profitable opportunity and then devises a plan to achieve that profit is called a(n)_____.

In consumer orientation,a company creates a product first,and then determines if the consumer will likely purchase the product.

All of the following are typically part of the not-for-profit sector EXCEPT ________.

Explain how business ethics differs from social responsibility.

Henry Ford's assembly line production is indicative of the production era's specialized labor and increased production by faster methods. )

MATCHING Complete the following using the terms listed. -_____ refers to the standards of conduct and moral values involving decisions made in the work environment.

Define the term vision.Why is vision an important skill today?

The current philosophy among managers today is best described as transaction management.