Business Concepts Quiz

What is the definition of advertising?

• The edge achieved by businesses that offer something better than their competitors

• Any paid form of nonpersonal presentation of ideas, goods, or services

• The people who buy goods and services

• Tangible items that should last a long time

What term describes the edge achieved by businesses that offer something better than their competitors?

• Competitive advantage

• Marketing concept

• Personal selling

• Sales promotion

Who are the people that buy goods and services?

• Producers

• Customers

• Marketers

• Sellers

What are durable goods?

• Intangible activities performed for money

• Tangible items that should last a long time

• Tangible items that are consumed within a short time

• Promotional activities that stimulate customer purchases

What does the term 'economy' refer to?

• The system in which people make and spend their incomes

• The management function of deciding what will be done and how it will be accomplished

• The form of promotion that determines client needs and wants

• The activity of creating, communicating, delivering, and exchanging offerings

What is a feature?

• A fact about or characteristic of a product

• A tangible object that can be manufactured or produced for resale

• A philosophy of conducting business

• A marketing function that involves determining and adjusting prices

What are goods?

• Intangible activities performed for money

• Tangible objects that can be manufactured or produced for resale

• Promotional activities that stimulate customer purchases

• The people who make or provide goods and services

What is marketing?

• The activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings

• The management function of deciding what will be done and how it will be accomplished

• The form of promotion that determines client needs and wants

• The general conditions in which people live

What is the marketing concept?

• A philosophy of conducting business that is based on the belief that all business activities should be aimed toward satisfying customer wants and needs while achieving company goals

• A philosophy of conducting business which involves creating and marketing products that benefit individual customers

• The form of promotion that determines client needs and wants

• Promotional activities that stimulate customer purchases

What are nondurable goods?

• Tangible items that should last a long time

• Tangible items that are consumed within a short time

• Intangible activities performed for money

• Promotional activities that stimulate customer purchases