Module 4

_____________________ refer/s to the behavioral patterns and values that characterize a particular group of customers.

Culture

______________________represent the value of one country's currency relative to that of another country.

Exchange rates- can have a profound impact on whether doing business with another country is profitable.

A product or service has an elastic demand if demand does not change significantly when there is a change in the price of a product or service. a. True b. False

False

After the completion of the sale, the relationship with the client does not matter to the entrepreneur. a. True b. False

False

For entrepreneurs, an indirect channel of distribution is sometimes preferable because it provides more control. a. True b. False

False

Given the advances in technology, the cost of accepting major credit cards for payment over the internet has decreased. a. True b. False

False

Given the dynamic nature of online business, internet companies are discovering that frequent price changes do not work to their benefit. a. True b. False

False

Ideally, small businesses should spend a lot of money doing primary research on countries before taking their business global. a. True b. False

False

Trade intermediaries represent the value of one country's currency relative to that of another country. a. True b. False

False

Unfortunately, research findings suggest that managing customer relationships pays minimal dividends. a. True b. False

False

An effective promotional strategy is a company's ability to help itself get found by people already learning about and shopping in the firm's industry. a. True b. False

False An effective promotional strategy will take into account the promotional mix, the costs of promotion, the characteristics of your product, learning from your competitors, and listening to your customers.

Determining how often to advertise is an important but fairly easy issue for small businesses. a. True b. False

False Determining how often to advertise is an important and highly complex issue for a small business.

The simplest method to estimating promotional expenditures is to determine how much is needed to achieve objectives. a. True b. False

False Many small businesses operate in stable markets with predictable revenue streams so the simplest method of determining how much to budget for promotion is to earmark promotional dollars based on a percentage of sales.

Perception is the starting point for all behavior. a. True b. False

False Needs are often described as the starting point for all behavior.

The first thing a small business owner should do before going global is to study the social, technological, and political forces in the market. a. True b. False

False Once small business owners decide to expand internationally, they should study the social, technological, economic, and political forces in foreign markets to figure out how best to adapt their business practices, as well as their product or service, to local circumstances, and make other adjustments that are necessary to ensure smooth market entry.

For best results, sales promotion typically is used in combination with advertising and prospecting. a. True b. False

False Sales promotion includes any promotional technique, other than personal selling or advertising, that stimulates the purchase of a particular product or service

When first building a small business website, you want to focus primarily on the ability for customers to interact rather than site attractiveness. a. True b. False

False When first building a small business website, design a site that balances attractiveness with the ability to interact.

Penetration pricing and skimming are long-term strategies used when new products are first introduced into the market. a. True b. False

False They are not long-term

A country with high inflation and vast fluctuations in exchange rates is said to have low economic risk and managed currency floats. a. True b. False

False - It is important to recognize that inflation reduces the value of a country's currency on the foreign exchange market, thereby decreasing the value of cash flows that the firm receives from its operations abroad.

_____________occur when the insight an employee gains from experience leads to improved work performance.

Learning effects- can occur at the individual level or, if shared with other employees, at the firm level. Experience is a good teacher—when we listen.

____ are the starting point for all behavior. a. Perceptions b. Motivations c. Needs d. Evaluations

Needs

______________ are expenses that remain constant at different levels of quantity sold.

Operating Expenses

A _______________________ strategy is used when a firm wants to enter the market at a price lower than its normal, long-range market price in order to gain rapid market entry.

Penetration pricing

The combination of promotional techniques and strategies a business chooses to use is called its ______________________

Promotional Mix

________________________is the systematic process of continually looking for new customers.

Prospecting

_______________describes a firm's position when it uses its unique capabilities and resources to outperform its competitors over time.

Sustainable Competitive Advantage

Breaking into international markets can be made easier with a ____________________company that can tap its network contacts to help set up export contracts.

Trade intermediaries -focus on helping businesses get established in foreign countries. Many times they can take care of everything except actually filling the orders.

A major component of the consumer behavior model is psychological influence. a. True b. False

True

According to recent research, 91 percent of businesses with 11 or more employees and 50 percent of those with 10 or fewer employees said they had a CRM system already in place, which represents impressive growth in usage over previous years. a. True b. False

True

Building relationships through business and social interactions can lead to personal referrals. a. True b. False

True

Conducting business internationally will never be as easy as doing business at home. a. True b. False

True

Need recognition occurs when a consumer realizes that his or her current state of affairs differs significantly from some ideal state. a. True b. False

True

Product advertising is designed to make potential customers aware of a product or service and create a desire for it. a. True b. False

True

Successful CRM programs include good transactional relationships with customers and knowledge of customer behavior. a. True b. False

True

When consumers develop an emotional connection to firms, they respond more positively. a. True b. False

True

Transactional relationships occur between the customer and a small business. a. True b. False

True A transactional relationship is an association between a business and a customer that begins (or ends) with a purchase or a business exchange.

