Principles of Business Practice Exam
Course Introduction
Principles of Business introduces students to the fundamental concepts and operations of the business world. The course explores topics such as the nature and role of business in society, economic systems, forms of business ownership, management and leadership, marketing, finance, and human resources. Emphasis is placed on developing an understanding of the environment in which businesses operate, the ethical considerations involved in business decisions, and the skills necessary for effective business communication and problem-solving. Through real-world examples and case studies, students gain insights into how businesses are created, organized, and managed to achieve their goals in a dynamic global marketplace.
Recommended Textbook
Foundations of Marketing 5th Edition by William M. Pride
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20 Chapters
3527 Verified Questions
3527 Flashcards
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Chapter 1: Customer-Driven Strategic Marketing
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176 Verified Questions
176 Flashcards
Source URL: https://quizplus.com/quiz/39440
Sample Questions
Q1) The three basic forms that a product can take are
A)markets, products, and images.
B)goods, ideas, and intangibles.
C)brands, services, and tangibles.
D)services, ideas, and goods.
E)ideas, services, and things.
Answer: D
Q2) Services are provided by applying human and mechanical efforts to people or objects.
A)True
B)False
Answer: True
Q3) Profit, even at the expense of customers' satisfaction, is the major thrust of the marketing concept.
A)True
B)False
Answer: False
Q4) What is meant by the term marketing concept, and what departments of a company does it affect?
Answer: Answer not provided.
Page 3
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Chapter 2: Planning Marketing Strategies
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179 Verified Questions
179 Flashcards
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Sample Questions
Q1) Based on the work by the Boston Consulting Group, products with a dominant share of the market and good prospects for growth are
A)dogs.
B)cash cows.
C)stars.
D)question marks.
E)pigs.
Answer: C
Q2) Identifying and analyzing a target market and developing a marketing mix to satisfy individuals in that market are essential elements of which of the following parts of strategic planning?
A)Establishing marketing objectives
B)Coordinating marketing activities
C)Organizing marketing functions
D)Developing a marketing strategy
E)Planning marketing activities
Answer: D
Q3) How does a firm use a market opportunity to reach a particular target market?
Answer: Answer not provided.
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Page 4
Chapter 3: The Marketing Environment, Social Responsibility, and Ethics
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174 Verified Questions
174 Flashcards
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Sample Questions
Q1) The 1990 Nutritional Labeling and Education Act directly prohibits
A)exaggerated claims made by health and fitness products.
B)putting the words "cholesterol-free" on any food package.
C)putting nutritional information on most food products.
D)exaggerated health claims on food packages.
E)the use of any health claim on food packaging.
Answer: D
Q2) All companies have a responsibility to ____ so they can provide a return on investment to their owners and investors, create jobs for the community, and contribute goods and services to the economy.
A)offer the lowest price
B)be profitable
C)obey their customers
D)provide the largest selection possible
E)pay employees more than minimum wage
Answer: B
Q3) All members of an industry are bound to follow trade association guidelines.
A)True
B)False
Answer: False
Page 5
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Chapter 4: Marketing Research and Information Systems
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190 Verified Questions
190 Flashcards
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Sample Questions
Q1) The potential advantages of traditional mail surveys are quick response and lower cost than online surveys, but this advantage has yet to be achieved.
A)True
B)False
Q2) Customer advisory boards are small groups of actual customers who serve as sounding boards for new product ideas and offer insights into their feelings and attitudes toward a firm's products, promotion, pricing, and other elements of marketing strategy.
A)True
B)False
Q3) Decreasing sales, increasing expenses, or decreasing profits
A)are to be expected during the marketing research process.
B)are examples of symptoms that point to larger problems.
C)usually have no effect on the marketing research process.
D)are important considerations in designing the research project.
E)should be carefully considered before collecting data.
Q4) How can companies use information technology as a competitive advantage?
Q5) Explain the conditions that would favor an exploratory study over a conclusive study.
