Question 1
5 / 5 pts
(TCO 3) Which of the following is true about a small
business?
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
5 / 5 pts
(TCO 3) One of the general characteristics of a small
business is that it typically sells fewer products _____.
to a larger customer
base
to fewer market
segments
to foreign companies
at lower costs to
government agencies
at higher costs
Question 3
5 / 5 pts
(TCO 3) Small companies tend to differ from large ones
because _____.
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
Question 4
5 / 5 pts
(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 _____.
specialty products
expense items
capital items
shopping products
convenience products
Question 5
5 / 5 pts
(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.
maturity
growth
saturation
research
introduction
Question 6
5 / 5 pts
(TCO 3) The maturity stage of product lifecycle is _____.
a stage where a
product’s price is at a high level
usually the shortest
stage in a product’s lifetime
characterized by
steep decline in profits
typically followed by
a growth stage
a stage where firms
have to win sales away from others
Page 318
Question 7
5 / 5 pts
(TCO 4) Consumer purchasing differs from organizational
purchasing in that consumer purchasing _____.
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
5 / 5 pts
(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 _____.
stealth marketing
strategic marketing
planning
marketing research
social commerce
marketing concept
Question 9
5 / 5 pts
(TCO 4) Creating new goods and services for a firm’s current
markets is called _____.
market penetration
product development
market development
diversification
pure play
Question 10
5 / 5 pts
(TCO 4) _____ refer(s) to intermediaries that sell products
to other intermediaries for resale or to organizations for internal use.
Retailers
Wholesalers
Department store
Specialty store
Convenience store
Question 11
5 / 5 pts
(TCO 4) Intermediaries that primarily sell goods and services
to individuals for their personal use are called _____.
drop shippers
agents
brokers
distributors
retailers
Question 12
5 / 5 pts
(TCO 4) Producers rely on a class of intermediaries called
value-added resellers (VARs) to assist with which of the following functions?
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
Question 13
5 / 5 pts
(TCO 4) Trying to attract buyers by advertising a product that
you don’t intend to sell, and then trying to sell them another, usually more
expensive, product is known as _____.
stealth advertising
bait and switch
advertising
implied claims
reminder advertising
a push strategy
Question 14
5 / 5 pts
(TCO 4) KM Group, a home products manufacturer, owns a brand
of paper towels called EasyWipes. The firm creates a commercial showing how an
EasyWipes paper towel absorbs a spill faster than the competitor’s paper towel.
In this example, the commercial used by KM Group can be classified as
__________ advertising.
institutional
guerrilla
comparative
stealth
cooperative
Question 15
5 / 5 pts
(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?
Institutional advertising
Sales promotion
Social media
Product advertising
Personal selling