What is the contribution margin for a product that sells for $5 per unit and has total variable costs of $2.75 per unit? a. $2.25 b. $2.75 c. $5.00 d. $2.00

a. $2.25

Perception can best be described as: a. An individual process that gives meaning to stimuli experienced by the customer. b. An objective assessment of advertising content by the customer. c. Unconscious influences created by advertisers to increase product awareness. d. Conscious assessment of the pros and cons of purchasing a particular product.

a. An individual process that gives meaning to stimuli experienced by the customer.

Which of the following describes the goal of a specialty item? a. It promotes a product directly, creates goodwill for a firm and is an excellent reminder of a firm's existence. b. It allows potential customers to get hands-on experience with a product. c. It provides visibility for a business at little or no cost to promote both a product and a firm's image. d. attract customers to purchase products.

a. It promotes a product directly, creates goodwill for a firm and is an excellent reminder of a firm's existence.

Personal selling is best described as: a. Making a presentation and closing a sale face-to-face. b. Marketing products for personal use. c. Selling products that people may be embarrassed to talk about. d. Mass customizing products through sophisticated online ordering systems.

a. Making a presentation and closing a sale face-to-face.

_____ are expressed either as a percentage of the selling price or the cost. a. Markups b. Break-even points c. Prestige pricing d. Elastic demand

a. Markups

Your friend Eduardo asks your advice about distributing the shoes his company makes. He would like to reduce the risk he faces in marketing his products. Which of the following types of intermediaries would best help him do that? a. Merchant middlemen b. Agents c. Brokers d. Factors

a. Merchant middlemen

Which of the following statements is most accurate? a. Small entrepreneurial firms produce twice as many incremental innovations as large firms and ninety-five percent of radical innovations. b. Small firms lack the resources and economies of scale to innovate effectively. c. Large firms innovate more because size and flexibility are correlated. d. Radical innovation occurs almost exclusively in the research labs of large firms.

a. Small entrepreneurial firms produce twice as many incremental innovations as large firms and ninety-five percent of radical innovations.

Credit sales have what effect on a company's balance sheet? a. They increase the amount of working capital needed by the business doing the selling. b. They reduce the amount of working capital needed by the amount of the credit extended. c. There is no effect on the balance sheet, only an effect on the income statement. d. Cash flows are increased, thus increasing short-term assets.

a. They increase the amount of working capital needed by the business doing the selling.

Packaging, branding, labeling, and warranties are part of a firm's total product offering. a. True b. False

a. True

Three basic promotional activities are personal selling, _____, and using sales promotional materials. a. advertising b. product development c. distributing d. pricing

a. advertising The promotional efforts of a small firm can encompass nonpersonal (advertising), personal (personal selling), combined (social media), and special (sales promotion) forms of communication.

An enduring opinion that is based on knowledge, feeling, and behavioral tendency is called a(n) _____. a. attitude b. perception c. need d. motivation

a. attitude

With _____ pricing, the total cost (cost of goods sold plus operating expenses) over a previous period is divided by the quantity sold in that period to arrive at an average cost, which is then used to set the current price. a. average b. variable c. skimming d. price-lining

a. average

The effect that a change in price has on the quantity demanded is called the a. elasticity of demand. b. break-even point. c. cost differential. d. adaptive pricing.

a. elasticity of demand.

Costs that remain constant at different levels of quantity sold are called a. fixed costs. b. variable costs. c. average costs. d. markup costs.

a. fixed costs.

A specialized form of licensing in which a standard package of products, systems, and management services are sold to a firm in another country is called international _____. a. franchising b. contract manufacturing c. strategic alliance d. licensing

a. franchising

A product _____ is the lowest common denominator in a company's product mix. a. item b. mix c. strategy d. line

a. item

International _____ is the use of foreign labor through contracts with independent providers. a. outsourcing b. manufacturing c. trade agreement d. trade barrier

a. outsourcing

Top Hats Limited routinely sets high prices for their hats to convey an image of high quality. This refers to a. prestige pricing. b. variable pricing. c. fixed pricing. d. average pricing.

a. prestige pricing.

