BUSN 115 Week 4 Quiz
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Question 1. Question : (TCO 3) A small business is defined as a company that _____.
is newly launched and has fewer than 100 shareholders
is dominant in its field and employs fewer than 1,500 employees
has a revenue of less than $750,000
is independently owned and operated and not dominant in its field
is funded through personal lines of credit and has fewer than 1,000 employees
Question 2. Question : (TCO 3) One of the general characteristics of a small business is that it typically sells fewer products _____.
to a larger customer base
to fewer market segments
to foreign companies
at lower costs to government agencies
at higher costs
Question 3. Question : (TCO 3) Three factors contributing to the increased number of small businesses are technologies such as e-commerce, growing diversity in entrepreneurship, and _____.
Student Answer: downsizing and outsourcing
increased ease in going public
monopolistic business practices
Question 4. Question : (TCO 3) Charles is the purchase agent for a consulting firm. He places orders for office stationeries and consumables once in two weeks. The purchases are made in large quantities and are billed in the firm's name. The items that Charles buys are examples of _____.
Question 5. Question : (TCO 3) The introductory stage will be followed by a _____ stage for a successful product.
Question 6. Question : (TCO 3) People who monitor social media to spot shifts in consumer tastes are called _____.
Question 7. Question : (TCO 4) Organizational purchasing differs from consumer purchasing in that organizational purchasing _____.
is influenced more by subconscious and emotional factors
usually involves closer relationships between buyers and sellers
has lower complexity in product usage
lacks a formal buying process
is less clearly driven by economics
Question 8. Question : (TCO 4) The process of examining an organization's current marketing situation, assessing opportunities and setting objectives, and then developing a marketing strategy to reach those objectives is called _____.
strategic marketing planning
Question 9. Question : (TCO 4) Creating new goods and services for a firm's current markets is called _____.
Question 10. Question : (TCO 4) _____ refer(s) to intermediaries that sell products to other intermediaries for resale or to organizations for internal use.
Question 11. Question : (TCO 4) AMS Technologies, a computer hardware reseller, purchases computer components from leading manufacturers and builds fully operational personal computer systems customized for specific consumer requirements, such as nonlinear video editing capabilities. The firm sells its products to various companies and educational institutions. AMS Technologies belongs to which of the following class of intermediaries?
Question 12. Question : (TCO 4) Producers rely on a class of intermediaries called value-added resellers (VARs) to assist with which of the following functions?
Transport the goods from the producer to the retail outlets
Assist with advertising, in-store displays, and other promotional efforts
Provide market information
Divide bulk quantities into smaller packages
Complete or customize solutions for customers
Question 13. Question : (TCO 4) Trying to attract buyers by advertising a product that you don't intend to sell, and then trying to sell them another, usually more expensive, product is known as _____.
bait and switch advertising
a push strategy
Question 14. Question : (TCO 4) KM Group, a home products manufacturer, owns a brand of paper towels called EasyWipes. The firm creates a commercial showing how an EasyWipes paper towel absorbs a spill faster than the competitor's paper towel. In this example, the commercial used by KM Group can be classified as __________ advertising.
Question 15. Question : (TCO 4) A television commercial promoting a new range of naturally flavored ice cream, manufactured by Ice Fountain, an ice cream and candy manufacturing firm, is an example of which of the following elements in the communication mix?
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