marketing
. What is an indirect, mechanical-observation data-collection method that a business can use to obtain accurate information about the specific types of products that its customers are buying? A. Point-of-sale scanners B. Comment cards C. Manual equipment D. Sound-wave meters
. A Point-of-sale scanners. Many businesses use data from their point-of-sale devices (computerized cash registers) to collect marketing information. Because the point-of-sale scanner records all of the customers' purchases, a business can use the device to (indirectly) "observe" its customers' purchasing habits on an ongoing basis. The business can use the data to determine its fast-moving items and its customers' brand preferences. Comment cards are small, short, preprinted questionnaires. Manual equipment is too broad a term to specifically address how marketing researchers collect data. Marketing researchers do not use sound-wave meters to collect information about the types of products that customers are buying.
What is the first step in the process of leading change? A. Show why the change is necessary. B. Communicate the change to everyone involved. C. Ask others to join you in leading the change. D. Put the change into action.
. A Show why the change is necessary. Showing why the change is necessary is the first step in the process of leading change. After you've proven the need for the change, you can ask others to join you in leading it, communicate the change to everyone involved, and put the change into action.
. Bryant recently applied for a personal loan from the Maryville Community Credit Union, but his application was rejected. Bryant has a friend who works at the credit union, so he asks her what went wrong with his application. She told Bryant that the credit union's manager is prejudiced and rarely accepts applications from individuals of Bryant's religion. The credit union violated Bryant's right to A. equal credit opportunity. B. a guaranteed credit line. C. proper notice of rejection. D. practice his religion.
. A Equal credit opportunity. All individuals are entitled to receive equal opportunity for credit under consumer credit protection laws. This means that creditors may not discriminate against an individual because of his/her race, color, religion, national origin, sex, marital status, or age when they make credit decisions. Individuals are not entitled to a credit guarantee. Methods of notifying candidates of their rejection for credit lines vary, and there is not a single "proper" way that is considered appropriate. Maryville Credit Union discriminated against Bryant because of his religion, but it did not violate his right to practice his religion.
Ethical dilemmas should be thought of as A. challenges. B. opportunities. C. easily avoidable. D. emergencies.
. B Opportunities. It's important to remember that each ethical dilemma you encounter is an opportunity to make the right decision and show that you can follow ethical principles. So, it's a good idea to view ethical dilemmas not as challenges, but as opportunities. Ethical dilemmas are encountered often and are not easily avoidable. They should not be viewed as emergencies.
Business ethics involve considering issues about what is A. legal and illegal. B. right and wrong. C. safe and unsafe. D. positive and negative.
. B Right and wrong. Ethics are the basic principles that govern an individual's behavior. In business, ethics involves how a business behaves in its dealing with other businesses, customers, and employees. Businesses consider issues about what is right and wrong when they decide how to operate and how to treat others. To be ethical, they need to consider how their actions affect the welfare of others. It is a matter of considering what is the right way to act and what is the wrong way to act. It does not involve considering what is legal or illegal, although some actions that are unethical are also illegal. Business ethics does not involve considering issues about what is safe and unsafe, or what is positive and negative.
You're giving directions to a group of coworkers, and you want to be sure they do exactly what you say. You should A. raise your voice. B. give directions in the proper order. C. make the directions challenging. D. demonstrate the final steps of the directions.
. B Give directions in the proper order. It's much easier for your listeners to follow along if you give directions in the order in which they should be completed. Raising your voice isn't necessary when giving directions; in fact, it may intimidate your listeners. Your directions should not be challenging, even if the task itself is challenging. If you choose to demonstrate how to complete the directions, you should show how to do each step, not just the final ones.
Coca-Cola, General Mills, and Pillsbury are examples of __________ brands. A. generic B. national C. private D. unprotected
. B National. National brands are those for which the manufacturer assumes all the responsibility of branding. They are also called manufacturers' brands. Private brands are owned by middlemen. Generics are unbranded items that are plainly packaged, have standard or lower quality, are sold at lower prices than branded products, and receive little or no promotion. All of the brands listed are protected by trademark laws.
Thinking of a time when you were happy and proud can help you A. find gaps between your behavior and values. B. avoid activities that do not make you happy. C. determine what values made you feel that way. D. accept others' feedback regarding your values.
. C Determine what values made you feel that way. Thinking about times in your life when you were happy or proud, or certain experiences that stand out in your mind as meaningful, can help you determine the values that made those times so significant. Thinking of a time when you were happy and proud does not necessarily help you completely avoid activities that do not make you happy. It also does not necessarily help you find gaps between your behavior and values or accept others' feedback regarding your values.
When your level of self-esteem is low, this causes you to have A. confidence in your ability. B. difficulty with visualization. C. doubts about yourself. D. appreciation of life.
. C Doubts about yourself. When self-doubts are present, self-esteem has dropped. These doubts and your low level of self-esteem may keep you from having confidence in your own ability or an appreciation for life. A low level of self-esteem does not necessarily cause difficulty with visualization—the practice of imagining yourself in possession of a present or desired strength. Visualization is a method of overcoming low levels of self-esteem.
One of the benefits of setting goals that will help you in your relationships with others is that setting goals A. helps you stay on task. B. gives you a way to measure your progress. C. helps you understand yourself. D. raises your level of self-esteem.
. C Helps you understand yourself. Goal setting helps you understand yourself, and understanding yourself helps you understand other people. Goal setting helps you stay on task, raises your level of self-esteem, and gives you a way to measure your progress, but these benefits do not necessarily help you in your relationships.
Legal protection of an invention or a process granted by the government to its owners for a certain number of years is a A. license. B. copyright. C. patent. D. trademark.
. C Patent. A patent is one form of government protection of private property. Other government protection includes copyrights, trademarks, and licenses. A copyright is legal protection of books and other artistic works granted by government and giving their creators sole rights to them for 28 years. A trademark is an exclusive name or symbol that is placed on a product and may be registered with the government to prevent its use by others. A license is official permission to do or own a specified thing
Which of the following is an example of a salesperson describing a product's construction and materials: A. "Many of my customers have owned and used this product for more than 10 years." B. "To accommodate your décor, this product is available in a variety of finishes and colors." C. "Another feature about this item is that it can also be used in several ways." D. "Because the manufacturer uses high-grade materials to produce this item, its quality is superior."
. D "Because the manufacturer uses high-grade materials to produce this item, its quality is superior." To influence the customer's buying decision, the salesperson must describe the product features and benefits to the customer. One feature that the salesperson might describe is the product's construction. This involves telling the customer about the materials and processes used to make the product. This technique is often used to emphasize the product's high quality. A salesperson describing the product's finishes and colors is pointing out features about appearance and style. If a customer can use the product in many ways, the salesperson is emphasizing the product's uses. Pointing out the length of time that past customers have owned and used the product is emphasizing the item's durability
Interest rates rising and falling by a wide range on a regular basis often are an indication of A. price equilibrium. B. seasonal unemployment. C. flexible capital. D. economic instability.
