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 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
Correct Answer: Social environment
Solution : The correct answer is (C) Social environment
The business environment factor affecting JKL Enterprises in this case is the social environment. The challenges the company faces due to changes in consumer preferences and lifestyle trends are directly related to social factors, such as evolving consumer behavior, societal preferences, and lifestyle choices.
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 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