The most effective approach to collecting past-due accounts is to a. remind the debtor that his or her credit rating may be impaired. b. contract with a collection agency immediately. c. endorse a consolidation loan for the debtor. d. negotiate extended payments from the debtor.

a. remind the debtor that his or her credit rating may be impaired.

A _____ price strategy sets prices for products or services at high levels for a limited period of time. a. skimming b. penetration c. follow-the-leader d. variable

a. skimming

What is the break-even point in units of a company that sells widgets with a contribution margin of $3 and total fixed costs of $3000? a. 100 units b. 1000 units c. 3000 units d. 30 units

b. 1000 units

About _____ percent of customers say they have walked out of a store in the previous year because of poor customer service. a. 24 b. 64 c. 15 d. 75

b. 64

A "touch point" can be best described as: a. Appropriate but friendly physical contact with customers. b. Any contact with the customer, including phone, mail, "live" visits, and online interaction. c. Upgrades that occur frequently during repeat customer interactions. d. Web site design that addresses the ease of interface for customers using tablets and smart phones.

b. Any contact with the customer, including phone, mail, "live" visits, and online interaction.

Which of the following is NOT a component of a business's brand? a. Brand image b. Brand lifespan c. Brand name d. Brandmark

b. Brand lifespan

The _____ approach recognizes that with every interaction, customers learn something about a business that will either strengthen or weaken their satisfaction and desire to return. a. CRM b. CEM c. perception d. segmentation

b. CEM

As global communication systems become more efficient and trade agreements pry open national markets to foreign competition, entrepreneurs have to focus less on international expansion. a. True b. False

b. False

Given that a product is the actual tangible item, it does not include the packaging or warranty. a. True b. False

b. False

Unfortunately, strategic decisions about growth, innovation, and product development are seldom made within the guidelines and constraints of the legal environment of the marketplace. a. True b. False

b. False

Sarah is concerned that her unique canvas purses are being copied and sold in another country. Which of the following strategies is most likely to gain her a champion in the problem country and expand her market at the same time? a. Complaining to the foreign government b. Foreign licensing c. Complaining to the U.S government d. Getting an international patent

b. Foreign licensing Foreign licensing means that a company in the problem country has an interest in fighting the counterfeiters. The other three strategies may help, but the licensing option is probably the best overall.

The _____ requires every food product covered by the law to have a standard nutrition label. a. Consumer Product Safety Commission b. Nutrition Labeling and Education Act c. Consumer Product Improvement Act d. Food and Drug Administration

b. Nutrition Labeling and Education Act

Having your business featured in a news story is an example of: a. Sales promotion. b. Publicity. c. Specials. d. Serendipitous selling.

b. Publicity.

_____ are divisions in a society having different levels of social prestige. a. Reference groups b. Social classes c. Opinion leaders d. Perception classes

b. Social classes

A growth trap is best described as: a. A psychological problem characterize by the irrational need to grow the enterprise. b. The phenomenon wherein a business's need for cash grows faster than its profits. c. A funding gap between the angel investor and venture capital stage. d. Resistance on the part of employees to learn how to work in a larger company.

b. The phenomenon wherein a business's need for cash grows faster than its profits.

Matilda is planning a visit to Ecuador to establish a market for her digeridoos. She is going on a: a. Trade excursion. b. Trade mission. c. Global path-making trek. d. Cross-border trade trip.

b. Trade mission. A trade mission establishes contact with people in other countries who might be interested in purchasing products from the visitor or introducing them to potential buyers.

_____ is the extent to which a good or service is perceived by its customer to meet his or her needs or wants and is measured by a customer's willingness to pay for it. a. Price b. Value c. Cost d. Credit

b. Value

A(n) _____ categorizes accounts receivable based on the length of time they have been outstanding. a. trade credit b. aging schedule c. revolving charge account d. bad-debt ratio

b. aging schedule

Small companies that are launched with cross-border business activities in mind are called a. born-again firms. b. born-global firms. c. already-global firms. d. internationalized firms.

b. born-global firms.

All of the following are stages in the product life cycle EXCEPT: a. growth. b. deployment. c. maturity. d. decline.

b. deployment.

