Business Fundamentals
Exam Answer Key
Course Introduction
Business Fundamentals introduces students to the essential concepts and practices that form the foundation of modern business operations. The course covers key topics such as management principles, organizational structures, marketing, finance, accounting, and business ethics. Students will explore how different business functions interact to achieve organizational goals, learn basic financial literacy, and examine real-world case studies to understand decision-making in various business contexts. By the end of the course, students will have a comprehensive overview of the business environment and be equipped with practical skills to succeed in a variety of business settings.
Recommended Textbook
Marketing 2014 17th Edition by William M. Pride O. C. Ferrell
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21 Chapters
3942 Verified Questions
3942 Flashcards
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Chapter 1: An Overview of Strategic Marketing
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164 Verified Questions
164 Flashcards
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Sample Questions
Q1) To satisfy customers' objectives as well as its own,a company must coordinate all its activities.
A)True
B)False
Answer: True
Q2) Price is seldom used as a competitive tool.
A)True
B)False
Answer: False
Q3) Marketing costs consume about one-quarter of a buyer's dollar.
A)True
B)False
Answer: False
Q4) For an exchange situation to arise,only one condition must exist: two or more individuals,groups,or organizations must each possess something that they value and are willing to give up to receive the "something of value" held by the other individual,group,or organization.
A)True
B)False Answer: False
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Chapter 2: Planning, Implementing, and Evaluating Marketing Strategies
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153 Verified Questions
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Sample Questions
Q1) CyberCycle Inc. ,is preparing a written document specifying the activities to be performed to implement and control its marketing activities.This document is called the A)profit plan.
B)marketing program.
C)strategic market program.
D)strategic business plan.
E)marketing plan.
Answer: E
Q2) Refer to Scenario 2.1.Maintaining the current culture of "fun" for Southwest Airlines' employees is most likely a(n)
A)marketing strategy.
B)marketing objective.
C)organization resource.
D)environmental force.
E)overall organizational objective.
Answer: E
Q3) Describe the process of strategic planning.How does this process help marketing managers?
Answer: No Ans
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Chapter 3: The Marketing Environment
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Sample Questions
Q1) Textile companies historically face issues concerning the use of child labor in foreign countries and the various regulations created concerning this labor.The type of marketing environment forces executives for these companies are most likely to try to influence are ____ forces.
A)economic
B)competitive
C)political
D)environmental
E)sociocultural
Answer: C
Q2) Numerous self-regulatory programs have been created to stop or stall the development of laws and government regulatory groups that would regulate marketing practices.
A)True
B)False
Answer: True
Q3) In what ways is the United States becoming an increasingly diverse nation in terms of culture?
Answer: No Ans
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Page 5
Chapter 4: Social Responsibility and Ethics in Marketing
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Sample Questions
Q1) Marketing ethics relates to individual and group evaluations about what is right or wrong in a particular marketing decision-making situation;social responsibility deals with the total impact of marketing decisions on society.
A)True
B)False
Q2) If Starbucks were to donate 5 percent of every coffee purchase to shelters for victims of domestic abuse for one month,this would be an example of
A)strategic philanthropy.
B)ethical responsibility.
C)economic responsibility.
D)green marketing.
E)cause-related marketing.
Q3) If other persons within an organization approve of an activity and the activity is legal but not customary in the industry,the activity is probably both ethical and socially responsible.
A)True
B)False
Q4) Discuss the responsibilities of an ethics officer.
Q5) Discuss some of the important ethical issues in marketing.
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Chapter 5: Marketing Research and Information Systems
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Sample Questions
Q1) Problem location and definition is the first step toward finding a solution to a marketing problem or launching a research study.The first sign of a problem
A)involves an informed guess or assumption about a certain set of circumstances.
B)is usually accompanied by a cost/benefit analysis.
C)most often comes in the form of customer complaints.
D)is often mentioned in secondary data reports,such as trade journals.
E)is typically a departure from some normal function,such as a failure to attain objectives.
Q2) Online focus groups gather data from large and geographically diverse groups in a less intensive manner than focus-group interviews.
A)True
B)False
Q3) Ethical conflict typically occurs because the parties involved in marketing research often have different objectives.