. D Economic instability. Interest rate is the percentage figure used in calculating interest charges. The interest is the price of borrowing money. Interest rates rising and falling by a wide range on a regular basis often is an indication of economic instability. The interest rate has an effect on the amount of money available to loan and the amount that businesses and individuals are willing to borrow. For example, when rates are high, borrowing decreases because the price of borrowing is high. This tends to slow down the economy. In a stable economy, interest rates remain fairly constant and fluctuate by only a few percentage points. Interest rates rising and falling by a wide range on a regular basis is not an indication of seasonal unemployment, flexible capital, or price equilibrium.
Two similar brand promises may be carried out differently depending on their A. business environments. B. types of packaging. C. logos. D. slogans.
A Business environments. Two similar brand promises may be carried out differently depending on their business environments. For example, a product that is sold in stores will have different touchpoints than a product that is sold online. Types of packaging, logos, and slogans should not have a significant impact on how a brand promise is carried out.
Which of the following quality-control methods improves quality by saving time and allowing potential problems to be caught earlier in the product design and development process: A. Concurrent engineering B. House of quality matrix C. Lean production D. Pareto
A Concurrent engineering. Concurrent engineering is a quality-control method in which product design and development are performed simultaneously. This saves time and allows potential problems or flaws to be caught earlier in the process. House of quality matrix is a quality-control tool that helps managers to determine if a product meets customer needs or not. Lean production focuses on maximizing customer value while minimizing waste. A Pareto chart is a type of bar graph that helps identify which problems need to be addressed first.
The Microsoft Corporation generated $51.12 billion in revenue in 2007. This is an example of A. factual information. B. unwarranted criticism. C. inconclusive evidence. D. current data.
A Factual information. Facts contain true data or information. Microsoft has multiple sources of documentation that indicates it generated $51.12 billion in revenue in 2007, which makes the statement a fact. It is important for companies to verify facts when they are making business decisions. Basing decisions on incorrect information can be very costly to a company. Unwarranted criticism is inappropriate, biased, or exaggerated feedback. Inconclusive evidence means that the presented facts do not indicate a distinct or unquestionable outcome of a situation. The amount of money Microsoft generated occurred a few years ago; therefore, the statement does not contain current data.
Being enthusiastic about your job is an example of what type of behavior that builds positive working relationships? A. Having a good attitude B. Getting to know others on your work team C. Demonstrating courtesy and respect D. Being cooperative
A Having a good attitude. Being enthusiastic about your job is an example of having a good attitude in the process of building positive working relationships. A positive attitude on the job means many things, including being enthusiastic, being optimistic and cheerful, and refusing to grumble or complain. Being enthusiastic is not an example of getting to know others on your work team or being cooperative. It may go along with demonstrating courtesy and respect, but it is best as an example of having a good attitude.
The human resources manager sends an email to all employees stating that they will need to park on the street on Tuesday because the maintenance department will be repairing the company's parking lot. This is an example of a(n) A. informational message. B. projection report. C. business proposal. D. formal inquiry.
A Informational message. Communicating information involves providing others with facts. In the example, the human resources manager is informing the company's employees about an issue with the company's parking lot. The human resources manager is not writing a projection report, business proposal, or formal inquiry.
A company decides to spend $5,000 on new office furniture instead of putting that money toward the marketing budget. What is the opportunity cost of this decision? A. Lost benefits of additional marketing B. Office furniture C. $5,000 D. Lost benefits of new furniture
A Lost benefits of additional marketing. When a choice is made about the best use of resources, the nextbest alternative that is given up is called the opportunity cost of that choice. Opportunity cost is the benefit that is lost when you decide to use scarce resources for one purpose rather than for another. The opportunity cost of the company's decisions is the lost benefits from additional marketing. Office furniture, $5,000, and lost benefits of new furniture are not considered opportunity costs in this situation.
A project is officially authorized to begin by the A. project charter. B. registration documents. C. Initiation Papers. D. statement of work.
A Project charter. A project is officially authorized to begin by the project charter, an official document that is similar to (but more formal than) the statement of work. Registration documents and Initiation Papers are not common documents used in project management.
Which of the following examples depicts an advantage of using digital advertising: A. Viewers must interact with a video ad before continuing to a website. B. Ethan uses ad-blocking software so he can stream videos commercial-free. C. Conversion rates of banner ads are more difficult to measure than in print. D. Digital ads are more expensive than television advertisements.
A Viewers must interact with a video ad before continuing to a website. One of the biggest challenges facing any advertisement is engagement—keeping the viewers' attention and making sure they are receiving the message. It is easy for viewers to ignore video ads, either digital or traditional, but if they are forced to interact with the ad in some way, they are more likely to pay attention to the ad and take in its message. Ad-blocking software is a disadvantage to digital advertising, rather than an advantage. Conversion rates are easier to measure online than in print. Finally, digital ads are generally cheaper than television advertisements.
A memorandum is typically used for communication that takes place A. within a business. B. among competitors. C. infrequently. D. between friends.
A Within a business. Memorandums are a frequently used form of brief, written communication exchanged by people within an organization. Memorandums are rarely used among competitors or between friends.
What does a business's customers recommending the business to their friends exemplify? A. Word-of-mouth communication B. Providing a testimonial C. Verbal assertiveness D. One-on-one selling
A Word-of-mouth communication. This is promotion and publicity for a business provided by customers who tell others of their satisfaction with the business. Therefore, customers recommending the business to their friends is an example of word-of-mouth communication. In many cases, these recommendations lead to additional sales because people tend to believe their friends and take their advice. A testimonial is a statement by an identified user of a product proclaiming the benefits received from the use of the product. Verbal assertiveness is a confident attitude that involves the use of words. Recommending a business to friends is not an example of one-on-one selling.
For which of the following can a sales forecast predict sales: A. A specific geographic area B. The marginal utility C. A situation analysis D. The jury of executive opinion
A A specific geographic area. Sales forecasts are defined as predictions of what a firm's sales will be during a specific future time period using a certain marketing plan. In addition to being able to predict sales for a specific geographic area, businesses can forecast sales for a specific product, an entire line of products, a target market, and the firm's total market. The jury of executive (expert) opinion is a qualitative method of forecasting sales in which the executives of a company are asked to assess projected sales. A situation analysis is the determination of a firm's current business situation and the direction in which the business is headed. Marginal utility is defined as the increase in total usefulness that can be obtained by consuming or purchasing one additional unit of a product.
During the first year that Rick owned his new car, the vehicle seemed to spend more time in the repair shop than it did on the road. Rick contacted the auto manufacturer and demanded his money back because the car seemed to be defective, but the manufacturer refused. A member of the Better Business Bureau agreed to act as an impartial third party in the dispute. The BBB member studied the facts of the case, determined that the car was indeed defective, and decided how much money the carmaker would be required to refund to Rick. This is an example of A. arbitration. B. arbitron. C. attrition. D. automation.
