MGT 111 Study Guide - Midterm Guide: Tax Deduction, Monopolistic Competition, Jiffy Lube
Document Summary
Spring, 2008 (questions will be answered best by consulting the text, class notes, and assigned articles. ) Explain various ways businesses meet and beat competition: some companies have found a competitive edge by focusing on making high-quality products, all the way to zero defects. Often that means empowering frontline workers by giving them more training and more responsibility and authority: the business environment consists of the surrounding factors that either help or hinder the development of businesses. Information technology: the technological environment, databases, bar codes, the internet, technology enables workers to be more effective, efficient, and productive and affects people in all industries. Technological advancements have led to the growth of e-commerce. It has also allowed companies to be more responsive to customers. The internet has drastically changed the business world: the competitive environment, customer service successful organizations are customer driven, stakeholder recognition stakeholders are customers, employees, stockholders, suppliers, dealers, bankers, people in local communities, environmentalists, and elected government leaders.
