Intro to business

The market orientation approach emphasizes

determining what customers want first and then producing it.

David is an accountant for a small company. As such, he participates primarily in ________ activities.

financial

In the context of the marketing concept, which is the first step that a business must take?

find out what consumers desire

Pamela Sue has responsibility for the functions of organizing, staffing, planning, and controlling activities in a large company. These functions are most closely associated with

managers.

________ has the important function of providing revenue to sustain a firm.

Marketing

All the groups that have an interest in an organization's success and outcomes are known as the organization's

stakeholders.

Studies have found a direct relationship between social responsibility and ________ in business.

profitability

How do the terms business ethics and social responsibility differ from each other?

Business ethics relates to an individual's or a work group's decisions that society evaluates as right or wrong, whereas social responsibility concerns the impact of the entire business's activities on society.

________ are the funds used to acquire the natural and human resources needed to provide products.

Capital resources

_______ is the goal of the marketing concept.

Customer satisfaction

Which of the following statements is true about businesses and profits?

Earning profits contributes to society by creating resources that support social institutions and government.

Which of the following is true of the role of ethics and social responsibility in business?

Ethical conduct and corporate social responsibility are linked to increased profits.

________ is an element of the management activity in a business.

Operations

________ involves taking someone else's work and presenting it as your own.

Plagiarism

________ is the primary goal of business.

Profit

Sensational Smoothies is a small, local company that, in addition to making delicious smoothies, offers its customers live music, open microphone nights, free Internet access, and comfortable seating, so they can enjoy their smoothies with friends or while working. In the case of this company, which of the following statements is most likely true?

The tangible product itself may not be as important as the benefits associated with the product.

A product can be an idea.

True

Customers derive benefits from their experiences, as well as the act of shopping and selecting products.

True

Marketing focuses on the four P's—product, price, place (or distribution), and promotion—also known as the marketing mix.

True

Which of the following is an example of an intangible product?

a music concert

Among the major activities of business, which of the following is an element of management?

acquiring resources

Groovy Gifts is deciding whether to sell its products through vending machines outside subway stations or in stores at popular malls. To which of the following elements in the marketing mix does this decision most closely relate?

distribution

Wacky Wearables is a clothing store that is contemplating whether to sell its products in brick-and-mortar stores or to sell them at its online store. To which of the following elements in the marketing mix does this decision most closely relate?

distribution

The outcomes of a business's efforts are

products.

The term ________ refers to a business's obligation to maximize its positive impact and minimize its negative impact on society.

social responsibility

Chrysler is working to find a way to produce the automobiles its customers want while meeting environmental requirements. This is an effort to please multiple

stakeholders

Samuel hired a lawyer to help draft a purchase and sale agreement for his new home. The home is an example of a product that is a(n)

tangible item.