Question

Understanding today’s business environment

Match the following terms to the appropriate statement. Some terms may be used more than once, and some terms may not be used at all.

E-commerce Just-in-time management (JIT)

Enterprise resource planning (ERP) Total quality management (TQM)

a. A management system that focuses on maintaining lean inventories while producing products as needed by the customer.

b. A philosophy designed to integrate all organizational areas in order to provide customers with superior products and services while meeting organizational objectives.

c. Integrates all of a company’s functions, departments, and data into a single system.

d. Adopted by firms to conduct business on the Internet

Short answer

The business environment includes all internal and external factors and matching is done as required.

Step-by-step solution

Step-by-Step SolutionStep 1: Definition of the business environment

The business environment is defined as the sum or collection of all internal or external factors such as employees and customers.

Matching

Statements	Terms
A	Just-in-Time Management (JIT)
B	Total Quality Management (TQM)
C	Enterprise Resource Planning (ERP)
D	E-Commerce