Chapter 1 Business Now: Change Is the Only Constant

Topics: Entrepreneurship, Management, Business Pages: 6 (1667 words) Published: February 18, 2013
Chapter One

Business Now: Change Is the Only Constant

Review Questions
What factors contribute to the rapid pace of change in business? Is the pace likely to accelerate or decrease over the next decade? Why? Financial Institutions got a bailout By President Obama in 2009, Mortgage values dropped, financial institutions begin to Feel the pressure especially firms such as Bear Stearns that specialized in trading Mortgage backed securities. There was $61.7bn in losses with AIG, strong economy Out of more jobs can accelerate the next decade, there be a budget deficit. AIG got A $180bn bailout; while Bank of America got $45bn as well as JP Morgan Chase $25bn, Goldman Sachs got $10bn. The Rapid pace of change in business is the Internet, Cellphones and exposure on television.

What role does entrepreneurship play in the economy? Who stands to gain from the success of individual entrepreneurs? How do other parties benefit?People risk their Time, money and other resources to start and manage a business. But, They also Give hope to a better workforce. A lot of people; who are unemployed such as myself Right now will find jobs that are more flexible and challenging, working for big and Small business owners.

When did American business begin to concentrate on customer needs? Why? Value of Certain Products begin to go up. High Gas Prices from $1.25 to $4.25, The Cost of a loaf Of Bread is $2.79, the cost of dishwashing liquid about a $1.00, Purchase of products, By Consumers.

How do nonprofit organizations compare to businesses? What role do nonprofits play in The economy? How do they interact with businesses? Nonprofits help you learn and Grow. Other businesses turn profit on sales and smart-buying. Nonprofits being Organizations such those with Computers would be nonprofit. Consumer goods help the Community.

What are the factors of production? How can economies grow when one or more of the factors is weak? Strong Communication, partnerships, Business Plan and Ethics. Some Businesses fall, because of greed or a scandal, based upon greed or otherwise, more so, Lack of Strong Communication, partnerships, no business plan, no Ethics.

What are the 5 dimensions of the business environment? Discuss the key elements in each area as they relate to U.S.-based businesses.

Dimension of Business Environment | Key Elements |
The Economic | Jobs,Income, Inflation, Interest rates, Productivity, and Wealth that influence the buying behavior, of Consumers and institutions. | The Competitive The Workforce Advantage | A part of the Company's External Environment Yield's Tangible, bottom line results. Consisting of other firms Trying win customers in the same market. It is the Segment of the Industry that includes all immediate Rivals. | The Technological Environment | Includes any tools that business can use to become More efficient. Change in Technology can affect The Company. Any tools, be Computers, Telecommunications, and other digital products. Motivated Apple Employees help create satisfied Apple Customers. | The Global Environment | The U.S. Economy operates within the Context of the Global Environment, interacting continually with other Economies. | The Global Environment/ Ethics and Social Responsibility | In fact, over the last two decades, technology and free Trade have blurred the lines between individual Economies around the world. Technology has forged Unprecedented links among countries, making it cost Effective-even efficient to establish computer help Centers in Bombay to service customers in Boston, or To hire Programmers in Buenos Aires to make websites For Companies in Stockholm. Plus, Global Trade has Forged unprecedented links among nations such as Los Angeles, New York, London, Moscow and Tokyo. |

What are some key strategies...
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