Marketers bring goods from producers to consumers.

Marketing activities add value to a product.

Building a specific, unique product for one customer is called processing.

All businesses must raise capital, use human resources, and keep records.

A partnership is owned by two or more people who own shares of stock in the company.

Managers have to plan, control, lead, staff, and organize.

Goals must be set in order to perform the management activity of controlling.

The person or group who receives a franchise is called the franchisee.

A business owned by its members that is managed in the owners’ interests is called a cooperative.

An effective leader must be able to work with groups as well as with individuals.

Most leadership characteristics are a part of a person’s personality and cannot be developed.

In most businesses today, people have more differences than they do similarities.

An example of vertical communications in an organization is information that moves between managers and employees.

A manager has identity influence because of the position the manager holds in the organization.

One of the eight marketing functions is risk management.

The marketing strategy is a two-step process.

A wholesaler sells directly to consumers.

Profit is the only goal a business has when setting a price.

Effective personal selling includes contact with the customer after the purchase.

From a marketing standpoint, a product can be anything that a company offers to satisfy consumer needs and wants.

The product _____ is a theoretical model that includes the stages of introduction, growth, maturity, and decline.

In the introduction stage of the product life cycle, marketing efforts are primarily focused on:

During the _____ stage of the product life cycle, sales are flat and profits decline. This stage typically calls for a strategy of defending franchise with new product features.

A product in the _____ stage of the product life cycle typically experiences periods of rising sales and profits.

_____ involves video games created as a marketing tool.

The active stimulation of word-of-mouth via unconventional and often relatively low-cost tactics is referred to as ____.

The combination of communication tools that a firm chooses to advertise their products is called a(n) _____.

Ellen is in charge of developing a promotional strategy for a new product her company will soon introduce. She thinks word-of-mouth promotion is likely to be very effective and wants to keep the cost of the campaign relatively low. A key component of her campaign is likely to be _____.

In its broadest sense, _____ refers to an organization’s ongoing efforts to create positive relationships with its consumers, employees, suppliers, the community, the general public, and the government.

A business plan is needed when a business owner does all of the planning and financing by himself or herself, but not when others are involved in that process.

One to whom a company makes a long-term commitment is a ___.

Compensation is defined as ___.

Miguel Santos became very wealthy when his 10 year old company made it big, and he sold it for several million. Now Miguel is a(n) _____ who invests in other promising start-up companies. His goal is to make a sizable return on his investments when these new companies grow to the point where they are sold to a larger firm, or when they go public.

A business that moves goods from producer to consumer is a ___.

Which of the following is a type of manufacturing?

Which of the following is NOT true about raising capital?

What effect does a new business have on a community?

Businesses affect a community when they ___.

The form of business that represents two-thirds of U.S. businesses is the ___.

People who become part owners of a corporation are called __.

Assigning jobs to workers and giving authority to certain people is a managing activity called ___.

The part of the profits that are paid to shareholders is called ___.

Which of the following is NOT true about a non-profit corporation?

Which of the following is NOT an important human relations skill of managers?

A leader who has the personal trust and respect of group members will have what kind of influence?

The way that managers treat and direct employees is ___.

Managers rather than employees would be most concerned about ___.

Employees have discovered that when they cooperate with managers, ___.

The eight marketing functions do NOT include ___.

Which of the following is NOT true about marketing?

Maximizing profits, increasing sales, and maintaining an image are objectives related to ___.

To be effective, promotion must ___.

Today most promotion is done through ___.