A Arbitration. When two parties engage in a dispute that they are unlikely to resolve on their own, an impartial third party may step in. The impartial third party, called an arbitrator, hears both sides' arguments, studies the facts of the case, and then determines a remedy for the situation. This process is called arbitration. The Arbitron Ratings Company uses consumer-generated data to analyze radio advertising. Attrition is a natural reduction in numbers of people due to death, retirement, job changes, etc. Automation is a production method in which machines do tasks automatically
One reason it is important for marketing professionals to follow ethical standards is to A. build positive relationships with other individuals and businesses. B. remove the risk of uncontrolled competition in the marketplace. C. improve working conditions and financial security. D. prevent unnecessary changes in the business environment.
A Build positive relationships with other individuals and businesses. Ethical standards are guidelines for behavior. Because personal ethics among people vary, some industries develop ethical standards so that each person working in the industry knows what is acceptable and not acceptable behavior in the profession. Businesses and employees who follow these standards demonstrate integrity and build trust with customers, other organizations, and community members. The primary purpose of following ethical standards in marketing is not to remove competition from the marketplace, improve working conditions and financial security, or prevent changes in the business environment.
Income from sales, cost of goods sold, gross profit on sales, operating expenses, and net profit or loss are all part of a(n) A. sales budget. B. balance sheet. C. income statement. D. marketing plan.
C Income statement. An income statement is a financial summary that shows how much money the business has made or lost. It is also called a profit-and-loss statement. A balance sheet shows a firm's assets, liabilities, and owner's equity. A marketing plan is a set of procedures or strategies for attracting the target customer to the business. A sales budget is an estimate of expenditures related to sales.
The purpose of a company's operations function is to manage its A. day-to-day activities. B. long-term goals. C. communications. D. employees.
A Day-to-day activities. Operations management is the process of planning, controlling, and monitoring the day-to-day activities required for the company to function. This includes obtaining and allocating the appropriate type and amount of resources to do the work, such as employees, equipment, and supplies. Strategic management involves determining, monitoring, and managing long-term goals for the company. Communication is the exchange of information, which is necessary in the workplace to complete a wide range of internal and external business activities.
1. A business that effectively coordinates channel management with marketing activities is more likely to provide A. good customer service. B. attractive product displays. C. free delivery. D. flexible credit terms.
A Good customer service. Channel management is one of the marketing functions that must work with the other marketing activities to get goods and services from producers to consumers. The goal of marketing is to satisfy consumer wants and needs while achieving company goals. Businesses cannot satisfy those needs and provide quality customer service unless all the marketing activities work together. For example, businesses are only able to serve customers when they have the advertised items on hand and at the right price. Not all businesses need or use product displays, provide free delivery, or offer flexible
Most marketers cannot expect to maintain their profit rates unless they A. introduce new products from time to time. B. test-market new products. C. allow products to move through the product life cycle. D. form venture teams to assist with product/service management.
A Introduce new products from time to time. A certain percent of all industry profits come from successful new products. Product/Service management lets the business know what funds will be needed for research, testing, modifying, and producing products. Inadequate product/service management can result in product/service mistakes that may cost the company a large sum of money. Marketers do not allow products to move through the product life cycle; products do that naturally. Venture teams are small groups composed of representatives from different areas of a company for the purpose of seeking new ventures, or opportunities, for the business. They are usually used by large businesses. Not all products need to be test-marketed because it is costly, delays entry into the full market, may not give an accurate picture of performance, provides no guarantee of actual success, and the idea may be stolen by competitors while it is being tested.
Integrity is one of the most important traits for ethical leaders to develop because it A. is the foundation for other ethical principles. B. builds consistency in difficult situations. C. ensures they will avoid ethical dilemmas. D. challenges leaders to be more confident.
A Is the foundation for other ethical principles. Integrity means adhering to an established set of personal ethics and sound moral principles. Integrity is perhaps the most important trait that an ethical leader can have because it is the foundation for many other principles, including respect, fairness, trustworthiness, and altruism. Integrity leads to positive relationships, loyalty, and stability. Integrity does not necessarily build consistency in difficult situations, ensure that leaders will avoid ethical dilemmas, or challenge leaders to be more confident.
. The following is written on the back of a check: "For deposit only; Maria Evans; Account #285655." This is an example of a(n) __________ endorsement. A. restrictive B. general C. open D. congruent
A Restrictive. Banks require checks to be endorsed before processing. Endorsement involves signing the back of the check, which allows the funds to be transferred from the check source to the payee. There are different types of endorsements. A restrictive endorsement limits how the check can be processed. In the example, the check can only be deposited to the endorser's (Maria) specified account. The check cannot be cashed or placed into another account. A general endorsement allows the endorser to cash the check or deposit it into the account of his/her choice—there are no restrictions placed on the funds transfer. Open and congruent endorsements are fictitious terms.
0. It is most appropriate for businesspeople to use complex, technical jargon when they are A. speaking with coworkers. B. greeting new customers. C. introducing a friend to a business associate. D. informally conversing with an acquaintance.
A Speaking with coworkers. Jargon is a specialized language known only to a certain group of people. Industries and companies often use jargon that is meaningful to their businesses and may not be easily understood by people outside their industries or companies. Coworkers are more likely to use jargon because they are familiar with the terms and their meanings or applications. New customers, friends, business associates, and acquaintances may not be familiar with a specific industry's jargon.
Rhonda is doing research for a paper in her business class. She should use sources that A. were written by authors who are reputable. B. emotionally present one side of an issue. C. are no more than 20 years old. D. could be considered propaganda.
A Were written by authors who are reputable. When evaluating a source, it's important to make sure that the author is reputable, credible, and respected. Sources that are emotional instead of objective should be avoided. Propaganda is not considered a reputable source. Sources that are no more than 20 years old may or may not be reliable, depending on the subject.
Which of the following is an example of a potential unethical pricing issue as it relates to social responsibility: A. A manufacturing company increases prices on certain items to cover expenses to add new pollution-control devices. B. A pharmaceutical company sells a common lifesaving drug at extremely high prices in specific geographical regions. C. A clothing retailer deeply discounts goods in an effort to reduce excess inventory from the previous selling season. D. An oil company substantially increases its gasoline prices when the workers at a large refinery go on strike.
B A pharmaceutical company sells a common lifesaving drug at extremely high prices in specific geographical regions. Social responsibility is defined as the duty of business to contribute to the wellbeing of society. Because the drug is common and has the capacity to save lives, an unethical issue is possible if the drug is sold at prices so high that some people can afford the drug while others cannot, which might be considered price discrimination. An oil company that substantially increases its gasoline prices when the workers at a large refinery go on strike does not necessarily present an unethical issue since the refinery lacks human resources to supply enough of the product to meet demand. A manufacturing company that increases prices on certain items to cover expenses to add new pollutioncontrol devices is acting in an ethical manner and employing social responsibility to the natural environment. A clothing retailer that deeply discounts goods in an effort to reduce excess inventory from the previous selling season is not conducting socially irresponsible activities.
Which of the following is a true statement about the benefit of having a safe workplace: A. Financial expense is increased. B. Bodily injuries are decreased. C. Insurance claims are increased. D. Productivity is decreased.
B Bodily injuries are decreased. A safe workplace reduces the possibility of additional financial expense and bodily injury. Because employees miss fewer workdays, productivity is increased. Insurance claims are increased when a workplace is considered risky because of a high rate of worker accidents or injuries.
