I want everything on Adapting to the challenges in the business environments in grade 1a Flashcards
(25 cards)
What is meant by ‘adapting to challenges’ in business?
It refers to the ability of a business to adjust its strategies and operations in response to changing conditions.
True or False: Businesses do not need to adapt to changes in the environment.
False
Fill in the blank: A successful business must be ______ to market changes.
flexible
What is one common challenge businesses face?
Economic downturns
Multiple Choice: Which of the following is a way businesses can adapt? A) Ignoring competition B) Innovating products C) Reducing quality
B) Innovating products
What role does technology play in adapting to business challenges?
Technology helps businesses improve efficiency and respond quickly to market changes.
True or False: Customer feedback is important for adapting to business challenges.
True
What is a strategic plan?
A strategic plan outlines a business’s goals and how it intends to achieve them.
Fill in the blank: Businesses use ______ to analyze their external environment.
SWOT analysis
Multiple Choice: What does SWOT stand for? A) Strengths, Weaknesses, Opportunities, Threats B) Skills, Work, Operations, Techniques C) Strategy, Work, Organization, Technology
A) Strengths, Weaknesses, Opportunities, Threats
What is the importance of market research?
Market research helps businesses understand customer needs and market trends.
True or False: Adaptation is a one-time process.
False
What does it mean to pivot in business?
To pivot means to make a significant change in direction or strategy.
Fill in the blank: Businesses must monitor ______ to stay competitive.
trends
Multiple Choice: Which of the following can be a result of not adapting? A) Increased efficiency B) Loss of market share C) Greater customer satisfaction
B) Loss of market share
What is a competitive advantage?
A competitive advantage is a unique benefit that allows a business to outperform its competitors.
True or False: All businesses face the same challenges.
False
What is the role of leadership in adapting to challenges?
Leadership guides and motivates the team to embrace change and adapt effectively.
Fill in the blank: Effective communication is key to ______ during times of change.
adaptation
What is one method for assessing business performance?
Key Performance Indicators (KPIs)
Multiple Choice: How can businesses improve their adaptability? A) By ignoring customer complaints B) By investing in employee training C) By maintaining the status quo
B) By investing in employee training
What does the term ‘business resilience’ refer to?
Business resilience refers to the ability of a company to recover quickly from difficulties.
True or False: Adapting to challenges can lead to new opportunities.
True
What is one sign that a business needs to adapt?
Declining sales or customer dissatisfaction
