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Self Test Quizzes (WK2)

Self Test Quizzes (WK2) - Self-test Quiz(CH3 1 (P.61 A...

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Self-test Quiz (CH3) 1 Which of the following objectives of a business is the most important, ( P. 61 )? A) To engage in some specific business activity which will perform a socially and economically  useful function. B) To develop an organization to carry on the business and implement its strategies. C) To earn enough profit to survive. D) All three of the above are equally important, because a failure in any one could lead to a  total failure of the business. E) Both B and C are more important than A. 2 When setting objectives for the whole firm, TOP MANAGEMENT should, ( P. 61 ): A) involve the marketing manager in the objective setting process. B) set objectives that focus on the highest possible immediate profit potential. C) stick to general objectives—in order to maintain flexibility. D) set objectives beyond what can actually be achieved—so everyone will work harder. E) all of the above. 3 Of the following, the last objectives that a firm should specify are its, ( P. 63 ) A) company objectives. B) marketing objectives. C) promotion objectives. D) advertising objectives. E) price objectives. 4 With regard to a firm's resources (when searching for attractive opportunities) , ( P. 64 ): A) a manufacturer needs skilled production people more than skilled salespeople. B) lack of financial strength is often a barrier to entry. C) large companies always have an advantage over smaller companies. D) a familiar brand name is not very important since there are many new brand names. E) a patent owner has a 3-year monopoly to develop its product. 5 A firm may find itself in—or moving toward—pure competition because, ( Pages 65-66 ): A) customers see the firm's product as having close substitutes. B) a firm with a unique product has no choice. C) customers don't have much information about competing suppliers.
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D) when the number of competitors is small, they usually make similar decisions. E) None of the above. 6 Which of the following is NOT an example of how the economic and technological environment may affect  marketing strategy planning, ( P. 71 )? A) The price of bicycles is rising because of inflation. B) Bicycle manufacturers are finding it difficult to sell from websites because shipping an individual  bike is very expensive. C) Because of exchange rates, imported bikes are cheaper than those made in the United States. D) Computer-controlled assembly lines can turn out a new bike every three and one-half seconds.
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