A)True
B)False
Q4) What pitfalls should a marketing researcher avoid in preparing a report for a company executive? Why?
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7
Chapter 6: Target Markets: Segmentation and Evaluation
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Sample Questions
Q1) Discuss the difference between sales forecasts and company sales potential.Why is it important for a marketer to be able to forecast sales?
Q2) Frito-Lay Snack Foods is currently conducting market segmentation studies.For several segments,they have completed competitive assessments and cost estimates.The next major step they must take is to
A)determine which segmentation variables to use.
B)develop market segment profiles.
C)identify the appropriate targeting strategy.
D)select specific target markets.
E)develop sales forecasts.
Q3) Refer to Scenario 6.1.Which of the following best describes Lil' Angels' current approach to the market?
A)It is segmenting the market according to demographic variables.
B)It is segmenting the market according to product-related variables.
C)It has chosen a segment that is not identifiable and divisible.
D)Its market is impossible to reach because of legal constraints.
E)It is not segmenting the market but is attempting to reach everyone with the product.
Q4) How do business markets differ from consumer markets?
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Page 8
Chapter 7: Consumer Buying Behavior
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Sample Questions
Q1) Which of the following statements about how a consumer organizes inputs that reach awareness is most accurate?
A)Inputs are organized by individuals to produce meaning,and this organizational process is usually a slow one.
B)Organization of information inputs is not always needed to produce meaning.
C)Inputs that reach awareness are organized and interpreted in much the same way by all consumers.
D)Because a person interprets information in terms of what is familiar,only one interpretation of organized inputs is possible.
E)Inputs that reach awareness are organized to produce meaning,and this meaning is interpreted in light of what is familiar to the individual.
Q2) Stacy is going to the store to buy milk and cereal.She will most likely use ____ in her consumer decision-making process.
A)routinized response behavior
B)limited problem solving
C)extended problem solving
D)perceptual scanning
E)evaluation of alternatives
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Chapter 8: Business Markets and Buying Behavior
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Sample Questions
Q1) Which of the following statements about reseller markets is false?
A)Resellers are concerned with the level of demand for the product.
B)Resellers are not concerned with how much space the product takes up as long as it has a high price.
C)Resellers want producers to be able to supply adequate quantities of the product.
D)Resellers are concerned with the availability of technical and promotional assistance from the producer.
E)Resellers are concerned with the markup percentage they can get on the product.
Q2) Buyers in producer markets purchase either raw materials or semifinished products.
A)True
B)False
Q3) Of the three types of business purchases,the straight rebuy purchase usually requires the most information.
A)True
B)False
Q4) What factors affect the purchase method that business customers choose?
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Chapter 9: Reaching Global Markets
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Sample Questions
Q1) Which of the following lists the levels of involvement in global marketing from the lowest to the highest?
A)International marketing,limited exporting,domestic marketing,globalized marketing
B)Limited exporting,domestic marketing,globalized marketing,international marketing
C)Globalized marketing,international marketing,limited exporting,domestic marketing
D)Domestic marketing,globalized marketing,international marketing,limited exporting
E)Domestic marketing,limited exporting,international marketing,globalized marketing
Q2) In relation to international marketing,which of the following best describes direct ownership?
A)A company owns its own manufacturing facilities.
B)A company forms an alliance with a similar company in a foreign country.
C)Foreign companies contract with manufacturers in other countries.
D)A company owns subsidiaries or facilities in foreign countries.
E)Two companies from different nations have interests in each other's facilities.
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11
Chapter 10: Digital Marketing and Social Networking
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181 Flashcards
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Sample Questions
Q1) ____ of online shoppers read ratings and reviews before making a purchasing decision.
A)One-fourth
B)A third
C)Almost half
D)Over three-fourths
E)Practically all
Q2) Control refers to the customer's ability to access information on the Internet with simple clicks on a keyboard.
A)True
B)False
Q3) Kyle is a new marketing manager for Anthropologie.He believes that if Anthropologie wants to grow and connect with its customers that there is no better way than to use Facebook.What do most marketing strategists think about Facebook?
A)Marketers should establish a Facebook page.
B)Marketers should avoid recommendations from customers via Facebook.
C)Marketers should ignore the advice of customers on Facebook.