Which stage of new product development entails sketching out the plan for branding, packaging, and other supporting efforts, such as pricing and promotion? a. idea accumulation b. development of the physical product c. business analysis d. product testing

b. development of the physical product

Studies have shown that small entrepreneurial firms produce _____ the innovations per employee as large firms. a. triple b. double c. quadruple d. half

b. double

A(n) _____ is a group of brands that a customer is both aware of and willing to consider as a solution to a purchase need. a. reference group b. evoked set c. perceptual categorization d. social classes

b. evoked set

At the _____ stage of the product life cycle, profits reach their peak. a. introduction b. growth c. maturity d. decline

b. growth

The method of determining promotional expenditures that requires a comprehensive analysis of the market and the firm's goals seeks to determine a. competitors' expenditures as a percent of sales. b. how much you will need to accomplish your goals. c. the optimum percent of the firm's sales to expend. d. how much can be spared.

b. how much you will need to accomplish your goals

A word, phrase, or image that a user may click on to go to another part of a document or website or to a new document or website is called which of the following? a. blog b. hyperlink c. app d. quick response (QR) code

b. hyperlink

A small firm can share or totally shift business risks by using intermediaries called a. agents. b. merchant middlemen. c. business brokers. d. direct middlemen.

b. merchant middlemen.

All of the following are economic benefits of maintaining relationships with current customers EXCEPT: a. happy customers refer friends and colleagues. b. new customers increase profits more than current customers. c. order-processing cost are less for returning customers. d. long-time customers spend more money than new customers.

b. new customers increase profits more than current customers.

All of the following are categories of product strategy alternatives of a small business EXCEPT: a. one product/ one market. b. one product/ modified market. c. multiple products/ multiple markets. d. modified products/ one market.

b. one product/ modified market.

Fixed costs are also known as a. variable costs. b. operating expenses. c. average prices. d. elastic demands.

b. operating expenses.

Which of the following is NOT true of loyal customers? a. They buy more expensive products. b. reacting more to price increases. c. encouraging their friends to buy the same products. d. engaging in other behaviors that tend to enhance a firm's profits.

b. reacting more to price increases.

What percent of Inc. magazine's list of the 500 fastest-growing private companies are doing business in Canada? a. 37 b. 24 c. 64 d. 18

c. 64

Ughmeh Inc. manufactures front loaders. In the last two years, the company's output doubled and its production cost per loader went down significantly. The company has realized: a. Lot input reductions. b. Small firm slipstreaming. c. Experience curve efficiencies. d. Bulk instream efficiencies.

c. Experience curve efficiencies. Experience curve efficiencies result from a company's getting smarter as it gains more experience in manufacturing.

The term BRICs is often used to refer to the fast-growing economies of all of these EXCEPT: a. Brazil. b. Russia. c. Indonesia. d. China.

c. Indonesia.

One method of determining how much to spend on promotions is to "see how much is left over" after other expenses have been paid. Which of the following is a potential drawback to this method? a. It tends to steer one towards inappropriate media outlets. b. It always results in too much money being spent on promotions. c. It is not linked to a specific advertising objective. d. It always results in too little money being spent on promotions.

c. It is not linked to a specific advertising objective.

All purchase behavior begins with: a. Advertising. b. Contact initiated by the seller. c. Perception of a need on the part of the customer. d. A crisis on the part of the customer that precipitates a purchase.

c. Perception of a need on the part of the customer.

Roberto has decided to do business in Central Africa. Since many countries in the region have unstable governments, he should take into account not only economic risk but: a. Health risk. b. Transportation risk. c. Political risk. d. Internal management risk.

c. Political risk.

Pricing has a dual effect on total sales revenue. Which of the following best describes those effects? a. Pricing is part of the cost of goods sold and affects accounts receivable. b. Higher prices result in a stronger balance sheet and offset short-term debt. c. Pricing has a direct impact on the gross revenue equation and an indirect impact on demand. d. Lower prices nearly always increase revenues and reduce costs.

c. Pricing has a direct impact on the gross revenue equation and an indirect impact on demand.

Marcy is concerned about whether her company should add motorcycle accessories to her already established car accessory products. She is thinking about which aspect of her product strategy? a. Product item b. Product line c. Product mix d. Product quality

c. Product mix Product mix describes this kind of issue—how all the lines a company offers fit together.

The promotional mix consists of all of the following EXCEPT: a. advertising. b. personal selling. c. QR codes. d. social media.

c. QR codes.

The function of an aging schedule is: a. To track the changing demographics of older customers. b. To determine how soon a product line will become obsolete. c. To categorize accounts receivable based on the length of time they have been outstanding. d. To categorize accounts payable based on the length of time they have been outstanding.

c. To categorize accounts receivable based on the length of time they have been outstanding.

