BUSN115 Intro to Business Quiz Week 4
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BUSN115 Intro to Business Quiz Week 4
(TCO 4) Producers rely on a class of intermediaries called value-added resellers (VARs) to assist with…
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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