Entrepreneurship
Within a startup business or young company, the primary responsibility for acting ethically falls to…
A) the company’s customers.
B) the business’s employees.
C) business investors.
D) the entrepreneur.
D) the entrepreneur.
Making both buyers and sellers feel they are getting good value is part of the __________ function of marketing.
A) pricing
B) financing
C) promotion
D) purchasing
A) pricing
To recover disgruntled guests, businesses should reach out to customers…
A) after processing payment.
B) quickly.
C) electronically.
D) with financial compensation.
B) quickly.
Oil, steel, and lumber are examples of…
A) capital goods
B) finished goods
C) supply chains
D) raw materials
D) raw materials
Which of the following adds meaning to the words a speaker uses:
A) Economy of speech
B) Accuracy
C) Tone of voice
D) Tempo
C) Tone of voice
While working as a server, Delia came up with an idea for an automated payment system for restaurants. This is an example of how…
A) it is unethical to copy another business's model.
B) economic trends can help you identify opportunities.
C) work experience can lead to new business ventures.
D) entrepreneurs should focus on completely new industries.
C) work experience can lead to new business ventures.
Ryan is working with his marketing team to set goals and create a budget for the upcoming year. Which marketing function is Ryan performing?
A) Market planning
B) Product/Service management
C) Selling
D) Pricing
A) Market planning
Michelle is a small business owner who has outdated customer information in her computer files. What type of application should Michelle use to update her database?
A) Environmental scanning
B) Customer relationship management
C) Tabulation analysis
D) Application programming interface
B) Customer relationship management
Which of the following is a characteristic of mass production:
A) It produces one-of-a-kind items.
B) It often uses assembly lines.
C) It is primarily used for small quantities.
D) It is considered inefficient.
B) It often uses assembly lines.
Which of the following is a character trait that effective leaders usually possess:
A) Self-interest
B) Emotional Intelligence
C) Domineering personality
D) Lifestyle
B) Emotional Intelligence
A local veterinarian decides to add a surgical wing to their office, which will allow them to serve more patients over the coming years. The cost of building the new wing is an example of a(n)...
A) operating expense.
B) expense control.
C) capital expenditure.
D) budget deficit.
C) capital expenditure.
According to the marketing concept, which option demonstrates customer orientation?
A) Advertising the features of a product
B) Convincing a buyer to buy
C) Finding out what a buyer wants
D) Researching a firm's competitors
C) Finding out what a buyer wants
Successful brands use brand promises to connect with their customers on a(n) __________ level.
A) rational
B) ethical
C) logical
D) emotional
D) emotional
David is meeting with a group of his employees to discuss what types of goods and services they need to successfully perform their jobs. This is often the first step in the __________ process.
A) marketing
B) receiving
C) buying
D) selling
C) buying
Which of the following activities typically occurs during new employee orientation:
A) Contact with the employee's references
B) A tour of the business
C) A review of the employee's resume
D) A performance appraisal
B) A tour of the business
Which of the following statements regarding international trade is true:
A) Only large companies typically benefit from conducting international trade.
B) Foreign language skills are required to conduct international trade.
C) Businesses shipping internationally must use freight forwarding services.
D) Online businesses can easily become involved in international trade.
D) Online businesses can easily become involved in international trade.
Which of the following scenarios best illustrates a key characteristic of service marketing:
A) A company offers a one-size-fits-all product with no customer interaction.
B) A customer purchases a software subscription that includes 24/7 customer support.
C) A retailer sells a physical product that can be returned and resold if unused.
D) A customer buys a product based on its shelf-life and resale value.
B) A customer purchases a software subscription that includes 24/7 customer support.
The importance of customer service in the hospitality and tourism industry has grown due…
A) to lower prices.
B) less frequent travel.
C) fewer consumer choices.
D) technology.
D) technology.
What type of security problem does a business have if its employees routinely take pens and paper home for personal use?
A) Robbery
B) Shoplifting
C) Pilferage
D) Burglary
C) Pilferage
How can a financial-information management system contribute to the development of future budget requirements?
A) Organizing and analyzing past resource usage data
B) Managing company assets
C) Restricting access to confidential information
D) Collecting and analyzing competitive data
A) Organizing and analyzing past resource usage data
Which of the following is an example of corporate social responsibility:
A) A business provides three weeks of vacation time to all employees.
B) A retail store refuses to accept returns once 30 days have passed.
C) A company donates a portion of its proceeds to charity each year.
D) A startup business runs a public relations campaign about its mission.
C) A company donates a portion of its proceeds to charity each year.
Which of the following is an example of a touchpoint:
A) Company management analyzes customer buying behavior.
B) A company provides new employees with customer service training.
C) A customer watches a company's TV commercial.
D) A company researches customer relationship management software.
C) A customer watches a company's TV commercial.
A passenger is upset with Petra, a flight attendant, because the plane has not taken off and they are worried about being late for an important meeting. Before responding, Petra takes a deep breath, listens to the passenger's complaint, and apologizes. Petra is…
A) diffusing the customer's anger.
B) solving the problem.
C) avoiding the conflict completely.
D) deferring to authority.
A) diffusing the customer's anger.
Drew is a supply chain manager who always does his best to keep in mind the original intent of the rules and regulations governing his industry. This is an example of how supply chain professionals should
A) demonstrate transparency.
B) respect customers’ rights.
C) promote fairness and equality.
D) follow the spirit of the law.
D) follow the spirit of the law.
One of the advantages of obtaining and using marketing information is that it helps business managers to…
A) train and direct employees.
B) prepare documents and reports.
C) review and understand regulations.
D) predict and control risks.
D) predict and control risks.