The last stage of a product life cycle is a. growth. b. maturity. c. decline. d. introduction.

c. decline.

A product or service is said to have a(n) _____ if an increase in its price lowers demand for the product or service or a decrease in its price raises demand. a. inelastic demand b. break-even supply c. elastic demand d. bad debt ratio

c. elastic demand

All of the following are services provided by advertising agencies EXCEPT: a. furnishing design, artwork, and copy for a specific advertisement. b. advising on sales promotions and merchandise displays. c. financing the cost of media advertising. d. evaluating the effectiveness of different advertising appeals.

c. financing the cost of media advertising.

In a foreign licensing agreement, the _____ is the company buying licensing rights and the _____ is the company selling licensing rights. a. exporter; importer b. importer; exporter c. licensee; licensor d. licensor; licensee

c. licensee; licensor

A brand _____ is a tangible component of brand identity that cannot be verbalized. a. image b. name c. mark d. letters

c. mark

A planned visit to a potential market, designed to introduce U.S. firms to prospective foreign buyers and try to establish strategic alliances is called a trade _____. a. intermediary b. lead c. mission d. alliance

c. mission

Global small businesses face challenges on a _____ scale. a. much smaller b. equal c. much larger d. minor

c. much larger

The promotional efforts of small firm may include all of these forms of communication EXCEPT: a. nonpersonal (advertising). b. personal (personal selling). c. non-verbal (body language). d. combined (social media).

c. non-verbal (body language).

A group leader who plays a key communications role among peers is called a(n) _____. a. reference group member b. peer perceiver c. opinion leader d. cultural leader

c. opinion leader

All of the following are reasons a small business may or may not decide to sell on credit EXCEPT: a. type of business. b. credit policies of competitors. c. political conditions. d. ages of customers.

c. political conditions.

Common methods of budgeting funds for small business promotion include all of the following EXCEPT: a. using a percentage of sales. b. deciding how much can be spared. c. spending less than what the competition spends. d. determining what it takes to do the job.

c. spending less than what the competition spends.

All of the following are reasons for a small firm to go global EXCEPT: a. to expand its market. b. to gain access to resources. c. to penetrate domestic market. d. to cut costs.

c. to penetrate domestic market.

A ____________ is a collection of information about individual customers that can help a company reach and serve people better.

customer database

The court case involving Joe Hadeed, owner of a carpet-cleaning service and Yelp, an online business review forum can best be summarized as: a. A clear case of fraudulence on the part of Yelp. b. An effort by the carpet-cleaning business to cover up poor service. c. A reason never to advertise online. d. A complex case balancing free speech rights against a company's right to protect its reputation.

d. A complex case balancing free speech rights against a company's right to protect its reputation. This case demonstrates how social media has complicated things for business. It can help a business spread good news about its products and service, but unscrupulous competitors can plant false comments online as well.

Which of the following statements are true concerning globalization by small businesses? a. Many small companies are "born global," meaning that they are launched with globalization in mind. b. Rapidly growing economies in places such as India and China make doing business overseas hard to ignore. c. Going global necessitates learning about the culture and social norms of the countries in which you plan to do business. d. All of the above

d. All of the above

Which of the following are economic benefits of maintaining good relationships with customers? a. It costs more to acquire new customers than to nurture repeat customer relationships. b. Happy customers are a good source of referrals. c. Current customers often buy without discounts whereas new customers may need to be enticed with sale prices. d. All of the above.

d. All of the above.

A price-skimming strategy is best directed at what kind of customers? a. Bargain seekers b. Copycats c. Expert users d. Early adopters

d. Early adopters Early adopters like to be the first to own something and so may be charged a higher price. After this market is tapped out, a firm may benefit from lowering its price.

Gyeong thinks that making people aware of her interior design business will help her sell more of her products. She is considering: a. Piggyback promotion. b. Sales promotion. c. Web advertising. d. Institutional advertising.

d. Institutional advertising.

Your friend Hans wants to promote his new smart phone app. It will sell for $2.99. Hans would probably NOT use which of the following types of promotion? a. Social media b. Nonpersonal advertising c. Sales promotion d. Personal selling

d. Personal selling

The primary purpose of trademarks and service marks is to: a. Gain the protection of a patent without the cost. b. Reduce marketing costs by capitalizing on image recognition. c. Enable a company to pretend it is big when it is really just a startup. d. Represent the way people identify your business.

d. Represent the way people identify your business.

