Marketing Chapter 5

Businesses stress quality of products, services, and financing when engaging in non-price competition

• True
• False

Competition forces businesses to produce poor-quality products at a low price.

• True
• False

NAICS is the classification system that the United States, Canada and Mexico use

• True
• False

When the supply of a product exceeds the demand for it, businesses usually lower the product's price.

• True
• False

A trademark gives you the right to own an invention.

• True
• False

A monopoly is not permitted in a market-oriented economy.

• True
• False

If you work for the local government, you are employed in the private sector.

• True
• False

Sue's Candies, based in Nebraska, also sells products in Canada and Mexico.  Sue's Candies is known as a domestic business.

• True
• False

Sales and rebates are examples of what strategy?

• Price competition
• Low fares
• Competitive edge
• Roll Back

You have just invented a new product.  What would you use to protect your investment?

• Trademark
• Patent
• Copyright
• Monopoly