Which of the following is a technology tool that allows a business to observe a customer's Internet activities: A. Hyperlink B. Cookie C. Spam D. Host
B Cookie. Cookies are text files that a business puts on a website visitor's computer hard drive. The text files allow the business to observe or track the visitor's Internet behavior and retrieve information during subsequent visits to its website. Cookies provide the business with information about a particular customer's browsing behavior, buying patterns, and preferences. A hyperlink is a component of an electronic document that an Internet user can click on, allowing him/her to jump to another place within the document or to jump into a different document. Spam is junk email. A host stores web pages on a server for a monthly fee.
Dmitri is building a new website. Which of the following does he need to register to obtain a web address for his new site: A. Web host B. Domain name C. Site builder D. Street address
B Domain name. The domain name that Dmitri registers will be the unique address of his new website. A web host allows a website owner to make his/her site accessible via the Internet. A site-builder is a program including templates and software to create the layout and design of a website. Web addresses are usually picked based on a company name or other important identifier, rather than the company's street address.
George thinks his culture is superior to all other cultures. This is known as A. collectivism. B. ethnocentrism. C. stereotyping. D. individualism.
B Ethnocentrism. Thinking your culture is superior to others is known as ethnocentrism. Collectivism refers to a society that is integrated into strong groups. Stereotyping is generalizing others based on their cultural backgrounds. Individualism refers to a society in which group ties are loose, and everyone is expected to take care of him/herself.
A government enacts a law requiring all businesses to allow each employee a 15-minute break every four hours. This is an example of a law addressing an employee's right to A. workplace supervision. B. fair treatment. C. form unions. D. avoid harassment.
B Fair treatment. Although regulation varies by country, labor laws are designed to protect workers from unfair labor and wage practices. By instituting a law that requires all businesses to give all employees a break from their duties, the law is requiring that each employee receive the same or fair treatment. Workplace supervision refers to the direction an employee receives to perform certain work-related tasks. Laws related to employee breaks do not affect the workers' rights to form unions. Harassment in the workplace generally refers to gender and race discrimination issues.
A basic reason for the formation of a trade association is to A. provide information for consumers. B. find solutions for common problems. C. promote goodwill for an industry. D. establish a long-term group.
B Find solutions for common problems. A trade association's members can collectively find solutions to common problems that they might have difficulty handling as individuals. The members also can share their knowledge and work together to increase the profitability of all members' businesses. Trade associations are formed and disbanded according to the changing needs of the members. Some trade associations may promote goodwill or educate consumers, but those are not basic purposes of their formation.
Sasha's personal budget contains two broad categories for her expenses. She should put her mortgage, her car insurance payment, and her utilities in the __________ expenses category. A. variable B. fixed C. net D. gross
B Fixed. When you make a personal budget, it's important to divide your expenses into two broad categories. Fixed expenses are those that stay the same from month to month, like mortgages, car insurance payments, and utilities. Variable expenses change from month to month. Net and gross are terms that are used to describe income, not expenses.
When Amber walked by Ryan's desk, she noticed that Ryan was raking his left hand through his hair, that his face was red, and that he kept hitting the enter button on his keyboard with his right hand, while frowning at his computer screen. Based on his nonverbal cues, Amber would probably assume that Ryan was A. patient. B. frustrated. C. bored. D. enthusiastic.
B Frustrated. Nonverbal cues can tell others a lot about your emotions. In this situation, Ryan's nonverbal behavior indicated that he was frustrated because he couldn't get his computer to do what he wanted it to do. If Ryan was patient, he would not continuously hit his keyboard, turn red, or frown. If Ryan was bored, he would be inattentive about his situation or surroundings. He might even yawn or do something other than computer work for a while. Enthusiasm is associated with a positive attitude.
One way that advances in technology help businesses keep existing products on the market and extend their life cycle is by A. minimizing inventory. B. improving performance. C. attracting attention. D. demonstrating creativity
B Improving performance. Advances in technology that have allowed for the development of new materials and operating techniques are helping businesses improve the performance of their products. By improving existing products, businesses are able to keep them on the market and extend their life cycle. Businesses have found that it is usually less expensive to update existing products than to develop entirely new products. Advances in technology are allowing businesses to do this. Advances in technology do not help businesses keep existing products on the market by minimizing inventory, attracting attention, or demonstrating creativity.
Adhering to an established set of personal ethics is referred to as A. deceit. B. integrity. C. honesty. D. truth.
B Integrity. Your integrity involves the overall quality of your moral character. Honesty refers to truthfulness, fairness, and authenticity. Truth is an indisputable or accepted fact. The practice of cheating, misleading, or misrepresenting is known as deceit.
Jayson just learned his company wants to hire a new public relations assistant. He posts the job position information on his personal social media accounts and gives contact information for the manager that will be conducting interviews. Why is this inappropriate use of social media? A. It could give Jayson's friends an unfair advantage over other job candidates. B. It is unprofessional to post company employment information on a personal site. C. Jayson is using inside knowledge to appear more important on his social sites. D. Jayson is using his company's image to increase his number of social contacts
B It is unprofessional to post company employment information on a personal site. Jayson's placement of a job opening on his personal sites is unprofessional and gives the company little control over the presentation or distribution of the information. There's no indication his friends would gain an unfair advantage over other candidates since Jayson is not conducting the interviews. It's not clear whether Jayson is trying to look important or increase his social contacts; however, those acts are of less concern than the unprofessionalism of posting employment information.
An important public relations activity in business involves giving public relations advice to A. the media. B. management. C. government. D. the public.
B Management. Some businesses maintain a public relations department while others use the services of a public relations agency. One of the functions of the department or agency is to advise management on public relations issues, such as taking a position on public issues or preparing business employees to make public appearances. Giving advice is a public relations activity intended to help management make the best decisions regarding the business's relations with the public. An important public relations activity in business does not involve giving public relations advice to the media, the government, or the public.
The set of computer programs that manages the hardware and software of a computer is the A. digital connection. B. operating system. C. transfer protocol. D. electronic resource.
B Operating system. The operating system manages the hardware and software and makes the computer work. The system connects the software to the hardware and controls the overall operation of the computer. The set of computer programs that manages the hardware and software of a computer is not the digital connection, the transfer protocol, or the electronic resource.
Why do businesses want to meet quality standards? A. To determine how much work must be done B. To reduce costs C. To decrease profit D. To examine how long it takes to get a job done
B To reduce costs. Businesses want to meet quality standards to reduce costs. Managers have recognized that if employees do their jobs right the first time, they can minimize costs. Time isn't wasted redoing work, and fewer products end up as scrap. Time standards relate to how long it takes to get a job done. Quantity standards specify how much work must be done. Managers use standards to increase, rather than decrease, profit.
When assessing risks associated with an upcoming event, sport/event organizations should acquire input from all levels of management and A. public relations agencies. B. vertical staff members. C. financial consultants. D. local personnel inspectors.
