Dynamic Business Environment Lecture 2
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Questions and Answers

What percentage of executives expected AI to increase their company's productivity?

  • 65%
  • 96% (correct)
  • 36%
  • 77%

    • According to the study, most employees feel that AI has reduced their workload.

    False

    What percentage of employees reported feeling burned out?

    71%

    ___% of executives mandated the use of AI.

    <p>36</p> Signup and view all the answers

    Match the following factors with their descriptions:

    <p>Competitive = Awareness of competitors' actions Socio-Cultural = Influence of demographics on society Global = Increasing interconnectedness of countries Impact = Shifts in population characteristics leading to challenges</p> Signup and view all the answers

    What is one reason provided for not seeing expected productivity gains from AI?

    <p>Tech may not be advanced enough.</p> Signup and view all the answers

    65% of employees struggle to meet demands imposed by AI implementation.

    <p>True</p> Signup and view all the answers

    Name one demographic factor that influences business environments.

    <p>Aging population</p> Signup and view all the answers

    Which of the following factors is NOT included in the Better Life Index?

    <p>Technology</p> Signup and view all the answers

    Improvements in technology only lead to job losses.

    <p>False</p> Signup and view all the answers

    Which of the following is a definition of business according to the Cambridge Dictionary?

    <p>The activity of buying and selling goods and services</p> Signup and view all the answers

    What is the primary purpose of the Better Life Index?

    <p>To evaluate factors that impact well-being in OECD countries.</p> Signup and view all the answers

    The primary goal of business is to fill a need.

    <p>True</p> Signup and view all the answers

    What are the two main types of products in business?

    <p>Goods and services</p> Signup and view all the answers

    The ________ stakeholder group includes those who are directly impacted by a business's operations.

    <p>primary</p> Signup and view all the answers

    Match the following countries with their rankings in the Better Life Index:

    <p>Norway = 1 Iceland = 2 Switzerland = 3 Sweden = 4 Finland = 5</p> Signup and view all the answers

    The dominant industry in the current Canadian economy is __________.

    <p>service</p> Signup and view all the answers

    Which of the following statements about stakeholders is true?

    <p>Stakeholders may have different and conflicting desires.</p> Signup and view all the answers

    Match the following business concepts with their definitions:

    <p>Revenue = Total amount of money received Profit = Earnings beyond expenses Risk = Chance for loss Goods = Tangible products</p> Signup and view all the answers

    Which career path is NOT mentioned as a consideration in business?

    <p>Engineering</p> Signup and view all the answers

    Higher paying jobs tend to require less specialization.

    <p>False</p> Signup and view all the answers

    List three factors that contribute to quality of life according to the provided content.

    <p>Housing, income, jobs.</p> Signup and view all the answers

    More revenue always equals more profit.

    <p>False</p> Signup and view all the answers

    What is the primary action that entrepreneurs take on when starting a business?

    <p>Risk</p> Signup and view all the answers

    Which of the following factors is NOT part of the business environment?

    <p>Social Media Influence</p> Signup and view all the answers

    The legal environment includes restrictions placed on businesses by federal and provincial laws.

    <p>True</p> Signup and view all the answers

    What is the main purpose of understanding the economic environment for a business?

    <p>To review economic indicators for major decisions.</p> Signup and view all the answers

    The process of monitoring and responding to factors affecting business is known as __________.

    <p>environmental scanning</p> Signup and view all the answers

    Match the following business environments with their definitions:

    <p>Legal environment = Restrictions imposed on businesses by laws Economic environment = Collective income and expenditures affecting operations Technological environment = Innovations from applied science or engineering Competitive environment = Effects of competition within the market</p> Signup and view all the answers

    What is one major impact of the technological environment on businesses?

    <p>Increased production efficiency</p> Signup and view all the answers

    Equity and fair treatment are considered part of the business values.

    <p>True</p> Signup and view all the answers

    Name one example of how competition law impacts business practices.

    <p>It helps curb practices detrimental to business and society.</p> Signup and view all the answers

    Study Notes

    Lecture 2: The Dynamic Business Environment

    • The lecture covers the dynamic business environment, focusing on the factors affecting business and the importance of studying them.
    • Business is defined as the activity of buying and selling goods and services, demanding attention and effort. It's a primary means of livelihood.
    • Transferable skills developed through business include critical thinking, communication, and adaptability.
    • Careers like entrepreneurship, human resources, international business, management, marketing, and cooperatives/non-profits involve these skills.
    • A quote from Lloyd Dobler, "I don't want to sell anything, buy anything, or process anything as a career." emphasizes the complexity of a business career.

    Today's Agenda

    • Why study business?
    • Business fundamentals
    • The business environment

    Business Fundamentals—Filling a Need

    • Finding and fulfilling needs for goods or services (Tangible versus intangible products)
    • Revenue and profit— Revenue is the total amount of money received, profit is earnings beyond expenses.
    • Risk and Profit—Greater risk potential can lead to higher profit, and opportunities for innovation
    • Goods and services are commonly seen as hybrids, with a shift toward greater consideration of services

    Evolution of Business in Canada

    • Agriculture was the original foundation and driving force of the Canadian economy.
    • Technological advancements led to improved efficiency and consolidation of enterprises.
    • Demand for manufacturing workers grew and improved technology (automation) led to reduced worker needs and expanded goods production.
    • The service industry became dominant, involving both direct customer provision and contracting business parts.

    Business Fundamentals – Impact on Society

    • Businesses create jobs and distribute profits within their communities and pay taxes to the government.
    • Goods and services offered lead to a higher standard of living and an improved quality of life for society.

    Stakeholders of a Canadian Business

    • Stakeholders are groups that stand to gain or lose from a business's actions.
    • They include: -Primary and Secondary Stakeholders -Stakeholders with conflicting desires. -Bankers, Shareholders, Customers,Surrounding community, Environmentalists, Government leaders, Employees, and Retailers

    The Business Environment

    • Factors surrounding business that help or hinder development. Businesses monitor and respond to these.
    • Factors include:
    • Legal environment, Economic environment, Technological environment, Competitive environment, socio-cultural environment, and global environment.

    Factors of the Business Environment – Detail

    • Legal Factors: Restrictions from provincial and federal laws on business activity (e.g., legislation, personal information protection)
    • Economic Factors: Collective income and resource expenditures impact business costs (e.g. value of currency, employment levels, consumer spending), and indicators for decision-making.
    • Technological Factors: Innovations in science, engineering, and research that impact efficiency and greater production methods. (e.g., combine harvesters, accounting software).
    • Competitive Factors: Awareness of other businesses and their actions in the market. Business strategies need to address complex stakeholder wants and expectations as competition increases.

    Additional Key Concepts

    • OECD Better Life Index: A summary of factors that impact the well-being of people within 38 OECD countries (Including Canada). Factors such as Housing, Income, Jobs, Community, Education, Environment, Civic Engagement, Health, Life Satisfaction, Life Safety, and Work Life Balance.

    • The Impact of AI: Expectation of increased efficiency and effectiveness from AI. Reality shows that AI implementation does not always lead to gains due to technical limitations (like employees need of training and skill development).

    • Socio-cultural factors: Demographic characteristics (population shifts, aging populations, & greater diversity) that impact new opportunities and challenges for businesses.

    Next Steps

    • Read Chapter 4, and consider Chapters 2 and 18 for future reference.

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    Lecture 2 - Dynamic Business Environment BUS-1201 Fall 2024 PDF

    Description

    This quiz explores the dynamic business environment, emphasizing its importance in understanding factors that influence business activities. Participants will learn about business fundamentals and career paths that utilize transferable skills like critical thinking and communication.

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