Question Question 1. Question: (TCO 3) Which of the following is true about a small business?

Question

Question
1. Question: (TCO 3) Which of the following is true about a small business?

Student
Answer: A small business is one that employs between 500 to 1000 employees.

A
small business is usually funded by personal lines of credit and not through
bank loans and microlenders.

A
small business is one that is not dominant in its field.

A
small firm usually curtails the freedom to innovate.

A
small firm avoids risks that larger firms are willing to take.

Question
2. Question : (TCO 3) Barbara owns a small florist shop that employs a couple
of part-time floral designers. She doesn’t expect her business to grow much,
but it provides her with a comfortable income and she enjoys what she does.
Barbara’s business would be described as a _____.

Student
Answer: mid-size enterprise

retail
business

lifestyle
business

high-growth
venture

service
business

Question
3. Question : (TCO 3) Three factors contributing to the increased number of
small businesses are technologies such as e-commerce, growing diversity in
entrepreneurship, and _____.

Student
Answer: downsizing and outsourcing

increased
ease in going public

nationalization

market
regulation

monopolistic
business practices

Question
4. Question : (TCO 3) Charles is the purchase agent for a consulting firm. He
places orders for office stationeries and consumables once in two weeks. The purchases
are made in large quantities and are billed in the firm’s name. The items that
Charles buys are examples of _____.

Student
Answer: specialty products

expense
items

capital
items

shopping
products

convenience
products

Question
5. Question : (TCO 3) The introductory stage will be followed by a _____ stage
for a successful product.

Student
Answer: maturity

research

saturation

growth

infiltration

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

Student
Answer: social arbitrators

trend
watchers

crowd
pullers

social
developers

social
programmers

Question
7. Question : (TCO 4) Consumer purchasing differs from organizational
purchasing in that consumer purchasing _____.

Student
Answer: is influenced more by subconscious and emotional factors

follows
a formal buying process

has
greater complexity in product usage

involves
closer relationships between buyers and sellers

has
a greater emphasis on economic payback

Question
8. Question : (TCO 4) The process of examining an organization’s current
marketing situation, assessing opportunities and setting objectives, and then
developing a marketing strategy to reach those objectives is called _____.

Student
Answer: stealth marketing

strategic
marketing planning

marketing
research

social
commerce

marketing
concept

Question
9. Question : (TCO 4) Selling existing products to new markets is called _____.

Student
Answer: market development

product
development

market
segmentation

market
penetration

vertical
integration

Question
10. Question : (TCO 4) _____ refer(s) to intermediaries that sell products to
other intermediaries for resale or to organizations for internal use.

Student
Answer: Retailers

Wholesalers

Department
store

Specialty
store

Convenience
store

Question
11. Question : (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.

Student
Answer: rack jobbing

drop
shipping

bundling

breaking
bulk

system
integration

Question
12. Question : (TCO 4) _____ are full-service merchant wholesalers who set up
displays in retail outlets, stock inventory, and perform other services, such
as marking prices on merchandise.

Student
Answer: Rack jobbers

Agents

Brokers

System
integrators

Value-added
resellers

Question
13. Question : (TCO 4) The government agency that has the authority to impose
penalties against advertisers who violate federal standards for truthful
advertising is the _____.

Student
Answer: Federal Communications Commission

Consumer
Product Safety Commission

Federal
Trade Commission

Federal
Advertising Administration

Federal
Regulatory Commission

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

Student
Answer: attack ads

advocacy
advertising

cooperative
advertising

remarketing

search
engine marketing

Question
15. Question : (TCO 4) A television commercial promoting a new range of
naturally flavored ice cream, manufactured by Ice Fountain, an ice cream and
candy manufacturing firm, is an example of which of the following elements in
the communication mix?

Student
Answer: Institutional advertising

Sales
promotion

Social
media

Product
advertising

Personal
selling

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