ENT 1 MIDTERM STUDY GUIDE

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 true statement about feasibility studies:

They are used by businesses in every industry.

How are entrepreneurs similar?

They have strong personal traits, such as determination and confidence.

Which of the following is the best description of the marketing mix:

A combination of the four elements of marketing

The two main sources of revenue used to pay the costs of government regulation are

taxes and borrowing.

Government tries to protect competition by

regulating monopolies.

A goal can be evaluated to determine its

success

Which of the following things might a marketer do to achieve the company's pricing objective of raising the product's value in the customer's eye:

Ask a higher price for the product

Which of the following regulatory agencies would be concerned with price fixing and unfair competitive practices:

Federal Trade Commission

Which step of the design thinking process involves a focus on the problem statement and coming up with ideas to solve the problem?

Ideate

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

Identify participants and responsibilities

Which of the following is a positive effect of government regulation:

Increased inflation

Design thinking is a five step process. Which of the following is NOT a step in that process?

Invent

Of the following, which is a strategy for the goal of increasing this year's website sales by 9% over last year's sales?

Letting people know the web address

Which of the following government actions is most likely to stimulate the economy:

Lowering tax rates

Balancing value and satisfaction for the customer is part of which element of marketing?

Price

Which of the following questions might marketers ask when they are working on the product element of marketing:

What level of quality should be produced?

To get a selected product in the right place at the right time, marketers often ask themselves which of the following questions:

Where should we make our product available?

Which of the following groups is most likely to share the same demographics:

Working mothers

Marketers plan where they need to go and how to get there efficiently in order to

achieve satisfying connections.

Government is involved in settling business disagreements through the use of

courts

A business's ethics determine whether or not an action is acceptable for that business, especially if the action

has a negative impact on others.

A well-executed feasibility study

is articulate.

One of the reasons that has caused government's role in business to expand is that

people's attitudes have changed.

Diana is deciding how much of a product to order and which firms to involve in the process. She is working on the __________ element of the marketing mix.

place

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

potential threats.

Entrepreneurs often discover business start-up ideas by looking for gaps between what is currently being done and

what needs to be done.