B Vertical staff members. Vertical staff members refers to all employees who are not in management. Ticket takers, security guards, guest relations representatives, and merchandise sales personnel are examples of employees who might provide insight when conducting risk assessment. For example, sales personnel can provide information regarding shoplifting and its risks. By gathering as much information as possible from staff members, sport/event organizations can conduct comprehensive risk assessments in many areas and develop appropriate procedures to handle each situation or issue. Public relations agencies are hired by a business to develop and manage public relations activities for the business. Financial consultants are hired by a business to manage the business's financial matters. Local personnel inspector is not a term widely used by sport/event organizations.
Which area of promotion will pricing affect? A. Choice of transportation channels B. Advertising budget C. Where the product is offered D. Materials used in production
B Advertising budget. Companies that sell low-priced items will not have as large an advertising budget as companies with higher priced items. Place decisions, including consideration of transportation channels and market location, as well as product decisions, such as selection of production materials, are not areas of promotion.
Which advertising medium offers the advantage of locating the promotional message near the point of purchase? A. Newspapers B. Billboards C. Television D. Direct mail
B Billboards. Billboards are a form of outdoor media. They are often located on the business's property or quite close to it. Other advantages of outdoor media include their ability to reach people who are on the move, low cost per exposure, high repeat exposure, and flexibility. Television, newspapers, and direct mail can provide consumers with the same promotional message, but the message may be seen or heard at some distance from the business that is being promoted.
Which of the following is a reason why the ethical and legal issues involved in selling activities are extremely important: A. Sellers must understand how to criticize competitors. B. Buyers avoid doing business with unethical salespeople. C. Sales staff must know when they can legally bend the truth. D. Sales managers are not responsible for what the sales staff does.
B Buyers avoid doing business with unethical salespeople. Unethical salespeople often lose customers and create a negative image of their company. Making erroneous statements about competitors or bending the truth to make a sale are typical examples of unethical sales practices. Sales managers must monitor the practices of their sales staff because they are ultimately responsible for the actions and claims of their staff.
Which of the following is a way in which technology has changed the way businesses operate: A. Productivity has decreased, and costs have increased. B. Employees are sometimes able to do their work from home. C. Entering new and foreign markets has become more complex. D. The nature of marketing has remained relatively the same.
B Employees are sometimes able to do their work from home. The nature of work has changed due to the increase in telecommuting (working from home or a remote location) opportunities. The Internet and remote networking give many employees the ability to do their jobs without ever stepping foot into the office. Technology has actually helped productivity increase, not decrease, and costs are lower. Technology makes entering new and foreign markets easier. The nature of marketing has changed because of technological innovations.
Which of the following is an internal factor that affects a business's selling policies: A. Primary competitors B. Financial resources C. Customers' wants D. Government regulations
B Financial resources. Selling policies are the guidelines for selling activities that involve interaction with customers or potential customers. Many factors affect how a business structures its selling policies. An internal factor that affects a business's selling policies is its financial resources—the sources of money (e.g., sales, dividends) a business has. Generally, the more money that a business has, the more flexible it can be with its selling policies. For example, a business that has access to a lot of money can buy more inventory, take advantage of bulk discounts, and pass the savings on to the customer. Having sufficient financial resources often allows the business to extend credit options to customers. Competitors, customers' wants, and government regulations are external factors that affect a business's selling policies.
A producer can minimize channel conflict among its distributors and retailers by A. selling its items directly to the end users. B. offering different products through each channel. C. establishing slotting fees for certain channels. D. requesting that the channel members carry only its brand
B Offering different products through each channel. Channel conflict can occur when channel members are competing among themselves for customers. When each channel sells different products, they are not directly competing among themselves for business. For example, if a guitar manufacturer sells its line of guitars through authorized distributors and sells accessories for the guitars through online retailers, the channel members are not competing for the customers because they are selling different products. Bypassing channel members and selling directly to end users, establishing slotting fees, and requesting channel members to carry only its brand are actions that tend to create channel conflict rather than minimize it.
The entrepreneurs best equipped to work long hours and overcome obstacles are ones who possess A. financial knowledge. B. passion for their work. C. technological skills. D. confidence.
B Passion for their work. Entrepreneurs who are passionate about their work find it easier to work the long hours required. They are also more likely to overcome obstacles out of a desire to continue doing what they love. Confidence can help an entrepreneur overcome challenges, but it does not necessarily help him/her work long hours. Financial knowledge can help an entrepreneur overcome financial obstacles, but it may not help an entrepreneur solve other problems or deal with long work hours. Technological skills are very useful in solving some problems, but they don't help an entrepreneur personally work for long periods of time.
After Dana helped her customer select a sweater, she asked her how she would like to pay for it. This is an example of what phase of the selling process? A. Establishing relationships with customers B. Reaching closure C. Discovering client needs D. Prescribing solutions to needs
B Reaching closure. Reaching closure involves identifying customer objections and completing the transaction. In this case, Dana is closing the sale by discussing the transaction. Discovering client needs involves asking the customer questions in order to determine what they are looking for. Establishing relationships involves the initial contact the salesperson has with the customer. Prescribing solutions to needs involves the salesperson offering solutions to satisfy the customers' needs.
What information could a salesperson obtain by examining a product? A. Care B. Texture C. Value D. Price
B Texture. A lot of information is found by examining the product itself. A salesperson can determine a product's texture by holding and touching the item. Through careful examination and observation, a salesperson should be able to acquire product knowledge about any item. Information about price, care, and value cannot always be obtained by examining a product.
What is an advantage of verbal communication? A. You use passive listening skills to understand the message. B. Tone of voice can be used to express emotions and thoughts. C. It focuses attention on facial expressions rather than words to express enthusiasm. D. People must see you to understand the intent of your message.
B Tone of voice can be used to express emotions and thoughts. This means that people can show their interest and enthusiasm by what they say and by the way they say it. Although body language conveys intent, people can communicate how they feel through their choice of words. The words that people use often express their interest and enthusiasm. A key element of verbal communication is active listening.
. Electronic billing, purchase-order verification, bar-code technology, and image processing are examples of A. functions of the finance department. B. horizontal channel integration. C. integrated data between channel members. D. vertical channel integration.
C Integrated data between channel members. The technology of electronic billing, purchase-order verification, bar coding, and image processing enable channel members to integrate data. Vertical and horizontal channel integration are methods of organizing distribution channels. The finance department may utilize the methods to share data, but the methods are not unique to that department.
Which of the following might be considered a violation of employees' privacy in the workplace: A. Use of time clocks B. Use of video cameras C. Use of security guards D. Use of computer passwords
B Use of video cameras. Some businesses, such as retail establishments, use video cameras to monitor customers and prevent shoplifting. If these cameras are focused on employees, it might be considered a violation of the employees' privacy. Businesses that use video cameras should inform employees so they are aware that their actions are being recorded and monitored. Also, the business has an obligation not to use cameras in areas that are designed specifically for employees, such as break rooms. The use of time clocks is a method of recording time on the job rather than a violation of privacy. The use of security guards is a safety factor that benefits employees and customers. The use of computer passwords provides employees with a certain amount of privacy by allowing them to protect their computer systems from unauthorized access.
