BAD10 Final Review

The theory of competitive advantage can be best explained as suggesting that:

Businesses create high-quality goods to sell at high prices in the market.

Which of the following errors was not part of the evolution of marketing?

Buying era

What event occurred along side the development of industrial capitalism in 19th century Britain?

Universal adult male suffrage

Which of the following is NOT an example of supply chain sustainability?

Using a more than necessary amount of resources

If we segment a market geographically, which of the following measures will NOT apply?

Value

Which demographic has seen a great deal of recent growth in the entrepreneurial area?

Women

Why do people have trouble making the "right" decision?

All of these answers

Which one of the following is an example of a strategic operation decision?

Determining how labor and equipment are organized

In order to be effective, a team leader should NOT:

Disengage from the team

Which of the following fields would most be concerned with the comparison of business ethical traditions from various religious perspectives?

International business ethics

The civil rights act of 1964 was important because:

It ended racial discrimination for voting

Which section of a business plan outlines a management summary of the projected business?

Executive summary

Assuming the US is efficient in growing corn and therefore sells it to other countries. We call this:

Exporting

Which of the following is an element that makes ethical behavior conducive within an organization

All of these answers

If we segment a market by demographics, which of the following measures will be used?

Average income

In answering questions of shipping, delivery, and transport, supply chain management is addressing what type of problem?

Distribution strategy

Entrepreneurs can increase their odds of success by avoiding which of the following drawbacks when starting a small business?

Failing to set aside cash reserves that can be used during economic downturns.

In terms of supply and demand, what is the quantity of a product that people are willing to buy most dependent on?

It's price

IT is changing the basis of business from labor and manual skills to ____________?

Knowledge management

Which of the following is NOT an example of a promotion?

Pricing at premium

Industries with a high concentration of small businesses generally require:

Little investment capital upfront

Which of the following is NOT necessarily a result of planning?

Making a decision quickly

Which of the following is NOT a federal agency that enforces the ADA?

Mine safety and health administration

Which of the following is NOT a characteristic of cost plus pricing?

Most profitable

Which one of the three forms of marketing has been most changed due to technology?

Relationship marketing

Which of the following is NOT an example of a total quality management practice(TQM)?

Working harder

What is business ethics?

Written and unwritten codes of principles and values that govern decisions and actions within a company

In a mixed economy, what remains as the fundamental driving force behind economic activity?

Profit-seeking

To be eligible for S corporation status, a corporation must have no more than:

100 shareholders

How many times should you decline a gift in China?

3 times

The age discrimination in employment act of 1964 protect employees at what age?

40 years or older

Which of the following products would be most difficult to price discriminate?

A bottle of water

Some policies of affirmative action have been criticized because they are seem to be:

A form of reverse discrimination

Which of the following is not an advantage of starting a business?

A lack of involvement in day to day business activities

A statistic that reports the status of the economy a few months in the past is known as what?

A lagging indicator.

The two departments that are usually involved in the purchasing process are:

Accounts payable and purchasing department

A promotion can be in the form of:

All of these answers

An HR professional is generally expected to perform which of the following functions?

All of these answers

Businesses that are partnerships typically include which of the following details in the partnership agreement?

All of these answers

New technologies are allowing more women and young people to start businesses. This is mainly because:

All of these answers

Successful marketing is important for return on investment because marketers:

All of these answers

Which of the following does transparency imply?

All of these answers

Tariffs are often viewed by economists to be bad for overall welfare because:

All of these answers.

Which of the following is NOT included in the value a firm delivers to its customers?

All of these are part of value

When a company allows workers to leave voluntarily without replacing them, it is called:

Attrition

What is the process in which a government dictates which goods or services are produced, how they are produced and who will receive them?

Central planning

Which of the following is NOT a legal benefit of incorporation?

Complete decision making power

In response to economic conditions, employment in small businesses:

Declines when the economy is doing well and increases when the economy struggles

What is the process managers use to transfer authority and responsibility to positions below them?

Delegation

Which of the following functions must be performed to implement the marketing strategy?

Form a target market

Economic growth is conventually measured as a percentage rate of increase in what economic measure?

GDP

Which of the following is NOT an educated risk regularly taken by good managers?

Ignoring customer needs for the benefit of the business

Which of the following is a characteristic of the service sector?

Intangible products

What type of companies do individuals tend to want to work for?

