Business Term 1 Revision MCQs

Creating an innovative product that meets many users' needs is sufficient in today's global

marketplace.

• TRUE

• FALSE

A marketer must understand the needs of the buyer in order to determine what products to

make available.

• TRUE

• FALSE

A group of activities designed to expedite transactions by creating, distributing, pricing, and

promoting goods, services, and ideas is referred to as

• auditing.

• marketing.

• recruiting.

• segmenting.

• positioning.

Marketing is an important part of a firm’s overall strategy. It is therefore important that

• marketing is aggressive and separate from other functional areas.

• marketing endeavors are directed solely at manipulating consumers.

• all the functional areas of the business are coordinated with marketing decisions.

• the marketing environment changes constantly.

• one environmental force is not interconnected with another environmental force.

Micha, the owner of a dental practice, prioritizes marketing for his practice. He chooses to do

this because he knows that one of the important functions of marketing is to

• build his practice’s reputation.

• convince consumers to pay for services they don’t need.

• turn intangible needs into tangible products.

• provide revenue to sustain a firm.

• maximize profits while minimizing costs.

Ahmed goes to his favorite local bakery and hands the cashier $2.50 for a muffin. What has

just taken place?

• a trade

• a transfer

• a donation

• an exchange

• a conversion

Gwyn and Allen are celebrating their 10-year wedding anniversary and have decided to

celebrate by going on a dinner cruise. Allen goes to the website “Dinner on the Dock” to

book the cruise and pays for it with his credit card. This is an example of a(n)

• barter.

• transfer.

• conversion.

• service fee.

• exchange.

At the heart of all business is ________, the act of giving up one thing in return for

something else.

• a transfer

• the marketing strategy

• a partnership

• the exchange

• risk management

What condition must be met in order for an exchange to take place?

• Each participant must hold on to his or her respective "something of value."

• Buyers and sellers must be able to communicate about the "something of value"

  available to each other.

• The items of value offered by the buyers and sellers must be tangible in nature, such

  as money and cars.

• Products offered should be standardized by sellers.

• Marketers must conduct research to ascertain the need for new goods and services.

Cai went to a new salon in the area to get her hair cut and colored. However, the stylist cut

her hair shorter than she wanted and wouldn’t use the bold red color Cai wanted. As a result,

Cai did not feel good about her purchase. What does this most likely mean for the future of

this exchange relationship?

• Cai will find a new style and color for her next trip to the salon.

• Cai will return to the same stylist for her next cut and color.

• Cai is not likely to get her hair cut and colored again anytime soon.

• Cai will go to a different salon and stylist for her next cut and color.

• Cai will refuse to pay for the cut and color she just received.