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Exam 1: What Is Business

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Question 41

Multiple Choice

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For small businesses,product differentiation:

A) is more difficult than it is for larger firms because of the high cost of product research and development.
B) usually concentrates on the pricing component of the total product offer.
C) can be an important strategy to gain market share.
D) is less important than it is for big firms with multiple product lines.

E) None of the above
F) A) and D)

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Question 42

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Successful businesses constantly monitor consumer wants and needs.

A) True
B) False

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Question 43

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What is the difference between Asset-based and Operating expenditures,give an example of each?

When purchasing a product,the consumer is actually buying its anticipated benefits and

Explain the differences between strategic,tactical,operational,and contingency planning.

What is Strategy?

In most high tech industries,the best way to respond quickly to rapid technological changes is to keep most authority and responsibility in the hands of a few key managers who provide precise,detailed directions to the workers.

Managers in progressive organizations tend to emphasize teamwork and cooperation rather than discipline and giving orders.

At Isuzu's Appliance Store,all new products are offered with an extended service contract,as well as free delivery installation.By offering these value enhancers,Isuzu's has added to their total product offer.

A modern manager's main job is to issue orders,then follow up to make sure employees do as they were told.

Successful firms follow a customer-driven strategy,as opposed to the management-driven strategy used in the past.

Which of the following is NOT one of the four core fundamental resource areas an organization will build its business model or system around:

As restaurant chains that specialize in Mexican cuisine,Fernando's and Carmelita's offer similar items on their menus.However,Fernando's restaurants are positioned in the market as elegant establishments with high prices.Carmelita's restaurants,on the other hand,are located in middle class neighborhoods,with a casual atmosphere that welcomes families with young children.The prices at Carmelita's are in the moderate range.When evaluating the marketing strategies used by these restaurants,we can conclude that:

Which of the following refers to a group of products offered by a firm that are physically similar or are intended for a similar market?

From a strategic marketing viewpoint,a total product offer includes all of the tangible attributes of a good or service,and excludes any intangible attributes.

The image created by advertising is part of the total product offer of a product.

Profitability analysis takes into consideration:

Despite all of the changes in the business environment,the basic way a manager performs his or her job has remained remarkably constant.

Nonprofit organizations such as the Canadian Cancer Society do not engage in management,marketing,or finance activities.

A loss occurs when expenses are greater than: