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BUSN115 Intro to Business Quiz Week 4

BUSN115 Intro to Business Quiz Week 4

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(TCO 3) Which of the following is an example of a lifestyle business? (Points : 5)

A paper recycling unit that employs about 800 employees

A self-employed landscape designer

Nature’s Delights, an international gourmet food chain that is considered to be the world’s leading retailer of natural and organic foods

Museum of Fine Arts, a government-funded museum that houses a collection of 19th and 20th century American, German, and French paintings

Freedom Books, a firm that is the leader in the English-language, book-publishing sector

(TCO 3) Which of the following is true regarding high-growth ventures? (Points : 5)

They are usually run by one individual rather than a team.
They refer to businesses such as a self-employed consultant, a corner florist, or a small e-commerce venture

They are mostly family businesses

They are built around the personal and financial needs of an individual

They expand rapidly by obtaining a sizable supply of investment capital

(TCO 3) Small companies tend to differ from large ones because _____. (Points : 5)

They have a wider focus compared to larger companies

They are mostly launched with more financial backing than larger companies

They have less freedom to innovate and move quickly compared to larger companies

They can react to market changes and make decisions more quickly than larger companies

They are more bureaucratic compared to larger companies

(TCO 3) _____ are expensive organizational products with a long useful life. (Points : 5)

Shopping products

Capital items

Expense items

Specialty products

Convenience products

(TCO 3) Absco computers introduced a low-cost, cloud-based storage service. The company adopted unit-based pricing for the product and many small businesses found the product to be very effective in reducing their storage costs. The sale of the product has increased swiftly in recent months and is at an all-time high. The product is presently in the _____ stage of product lifecycle. (Points : 5)

Maturity

Growth

Saturation

Research

Introduction

(TCO 3) People who monitor social media to spot shifts in consumer tastes are called _____. (Points : 5)

Social arbitrators

Trend watchers

Crowd pullers

Social developers

Social programmers

(TCO 4) Organizational purchasing differs from consumer purchasing in that organizational purchasing _____. (Points : 5)

Is influenced more by subconscious and emotional factors

Usually involves closer relationships between buyers and sellers

Has lower complexity in product usage

Lacks a formal buying process
Is less clearly driven by economics
(TCO 4) _____ refers to the increase in the value of a product with the number of customers who use it. (Points : 5)

Possession utility

Cognitive dissonance

Network effect

Positioning

Form utility

(TCO 4) Creating new goods and services for a firm’s current markets is called _____. (Points : 5)

Market penetration

Product development

Market development

Diversification

Pure play

(TCO 4) Retailers differ from wholesalers in that retailers _____. (Points : 5)

Sell products to small-business owners

Sell products to wholesalers, government agencies, and educational institutions

Primarily sell products to consumers for personal use

Receive bulk shipments from producers

Create possession utility
(TCO 4) One of the valuable services that a wholesaler might perform is _____, in which it receives large shipments from the producer and then sells smaller quantities to retailers. (Points : 5)

Rack jobbing

Drop shipping

Bundling

System integration

(TCO 4) Producers rely on a class of intermediaries called value-added resellers (VARs) to assist with which of the following functions? (Points : 5)

Transport the goods from the producer to the retail outlets

Assist with advertising, in-store displays, and other promotional efforts

Provide market information

Divide bulk quantities into smaller packages

Complete or customize solutions for customers
(TCO 4) The government agency that has the authority to impose penalties against advertisers who violate federal standards for truthful advertising is the _____. (Points : 5)

Federal Communications Commission

Consumer Product Safety Commission

Federal Trade Commission

Federal Advertising Administration

Federal Regulatory Commission

(TCO 4) In _____, behaviorally targeted ads follow users even as they move on to other websites. (Points : 5)

Attack ads

Advocacy advertising

Cooperative advertising

Remarketing

Search engine marketing

(TCO 4) Institutional advertisements that present a company’s point of view on public issues, such as education or healthcare, are known as _____ advertising. (Points : 5)

Product

Comparative

Cooperative

Advocacy

Consultative