1. What factors contribute to the rapid pace of change in business? Is the pace likely to accelerate or decrease over the next decade? Why? Capital, natural resources, human resources, entrepreneurship, and technology. Yes they will accelerate, all of these items are needed for a business to continue
2. What role does entrepreneurship play in the economy? Who stands to gain from the success of individual entrepreneurs? How do other parties benefit? Entrepreneurship is the main ingredient for a healthy economy. Everyone stands to gain form a strong economy.
With more people working the economy grows.
3. When did American business begin to concentrate on customer needs? Why? Doing the Marketing Era and the Relationship Era companies concentrating on consumer needs and differentiate themselves from their competitors.
4. How do nonprofit organizations compare to businesses? What role do nonprofits play in the economy? How do they interact with businesses? Nonprofits companies are business like establishments, but their primary goals do not include profits. They produce goods and services and they employ about 10 percent of our work force
5. What are the factors of production? How can economies grow when one or more of the Factors is weak? Natural Resources, Capital, Human Resources, and Entrepreneurship. These factors are needed to thrive but it can still grow.
6. What are the 5 dimensions of the business environment? Discuss the key elements in each area as they relate to U.S.-based businesses.
Dimensions of Business Environment| Key Elements|
Economic| Fair Business Act…contracts, enforcement, fair competition, debt, corruption, and bribery| Competitive | Global competition, customer satisfaction ,quality, and value | Technological | Tools that business can use to become more efficient and effective.| Social | Embodies the values, attitudes, customs, and beliefs shared by groups of peoples, and demographics, or the measurable characteristics of a population. | Global| Global environment, interacting continually with other economies. Free trade Act, and migration of jobs.|
7. What are some key strategies for developing a competitive edge in today’s competitive global market? How important is customer satisfaction? The main strategies is foreign investment, customer satisfaction, and free trade
8. How has the rise of the World Wide Web changed business practices? What are the benefits and drawbacks for business? For consumers? The Web provides a better way for companies to reach their customers all the world. The big disadvantage is the trust needed in the Web.
9. How has the definition of diversity changed over time? Can a diverse workforce help a company compete more effectively? How? Diversity has changed from gender to religious values and cultural views. Diversity is needed for a business to grow, without it a company will die and customers needs changes.
10. Take a moment to jot down 5 things that you love to do. Think broadly (but keep it clean). Your list could include anything from posting pictures on Facebook to listening to your favorite music. Then brainstorm a list of business careers that could encompass two or more of your passions. A position in nightclub marketing, for instance, could include surfing on Facebook and listening to great music. What skills would you need to succeed in each position? Which skills do you have and which would you need to develop? Driving, Listening to old school music, watching TV, Traveling, and meeting new people. Becoming a truck driver, Over the road Bus driver… these jobs embrace almost all of the things I enjoy during.
11. Most successful businesses today actively develop loyal customers who buy their brands again and again. After all, getting current customers to buy more is much easier than constantly seeking new customers. Think of three brands that you buy on a regular basis. Why do you stick to these products? How could another company dislodge you? Pepsi, Samsung TV and phones, M & M Candies. I know what I’m getting when I but these item. Samsung is base of price and value( I phone cost too much) Pepsi and M & M, taste there is no other company me that same item at that lower cost.
12. Entrepreneurship has clearly transformed the world economy. Choose 3 successful entrepreneurs, and use research to compare and contrast their management styles and philosophies. While you can certainly use local entrepreneurs—or even family members—some higher profile (and rather colorful) entrepreneurs include: Jeff Bezos, founder of Amazon; Debbi Fields, founder of Mrs. Fields Cookies; Richard Branson, founder of the Virgin Group; Anita Roddick, founder of The Body Shop; and Vishal Gondal, founder of Indiagames. If you were an entrepreneur, what approach do you think would be most effective for you? Why? Walmart , Sam Walton, Ford John Henry Ford, Amazon, Jeff Bezos. All 3 wanted to get the best product to the market at the best price (lowest), only Ford offered one item. Amazon didn’t want high cost management, Ford and Walmart is has high cost management. All 3 are successful because of the cost of the items and customer trust in the company.
13. Brainstorm a list of industries that the Internet has transformed. What are the reasons behind the changes? How do you anticipate that technology will transform business in the future? The U.S. Mail… e-mails, faxs, paying on line had decrease mail. Background checks no longer do have to go to county records, or the police station. Technology will cause some businesses to go under and some will grow because of it.
14. Use research to develop a list of companies where you believe you would like to work. What qualities do these companies have in common? Does a great work environment lead to success, or does success create a great place to work? When employees enjoy the work environment is a company more likely to succeed? Why or why not? United Airlines and Ford Motor Co. I worked for both companies I’m with Ford now both company works with its employees to get them into positions that match with the person. If you enjoy your job you are more will to do a little more if needed
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Basic Concepts of Business Development. (2016, Mar 16). Retrieved from https://studymoose.com/basic-concepts-of-business-development-essay