1.) Over the past few years, the explosive growth in Facebook and Twitter have played a pivotal part in forging a new role for both businesses and consumers in today’s dynamic business environment. Over the next decade the pace is likely to accelerate because technology is becoming a huge part of businesses. 2.) In the economy, entrepreneurship is the key to freedom: freedom of choice, freedom from excess regulation, and freedom from too much taxation. The entrepreneur and the economy stand to gain from the success. 3.) American business began to concentrate on customer needs in the marketing era to differentiate themselves from their competitors. 4.) Nonprofit businesses work for the cause, not profit, unlike businesses. Nonprofit businesses role in the economy to improve the quality of life in our society. Nonprofit interact with businesses to boost their impact on the community. 5.) The factors of production are: natural resources, capital, human resources, and entrepreneurship. The government actively encourages entrepreneurship which fueled the creation of wealth. 6.) The 5 dimensions of the business environment are: economic, social, global, technological, and competitive. Economic-legislation that supports enforceable contracts. Competitive- to develop long term relationships with customers. Technological- to streamline production and create new efficiencies. Social-embodies the values, attitudes, customs, and beliefs shaped by groups of people. Global-the US economy operates within the context of the global environment, interacting continually with other economies. 7.) A key strategy for developing a competitive edge in today’s global market is getting current customers to buy more of their products and transform current customers into loyal advocates. Customer satisfaction comes in large part from delivering unsurpassed value. 8.) The rise of the World Wide Web has resulted in the rise of e-commerce or online sales. It...
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