Lucia, a business owner, just hired a new employee. What is one thing she should be sure to do on the employee's first day? A. Provide the new employee with all the details of every project s/he will be working on. B. Start the new employee on work right away so that s/he becomes accustomed to his/her job duties. C. Assign the new employee a mentor who can answer any questions s/he may have. D. Let the employee work on trivial tasks for a few days so that s/he can ease into working.
C Assign the new employee a mentor who can answer any questions s/he may have. One simple way to make an employee feel comfortable is to assign a mentor. The mentor doesn't need to be the employee's direct supervisor—it just needs to be someone who can show the new employee the ropes. It will help the new employee to have one ready-made friend who can show her/him around. Lucia should provide some sort of orientation for the new employee before s/he starts working. There are many important things the employee will need to know about the company's policies and his/her benefits. Although it is important to make sure the employee has information about the projects s/he is working on, Lucia won't want to overwhelm the new employee with too much information on the first day. It's also important not to give the employee busy work that doesn't fit into his/her job description. After all, that's not why the employee was hired, and this won't help the new employee become more comfortable at work.
Which of the following is a true statement about how technology affects the external business environment: A. Technology is the main way to compete with other businesses. B. Not all businesses are affected by technology. C. Businesses must look for updated technology all the time. D. Certain target markets do not use technological products.
C Businesses must look for updated technology all the time. Because new technology is being introduced all the time, businesses must constantly be on the lookout for updated technological tools that will help them to be more efficient. All businesses are affected by technology in one way or another. Technology is just one way for a business to compete—it might also compete through pricing strategies, promotional campaigns, etc. Though some target markets may use technology more than others, all target markets are affected by and use technology.
Saving the money that you might ordinarily spend each day on a cup of coffee and a donut A. is the sacrifice you must make for future financial security. B. will not result in significant savings. C. can help you achieve larger financial goals. D. is not a practical step in reaching your financial goals.
C Can help you achieve larger financial goals. Making purposeful spending decisions, instead of spending out of habit or impulsively, is an important step in achieving larger financial goals. Even small daily savings add up to significant amounts over time. Day-to-day spending does not have to be sacrificed entirely for future financial security, as long as you're aware of your spending and are making purposeful decisions. Small savings every day are a very practical step in reaching your financial goals.
The data needed for sales volume analyses and market share analyses come from A. sales invoices. B. expense reports. C. company sales reports. D. customer records.
C Company sales reports. The data needed for sales volume analyses and market share analyses come from the facts and figures in sales reports. Expense reports let a company know how much money is being spent on employees' food, lodging, travel, etc. Sales invoices don't show sales in relation to goals, budgets, prior time periods, etc. Customer records don't include sales data for the entire company.
What synectics technique compares a problem with something else that is unrelated? A. Arbitrary metaphors B. Discretionary comparisons C. Forced analogies D. Deliberate allegories
C Forced analogies. A forced analogy is a synectics technique that compares a problem with something totally unrelated. Arbitrary metaphors, discretionary comparisons, and deliberate allegories are not terms widely used to describe a synectics creative-thinking method.
. Which of the following describes an ethical privacy policy: A. It includes automatically sending email promotions to customers. B. It puts the interests of the company over those of the customer. C. It includes a system to protect customers in the event of a data breach. D. It tries to hide information about data collection processes.
C It includes a system to protect customers in the event of a data breach. An ethical privacy policy puts the customers first. Part of putting the customers first is securely protecting customer data and having a plan in place if a data breach does occur. Putting the interests of the company ahead of those of the customer is generally not ethical. Automatically sending email promotions to customers is not necessarily part of an ethical privacy policy. Hiding information about data collection processes is unethical.
The following appeared on a recent survey: "Do you agree that the government wastes taxpayers' money by supporting unnecessary programs?" This is an example of a(n) A. open-ended inquiry. B. indifferent statement. C. leading question. D. unstated alternative.
C Leading question. Leading questions tend to influence the respondents' answers and create bias, which skews results. Because words such as "wastes" and "unnecessary programs" tend to generate strong emotional reactions and overall negative views about the topic, the survey question is biased. The question is a closed-ended question because it requires a "yes" or "no" answer. The situation does not exemplify an indifferent statement, an open-ended inquiry, or an unstated alternative.
Which marketing function helps businesses answer questions like, "Who are our customers?" and "Where are they located?" A. Pricing B. Product/Service management C. Marketing-information management D. Promotion
C Marketing-information management. Marketing-information management involves gathering, accessing, synthesizing, evaluating, and disseminating information. If the information is accurate, it can help businesses answer questions like, "Who are our customers?" and "Where are they located?" Product/Service management involves deciding on the products that a business will produce or offer. Pricing focuses on determining and adjusting prices to maximize return and meet customers' perceptions of value. It involves paying attention to supply and demand, as well as the prices that competitors are charging. The promotion function communicates information about goods, services, images, and/or ideas to achieve a desire outcome. Promotion informs, persuades, or reminds customers about a business and/or its products through methods such as advertising, publicity, and sales promotion.
Before selecting the right people to work on a project, it is important to identify the A. required supplies. B. tangible resources. C. needed skills. D. physical facilities.
C Needed skills. You know you need people to work on a project. Before you can identify the right people, you need to decide what skills are needed. For example, do you need people to use hand tools or lift heavy boxes? Once you determine the needed skills, you can select people who have those skills and are willing to participate. Tangible resources are the supplies, equipment, and materials needed to complete a project as well as the physical facilities that might be needed.
Coca-Cola's "Always the real thing" campaign is an example of what type of promotion? A. Taste B. Company C. Product D. Service
C Product. Product promotion aims to persuade consumers to buy a good or service. Coca-Cola is promoting its soft drink. Coca-Cola is not promoting the specific company. Service and taste are not types of promotion.
Businesses need to identify their markets in order to A. improve their research methods. B. control the costs of production. C. reach goals and satisfy customers. D. be sure to appeal to all consumers.
C Reach goals and satisfy customers. When businesses identify their target markets, they can plan their marketing activities in such a way that they can satisfy customers at the same time they are meeting their own goals. Mass marketing, rather than target marketing, tries to appeal to all consumers. Market segmentation increases the costs of production, but it has benefited both large and small companies by making the most efficient use of resources. The improvement of marketing-research methods does not depend on knowing a target market.
Which of the following helps in the interpretation of mined data: A. Spreadsheets B. Databases C. Visual representation D. Clustering
C Visual representation. Once data has been mined, it is helpful to view it in a visual format so that it can be better understood. Visual tools are more easily understood than spreadsheets. Databases are the systems in which the information is stored. Clustering is a way to analyze data, but it does not necessarily aid in interpretation of data.
Jason is an IT professional for his company, and one of his responsibilities involves the maintenance of the office's copy machines. One of the company's old copiers is due for a replacement in a few weeks. What should Jason do to ensure that any sensitive information stored on the copier is protected? A. Jason does not need to do anything; the copier's manufacturer will handle the removal and/or overwriting of the hard drive. B. Remove or overwrite the copier's hard drive himself to make sure all information is protected. C. Contact the copier's manufacturer, dealer, or servicer to learn about options for removing or overwriting the copier's hard drive. D. Delete all the files and print jobs that appear on the copier screen under "Recent."
