Exam 3: Small Business Environment: Managing External Relations

A firm will be recognized for its industry leadership,a product-based legitimacy building characteristic,typically when:

Which of the following statements about small businesses high in social capital is true?

There are costs to firms for their illegal and even unethical behaviors.Which of the following is seen as the most damaging and costly to these businesses?

The general description for the processes and skills used in the management of a firm's interactions with people,organizations,and institutions outside of its boundary is called _____.

Universalism is an ethical model that suggests people get their ideas of right and wrong from their family,religion,education,and community.

_____ is an approach to operating a firm or a line of business which identifies,creates,and exploits opportunities to make a profit in a manner that can minimize the depletion of natural resources,maximize the use of a recycled material,or improve the environment.

Gaining legitimacy in small businesses is especially difficult for entrepreneurs seen as "different"-women,minorities,home-based businesses,or businesses started by young people.

How can a business achieve sustainability? How can a business make profits out of enhancing others' sustainability efforts?

_____ refers to the sum total of forces outside of an entrepreneur and a firm.

Erion Inc.is an e-commerce company that sells its food products under the brand name Heal Meal.Its business partners have planned to enter into a strategic alliance with a well-reputed retailer in the Asian market in order to expand its operations to the Asian continent.Which of the following is a reason for the company having a lack of organization-based legitimacy in the Asian market?

The CEO at River Castle Inc.asked the employees to prepare a report on ways in which the company could become more environmental friendly.The reports revealed areas in which the company had been unnecessarily adding to its carbon footprint and consuming excessive energy due to faulty machines.As a corrective action,all the faulty and outdated equipment were replaced with efficient equipment.This is an example of a(n)_____.

The economic sector in the general environment is primarily concerned about the:

Factors such as the ages,races,and gender of customers would be an element of the firm's _____ environment.

Which of the following ethical philosophies do questions like,"What if everyone did what I want to do and what kind of world would that be" best summarize?

Which of the following statements is true about caveat emptor?

Social networking builds long-lasting relationships.Most entrepreneurs start with the Big 3 social networks,which are:

In innovation,it is mandatory for a person to be sure how a new idea is going to turn out.

Sylvia had helped Jonathan,one of her previous subordinates,in establishing his business by referring him to an important venture capitalist.As an appreciation of her help,Jonathan has now agreed to hire and personally mentor her son as a trainee in his company.Both Sylvia and Jonathan are typically exhibiting _____.

A system of values people use to determine whether actions are right or wrong is referred to as _____.

Ivan has recently started his new business venture,and he has been busy visiting trade exhibitions,business organizations,electronic business forums,and his previous colleagues in order to build contacts.This will help him use their expertise to the benefit of his business.Ivan is typically working on building a _____.