Question : Case Study 16:
JKL Enterprises is a retail company that is facing challenges due to changes in consumer preferences and lifestyle trends.
Q:- How can understanding the social environment help JKL Enterprises in dealing with changes in consumer preferences and lifestyle trends?
Option 1: By offering higher salaries and benefits
Option 2: By implementing flexible work hours
Option 3: By investing in market research and product development
Option 4: By outsourcing recruitment to external agencies
Correct Answer: By investing in market research and product development
Solution : The correct answer is (C) By investing in market research and product development
Understanding the social environment can help JKL Enterprises in dealing with changes in consumer preferences and lifestyle trends by enabling the company to invest in market research and product development. By conducting research and staying attuned to evolving consumer preferences, JKL Enterprises can tailor its products and services to better align with the changing tastes and demands of its target market.
Q:- What is the business environment factor affecting JKL Enterprises in this case?
Option 1: Economic environment
Option 2: Technological environment
Option 3: Social environment
Option 4: Legal environment
Q:- What does the term "consumer preferences" refer to?
Option 1: The process of reducing government intervention in the economy
Option 2: The process of nationalizing private companies
Option 3: The process of promoting import restrictions
Option 4: The choices and tastes of consumers regarding products and services
Regular exam updates, QnA, Predictors, College Applications & E-books now on your Mobile