Exam 1: The Changing Face of Business

Complete the following using these terms. -_____ is the unique combination of organizational abilities,products,and approaches that sets a company apart from competitors in the minds of consumers.

The supply for jobs is slowly becoming greater than the demand for workers.

Describe technology as a capital source.

Blogs and social networking use _____ to manage relationships.

Research indicates that work teams consisting of a diverse group of individuals often are more productive than less diverse work teams.

To retain valued employees,managers of global workforces need to _____.

In business,_____ refers to the ability to see better and different ways of doing business.

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 _____.

Define the term vision.Explain with an example why it is an important managerial quality.

Which of the following is considered to be the most fundamental right of the private enterprise system?

Describe offshoring and its related trends.

Critical thinking skills and creativity are essential qualities for today's managers.

When a business employs an outside company to handle all customer correspondence and phone calls,the business is _____ its customer service department.

Transaction management was introduced during the era of Industrial Revolution.

Crowdsourcing allows companies to find:

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

The Industrial Revolution introduced a strong emphasis on the factory system.

A partnership is _____.

Complete the following using these terms. -A partnership formed to create a competitive advantage for the businesses involved is known as a(n)_____.

The factors of production in an economic system are _____.