The Role of Business in Society Quiz
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Questions and Answers

What is the purpose of business beyond earning profits?

  • Maximizing shareholder wealth, minimizing costs, and expanding market share
  • Supplying goods and services, creating job opportunities, and contributing to economic growth (correct)
  • Securing government contracts, lobbying for policy changes, and acquiring competitors
  • Achieving social recognition, promoting cultural diversity, and ensuring environmental sustainability

    • What does an environmental analysis aim to identify?

  • Competitor strategies and market trends
  • Internal and external factors affecting a company's success (correct)
  • Government regulations and legal requirements
  • Customer preferences and technological advancements

    • How does Mr. Dharamvir Kamboj define the business environment?

  • The institution in society responsible for economic growth and job creation
  • The surroundings of a company, including the market and non-market factors
  • The economic and non-economic aspects influencing business operations
  • The universe minus the organization, representing the local, national, and international factors (correct)

    • What are the two main categories of business environment mentioned in the text?

    <p>Market environment and non-market environment</p> Signup and view all the answers

    What does the text identify as the components of an environmental analysis?

    <p>Internal strengths, internal shortcomings, external opportunities, and external risks</p> Signup and view all the answers

    What are the purposes of business mentioned in the text?

    <p>Supplying goods and services, creating job opportunities, contributing to economic growth</p> Signup and view all the answers

    What does an environmental analysis aim to identify?

    <p>Internal and external factors affecting company's success</p> Signup and view all the answers

    How does Mr. Dharamvir Kamboj define the business environment?

    <p>The universe minus the organization</p> Signup and view all the answers

    What are the two main categories of business environment mentioned in the text?

    <p>Market environment and non-market environment</p> Signup and view all the answers

    What is the significance of environmental analysis according to the text?

    <p>Identifying strengths, shortcomings, opportunities, and risks</p> Signup and view all the answers

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