D)Marketers need to use multiple Facebook pages.
E)Marketers should maintain strict control of consumers' comments on Facebook.
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Page 12
Chapter 11: Product Concepts
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187 Verified Questions
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Sample Questions
Q1) Many products never get beyond the introduction stage.
A)True
B)False
Q2) During the introduction stage of a successful product,profits are usually
A)at their highest point.
B)negative and decreasing.
C)negative and increasing.
D)positive and increasing.
E)declining.
Q3) A product mix is best described as
A)all products offered by a firm.
B)product,distribution,promotion,and price.
C)many products sold by one firm.
D)all products of a particular type.
E)a group of closely related products that are considered a unit because of market,technical,or end-use considerations.
Q4) Advertising used in the decline stage may prolong the life of the product.
A)True
B)False
Q5) What is a product?
Page 13
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Chapter 12: Developing and Managing Products
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Sample Questions
Q1) After building a prototype of his new device,Brad is asked to conduct rigorous functional testing to see if the device meets performance and safety qualifications.This is part of the ____ phase of the new-product development process.
A)product design
B)screening
C)product development
D)concept testing
E)test marketing
Q2) What is concept testing,and why is it important?
Q3) Top managers at Cincinnati Microwave believe that they have a successful working prototype of their new radar detector and plan to go directly to regional commercialization of the new product.In this instance,they are contemplating skipping the ____ phase of the new-product development process.
A)screening
B)test marketing
C)product development
D)business analysis
E)idea generation
Q4) Why is it often difficult for organizations to delete products?
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Chapter 13: Services Marketing
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202 Flashcards
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Sample
Questions
Q1) Flo,the spokesperson in Progressive Insurance TV commercials,is used to symbolize friendliness,reliability,and knowledge of the company's products.The part Flo plays in the promotion is designed to address the ____ characteristic of services.
A)intangibility
B)perishability
C)heterogeneity
D)inseparability
E)customer service
Q2) Services can involve both human and mechanical efforts.
A)True
B)False
Q3) Selecting a convenient location is important to the distribution of a nonprofit service.
A)True
B)False
Q4) In what ways do inseparability and intangibility affect the pricing of services?
Q5) The education a student gets is an example of the intangibility of services.
A)True
B)False
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Page 15
Chapter 14: Branding and Packaging
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216 Flashcards
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Sample Questions
Q1) If Ralph Lauren,a designer of fine clothing,authorized Dan River Mills to market a line of sheets under the Ralph Lauren name-this arrangement is an example of
A)brand extension.
B)brand licensing.
C)product continuation.
D)private branding.
E)individual branding.
Q2) The Anderson Advertising Agency was developing a name for their client's new paper towel product.They finally settled on the name,"Soaker." Regarding the factors that marketers consider when selecting a brand name,which one does this best fulfill?
A)Compatibility with other products in the line
B)Flexibility to be used in various types of media
C)Using fabricated names that cannot be duplicated
D)Indicating the product's major benefits
E)Keeping the brand name easy to remember
Q3) Service marketers frequently use symbols in combination with brand names.
A)True
B)False
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16
Chapter 15: Marketing Channels and Supply-Chain Management
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183 Flashcards
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Sample Questions
Q1) If Ralston Purina forced Kroger's grocery chain to place all of its products in the stores' most favorable locations,it would be
A)demonstrating sound channel leadership.
B)insisting on exclusive exposure.
C)exercising channel power.
D)minimizing channel conflict.
E)creating a coordinate system.
Q2) The notion of physical distribution is
A)speed of delivery.
B)used only by manufacturers.
C)the movement of products from producers to end users.
D)primarily the wholesaler's responsibility.
E)an assessment of distribution costs.
Q3) Order processing is defined as
A)the receipt and transmission of sales order information.
B)the second stage in a physical distribution system.
C)the four main tasks.
D)the same as order handling.
E)electronic processing of information.
Q4) Compare and contrast the three major levels of market coverage.
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Chapter
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Sample Questions
Q1) A wholesaler that carries a wide product mix but offers only limited depth within product lines is called a
A)specialty-line wholesaler.
B)limited-service wholesaler.
C)rack jobber.
D)general merchandise wholesaler.
E)general-line wholesaler.
