Marketing Chapter 5: The Free Enterprise System

Front

What is the term for the struggle between companies for customers?

Back

competition

Front

Sales and rebates are examples of what market strategy?

Back

price competition

Front

What is the function of a licensing agreement?

Back

protects businesses and individuals from unauthorized copying

Front

In business, when does the potential for profit increase? Options: as the competition increases, as the risk increases, as taxes decrease, as the marketing expenditure decreases

Back

as the risk increases

Front

What is the group that decides whether or not a business will survive?

Back

the consumers

Front

Which statement best describes free enterprise? A system that encourages people to start and operate their own businesses, A system where the marketplace determines prices, A system where people are free to own personal property, All of the above

Back

All of the above

Front

What is an advantage of free enterprise?

Back

Possibility of making profits

Front

The functions of business are

Back

Production, marketing, management, and finance

Front

What are the “rights” of merchandising?

Back

The right goods, the right time and place, the right price and the right amount.

Front

What is a nonprofit organization?

Back

An organization that functions like a business, but reinvests the money it makes in the cause it supports.