Home Inspirations
Hailey works for her father in a family-owned business called Home Inspirations, a bedding company that has been in operation since the 1800s. When her father retires, Hailey plans on taking over the business. Hailey is aware of many things about the company that she likes, and a few things that she does not. She has particularly noted that when the economy has low unemployment and high total income, sales are great. However, any other time, sales are not so good.
Currently, all of the bedding items are created in one place and everyone works on various tasks every day. Hailey is thinking about streamlining the production process so that individuals would be responsible for only one task. She believes that if production would increase, she could sell her products at a lower price and increase revenue. She knows that most bedding products available in the market are very similar in nature and satisfy the same need. However, if she were able to lower prices, this might give her company the competitive advantage that it needs. She would then be able to invest money in differentiating her products by providing unique features, building the brand name, and offering services such as free delivery. She is also considering selling her products on the Internet. Hailey knows that her father does not like change very much, but she feels these changes are important for the future of the company.
Refer to Home Inspirations. Home Inspirations currently operates in a ____ environment.
A) purely competitive
B) demand
C) monopolistically competitive
D) command
E) supply
Question 2 - The evolution of customer orientation started with businesses having a strong sales orientation, followed by a production orientation, and finally a customer orientation.
Indicate whether the statement is true or false
Question 3 - The chief executive officer of Chrysler provides his organization with leadership and overall guidance, and he is generally responsible for interpreting the organization's mission. He would be most properly classified as a(n) ____ manager.
A) administrative
B) human resources
C) operations
D) marketing
E) financial
Question 4 - Venture capital is money invested in small firms that have the potential to become very successful.
Indicate whether the statement is true or false
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