Q2) Levitz Furniture locates in huge,low-cost buildings,maintains large,on-premises inventories,and offers minimum service.Levitz is a
A)warehouse showroom.
B)catalog showroom.
C)superstore.
D)warehouse club.
E)department store.
Q3) A general merchandise retailer offers
A)a single product line that is stocked in depth.
B)few product lines with deep assortments of these lines.
C)few choices of a large variety of product lines.
D)products through the Internet and catalogs only.
E)a variety of product lines that are stocked in depth.
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Chapter 17: Integrated Marketing Communications
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Sample Questions
Q1) The receiver's response to the decoded message is called noise.
A)True
B)False
Q2) Feedback does not exist for mass communication.
A)True
B)False
Q3) One of the biggest problems associated with ____ as an element of promotion is the high absolute dollar outlay often required.
A)personal selling
B)advertising
C)public relations
D)sales promotion
E)packaging
Q4) Measuring the effect of advertising on sales is difficult.
A)True
B)False
Q5) If an organization is large and has a large promotional budget,it should utilize all four promotional methods.
A)True
B)False
Page 19
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Chapter 18: Advertising and Public Relations
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Sample Questions
Q1) Advertising departments may use independent research organizations or freelance specialists for some of their projects.
A)True
B)False
Q2) When using the percentage-of-sales approach for determining the advertising appropriation,marketers
A)base their funding on a percentage of the competitors' sales.
B)multiply the firm's past sales by a set percentage they want to spend.
C)set sales objectives for the upcoming period and base appropriations on these goals.
D)multiply the firm's past sales plus a factor for expected changes in sales times a standard percentage.
E)use an industry standard to determine what percentage of their profits they want to allocate to advertising.
Q3) Product advertising is often used to stimulate demand directly.
A)True
B)False
Q4) What approaches can be used to evaluate the effectiveness of public relations programs?
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Chapter 19: Personal Selling and Sales Promotion
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Sample Questions
Q1) Jamba Juice offers its customers a stamp card that allows them to receive a free smoothie after they have filled an entire card.This is an example of a
A)free sample.
B)rebate.
C)frequent-user incentive.
D)premium.
E)consumer contest.
Q2) The ____ stage of the personal selling process is when the salesperson asks the prospect to buy the product.
A)proposal
B)closing
C)overcoming objections
D)approach
E)trial
Q3) Most people who purchase rebated products actually apply for the rebates.
A)True
B)False
Q4) Explain how a salesperson's performance can be evaluated.
Q5) Discuss why recruitment of salespeople should be a continuous activity.
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Chapter 20: Pricing Concepts
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Sample Questions
Q1) A customer's interpretation and response to a price depends on what the customer receives from a purchase compared to what he or she gives up to make a purchase.
A)True
B)False
Q2) The firm should produce the quantity at which marginal revenue and marginal cost are equal.
A)True
B)False
Q3) F.O.B.factory denotes the price of the products at the factory.If the price is quoted as F.O.B.shipping,then shipping costs are paid by the seller.
A)True
B)False
Q4) What do all of the following have in common: tuition,fee,premium,retainer,dues?
A)They are all usually paid in cash.
B)They are forms of exchange similar to,but not identical with,money.
C)They are forms of exchange similar to,but not identical with,barter.
D)They are different terms for the concept of price.
E)They have nothing in common.
Q5) Explain what is meant by price elasticity of demand.
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Chapter 21: Setting Prices
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Sample Questions
Q1) Sony management decided to use skimming as a pricing strategy for its newest line of high-definition television (HDTV)sets.It should be aware that this strategy does not
A)generate capital to cover research and development costs.
B)discourage competitors from entering the market.
C)provide flexibility in the introductory base price.
D)protect the firm from covering costs if prices are set too low.
E)reduce the stress that may be placed on the firm's production capabilities.
Q2) Penetration pricing is one new-product pricing approach that provides the most flexible introductory price.
A)True
B)False
Q3) Some grocery stores collect data on competitive prices
A)by calling their competitors.
B)on a quarterly basis.
C)through stores' purchase data.
D)from their resellers.
E)by using full-time comparison shoppers.
Q4) How are pricing objectives similar to a corporation's overall goals? How are they different?
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