E
What is the primary goal of management?
Accomplishing the business's goal
Honda recently opened a plant in a town in hopes of building their vehicles cheaper. When Honda
began interviewing potential employees, they found there were few educated and trained employees in
the area. The limited number of potential employees compared to Honda’s need for trained and
educated employees is considered to be the economic problem of
Scarcity
A business with well-planned buildings, effective employee training and careful selection of goods and
services does what
Prevent or control risk
PR: Which are included in the promotional mix?
Personal selling, advertising, direct marketing,
sales promotion, and public relations strategies
Supply is the quantity of goods and services that:
Producers are willing and able to manufacture
Define Marketing
The process of promoting, selling, and
distributing a product or service.
In an economic system, which of the following is the decision to purchase raw materials and make it
into an item to sell?
What to produce?
A rivalry between two or more businesses to attract limited customer dollars is called a/an:
Competition
Which increases gross domestic product?
improving the use of resources
In an economic system, the decision to hire more employees in order to make more products is
answering which economic choice?
How to produce?
Which of the following is the process of planning, improving, and/or adding to a firm’s product line?
Product/Service Management
Which of the following is most related to the marketing concept?
Satisfy Customers
Which type of economic system occurs when both the government and individuals own factors of
production?
Mixed
A manager instructs his employees to get a new, heavy-duty cord for the display lights instead of using
the worn-out one. The manager is implementing
loss prevention
Why must employees be able to explain business policies to customers?
the policies are not always evident to customers
Which of the following economic utilities refers to the value added by changing the physical
characteristics of a product to make it more desirable?
Form
Which marketing function includes advertising, personal selling, and publicity.
promotion
Which internal factors affect selling policies?
customer wants and needs
Fill in the following blanks to explain how marketing has helped consumers by Lowering ________ of
goods through competition.
prices
MM: Which is a method of boosting employee morale?
Singling out and rewarding employees for good
work
MM: The way employees treat customers affects the businesses'
image
PR: The distinctive identification symbol on an advertisement refers to the
Signature
If an item sells for $14.95 and an employee receives a 20% discount, how much will the employee
pay for them?
11.96
Which motivates a business owner to improve efficiency?
profits
Which is most likely to affect the price of roses?
a large number of rose bushes are killed by
disease