C Contact the copier's manufacturer, dealer, or servicer to learn about options for removing or overwriting the copier's hard drive. Different manufacturers offer different services for the removal and protection of hard drives; some may remove it and return it to you to keep or overwrite on your own, while others may remove and overwrite the hard drive for you for an additional fee. Removing a hard drive on your own is risky—it often requires special equipment and software, and it can be difficult to locate the drive. It is better to work with a skilled technician who is trained for the task. You should always take some action toward protecting the information stored on your copier—you should not leave such an important process in the hands of the manufacturer who does not know your company's wishes. Communicate with them to find out exactly what you need, or don't need, to do. Simply deleting files on a hard drive is not always permanent. Files can be retrieved or restored through other software, so it is important that you take further action such as overwriting the hard drive.
. Which of the following types of business organizations reduces or limits the risk of its stockholders: A. Franchise B. Sole proprietorship C. Corporation D. Partnership
C Corporation. A corporation, which is owned by its stockholders, limits the losses or risks to the amount each individual owner has invested in the corporation. The other types of business organizations are not owned by stockholders. A partnership usually divides the risk among two or three partners. In a sole proprietorship, the owner generally assumes all of the risk. A franchise is a contractual agreement between a parent company and a franchisee to distribute goods and services.
A restaurant wants to develop new menu items that will appeal to its customers. A server mentions that many customers have asked for gluten-free meals, so the restaurant decides to try out a few new glutenfree menu items. What method of idea generation did the restaurant use? A. Observation B. Brainstorming C. Customers D. Trend research
C Customers. Companies often rely on input and feedback from customers to generate new product ideas. In this example, the restaurant gets feedback from customers and decides to introduce new menu items based on that feedback. This is not an example of brainstorming, observation, or trend research.
Orson, a researcher, is asking a customer a series of questions during a scheduled meeting. Orson is using the __________ method to collect marketing data. A. observation B. relational C. interview D. contact
C Interview. Researchers often collect marketing data by conducting interviews with customers. The interviews can take place over the telephone, through the computer, or by holding face-to-face discussions (group or individual). An interview is a good method to use when the business wants in-depth information from the respondents. The disadvantage to holding interviews is the expense. Observation is a research method that involves watching customers. Relational and contact interviews are fictitious terms.
Which of the following is a common consequence for violating rules of conduct: A. Increased compensation B. Promotion C. Written warning D. Criminal charges
C Written warning. A written warning includes details about your infraction and information about any future consequences that you could receive if the offense is repeated. It is commonly used as a consequence when someone has violated a rule of conduct. Promotions are not consequences and would not be the response to a rule violation. Increased compensation is also not a consequence and would not be the response to a rule violation. Criminal charges can occur when a rule violation crosses the line into illegality, but they are not a common consequence. Rather, they happen in rare, extreme cases.
Would a successful business ever change its marketing strategy? A. No, once a business has a workable strategy, it should always be used. B. Yes, a business should have no more than two marketing strategies. C. No, changing marketing strategies is a complicated process. D. Yes, changes in the marketplace require changes in marketing strategy.
D Yes, changes in the marketplace require changes in marketing strategy. Changes such as price increases, new competition, or an increase in operating expenses require that businesses have flexible strategies. A responsible business operation will be prepared to redesign its strategies as needed.
Which of the following statements is true regarding the regulation of promotional activities: A. International laws make it difficult for consumers to sue large companies for unfair advertising practices. B. The regulation of promotional activities applies only to television, radio, and newspaper venues. C. Consumer groups have very little influence with the government regarding advertising legislation. D. Governmental restrictions in regard to promotional activities vary by country.
D Governmental restrictions in regard to promotional activities vary by country. Because each government is structured differently, regulation varies from country to country. Consumer advocate groups are organizations that work to influence industry and government policies on behalf of the consumer. Consumer advocate groups often influence government regulation and policies. Because laws vary by country, it would be difficult to develop and fully enforce international laws regarding unfair advertising practices. The ability to sue a company is dependent on the individual country's laws and policies. Many promotional activities are subject to regulation, including media venues (television, radio, print); telemarketing; contests; and sweepstakes.
Which of the following is a common product-related complaint: A. Pressure selling B. Reduced price C. Poor service D. Incorrect size
D Incorrect size. Customers' complaints about products are the result of defective, damaged, or spoiled products; the wrong size or color; mispricing; or the failure to meet the customers' needs. Poor service and the use of pressure in selling cause complaints about the sales staff. Customers seldom complain about reduced prices.
Superior Office Company received a state contract to supply office equipment to all public schools in the area. What does the company need in order to effectively produce the contract? A. Products B. Outputs C. Supplies D. Inputs
D Inputs. Inputs are all of the economic resources used in producing goods and services. Inputs are human, natural, and capital resources. In order to produce the contract, Superior Office needs workers, equipment to sell, and the means to deliver the product to the schools. Supplies are industrial goods used in the operation of a business. Outputs are the goods and services produced as the result of combining inputs. Products are goods and services.
When developing a computer-based presentation, it is important that each slide contain A. creative transitions. B. colorful graphics. C. numerical data. D. key points.
D Key points. Employees use presentation software to develop computer-operated visual aids that support an oral presentation. Slides for the presentation should include key points that highlight or reinforce the most important information, which may or may not include numerical data. Colorful graphics and creative transitions often make a presentation more interesting, but they are not necessary elements for each slide.
What does a business need in order to understand why a successful product is suddenly losing popularity? A. Purchasing documents B. Sales records C. Secondary data D. Marketing information
D Marketing information. Marketing information is all of the marketing-related data available inside and outside the business. This includes information about customers, competitors, demographics, etc. Businesses need marketing information in order to understand why a product that has been successful is suddenly losing popularity. For example, marketing information might tell a business that the target market for the product is decreasing in size because of age, or that a competitor has introduced a similar product that sells for less. Once the business understands the reason for the loss in popularity, it can take steps to correct the problem. Sales records are a type of marketing information, but they usually indicate only the decrease in sales rather than the reason for the decrease. Secondary data is a type of marketing information that has been collected for purposes other than the project at hand. It may not be useful in determining why a product is now losing popularity. Purchasing documents are documents a business uses to purchase goods and services.
Which of the following should you do when preparing your letter of application: A. Proofread quickly so you can send the letter sooner. B. Write a letter that is at least one page long. C. Repeat everything that is on your résumé. D. Mention any mutual contacts you have.
D Mention any mutual contacts you have. If you can, you should name someone you and the reader of your application letter both know. Of course, this isn't always possible, but it's a great way to get attention. Your letter should not be more than a page long. You shouldn't repeat everything that's on your résumé; your letter of application is intended to tell the reader things that aren't necessarily on the résumé. You should always proofread carefully, not quickly. Your letter of application is often the first impression a company gets of you, so you want it to be perfect.
