Question : Case Study 16:
JKL Enterprises is a retail company that is facing challenges due to changes in consumer preferences and lifestyle trends.
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
Correct Answer: The choices and tastes of consumers regarding products and services
Solution : The correct answer is (D) The choices and tastes of consumers regarding products and services
The term "consumer preferences" refers to the choices and tastes of consumers regarding products and services. It reflects the specific attributes, features, brands, and qualities that individuals or groups of consumers favor when making purchasing decisions. Consumer preferences can vary widely based on factors such as personal preferences, cultural influences, lifestyle choices, and evolving market 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
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
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