marketing/Entrepreneurship

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

• True
• False

What is the purpose of most businesses?

• To produce products
• To serve as a board of directors
• To compete
• To provide government services

When the supply of a product exceeds the demand, businesses usually lower its price.

• True
• False

Ethics are guidelines for good behavior.

• True
• False

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

• Profit
• Promotion
• Surplus
• Competition

  A target market is a group of consumers that have similar wants and needs.

• True
• False

  Effective marketing begins with a good product.

• True
• False (a consumer need)

 A farmer selling tomatoes she grew in her own garden at a roadside stand is an example of a direct channel of distribution. 
(garden - consumer)

• True 
• False

  Advertising is any form of communication used to inform, persuade, or remind.

• True
• False (marketing is)

  What is the first step in the consumer decision-making process? 

•   recognize a need
•   select alternatives
•   evaluate alternatives
•   gather information