All of the following are legislation related to credit management EXCEPT the: a. Fair Credit Billing Act. b. Equal Credit Opportunity Act. c. Fair Debt Collection Practices Act. d. Sherman Antitrust Act.

d. Sherman Antitrust Act.

Web sites often fail to satisfy customer information needs because: a. Information changes too rapidly to share freely with customers. b. Fewer and fewer people are looking to the Internet to find information. c. Social media has taken over the Internet. d. The designers build web sites based on what they think rather than asking customers what they want.

d. The designers build web sites based on what they think rather than asking customers what they want.

Which of the following are small business owners likely to contact for help in creating promotional messages? a. Personnel agencies b. Competitors c. Regulatory agencies d. Trade associations

d. Trade associations It is not unusual to rely on others' expertise to create promotional messages such as advertising agencies, suppliers, trade associations, and advertising media which all can provide this specialized assistance.

All of the following are related to the likely promotional success of a corporate website EXCEPT: a. creating and registering a site name. b. building a user friendly site. c. promoting the website. d. allowing various pop-up advertisements.

d. allowing various pop-up advertisements.

All of the following are ways to build a user friendly website EXCEPT: a. provide easy navigation. b. stay consistent on style. c. supply contact information. d. always keep the website material the same.

d. always keep the website material the same.

Most small businesses prefer a _____ sales compensation plan. a. profit-sharing b. straight salary c. combination of commission and salary d. commission only

d. commission only

All of the following are intermediaries EXCEPT: a. merchant middlemen. b. agents. c. brokers. d. common carriers.

d. common carriers.

All of the following are channels of distribution EXCEPT: a. direct. b. indirect. c. dual. d. common.

d. common.

A collection of information about a customer including demographic data, attitudes, preferences, and other behavioral characteristics, as defined by CRM goals, is called a a. customer description. b. target market. c. target audience. d. customer database.

d. customer database.

The three stages of the competitive advantage life cycle are a. introduction, growth, and decline. b. introduction, deploy, and decline. c. develop, deploy, and maturity. d. develop, deploy, and decline.

d. develop, deploy, and decline.

Small firms often gain cost savings by expanding abroad due to a. decreased fixed costs. b. learning effects. c. decreased trade barriers. d. economies of scale.

d. economies of scale.

Allowing a company in another country to purchase the rights to manufacture and sell the company's products in international markets is called a. franchising. b. strategic alliance. c. contract manufacturing. d. foreign licensing.

d. foreign licensing.

Common credit card types include all of the following EXCEPT: a. bank cards. b. financial institution cards. c. retailer cards. d. installment cards.

d. installment cards.

The least expensive way to go global is by a. exporting. b. importing. c. franchising. d. licensing.

d. licensing.

Two important building blocks to developing a CRM program are a. outstanding transactional relationships and a relevant, working database. b. a database and knowledge of consumer behavior. c. a database and stockholders. d. outstanding transactional relationships and knowledge of consumer behavior

d. outstanding transactional relationships and knowledge of consumer behavior.

A firm using a _____ pricing strategy prices products or services lower than a normal, long-range market price in order to gain more rapid market acceptance or to increase existing market share. a. skimming b. variable c. flexible d. penetration

d. penetration

Countries with unstable or unfriendly governments are considered to have great a. economic risk. b. cultural risk. c. competitive risk. d. political risk.

d. political risk.

The last stage of the new product development process is a. idea accumulation. b. development of the physical product. c. business analysis. d. product testing.

d. product testing.

An initial step leading up to an effective sales presentation is _____, which is a systematic process of continually looking for new customers. a. personal selling b. product selling c. promotion d. prospecting

d. prospecting

All of the following are major kinds of consumer credit EXCEPT: a. open charge accounts. b. installment accounts. c. revolving charge accounts. d. savings accounts.

d. savings accounts.

A combination of the resources of different countries to share the risks of an international business venture is called an international _____. a. cabal b. limited partnership c. consortium d. strategic alliance

d. strategic alliance

A legal term that identifies a firm's exclusive right to use a brand is called a a. warranty. b. brand name. c. brand mark. d. trademark.

d. trademark.

A _____ relationship is an association between a business and a customer that relates to a purchase or a business deal. a. transitional b. customer service c. customer management d. transactional

d. transactional

The factors that help a customer decide whether or not to purchase a product are called:

evaluative criteria

A __________________is the registered, exclusive right of an inventor to make, use, or sell an invention.

patent