Question 1

Diversity groups identified in the market today include extroverts, introverts, atheists, and the devout.

Accepted Answer

Diversity groups identified in the market can include a wide range of characteristics, including personality types (such as extroverts and introverts) and religious beliefs (such as atheists and the devout).

Question 2

It's important that firms are as efficient as possible. This is done by becoming management-driven for efficiency.

Accepted Answer

The answer of It's important that firms are as efficient...

Question 3

Zero defects means that there is a company goal of no mistakes in making products.

Accepted Answer

Zero defects is a quality assurance approach in which the goal is to eliminate errors and defects from the production process and achieve 100% error-free products.

Question 4

The statistical study of the human population to describe its size, age, gender, and income is known as diversity recognition.

Accepted Answer

The statistical study of the human population to describe its size, age, gender, and income is actually known as demography. Diversity recognition refers to recognizing and valuing differences among people, such as race, ethnicity, religion, and sexual orientation, in order to promote inclusion and equity.

Question 5

With the emergence of the Internet, Jasmine finds it easy to do all her gift buying online. She takes comfort in the fact that new technologies if installed properly are seldom used in unethical ways.

Accepted Answer

While it is true that the internet has made gift buying easier, the statement about new technologies not being used in unethical ways is false. The internet is also a platform for cybercrime, such as fraud and identity theft, which can be considered unethical.

Question 6

Successful firms follow a customer-driven strategy, as opposed to the management-driven strategy used in the past.

Accepted Answer

This is because in today's business environment, customer satisfaction and meeting their needs is crucial for success. Therefore, modern firms have shifted from a management-driven approach to a customer-driven approach.

Question 7

Technological innovation has a ripple effect. With the advent of the Internet, Tyler Hanley, a certified techno-nerd, is being courted by companies to write the next generation of antivirus software. He tells us its big business!

Accepted Answer

The statement clearly states that Tyler Hanley is being courted by companies for writing next-gen antivirus software, indicating that technological innovation has a ripple effect, making it big business.

Question 8

The U.S. population tends to buy the same things and spend time in roughly the same way as people did a decade ago.

Accepted Answer

The U.S. population's spending habits and leisure activities have changed significantly over the past decade due to factors such as technology advances, shifts in the economy, and changes in consumer preferences.

Question 9

Bruno and Gino are worthy competitors in the bakery business in a small upscale resort town. Gino recently negotiated a contract with a supplier for really cheap cooking oil. He knows that bakery customers want cheap products. In this competitive environment, keeping the price down is all that matters.

Accepted Answer

The answer of Bruno and Gino are worthy competitors in...

Question 10

Competition is fierce! One way to respond quickly to customer needs is to develop a strategy of empowering employees.

Accepted Answer

Empowering employees to make decisions and take action on behalf of the customer can lead to faster response times and more satisfied customers. This can be especially important in a competitive market where customers have high expectations for quick and efficient service.

Question 11

Brett runs a lawn care service. Although he and his employees could service eight households in one day, he averages six yards per crewmember, per day. Brett recently restructured his work crew and provided each cutter with an incentive to acquire two new customers each month through customer referrals. As a recent business graduate, you tell him he's probably on the right track.

Accepted Answer

By providing incentives for his crewmembers to acquire new customers through referrals, Brett is likely to increase his customer base and ultimately his profits. This is a common marketing strategy and can be an effective way to grow a business.

Question 12

Demographic changes create new business opportunities.

Accepted Answer

Demographic changes such as aging populations, rising urbanization, and shifts in cultural norms and values create new business opportunities in areas such as healthcare, technology, and consumer goods. For example, the growing number of older adults has led to increased demand for products and services that cater to their unique needs, such as mobility aids, home healthcare services, and retirement communities. Similarly, the rise of environmental concerns has fueled demand for eco-friendly and sustainable products and services.

Question 13

A policy of empowerment encourages managers to make decisions quickly for their front line employees.

Accepted Answer

The answer of A policy of empowerment encourages managers to...

Question 14

The primary focus of successful firms is designing and producing high quality goods. Advertising is then used to convince consumers to buy their superior products.

Accepted Answer

The answer of The primary focus of successful firms is...

Question 15

Empowerment means giving frontline workers the responsibility, authority, and freedom to respond quickly to customer requests.

Accepted Answer

Empowering frontline workers means giving them the power to make decisions and take actions to satisfy customers without delay. This can lead to improved customer service and satisfaction.

Question 16

The goal of empowerment in the work environment is to prevent mistakes. Mistakes can be prevented by giving management more control over the actions of lower-level workers.

Accepted Answer

The goal of empowerment is actually to promote autonomy and decision-making among all levels of workers, which can actually reduce the likelihood of mistakes by allowing employees to make informed decisions and take ownership of their work. Giving management more control can actually decrease empowerment and lead to more mistakes due to over-reliance on top-down decisions.

Question 17

Traditional businesses have a managerial focus rather than a customer focus.

Accepted Answer

Traditional businesses are typically organized with a hierarchical management structure, where decisions are made at the top and trickled down. This approach prioritizes internal processes and operations rather than meeting the needs and desires of customers.

Question 18

Customer-driven organizations require managers to closely direct and control their employees.

Accepted Answer

Customer-driven organizations prioritize meeting the needs and expectations of customers. This requires a more collaborative and flexible management approach where employees are empowered to make decisions and take action to meet customer needs. Instead of closely directing and controlling employees, managers in customer-driven organizations provide support, guidance, and resources to help employees make the best decisions for their customers.

Question 19

Producing a high quality product will ensure success in the competitive environment.

Accepted Answer

The answer of Producing a high quality product will ensure...

Question 20

To remain competitive in today's market, firms must produce a quality product and offer outstanding service at a reasonable price.

Accepted Answer

This statement reflects a common belief in business that to succeed and thrive in the market, companies must offer high-quality products or services, exceptional customer service, and reasonable pricing to attract and retain customers.

Quiz 1: Taking Risks and Making Profits Within the Dynamic Business Environment