Marketing Basics
Which of the following marketing functions helps businesses answer the question "Where will the products be offered?"
A. Channel management
B. Selling
C. Promotion
D. Product/Service management
A. Channel management
Which amount listed on a paycheck stub represents an employee's actual take-home pay?
A. Regular pay
B. Gross pay
C. Overtime pay
D. Net pay
D. Net pay
Kelly works at a fast-food restaurant. During her initial training, her manager taught her how to operate the milkshake machine and showed her the list of steps for making different milkshakes. When a customer orders a mint chocolate chip milkshake, Kelly ignores the instructions sheet and accidentally puts the mint flavor into strawberry ice cream. This is an example of the importance of
A. following written directions.
B. trusting your feelings.
C. making up your own rules.
D. mistrusting written directions.
A. following written directions.
What is the first step to problem-solving in a group?
A. Implementing solutions
B. Assessing solutions
C. Determining causes of the problem
D. Defining the problem
D. Defining the problem
Ricky's startup company recently received an investment from a wealthy business owner who likes to support budding entrepreneurs. In other words, the wealthy business owner is a(n)
A. business analyst.
B. debt financer.
C. financial advisor.
D. angel investor.
D. angel investor.
Kevin developed a letter stating that his company will be offering discounts on certain products for a limited time. Kevin's letter is an example of a(n)
A. request for data.
B. informative message.
C. instructional guide.
D. expression of personal opinion.
B. informative message.
What type of deposit-taking institution is owned by its members or customers?
A. Full-service broker
B. Investment bank
C. Credit union
D. Discount broker
C. Credit union
An employee approaches a regular customer who appears to be looking for a specific item and says, "Good morning, Mr. Hinkle, may I direct you to a particular product?" Is this the most appropriate way to deal with that customer?
A. Yes, employees should be well informed and able to help customers.
B. No, employees are too busy to pay attention to only one customer.
C. Yes, employees should always greet customers and call them by name.
D. No, employees are not expected to have conversations with customers.
A. Yes, employees should be well informed and able to help customers.
One of the characteristics of effective communication is conciseness. A concise statement is one that
A. presents only relevant information.
B. contains many adjectives.
C. would be described as wordy.
D. is as vague as possible.
A. presents only relevant information.
Technological advancements have made it possible for some entrepreneurs to
A. reduce the need for maintaining financial records.
B. operate their businesses entirely from their computers.
C. run their businesses with fewer computer skills.
D. eliminate the need to pay income and Social Security taxes.
B. operate their businesses entirely from their computers.
By developing a brand promise, a company can
A. ensure that all of its products will meet customers' expectations.
B. communicate its commitment to meeting customers' expectations.
C. obtain a trademark from the government.
D. establish a licensing agreement with the government.
B. communicate its commitment to meeting customers' expectations.
Interest paid on a loan can be understood as compensation to __________ for __________.
A. the borrower; spending now rather than later
B. the borrower; repaying on time
C. the lender; avoiding bad investments
D. the lender; taking a risk
D. the lender; taking a risk
When Arthur travels out of the country, he picks up some souvenirs. When he tries to bring them back home with him, he discovers that he has to pay a tax on them. Arthur must pay the
A. travel duty.
B. travel tax.
C. customs duty.
D. souvenir tax.
C. customs duty.
In an effective information management system, all information is
A. accurate.
B. accessible to everyone.
C. quantitative in nature.
D. abstract.
A. accurate.
Which of the following forms of business ownership must obtain a charter from the state(s) in which it operates:
A. Corporation
B. Sole proprietorship
C. Partnership
D. Consolidation
A. Corporation
Making a product more useful by altering or changing it in some manner creates __________ utility.
A. possession
B. place
C. time
D. form
D. form
The main objective of using marginal analysis in decision-making is to determine whether a business activity will result in
A. a net revenue smaller than marginal revenue.
B. a marginal revenue equal to or greater than marginal cost.
C. a marginal expense that is greater than marginal cost.
D. a net revenue larger than marginal revenue.
B. a marginal revenue equal to or greater than marginal cost.
A hotel owner plans to conduct secondary research to learn more about guest satisfaction. Which of the following options would be the most appropriate method of secondary research for the hotel owner:
A. Review customer comments in the hotel database
B. Create a satisfaction survey to provide to all new guests
C. Interview the hotel staff members about guests' attitudes
D. Observe hotel guests to determine their satisfaction
A. Review customer comments in the hotel database
A store's written policy concerning returns states that "Refunds will be issued when a receipt is presented; other returns will be given store credit." Mrs. Garcia, a regular customer, returns a product without a receipt, complains about the store's return policy, and is given a full refund even though she doesn't have a receipt. Another customer overhears the conversation and asks for a refund without a receipt, but the store denies that request. How would enforcing the return policy have a positive impact on the business?
A. Ensure fair treatment of employees
B. Reduce misunderstanding and ill will
C. Eliminate consistent behavior
D. Guide customers' actions and protect their decisions
B. Reduce misunderstanding and ill will
Which of the following businesses best represents an innovative entrepreneurial endeavor:
A. Starting a clothing business online
B. Buying a small local coffee shop from its founder
C. Opening a new pizza franchise
D. Developing and selling a new wood-cutting device
D. Developing and selling a new wood-cutting device
The goal of penetration pricing is
A. liquidating assets.
B. achieving rapid market development.
C. boosting profits.
D. recovering introduction costs.
B. achieving rapid market development.
Which of the following cost classifications can help a decision maker determine how well different department managers performed:
A. Classification by function
B. Classification by controllability
C. Classification by behavior
D. Classification by relevance
B. Classification by controllability
The main difference between customer relationship management and customer experience management is that CRM focuses on
A. the business itself.
B. customers.
C. product development.
D. investors.
A. the business itself.
When a person uses a decision-making model to make a decision, they can trust that
A. their intuition is right.
B. they made the best choice.
C. they achieved success.
D. they made a good effort.
D. they made a good effort.
Which of the following financial analysis methods involves comparing the same items on a company's financial statements for two or more periods:
A. Fundamental analysis
B. Vertical analysis
C. Technical analysis
D. Horizontal analysis
D. Horizontal analysis