Jamie is constantly running from obligation to obligation, without a second of free time, and feels like he is behind on all of his work. Jamie is most likely to be A. a procrastinator. B. a perfectionist. C. bad at time management. D. overcommitted.
D Overcommitted. Being overcommitted means committing to more than what is possible, necessary, or desirable. People who are overcommitted, like Jamie, have countless obligations, events, and tasks each day. There is no indication that Jamie is a perfectionist, bad at time management, or a procrastinator, though these could all be potential causes of his overcommitment.
Inventory reduction, sales stimulation, and new-product introduction are reasons that many businesses use __________ techniques. A. capital-investment B. stock-turn C. dual-sponsorship D. product-bundling
D Product-bundling. Product bundling is the practice of putting together a number of goods/services to create a one-price package. Bundled products are priced so that the consumer pays less for the bundled products than they would pay for products if the consumer purchased each product individually. The advantages to businesses that bundle products include inventory reduction for slow-moving goods, sales increases, and lower new product-introduction costs. Stock-turn, dual-sponsorships, and capitalinvestment are not techniques that provide businesses with the described advantages.
What concept is illustrated in the following situation: A new business uses newspaper publicity and personal selling to attract customers and plans a special sales event to generate publicity for its grand opening. A. Advertising media B. Institutional promotion C. Product promotion D. Promotion
D Promotion. Promotion is communicating information about goods, services, images, and/or ideas to achieve a desired outcome. The four basic types of promotion are advertising, sales promotion, personal selling, and publicity. Product promotion is used to convince customers to buy certain products. Institutional promotion is used to create a favorable image for a business. Advertising media are the agencies, means, or instruments used to convey messages.
Which of the following would probably use a longer channel of distribution than the others: A. A bag of oranges B. A printing press C. An airplane D. A bottle of shampoo
D A bottle of shampoo. Shampoo is a low-cost, standard product that would probably use a longer channel of distribution than the other alternatives. A bag of oranges is perishable and needs to use short channels. A printing press is highly technical, requires installation, and is quite heavy; therefore, it would rely on short channels. An airplane is technical and quite heavy and would probably use a direct route from the producer to the industrial user.
When filing a tort against a business, the plaintiff must establish that the defendant A. violated the doctrine of sovereign immunity. B. damaged property intentionally. C. conspired with a competitor. D. breached the duty of care.
D Breached the duty of care. The duty of care is the basic principle that expects all individuals and businesses to exhibit socially responsible behavior by using caution to prevent harm and by watching out for one another. A tort is a private wrongdoing that potentially harms another person or entity. If a business or one of its employees breaches the duty of care, the business may be held liable for the tort. However, the plaintiff must have grounds or proof that establishes that the business or its employee (defendant) has committed a wrongful act, thereby breaching the duty of care. Intentional damage and conspiring with a competitor (collusion) are types of torts. The doctrine of sovereign immunity is the universally accepted principle that each nation has the right to manage its own government and develop its own laws.
A department store sells clothing from brands like Levi's, but it also sells its own private brands of clothing, also known as __________ brands. A. business B. corporate C. value D. distributor
D Distributor. Distributor brands are owned by the retailer or wholesaler that sells the brands, rather than the manufacturer. Store brands and private brands are two types of distributor brands. Corporate brands are all the combined customer impressions and experiences associated with a particular company. Value and business brands are not terms typically used to refer to distributor brands.
A depression is characterized by which of the following: A. Fewer bankruptcies B. Increased consumer spending C. Rapidly rising GDP D. High unemployment
D High unemployment. A depression is an economic decline that lasts longer than a recession. The characteristics of a depression are a rapidly falling GDP and high unemployment that, in turn, result in a decline in consumer spending and an increase in bankruptcies.
Companies spend lots of time and money developing positive organizational cultures because positive culture is linked with A. company failure. B. stock market increases. C. employee turnover. D. improved results.
D Improved results. Companies spend a lot of time and money developing positive workplace cultures because positive culture is linked with improved results, such as employee satisfaction, increased productivity, high morale, and unity among diverse employees. Positive culture is not linked to stock market increases, employee turnover, or company failure.
What often increases when a person continually resists change or fails to adapt to new circumstances? A. Inability to use logic B. Feelings of contentment C. Sense of accomplishment D. Levels of stress
D Levels of stress. Stress is a mental, physical, or emotional feeling of pressure or tension. Adaptability is the ability to adjust or modify attitudes and/or behavior to new situations or circumstances. When people are not willing to adapt to new situations, they often feel higher levels of stress. Fighting or ignoring new circumstances can increase stress, which can harm a person's health and well-being. Resisting change does not necessarily affect an individual's ability to reason or use logic. When a person learns how to adapt to change, s/he may feel content or a sense of accomplishment by accepting the change. Being adaptable often helps a person to relax, which can facilitate creative thinking and learning.
Which of the following is the most likely action that the government takes when a person misses the deadline for filing his/her income tax return: A. Allowance B. Refund C. Extension D. Penalty
D Penalty. A penalty is a punishment. The government depends on income tax to support public programs. When people do not provide income tax information when it is needed, the government often imposes a penalty, usually a fine or fee. Ongoing failure to report income can result in imprisonment. The government does not offer a refund or allowance for missing an important deadline. However, a person can file for an extension to avoid being penalized for missing a filing deadline.
Managers and researchers have formalized their decisions into a statement of what the marketing research study will achieve, known as a A. research problem. B. relevant variable. C. decision problem. D. research objective.
D Research objective. Research objectives are formal statements of what a marketing research study will achieve. Relevant variables are the types of information studied in a marketing research project (e.g., brand awareness, customer satisfaction, etc.). A decision problem is the issue from the managers' perspective. A research problem is the issue from the researchers' perspective.
The Henry Smith Company wants to select a representative group of consumers to survey. What part of marketing research is it doing? A. Experimentation B. Observation C. Analyzing D. Sampling
D Sampling. The process of choosing a representative group of consumers to survey is sampling. It is usually impossible to study everyone, so researchers must use sampling. Observation gathers data, experimentation tests cause and effect, and analyzing interprets the data. They are all important to marketing research but are not part of sampling.
Each pay period, Kendra has her employer automatically deposit her paycheck into her checking account so the funds are available for use when she needs them. In this situation, money is functioning as a(n) A. form of cash. B. unit of measure. C. medium of exchange. D. store of value.
D Store of value. Money functions as a store of value when it is saved rather than spent. The money can be held over time, and it retains value for future purchasing power. Money serves as a unit of measure when it is used to express the value or worth of something. Money serves as a medium of exchange when it is used to obtain goods and services. Cash is a form of money—currency and coins. Because Kendra's paycheck was automatically deposited in her bank account, currency and coins have not been touched.
. Businesses that carry a considerable assortment of goods but only one or a few related product lines are __________ businesses. A. specialty B. discount C. service D. limited-line
D Limited-line. Limited-line businesses specialize in the products that they offer for sale. They usually carry an excellent assortment of those goods. Service businesses perform intangible activities that satisfy the wants of consumers or industrial users. Specialty businesses typically carry a very limited variety of products. Discount businesses sell products at reduced prices and usually carry a variety of items.
