Business/Strategic Entrepreneurship WebXam Prep PT 2

Rohan is starting a new business and wants to understand the primary goal of marketing. What should he focus on?

• To produce goods only

• To satisfy customer needs and wants

• To increase production costs

• To ignore customer feedback

Daniel is preparing a marketing strategy for his new startup. He needs to focus on the marketing mix to ensure success. Which of the following is NOT a component of the marketing mix?

• Product

• Price

• Promotion

• Production Line

What does the term "branding" refer to?

• The process of hiring employees

• The process of creating a unique name and image for a product

• The process of legal documentation

• The process of financial planning

Which of the following best describes an entrepreneur?

• Someone who manages a team only

• Someone who starts and runs a new business

• Someone who only invests in stocks

• Someone who works for the government

What is the main focus of business ethics?

• Maximizing profits at any cost

• Following moral principles in business decisions

• Reducing employee salaries

• Ignoring customer complaints

Which of the following is an example of corporate social responsibility?

• Polluting the environment

• Donating to local charities

• Ignoring employee safety

• Avoiding taxes

What is the purpose of a marketing plan?

• To outline strategies for promoting and selling products

• To hire new employees

• To design new machinery

• To create legal contracts

Which of the following is a key element of relationship management?

• Ignoring customer feedback

• Building long-term connections with customers

• Reducing product quality

• Increasing prices without reason

What does "business literacy" mean?

• The ability to read novels

• Understanding basic business concepts and terms

• Writing business letters only

• Memorizing company slogans

Which of the following is a business process?

• Sleeping

• Manufacturing products

• Watching television

• Playing video games