Question 1

Business owners are often reluctant to enter the e-commerce market because of the sizeable investment required in land,fixtures,and buildings.

Accepted Answer

This statement is not accurate. E-commerce typically refers to online retailing, which does not require a physical storefront or investment in land, fixtures, or buildings. In fact, many businesses today start as e-commerce ventures before adding physical locations later on.

Question 2

One way an organization can restructure to better meet the needs of customers is to train front-line people to make decisions within certain limits.

Accepted Answer

By providing more decision-making power to front-line employees, they can respond more quickly to customer needs and provide better service. Training them to stay within certain limits ensures consistency and prevents them from making decisions that could negatively impact the organization.

Question 3

The B2C market consists of selling goods and services from one business to another.

Accepted Answer

The B2C market stands for Business to Consumer, which means selling goods and services from a business to individual consumers, not to other businesses.

Question 4

An electronic file where information is stored is called a CPU.

Accepted Answer

A CPU (Central Processing Unit) is a hardware component of a computer that performs the processing of instructions. An electronic file where information is stored is typically called a file or data file.

Question 5

The goal of empowerment in the work environment is to give management more control over the actions of lower-level workers.

Accepted Answer

The goal of empowerment in the work environment is to give employees more authority, autonomy, and decision-making power, not to give management more control over them.

Question 6

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 7

Industry Canada sets out the ground rules for how private sector organizations may collect,use,or disclose personal information in the course of commercial activities.
The Federal privacy law is PIPEDA.

Accepted Answer

The answer of Industry Canada sets out the ground rules...

Question 8

The competitive environment now empowers managers to make decisions quickly for their front line employees.

Accepted Answer

The answer of The competitive environment now empowers managers to...

Question 9

Information in a database allows firms to carry less inventory and therefore reduce their costs.

Accepted Answer

By having access to accurate and up-to-date data on inventory levels, sales, and customer behavior, firms can better manage their supply chain, reduce stockouts, and avoid overstocking, which results in lower inventory carrying costs.

Question 10

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

Accepted Answer

This statement is true because customers have a wide variety of choices available to them and will only select products or services that meet their needs and expectations at a reasonable price. Therefore, firms that consistently deliver high-quality products and exceptional customer service at competitive prices will attract and retain customers, which helps them to stay competitive in the market.

Question 11

The Internet is more important to business-to-business segment of e-commerce than to the business-to-consumer segment of e-commerce.

Accepted Answer

The internet plays a vital role in B2B e-commerce as it facilitates communication, networking, supply chain management, and online transactions between businesses. In contrast, while the internet is also important for B2C e-commerce, its role is not as critical as in B2B e-commerce because businesses can rely more on traditional marketing and sales channels to reach consumers.

Question 12

Identity theft occurs when a robber personally knows their victim.
Identity theft is the obtaining of personal information about a person,and using that information for illegal purposes.

Accepted Answer

Identity theft can occur even if the thief does not personally know the victim. It can also happen through hacking, phishing, or obtaining information from stolen documents such as passports or credit cards.

Question 13

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

Accepted Answer

This statement is true. In the past, firms focused on cost-cutting and efficiency, with little consideration for the needs and wants of their customers. However, in the modern business environment, firms that prioritize meeting customer needs and expectations tend to be more successful. This approach requires a deep understanding of customer behavior and preferences, and ongoing efforts to adapt products and services to meet changing demands.

Question 14

Traditional businesses have been learning how to deal with competition from B2B firms.

Accepted Answer

This statement is true, as traditional businesses are faced with competition not only from other traditional businesses, but also from B2B firms that are now offering new and innovative solutions.

Question 15

To be implemented successfully,empowerment requires that employees are better trained.

Accepted Answer

Empowerment involves giving employees more autonomy and decision-making power, which requires them to have the necessary knowledge, skills, and abilities to make informed decisions. Therefore, better training is essential to ensure that employees are equipped to handle this increased responsibility.

Question 16

Bar codes allow retailers to scan information about products consumers buy,directly into a database.

Accepted Answer

Bar codes contain information about products that can be scanned by retailers and entered directly into a database, making the checkout process faster and more accurate.

Question 17

There are no federal privacy laws.E-commerce has existed since the first computers were invented.

Accepted Answer

There are federal privacy laws, such as the Privacy Act, HIPAA, and the Children's Online Privacy Protection Act. E-commerce did not exist since the first computers were invented, it began in the 1990s when the internet became publicly available.

Question 18

The databases of a business can include a great deal of information about the firm's customers.

Accepted Answer

Databases can contain a lot of customer information such as names, addresses, purchasing history, and more, making it an important asset for businesses.

Question 19

The Internet has increased and improved a business's responsiveness to their customers.

Accepted Answer

With the internet, businesses can communicate with their customers in real-time through various channels such as email, social media, and live chat. This allows for quick and efficient problem-solving and customer service, ultimately improving a business's responsiveness to their customers.

Question 20

Empowerment consists of employees from different departments within an organization formed to improve employee effectiveness.

Accepted Answer

The answer of Empowerment consists of employees from different departments...

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