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Exam 1: What Is Business

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Question 71

Multiple Choice

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_________ refers to the money needed by an organization.

A) Assets
B) Labour
C) Capital
D) Managerial acumen
E) Structure

F) D) and E)
G) All of the above

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Question 72

Multiple Choice

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_______,managers need to understand where the market is going and how their products and services will fit into the market and meet customer needs.________,they need to ensure that the right product reaches the right customer at the right time and at the right place for the right price.

A) Tactically; tactically
B) Strategically; strategically
C) Strategically; Tactically
D) Decisively; tactically
E) defensively; tactically

F) B) and D)
G) D) and E)

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Question 73

True/False

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Marketing managers are aware that products can take on the characteristics of the store in which they are sold.

Successful marketers attempt to think like a consumer and evaluate the value package offered by a good or service.

What are the three fundamental characteristics against which an organization can be assessed?

Creative product differentiation can enable a small business to increase market share.

__________________ refers to the value-creating skills which an organization's employees bring to the marketplace.

The goal of business is to earn

Any organization that produces a good or service can be classified as a business.

From a marketing management perspective,what is the meaning of a total product offer? What are the important elements in the total product offer of your college or university?

If a business is to be successful in the long run,it must treat its customers,employees,and community with social

The reputation of the manufacturer and the retail store surroundings are considered part of the value enhancers of a total product offer.

What is a business model or system?

A manager is an individual who assumes the risk of starting a business.

The competitive environment now empowers managers to make decisions quickly for their front line employees.

In order to achieve long-term growth and profitability,businesses are constantly searching for new markets and new opportunities to further grow the scope and focus of their organizations:

What is a 3C assessment?

A precise statement of the rationale for a business and a step-by-step explanation of how it will achieve its goals is a

Price,store surroundings,service,and brand name are all elements that consumers evaluate in a total product offer.

When consumers calculate the value of a product,they look at the benefits and then subtract the cost.