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Page 6
Chapter 5: Target Market Segmentation and Evaluation
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203 Verified Questions
203 Flashcards
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Sample Questions
Q1) One way marketers can segment business markets is according to their geographic location.
A)True
B)False
Q2) Sales forecasts are always long-range in nature.
A)True
B)False
Q3) Which of these statements is not true about business markets?
A)the purchase may be made to resell the item
B)the purchase is always made by more than one individual
C)the purchase may be made to use in general daily operations
D)the purchase may be made to use in production of another product
E)they can also be referred to as organizational markets
Q4) Segmentation variables are usually grouped into four categories:
A)demographic, geographic, religion, and income.
B)geopolitical, income, behavioristic, and psychographic.
C)attitudes, lifestyles, behaviors, and gender.
D)geographic, demographic, psychographic, and attitudes.
E)demographic, geographic, psychographic, and behavioristic.
Q5) What variables are used to segment business markets?
Page 7
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Chapter 6: Consumer Buying Behavior
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216 Verified Questions
216 Flashcards
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Sample Questions
Q1) When Trevor realizes his liquor cabinet supply was devastated by last weekend's party, he first retrieves information from his memory about what types of liquor he and his friends like most and then asks the attractive clerk at the liquor store what she would recommend. Trevor started with a(n) ____ search and then progressed to a(n) ____ search.
A)consideration; evaluative
B)focused; broad
C)internal; external
D)routinized; extended
E)self; inclusive
Q2) How does an individual's social class influence the products he or she buys?
Q3) Problem recognition occurs when a consumer
A)searches for information to resolve a problem.
B)becomes aware that there is a difference between a desired state and an actual condition.
C)recognizes a need.
D)evaluates her or his purchase.
E)is exposed to a television advertisement.
Q4) Identify and describe the five major categories of situational influences.
Q5) Discuss how reference groups and opinion leaders influence purchase behavior.
Page 8
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Chapter 7: Business Markets and Buying Behavior
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168 Verified Questions
168 Flashcards
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Sample Questions
Q1) A fall in consumer demand for a product is likely to result in increased buying from suppliers as consumer goods producers replenish depleted inventories and gear up for the next surge in consumer demand.
A)True
B)False
Q2) Feedback acquired during the fifth stage of the business buying decision process is kept on file but not used as a reference for future business purchase decisions.
A)True
B)False
Q3) If a business product exceeds specifications, so much the better; the customer can then be assured of obtaining a minimum level of acceptability.
A)True
B)False
Q4) How do individual factors affect the business buying decision process?
Q5) The fourth stage in the business buying decision process is that of searching for products and suppliers.
A)True
B)False
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Chapter 8: Reaching Global Markets
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167 Flashcards
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Sample Questions
Q1) Firms that use an international division structure are often organized domestically on the basis of functions or product divisions, while the international division operates based on geography.
A)True
B)False
Q2) Henderson Synthetics' management believes that several of the firm's products could have sizable markets in other countries. To maintain a low level of commitment with minimum effort and cost, Henderson should engage in international marketing through
A)contract manufacturing.
B)exporting.
C)joint ventures.
D)licensing.
E)subsidiaries.
Q3) Many marketers claim that ____ will become the world's largest market.
A)Japan
B)the United States
C)China
D)Thailand
E)India
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Chapter 9: E-Marketing, Digital Media, and Social Networking
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184 Verified Questions
184 Flashcards
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Sample Questions
Q1) Online fraud includes any attempt to conduct dishonest activities online, with the exception of tricking consumers into releasing personal information.
A)True
B)False
Q2) Parker Brothers has posted on-line cash rewards for consumer reviews of their games. In doing so, Parker Brothers is striving to utilize
A)a job search.
B)a test market.
C)consumer-generated marketing.
D)a new concept viewing.
E)an employment opening.
Q3) ____ are those consumers who construct their own media outlets, such as blogs, podcasts, consumer-generated videos, and wikis.
A)Creators
B)Critics
C)Collectors
D)Joiners
E)Spectators
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Chapter 10: Product, Branding, and Packaging Concepts
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219 Verified Questions
219 Flashcards
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Sample Questions
Q1) Many products never get beyond the introduction stage.
