Quiz Chapter 1 PDF

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1.Which of the following strategies is most clearly related to how leading-edge companies respond to the challenges of their competitive environment? Select one: a. developing long-term mutually beneficial relationships with customers b. focusing primarily on the use of natural resources in the production process c. lobbying for higher tariffs on foreign goods d. keeping prices as low as possible The correct answer is: developing long-term mutually beneficial relationships with customers

2.Entrepreneurs participate in which of the following business environments? Select one: a. capital, economic, and competitive environments b. competitive, economic, and social environments c. economic, competitive, technological, social, and global environments d. human resources, competitive, and social environments The correct answer is: economic, competitive, technological, social, and global environments

3.Urban Outfitters delivers small batches of new merchandise to each store every day. What is the effect of this practice? Select one: a. It causes customers to shop somewhere else because the store changes too much. b. It increases store traffic, as customers want to see what's new on a regular basis. c. It decreases store traffic, as the store looks too busy. d. It has no effect on store traffic at all. The correct answer is: It increases store traffic, as customers want to see what's new on a regular basis.

4.Which of the following is the best characterization of entrepreneurs? Select one: a. the most productive workers employed by corporations

b. risk takers and decision makers c. price manipulators d. disgruntled employees The correct answer is: risk takers and decision makers

5.A growing number of firms have developed not-for-profit partnerships with a profit-minded approach (e.g., Kraft, Polo Ralph Lauren, Los Angeles Times). What are these companies doing by using the same investment dollars to improve society and support their strategic missions? Select one: a. raising their public profile in a more positive way b. trying to attract environmentally conscious consumers c. catering to the idealistic youth market d. making more money using a different strategy The correct answer is: raising their public profile in a more positive way

6.What can happen when a team has an over controlling team leader?

Select one: a. Better outcome as the team leader does it all! b. Things get done as team leader tells everyone what to do c. You get can Groupthink - new ideas are NOT discussed d. All team members are happier as there is no conflict. The correct answer is: You get can Groupthink - new ideas are NOT discussed

7.What type of team will split up once goals are completed? Select all that apply Select one or more: a. Permanent team b. Ad Hoc Team c. Temporary team

d. Formal team Make sure you read if expect single or multiple answers. In this case there are 2 answers and need them both to get 100% The correct answer is: Ad Hoc Team, Temporary team

8.How can firms best enhance customer satisfaction? Select one: a. by eliminating the profit motive b. by using effective advertising and promotion c. by offering lower-priced products d. by offering greater value The correct answer is: by offering greater value

9.Which of the following is a key feature of an organization that adopts the marketing concept? Select one: a. Executive management and the board of directors focus mainly on the financial aspects of the company's operations. b. The goal of the organization is to maximize market share by keeping prices as low as possible. c. Departments throughout the organization adopt a customer orientation. d. The marketing department is seen as the only department capable of creating lasting value. The correct answer is: Departments throughout the organization adopt a customer orientation.

10.Kraft Foods' vision is to "help people around the world eat and live better." That vision is what led the company to support America's Second Harvest, a not-for-profit organization dedicated to creating a hunger-free America. What perception results from this business partnership? Select one: a. Only America's Second Harvest appears to be socially responsible. b. Both Kraft Foods and America's Second Harvest appear to be socially responsible. c. Kraft Foods appears to be doing this only for a better image with the public so it can make more money with its other products. America's Second Harvest appears to be socially responsible.

d. Only Kraft Foods appears to be doing something that no other company is doing. The correct answer is: Both Kraft Foods and America's Second Harvest appear to be socially responsible.

11.There are many of types of teams. One types is: Virtual Teams. This team is like: Select one: a. a team from different areas in in the company b. A team that never meets in person but works through the web. c. a group of people managing themselves d. A sports team (hockey, baseball, etc.) The correct answer is: A team that never meets in person but works through the web.

12.Which is 2 of the MOST important roles that team members need to do? Select one: a. Accomplishing the task & Being rewarded b. Accomplishing the task & Being a cohesive team c. Accomplishing the task & Getting credit for doing the work d. Accomplishing the task & keeping the team leader happy The correct answer is: Accomplishing the task & Being a cohesive team

13.What is a team? Select one: a. Working individually b. Me, Myself and I c. A group of individuals working together to achieve a goal d. Working with with people with the same abilities as you The correct answer is: A group of individuals working together to achieve a goal

14.Which issue has created concerns about the success of the Canadian economy? Select one:

a. the failure of government agencies to promote fair competitive business practices that give every business a chance to succeed b. the high level of corruption in the Canadian economy relative to other nations c. the lack of legal standards for the enforcement of contracts in a fair and equitable manner d. the growing disparity between the incomes earned by the wealthy and those earned by lower-income Canadians The correct answer is: the growing disparity between the incomes earned by the wealthy and those earned by lower-income Canadians

15.Which statement best describes entrepreneurs? Select one: a. They are primarily motivated by the desire to help others. b. They have little or no impact on others in society. c. They create benefits for others while seeking profit for themselves. d. They create value for themselves at the expense of others. The correct answer is: They create benefits for others while seeking profit for themselves....