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Entrepreneurship
HR Management
Marketing and Promotion
Pricing
Production and Distribution
100
An entrepreneurial team consists of: A. managers with similar skills, abilities, and interests. B. experienced professionals from different areas of business. C. a group of wealthy investors who share a vision for a product. D. representatives from management, labor, and the government who work together to solve a company's problems in a creative way.
What is B. experienced professionals from different areas of business.
100
The ultimate resource of a firm is its: A. business plan. B. marketing mix. C. capital budget. D. employees.
What is D. employees
100
The business philosophy of "produce as much as you can because there is a limitless market" is consistent with which of the following marketing eras? A. production era B. selling era C. marketing era D. customer relationship era
What is A. production era
100
When consumers calculate the value of a product, they: A. subtract the cost of production from the market price. B. eliminate all nontangible elements that might affect their perception of the product. C. look at the benefits the product provides then subtract the cost. D. identify the variable and the fixed components of the product's benefits.
What is C. look at the benefits the product provides then subtract the cost.
100
__________ is the creation of goods and services using land, labor, capital, entrepreneurship, and knowledge. A. Resource recombination B. Supply chain management C. Production D. Purchasing
What is C. Production
200
A creative person working within a corporation to launch new products and generate new profits is known as a(n): A. arbitrator. B. micropreneur. C. macropreneur. D. intrapreneur.
What is D. intrapreneur.
200
__________ workers have a higher skill level than their current job requires. A. Structurally unemployed B. Frictionally unemployed C. Contingent D. Underemployed
What is D. Underemployed
200
Which of the following is a part of the marketing concept? A. a consumer orientation B. avoidance of risk C. financial return orientation D. emphasis on efficient production
What is A. a consumer orientation
200
Restaurants, like other businesses, often find that the best way to succeed in the market is to: A. listen to customers and adapt products to their needs. B. create a product for which he could charge an exceptionally high price. C. create a winning combination of advertising and personal selling for all of the stores in the chain. D. open more stores in a single year than other foodservice operators.
What is A. listen to customers and adapt products to their needs.
200
The primary characteristic of a just-in-time inventory system is that suppliers deliver parts and materials right at the time that the buyer is going to use them in the production process. A. True B. False
What is A. True
300
Historically entrepreneurs in the U.S. A. created wealth for themselves, but have had a minor impact on the economy as a whole. B. started many small firms that later became major corporations employing thousands of workers. C. experienced success only when they worked in partnership with the federal government. D. played an important role, but are less important now in creating jobs and wealth.
What is B. started many small firms that later became major corporations employing thousands of workers.
300
Which of the following is a challenge that is facing the human resource managers of today? A. too many unemployed scientists and computer engineers B. an increasing number of Gen Yers in the workforce C. a shift in employee attitudes toward work D. an increased demand for uniformity in benefits offered to employees
What is C. a shift in employee attitudes toward work
300
Firms that have adopted _________ seek to do more than simply sell a product; they seek to learn as much as possible about their customers in order to satisfy them with goods and services over time. A. nonprofit marketing B. customer relationship management C. management by objectives D. the marketing mix
What is B. customer relationship management
300
The combination of all the factors that consumers evaluate when deciding whether or not to buy a good or service is called a: A. total product offer. B. product mix. C. product differentiation. D. product package.
What is A. total product offer.
300
Operations management is the __________ phase of management. A. planning B. implementation C. control D. building
What is B. implementation
400
Successful entrepreneurs are self-nurturing. This means they: A. look to others for strength and encouragement. B. self-finance their business with no assistance from others. C. perform all business operations by themselves. D. believe in themselves and their ideas.
What is D. believe in themselves and their ideas.
400
Which of the following statements about human resource management opportunities and challenges is most accurate? A. the age composition of the labor force is becoming younger B. workers are becoming less loyal to their firms, resulting in higher turnover C. workers are now demanding that more of their compensation be in wages and salaries and less in fringe benefits D. the number of workers who have received training in high tech fields far exceeds the number of job openings in these areas
What is B. workers are becoming less loyal to their firms, resulting in higher turnover
400
The goal of __________ is to inform and remind people in a target market about specific products, eventually persuading them to participate in an exchange. A. promotion B. market research C. market segmentation D. marketing loyalty
What is A. promotion
400
198. (p. 377) Which of the following refers to a group of products offered by a firm that are physically similar or are intended for a similar market? A. product matrix B. product line C. product mix D. total product offer
What is B. product line
400
Marketing intermediaries: A. are unlikely to survive in a competitive global economy. B. have survived because they can often perform marketing functions faster and at lower cost than producers. C. create value, but this value is seldom great enough to justify the added cost they charge for their services. D. tend to increase the number of exchange relationships producers and consumers must deal with in order to buy and sell goods.
What is B. have survived because they can often perform marketing functions faster and at lower cost than producers.
500
Anna recently left a large insurance firm and opened a home-based business preparing medical transcriptions for doctors. Based on recent statistics, she can expect: A. a negative reaction from friends and family who wonder when she will get a "real" job. B. the emergence of affordable technology will make it less challenging for her to compete with larger firms offering the same service. C. the government will discourage her attempts to create a home-based business in the hopes that she will opt for locating in an enterprise zone. D. to find security, routine and a paycheck from her new enterprise.
What is B. the emergence of affordable technology will make it less challenging for her to compete with larger firms offering the same service.
500
Which of the following statements best describes the current view of the role of human resource management within a firm? A. human resource management is largely a clerical function that involves keeping records, processing payroll, and making sure that federal regulations are met B. human resource management has become so complex that only highly trained human resource specialists should make human resource decisions C. human resource management functions have become so important that in many firms all managers now perform them D. changes in technology have largely done away with the need for a separate human resource department
What is C. human resource management functions have become so important that in many firms all managers now perform them
500
A promotional campaign begins by: A. identifying a target market. B. defining the objectives for each element of the promotion mix. C. determining a promotional budget. D. developing a unifying message.
What is A. identifying a target market.
500
The best product development strategy for most firms is to: A. develop a small number of products that achieve market success and stick with them, because constantly changing old products (or introducing new ones) can confuse and frustrate customers. B. maintain one product line while adding regularly to that product line over time to sustain customer interest. C. constantly monitor consumer wants and needs and be willing to develop new products and adapt policies and services as those consumer needs begin to change. D. focus on the actual product or service and don't worry too much about factors such as image, price, and service.
What is C. constantly monitor consumer wants and needs and be willing to develop new products and adapt policies and services as those consumer needs begin to change.
500
In the distribution process, the largest percentage of the retail price goes to: A. profits. B. warehouse costs. C. labor. D. transportation.
What is C. labor.