A)True
B)False
Q2) Which of the following is a primary factor specific to services in choosing a brand name?
A)The service brand is usually the same as the company name so it must be flexible enough to fit several services.
B)The name must convey an image of great customer service because this is more important for services than for goods.
C)The name should be distinctive and set the company apart from potential competitors.
D)Shortness and conciseness are extremely important when choosing brand names for services so that they can easily be remembered.
E)Service brands are much more difficult to protect legally, so marketers must focus on creating brands with made-up words or a combination of letters and numbers.
Q3) Packages are always secondary ingredients of a marketing strategy.
A)True
B)False
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Chapter 11: Developing and Managing Goods and Services
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176 Verified Questions
176 Flashcards
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Sample Questions
Q1) Refer to Scenario 12.1. In 2008, Cheetos was in which phase of new-product development?
A)Idea screening
B)Product development
C)Test marketing
D)Business analysis
E)Idea generation
Q2) The members of a venture team come from
A)the marketing department.
B)a consulting firm.
C)the research and development department.
D)the production and finance departments.
E)different functional areas of an organization.
Q3) Most products possess a certain degree of intangibility.
A)True
B)False
Q4) Functional modifications usually require that the product be redesigned.
A)True
B)False
Q5) Why is it often difficult for organizations to delete products?
Page 13
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Chapter 12: Pricing Concepts
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194 Flashcards
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Sample Questions
Q1) The fact that a gas station in Texas pays less for fuel than a gas station in Maine from a producer in Louisiana suggests that refineries are using which of the following pricing methods?
A)Price differentiation
B)Base-point pricing
C)Freight absorption pricing
D)Transfer pricing
E)Zone pricing
Q2) The point at which the costs of producing a product equal the revenue earned from selling the product is
A)elasticity of demand.
B)the breakeven point.
C)variable costs.
D)price elasticity.
E)the sum of fixed and variable costs.
Q3) Ideally, pricing decisions have little relation to a firm's marketing objectives.
A)True
B)False
Q4) How can transfer prices be calculated? Give three alternatives.
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Chapter 13: Pricing Management
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165 Flashcards
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Sample Questions
Q1) If a business decides to reduce its prices once in a while on an unsystematic basis, it is using
A)price reduction planning.
B)random discounting.
C)bait pricing.
D)periodic discounting.
E)penetration pricing.
Q2) What are some issues to consider when determining a specific price?
Q3) If an organization sets prices to recover research and development expenses and establish a premium quality image for its product, it would be using a ____ pricing objective.
A)survival
B)return on investment
C)market share
D)product quality
E)cash flow
Q4) The objective of maintaining or increasing market share depends on growth in industry sales.
A)True
B)False
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Chapter 14: A:marketing Channels and Supply-Chain Management
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182 Verified Questions
182 Flashcards
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Sample Questions
Q1) Explain how electronic data interchange (EDI) and just-in-time (JIT) inventory management might be used in combination to improve physical distribution effectiveness and efficiency.
Q2) When three buyers purchase the products of three producers, nine transactions are required. If one intermediary serves both producers and buyers, the number of possible transactions is
A)fifteen.
B)five.
C)eighteen.
D)six.
E)twenty.
Q3) A commonly used computerized means of integrating order processing with production, inventory, accounting, and transportation is A)web-based inventory management.
B)just-in-time.
C)electronic data interchange.
D)universal product codes.
E)activity based management.
Q4) Discuss the importance of order processing in the physical distribution system.
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Chapter 14: B:marketing Channels and Supply-Chain Management
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81 Verified Questions
81 Flashcards
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Sample Questions
Q1) Business buyers prefer to deal with producers through intermediaries and thus eliminate much of the burden of sorting out details.
A)True
B)False
Q2) Only producers can be channel captains.
A)True
B)False
Q3) A producer that sells similar products through different channels under different brand names is engaging in dual distribution.
A)True
B)False
Q4) Channel power is an ability related to influence over valued goals of other channel members.
