Define business and explain role of business in economy

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Reference no: EM132159242

1. Define business and explain the role of business in the economy.

2. Outline the core factors of production and how they affect the economy.

3. What are the five dimensions of the business environment? Explain the key elements in each area as they relate to U.S. based businesses.

Application:

1. Use the Internet to research an American company that has been in business for more than 100 years. In a paragraph or two, explain how this company has changed over its lifespan. For example, has it always produced the same goods and services, or has its focus shifted over time? Which of the five eras did this company operate during, and how did these historical shifts affect the company? Did this business always align with the conventions of its time, or did it lead the way into new eras?

2. Most successful businesses today actively develop loyal customers who buy their brands again and again. After all, getting current customers to buy more is much easier than constantly seeking new customers. Think of three brands that you buy on a regular basis. Why do you stick to these products? How could another company dislodge you?

3. Entrepreneurship has clearly transformed the world economy. Choose two successful entrepreneurs, and use research to compare and contrast their management styles and philosophies. While you can certainly use local entrepreneurs—or even family members—some higher profile (and rather colorful) entrepreneurs include: Jeff Bezos, founder of Amazon; Debbi Fields, founder of Mrs. Fields Cookies; Richard Branson, founder of the Virgin Group; Anita Roddick, founder of The Body Shop; and Vishal Gondal, founder of Indiagames. If you were an entrepreneur, what approach do you think would be most effective for you? Why?

Reference no: EM132159242

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