Prin of Business: The Big Squeeze

What role does utility play in the implementation of the marketing concept?

A satisfaction gauge

Which of the following is the best action for businesses to take in order to adapt to changing markets

Implement innovative strategies and ideas

Which of the following is an example of nonverbal communication that might have a different meaning to business people in other parts of the world:

Shaking hands when greeting a customer

Which of the following is a situation that might make businesspeople from other countries feel uncomfortable and impact their ability to conduct business:

Standing very close to others during conversations

Which change provides the most time utility for a consumer?

Staying open for business on the weekend

An important factor that has a significant effect on the general business environment is

Technology

Which of the following examples illustrates how environmental factors are interrelated:

The economy affects what competitors are doing.

Which of the following situations would most likely indicate the need to adapt to changes in the business environment:

The supply of materials used in manufacturing a product has decreased.

Which of the following is a true statement about business ethics and the law:

The two are not the same thing, but they do overlap.

Which of the following is a reason that a U.S. company would decide to offer its products in other countries:

To expand to new, untapped markets

An American businessperson in London was offered a "cuppa" by the company's receptionist. The businessperson did not know that the receptionist was offering a cup of tea. This is an example of

a language barrier

The U.S. produces widgets faster and cheaper than Switzerland. In this example, the U.S. has a(n) __________ advantage.

absolute

Changing a good's form involves which of the following:

adding a new feature to a good

The growth of e-commerce is changing the way companies do business by allowing them to

be available to customers at all times

When marketers provide information about an available product, consumers are more likely to

buy the product

Businesses that successfully adapt to current market situations often realize that

change is an opportunity

A business's philanthropic responsibility involves its contributions to

charity

A wholesale distributor would like to track its customers geographically. Which software application would be most effective?

database

Which of the following would be done first in an environmental scan:

identifying participants and responsibilities

What is one way that the trend towards protecting the environment has a negative effect on many businesses?

increases cost

A business that fails to protect its employees from unnecessary risk or health hazards on the job may be sued for

negligence

What is one reason why the federal government awards patents to businesses that have invented new products or manufacturing processes?

to encourage research

A nation that exports more than it imports maintains a

trade surplus

To maintain its current customer base and attract new markets, the KMV Company lowered the prices of some of its products. What external factor most likely influenced this action?

changes in consumer spending

Levels of inflation and unemployment are factors that affect __________ in the world market.

competition

Companies that operate at the international level should be aware of political factors that affect trade, such as civil unrest or

embargos

When meeting with businesspeople from other countries, it is important to understand social differences, such as bowing, handshaking, and spatial comfort, which are often called

non-verbal cues

Which of the following is an example of a business using technology to improve the efficiency of its salespeople:

providing laptop computers

One reason why it is important for businesses to identify and respond to current business trends is to

remain competitive

An advantage to a business of filing Chapter 11 bankruptcy is that the process allows the business to

reorganize

A business should conduct environmental scans on a continuous basis so that it can

respond to opportunities and threats quickly.

As the use of information-management systems continues to grow, it is important for businesses to be concerned with their customers'

rights for privacy

To discover a product's level of utility, marketers measure the consumer's

satisfaction

Online chats, forums, and communities that enable businesses to learn about the wants and needs of their worldwide target market have created a new form of

social relationships

Which of the following factors has aided the most in creating a global business environment:

technology

Which of the following is an example of a demographic trend:

the aging of population

Why should a business practice good ethics?

An ethical business contributes toward its own success.

Which of the following is an example of increased financial risk for a company with poor business ethics:

Decreased company value

Which of the following factors affecting the business environment is represented by the business's location:

Environmental

What type of property is a business protecting when it registers its trademark?

Intellectual

Which of the following is a benefit of international trade:

an improved standard of living

A country with a weak currency value tends to

decrease its imports and increase its exports.

What type of trend are businesses considering when they analyze where customers live and their ethnic backgrounds?

demographics

Which of the following is a factor that would encourage businesses to start a business at a particular location:

easy access to natural resources

One reason that some U.S. businesses have moved some of their operations to foreign countries is to

lower labor cost

The law that requires businesses to hire, train, transfer, and promote employees without regard to race, color, gender, religion, or national origin is the __________ Act.

Civil rights

One internal factor that affects the business environment is

Management styles

One reason an existing business might develop a company web site is to

create a new revenue source

Which of the following factors affects society's basic values and behaviors that influence their buying decisions:

cultural

A business suddenly moves its operations to a new town, leaving its current employees jobless. Its reason for taking this action, which some consider unethical, might be that the action

is not legal

Computer database programs make it easier for businesses to manage

large amounts of related data

One way that technological innovation has changed business is by decreasing the use of

paper forms

Which of the following is an environmental factor that affects the performance of businesses that market products on a global level:

political risk

A main reason that environmental scanning is important is so that businesses can be aware of

potential threats

Which of the following will foster a business's ability to adapt to changing markets:

proactive management