A)True
B)False
Q5) A distribution system's lowest total cost is the result of using a combination of the cheapest functions.
A)True
B)False
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Chapter 15: A:retailing, Direct Marketing, and Wholesaling
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191 Verified Questions
191 Flashcards
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Sample Questions
Q1) Selling agents perform every wholesaling activity except A)transporting goods.
B)setting prices.
C)financing the products.
D)taking title to products.
E)inventory control.
Q2) By buying in large quantities and delivering to customers in smaller lots, a wholesaler may perform all of the following physical distribution activities except A)inventory planning.
B)transportation.
C)materials handling.
D)unit pricing.
E)communication.
Q3) Under what conditions would a selling agent most likely be used?
Q4) What should be considered when preparing a "party plan"?
Q5) Discuss the role of merchant wholesalers. When is a producer most likely to use them?
Q6) What type of situation would provoke a conflict between department stores and a manufacturer's outlet mall?
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Chapter 15: B:retailing, Direct Marketing, and Wholesaling
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Sample Questions
Q1) Direct selling is a type of specialty retailing.
A)True
B)False
Q2) A cash-and-carry wholesaler provides transportation, delivers products directly to customers, and places products on the retailer's shelves.
A)True
B)False
Q3) New store formats and technological advances are making the retail environment highly dynamic and competitive.
A)True
B)False
Q4) Some purchasing by consumers is an end in itself¾for example, when it is done to escape boredom.
A)True
B)False
Q5) Wholesalers rarely handle credit for retailers and producers.
A)True
B)False
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Chapter 16: Integrated Marketing Communications
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Sample Questions
Q1) A spokesperson for Mott's apple juice encourages television audiences to use its juice in the winter by serving it hot with a cinnamon stick. In this instance, Mott's is using promotion to
A)stimulate primary demand.
B)offset competitors' promotional efforts.
C)facilitate reseller support.
D)retain loyal customers.
E)reduce sales fluctuations.
Q2) When Blue-ray disc players were first introduced to the market, what would the logical choice for promotion have been?
A)Selective demand
B)Pioneer promotion
C)Comparative promotion
D)Primary demand promotion
E)Retention promotion
Q3) What is the difference between a push policy and a pull policy? How is each implemented?
Q4) Certain types of promotion facilitate price competition.
A)True
B)False
Page 20
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Chapter 17: Advertising and Public Relations
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Sample
Questions
Q1) Sony Corporation has a particular approach for determining its advertising appropriation. A problem with this technique, however, is that the people in the marketing department have difficulty estimating the level of effort needed to achieve certain goals. This problem is characteristic of the ____ approach.
A)reliable-appropriation
B)match-competition
C)arbitrary
D)objective-and-task
E)percent-of-sales
Q2) Advertisements that promote goods and services are called advocacy advertisements.
A)True
B)False
Q3) Small and medium-sized firms never use advertising agencies to produce campaigns for them.
A)True
B)False
Q4) Why are headlines important?
Q5) What is an advertising platform? What is the best way to develop a platform?
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Chapter 18: Personal Selling and Sales Promotion
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197 Verified Questions
197 Flashcards
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Sample Questions
Q1) If Green Giant wants to provide its resellers with a secondary incentive to stimulate repurchases after an initial consumer coupon campaign for its latest product, it can offer resellers a sum of money for each unit purchased. This type of sales promotion is a
A)buying allowance.
B)count-and-recount allowance.
C)scan-back allowance.
D)buy-back allowance.
E)coupon follow-up campaign.
Q2) Aaron Epstein tells his fellow retail salesperson at Zales Jewelers that during the second quarter he is going to sell all the Alance watches he can and use his extra earnings to go to Cancun. He exclaims, "Can you believe the ____ program they have on for this quarter?"
A)buying allowance
B)merchandise allowance
C)push money
D)dealer loader
E)sweepstakes
Q3) Identify and discuss some of the key objectives in using sales promotion.
Q4) Identify and discuss the general steps in the personal selling process.
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