Ones in which ethical dilemmas are minimized

What is the primary tool of monetary policy?

Open market operations

Which of the following is NOT a step in out sourcing?

Opening a new plant in a foreign country

Suppose a company is having problems with a high turnover rate of their high skilled employees. One remedy for this would be to:

Pay above market wages

Suppose a company brought a new product to market with price sensitive customers, low barriers to entry, and the probability of rapid acceptance by potential buyers. Which pricing strategy would this company likely employ?

Penetration

Tariffs, as they relate to global trade, are:

Taxes on imports

What belief has driven customers, businesses, homebuyers and the US government itself to rely increasingly on debt?

That the value of their investments would continue to grow.

An analytical mindset does NOT include which of the following:

The ability to make irrational decisions

The one universal criterion for measuring the rate of success in production is:

The ability to produce surplus value

Which of the following would NOT be an associated negative faced by a business that is focused on cheating the customer?

A desirable reputation in the community

Market oriented pricing can most accurately be defined as:

A firm basing what they charge on what other firms are charging

Which of the following occurs when real GDP reaches its maximum, stops rising, and begins to decline?

A peak

How is a stakeholder different from a shareholder?

A shareholder is an owner of the company, whereas a stakeholder is any individual or group with an interest in the company's operations and/or output.

Suppose you, as an American company, started a phone business in India. Which of the following cultural barriers might you face?

All of these answers

The world bank incorporates which of these studies in fighting poverty of developing countries?

All of these answers

Which of the following characteristics of the service sector distinguish it from the product sector?

All of these answers

Which of the following is a potential improvement to a transport route?

All of these answers

One of the primary advantages of organic growth is:

Better control and coordination of the business

Which of the following basic business processes has the Internet not been increasingly used for?

Bookkeeping

Using psychological pricing, a company might charge $400 for a designer item because it:

Creates more demand

Fairness in trading practices, trading condition, sales practices, consultancy service, tax payments, internal audits, external audit, and executive compensation also fall under what field?

Finance and accounting

If a country had a trade deficit, what will occur?

Imports will exceed exports

The main advantage for employers in offering employee benefits is:

Improve worker retention

From the research conducted on innovation, which of the following is the most popular driver of innovation?

Improved quality

The most important basis for creating a competitive advantages is to:

Increase value

The reasoning behind the creation of the Euro can be best explained as a means to:

Integrate the European countries

A limited partnership can best be described as which of the following?

It is a partnership in which only one partner is required to be a general partner.

Which of the following is NOT true about planning?

It should be set at the beginning of a project and not changed afterward

Successful small business owners often need a high level of __________, due to the high likelihood of drawbacks and failure.

Perseverance

A pricing method which calls for setting a relatively high price at first, then lowering the price over time is called:

Price skimming

The four p's of marketing are:

Price, product, place, promotion

Which of the following characteristics is NOT conducive with entrepreneurial drive?

Risk adversity

Assuming you were the CEO of a company with 72 shareholders, offering only common stock. This company would likely fall under which of the four categories of corporations?

S corporation

Issues such as dangerous products/services; transparency about environmental risks, product ingredients, or possible health risks; respect for consumer privacy and autonomy; and fairness in pricing and distribution arise in which field?

Sales and marketing

Navigating government regulations is one of the primary advantages of owning a sole proprietorship since:

Sole proprietorships do not have to pay corporate taxes

Which one of the following best explains the relationship between marketing concepts and market concept?

The market concept is used to fulfill the goals of the marketing concept.

An employee would exercise their stock options if:

The market price is higher than the call price

In a sole proprietorship, there is no legal distinction between:

The owner and the business

Which of the following is an advantage of business ownership structures that are partnerships?

The profits from the business flow directly through to the partners' personal tax returns.

Which of the following is the goal of using CRM software?

Entice former customers back

Which of the following would constitute as a technological barrier to trade?

Product standards

The difference between a firm's total revenue and all costs represents _____________.

Economic profit

All of the following are benefits of a retail kiosk, except:

Large inventory

Logistics management encompasses all of the following except:

Manufacturing

According to economist Milton Friedman, the main purpose of a business is to ________.

Maximize profits for its owners.

Which of the following is NOT a step in the decision making process?

Multiple decisions are made, executed and then evaluated

The following attributes describe which type of segmentation: personality, values, and lifestyle?

Psychographic