San Jose City College Business 82 Midterm REVIEW Chapters 1-10 The following questions were pulled from the test bank to provide a basis for preparation for a midterm exam. DO NOT MEMORIZE these questions as the exam will ask different questions about the same material. After you have researched each of the questions, bring any issues to class for discussion. ___a_ 1. A negative aspect of the entrepreneurship era was that a) powerful businesses gained the ability to manipulate prices and exploit workers. b) productivity declined in many key industries as work shifted away from mass production to more labor intensive methods. c) governments began running huge deficits. d) inflation spiraled out of control, resulting in a decline in standards of living. ___c_ 2. Which of the following statements is most consistent with the marketing concept? a) The primary purpose of a business is to dominate its market. b) Consumers always care more about price than about quality. c) All aspects of a business organization should focus on the needs of the customer. d) Controlling the market for natural resources can give a firm a huge competitive advantage. ___d_ 3. The marketing era introduced a) the marketing strategy. b) the 4 P’s of marketing. c) the marketing approach. d) the marketing concept. ___c_ 4. Businesses in the relationship era focus efforts on building long-term customer relationships. One key tool for business development during this era was utilizing a) production. b) services. c) technology. d) entrepreneurship. ____c 5. During the marketing era businesses concentrated on: a) recovering and rebuilding in the aftermath of World War II. b) building long-term customer relationships. c) developing brands to differentiate their products from those of competitors. d) none of the above. ___b_ 6. A small consulting company in Waikiki, Hawaii struggles financially because of limited access to economic resources . This company has to get creative to build long-term bonds with its current customers and use technology to reach new customers using concepts from the
a) entrepreneur era. b) relationship era. c) production era. d) marketing era. ___a_ 7. Which of the following is a key feature of an organization that adopts the marketing concept? a) Departments throughout the organization adopt a customer orientation. b) Executive management and the board of directors focus mainly of the financial aspects of the company’s operations. c) The marketing department is seen as the only department capable of creating lasting value. d) The goal of the organization is to maximize market share by keeping prices as low as possible. ___d_ 8. During the production era, companies continued to implement new technologies to streamline production processes. Although there were many changes, the primary focus resulted in _______________. a)
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