BUSN CH 1, 2, 8 LO4 Study Questions - BUSN CH 1, 2, 8...

BUSN CH 1, 2, 8 LO4 Study Questions
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BUSN CH 1, 2, 8 Multiple Choice Identify the choice that best completes the statement or answers the question. ____ 1. According to a survey described in your textbook, approximately what percentage of American adults have taken steps towards entrepreneurship? a. 33% b. 47% c. 70% d. 92% ____ 2. Urban Outfitters has mastered the art of managing change. With the placement of Xbox 360s and other video games in the menswear section of each store, sales have grown because men are kept busy while women shop. This is an example of a company a. not caring about women. b. reinventing itself to meet customer needs. c. not listening to its customers. d. with customer anxiety. ____ 3. Urban Outfitters delivers small batches of new merchandise to each store every day. This a. decreases store traffic, as the store looks too busy. b. increases store traffic, as customers want to see what’s new on a regular basis. c. has no affect on store traffic at all. d. causes customers to shop somewhere else because the store changes too much. ____ 4. During the marketing era consumers found : a. fewer choices for goods and services. b. fewer businesses offering goods and services. c. more limits on spending. d. more choices for goods and services. ____ 5. ______________ boomed as mass production took hold during the Industrial Revolution. a. Factory production b. Marketing concept c. Industrialization d. Entrepreneurship ____ 6. Businesses depend on detailed information about their own customers to promote new products and services. What types of resources are commonly used to meet customers’ wants and needs? a. The Internet b. Digital resources c. Technological improvements d. All of the above ____ 7. Leading edge businesses maintain a competitive advantage by introducing products: a. just as the market becomes ready to embrace them. b. 12-18 months before the market is really ready to embrace them.
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c. long before anyone else has even thought of them, and at least 2 years before the majority of customers will express interest in them. d. right before the the demand for the product reaches its highest level. ____ 8. The production era is recognized for a. increasingly specialized jobs, resulting in higher productivity and lower costs and prices. b. power shifting away from business toward consumers. c. the rise of monopoly power giving big business the ability to raise prices almost at will. d. creating satisfied customers who acted as advocates for business. ____ 9. Nonprofit organizations play a critical role in a. the community. b. the economy. c. the government. d. all of the above. ____ 10. Nonprofit organizations are commonly recognized for a. employing people. b. building revenue. c.
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