Question 1

What are Stakeholders?

Accepted Answer

Stakeholders are individuals,groups,or o...

Question 2

When people consider purchasing a good,they:

Accepted Answer

A)   are responding to the market forces of supply and demand.
B)   are most influenced by the price of the product or service.
C)   will not consider goods that require them to make a special effort to purchase.
D)   may evaluate and compare a variety of factors.

Question 3

Technology can help businesses become more efficient and productive.

Accepted Answer

A) True 
 B)False

Question 4

Businesses seek to earn a profit by providing goods and services to others.

Accepted Answer

A) True 
 B)False

Question 5

What is a business model or system? ?

Accepted Answer

This second objective is to set in motio...

Question 6

Profit is what it costs to make and sell a product.

Accepted Answer

A) True 
 B)False

Question 7

A business' objectives should be:

Accepted Answer

A)   specific
B)   measurable
C)   actionable
D)   controllable
E)   all of the above

Question 8

If a business' costs and expenses are greater than its revenue,it will suffer a loss.

Accepted Answer

A) True 
 B)False

Question 9

In evaluating colleges,students and parents are likely to judge a school:

Accepted Answer

A)   strictly on the basis of major curriculums offered.
B)   based on the tuition.
C)   by the collection of benefits offered by the school.
D)   on the anticipated rate of return on their tuition investment.

Question 10

Which of the following is NOT one of the three fundamental characteristic that an efficient and effective operating platform will possess?

Accepted Answer

A)   A system of integrated actions
B)   Commercial Endeavours
C)   Employee Interaction model
D)   Organizational Efficiency & Structure
E)   None of the above

Question 11

Well-managed businesses will grow and prosper regardless of the business environment in which they operate.

Accepted Answer

A) True 
 B)False

Question 12

Managers in many of today's high-tech firms realize that workers often know much more about technology than they do.

Accepted Answer

A) True 
 B)False

Question 13

All of the following would be included in the total product offer of benefits that consumers consider when buying a good or service the:

Accepted Answer

A)   price.
B)   consumer's income.
C)   buyer's past experience.
D)   store's atmosphere.

Question 14

Sweet Dream Confectioners uses the same ingredients as most other producers of chocolate candies.In fact,taste tests suggest that the candy itself,while quite good,isn't much better than other well-known brands of chocolate.However,the company wraps its candies in expensive looking foil and places them in very attractive boxes.It promotes its products in advertisements as "the ultimate in chocolate experience." Sweet Dream charges a much higher price than most competitors,but sales continue to grow.This success indicates that:

Accepted Answer

A)   consumers often behave in an irrational manner.
B)   there is more to the total product offer than the physical product.
C)   consumers seldom consider price when making a buying decision for goods such as chocolate.
D)   chocolate is best classified as a convenience good.

Question 15

A business' objectives should NOT be which of the following:

Accepted Answer

A)   Specific
B)   Measurable
C)   Easy
D)   Controllable
E)   All of the above

Question 16

If a business costs and expenses are greater than its revenue,it will suffer a loss.

Accepted Answer

A) True 
 B)False

Question 17

The critical component of a total product offer is always a low price.

Accepted Answer

A) True 
 B)False

Question 18

Successful product differentiation:

Accepted Answer

A)   of consumer goods is determined exclusively by price.
B)   can be based on either real or perceived differences in products.
C)   is prohibited if it restricts price competition and market access.
D)   is less important due to the growth of the Internet.

Question 19

Nonprofit organizations such as the Canadian Cancer Society do not engage in management,marketing,or finance activities.

Accepted Answer

A) True 
 B)False

Question 20

In order for product differentiation to be effective,real product differences must be identified so that one product is clearly better than others.

Accepted Answer

A) True 
 B)False

Exam 1: What Is Business

What is a business model or system? ?

Correct Answer
verified
This second objective is to set in motio...
View Answer

Nonprofit organizations such as the Canadian Cancer Society do not engage in management,marketing,or finance activities.

Correct Answer
verified

Managers in many of today's high-tech firms realize that workers often know much more about technology than they do.

Correct Answer
verified

Successful product differentiation:

Correct Answer
verified

Technology can help businesses become more efficient and productive.

Correct Answer
verified

When people consider purchasing a good,they:

Correct Answer
verified

In evaluating colleges,students and parents are likely to judge a school:

Correct Answer
verified

Which of the following is NOT one of the three fundamental characteristic that an efficient and effective operating platform will possess?

Correct Answer
verified

If a business' costs and expenses are greater than its revenue,it will suffer a loss.

Correct Answer
verified

If a business costs and expenses are greater than its revenue,it will suffer a loss.

Correct Answer
verified

In order for product differentiation to be effective,real product differences must be identified so that one product is clearly better than others.

Correct Answer
verified

What are Stakeholders?

Correct Answer
verified
Stakeholders are individuals,groups,or o...
View Answer

The critical component of a total product offer is always a low price.

Correct Answer
verified

Businesses seek to earn a profit by providing goods and services to others.

Correct Answer
verified

Profit is what it costs to make and sell a product.

Correct Answer
verified

A business' objectives should NOT be which of the following:

Correct Answer
verified

Correct Answer
verified

All of the following would be included in the total product offer of benefits that consumers consider when buying a good or service the:

Correct Answer
verified

A business' objectives should be:

Correct Answer
verified

Well-managed businesses will grow and prosper regardless of the business environment in which they operate.

Correct Answer
verified

Exam 1: What Is Business

What is a business model or system? ?

Correct AnswerverifiedThis second objective is to set in motio...View AnswerShow Answer

Nonprofit organizations such as the Canadian Cancer Society do not engage in management,marketing,or finance activities.

Correct AnswerverifiedShow Answer

Managers in many of today's high-tech firms realize that workers often know much more about technology than they do.

Correct AnswerverifiedShow Answer

Successful product differentiation:

Correct AnswerverifiedShow Answer

Technology can help businesses become more efficient and productive.

Correct AnswerverifiedShow Answer

When people consider purchasing a good,they:

Correct AnswerverifiedShow Answer

In evaluating colleges,students and parents are likely to judge a school:

Correct AnswerverifiedShow Answer

Which of the following is NOT one of the three fundamental characteristic that an efficient and effective operating platform will possess?

Correct AnswerverifiedShow Answer

If a business' costs and expenses are greater than its revenue,it will suffer a loss.

Correct AnswerverifiedShow Answer

If a business costs and expenses are greater than its revenue,it will suffer a loss.

Correct AnswerverifiedShow Answer

In order for product differentiation to be effective,real product differences must be identified so that one product is clearly better than others.

Correct AnswerverifiedShow Answer

What are Stakeholders?

Correct AnswerverifiedStakeholders are individuals,groups,or o...View AnswerShow Answer

The critical component of a total product offer is always a low price.

Correct AnswerverifiedShow Answer

Businesses seek to earn a profit by providing goods and services to others.

Correct AnswerverifiedShow Answer

Profit is what it costs to make and sell a product.

Correct AnswerverifiedShow Answer

A business' objectives should NOT be which of the following:

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

All of the following would be included in the total product offer of benefits that consumers consider when buying a good or service the:

Correct AnswerverifiedShow Answer

A business' objectives should be:

Correct AnswerverifiedShow Answer

Well-managed businesses will grow and prosper regardless of the business environment in which they operate.

Correct AnswerverifiedShow Answer

Correct Answer
verified
This second objective is to set in motio...
View Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified
Stakeholders are individuals,groups,or o...
View Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified