Unit 3 Business Operations and Technology

The first step in new product planning is to develop a full marketing strategy.

• True

• False

Effective marketing begins with a good product.

• True

• False

A direct channel of distribution uses only one other organization to ship a product from the producer to the consumer.

• True

• False

The four types of businesses responsible for production are producers, extractors, farmers, and service providers.

• True

• False

A markup reduces the amount of money the business has to cover operating expenses and profits.

• True

• False

A management information system is a coordinated system of processing and reporting information in an organization.

• True

• False

The use of technology to create product styles and designs is called robotics.

• True

• False

Employee benefits include paid and unpaid vacation time, sick leave, a salary, health insurance and access to a retirement plan.

• True

• False

Expanded technology and computer use can result in concerns about job loss, health and safety, criminal activities, and privacy concerns.

• True

• False

Financial performance ratios are comparisons of a company’s financial elements that indicate how well the business is doing.

• True

• False