Management Thought and Practice End Term: Undated, Set FN (undated)

A Watch company was once a leader in the Indian market, famous for its mechanical timepieces. However, the firm defined its business strictly as a "precision watchmaker". By focusing solely on its existing product rather than evolving with customer needs, it failed to adapt to the "quartz revolution", in which consumers shifted toward affordable battery-powered watches. Consequently, the government ordered the firm's closure in 2016.
The firm’s failure to notice environmental changes and customer preferences is a classic example of:

A large business group is widely recognized for its nation-building activities. Its mission focuses on improving the quality of life of communities through long-term stakeholder value creation. This includes significant investment in education, healthcare, and infrastructure, reflecting the belief that a business is a social institution that must balance profits with societal welfare.
The organization’s commitment to employees, the environment, and the community is an application of:

Organization A is engaged in extracting natural resources such as crude oil and natural gas directly from the earth. Organization B uses raw materials and industrial components to manufacture automobiles. Based on the nature of their activities, economists classify these organizations into different sectors.
Organization A belongs to the __________ sector, while Organization B belongs to the__________ sector.