MIE 201 Test #1 - Makanui Correct answered 2023/2024 passed

MIE 201 Test #1 - Environments of Business - correct answer - economic - market - technological - social - legal and regulatory market environment - correct answer - a company's target customers, the buying influences that shape the behavior of those customers, and competitors that market similar products to those customers economic environment - correct answer - conditions and forces that affect the cost and availability of goods, services, and labor and thereby shape the behavior of buyers and sellers - influences almost every decision a business makes technological environment - correct answer - forces resulting from the practical application of science to innovations, products, and processes - changes have the ability to change every facet of business disruptive technologies - correct answer - those that fundamentally change the nature of an industry - can be powerful enough to create or destroy entire companies ex: music recording and playing devices changed the music industry social environment - correct answer - population trends, social values and behaviors, relationship of society and business AT LARGE (large scale) stakeholders - correct answer - internal and external groups affected by a company's decisions and activities