business

A ____ is a non-profit enterprise that operates in the private sector (isn't owned by the government).

Non-governmental organization (NGO)

Which of the following is not a source of secondary data?

Observations

___ are periodical publications from educational & research institutions that publish data & info on a subject.

Academic journals

Segmentation strategies based on characteristics such as religion, gender, and marital status are based on ____.

Demographic segmentation

____, who are internal stakeholders, are the staff of an organization.

Employees

NPOs never strive to earn a profit or surplus.

False

If a firm increases its use of all factors of production but sees an increase in its average costs, this is a sign of ____.

Internal diseconomies of scale

Primary data has an advantage over secondary data because ____.

It’s unique to the purpose of the research.

A ____ brand is perceived as one that offers high quality at a high price.

Luxury brand

A ____ market refers to a clearly identifiable group of customers, which enables marketers to focus their efforts.

Niche market

____ are businesses that provide a diversified range of products and operate in an array of different industries.

Conglomerates

____ are people’s desires (things they would like to have).

Wants

____ marketing targets a specific and well-defined market segment.

Niche marketing

The study of human population dynamics is known as ____.

Demography

____ occur when conglomerates can spread their fixed costs across a wide range of operations.

Risk-bearing economies of scale

Market ____ refers to the magnitude of an industry measured in terms of value of sales from all businesses in a market.

Size

______ are the owners of a limited liability company.

Shareholders

A business that has headquarters in one country but operates in two or more countries is known as a strategic alliance.

False

A ____ brand is perceived as one that offers low quality at a high price.

Rip-off brand

Which of the following is unlikely to be found in a marketing plan?

Product extension strategies

Sole traders, partnerships, limited liability companies, and franchises are examples of ______ sector businesses.

Private

Which of the following is an example of primary research?

Customer suggestions and feedback

____ occur when large firms can divide managerial roles by employing specialist managers.

Managerial economies of scale

What are the resources used in the production process collectively known as?

Factors of production

_____ are short-term goals that affect a section of the organization. They’re specific & guide operations.

Tactical objectives

Which of the occupations below does not exist in the tertiary sector?

Machinist

Primary data can be gathered from the use of ____.

Group interviews

An entrepreneur is someone who ____.

Manages and organizes factors of production and takes the risks of decision-making

Non-profit enterprises (or NPOs) are businesses run in a commercial-like manner without profit being the main goal.

True

Consumers are people or businesses that ____.

Buy and use goods and services.

____ NGOs are established from a given objective and are involved in relief and community-based projects.

Operational

Which of the following is NOT a benefit of forming a conglomerate?

Focused marketing

Which business function conducts research to meet the needs of customers and arranges promotional activities to sell the firm’s products?

Marketing

A ____ is an organization’s long-term aspirations (where it ultimately wants to be).

Vision statement

Desk research can be conducted by ____.

Accessing a competitor’s annual report

____ are cost-savings made by large firms as banks and other lenders charge lower interest to larger businesses.

Financial economies of scale

____ market research involves gathering new data first-hand for a specific purpose (surveys, interviews, etc.).

Field

____ marketing refers to undifferentiated marketing. It ignores targeting individual market segments.

Mass marketing

A ____ map is a visual aid that shows customers’ perceptions of a product or brand in relation to others in the market.

Position map

____ occur when an organization’s average cost of production falls as the industry grows.

External economies of scale

Marketing ____, derived from the org’s overall objectives, are the targets that the market department wishes to achieve.

Objectives

Market ____ refers to the increase in the size of a market (on industry).

Growth

A _____ is a commercial business owned by a single person. It can employ as many people as required.

Sole trader

Secondary data can be gathered from the use of ____.

Social trends

Unique selling ____ refers to any aspect of a product that makes it stand out from its rivals.

Proposition

____ market research is conducted as and when required by an organization to deal with a specific problem or issue.

Ad-hoc

____ are the long-term plans of action that businesses use to achieve targets.

Strategies

The difference between the costs of the inputs in the production process and the final price of the output is known as ____.

Value added

____ provide a business with stocks of raw materials, component parts, and finished goods needed for production.

Suppliers

Which stage of production transforms primary resources into manufactured goods for sale?

Secondary

Which statement below cannot be applied to desk research?

Includes the use of survey and interview findings conducted by the firm

A(n) ___ occurs when a company buys a controlling interest in another firm.

Acquisition

Large multinational companies can account for a significant number of job opportunities in the host country.

True

____ occur when larger businesses spread the fixed cost of promotion/advertising over a large level of output.

Marketing economies of scale

____ is the marketing strategy that involves changing the market’s perception of a firm’s product or brand.

Rebranding

____ orientation is an inward-looking marketing approach that focuses on selling products that businesses make.

Product

The ___ level of output is the most efficient scale of operation for a business.

Optimal

Which of the following is not an example of primary production?

Coaching

____ NGOs take a more aggressive approach to promote or defend a cause.

Advocacy

Which is the most strategic?

Vision

Segmentation can bring about potential advantages except ____.

The time involved in compiling customer profiles

A merger between two newspaper companies is an example of ____.

Horizontal integration

Select all internal stakeholders.

Employees, Managers and directors

Sampling is used in market research because ____.

It is cheaper and quicker to use a sample than to survey the whole market.

____ are the short-term plans of action that firms use to achieve their objectives.

Tactics

____ is the process of categorizing customers into distinct groups of people with similar characteristics.

Segmentation

____ are the basic necessities that a person must have to survive.

Needs

Which of these statements is false?

The Board of Directors of a private limited company owns the business.

____ stakeholders are individuals and organizations not part of the organization but have a direct interest in its activities and performance.

External

Which of the following is not a potential problem associated with primary research data?

Focus

Consumer ____ are the demographic and psychographic characteristics of consumers in different markets.

Profiles

_____ are the longer-term goals of a business, such as profit maximization, growth, market standing, and improved image.

Strategic objectives

A business that has headquarters in one country but operates in two or more countries is known as a ____ company.

Multinational

____ is the management process of predicting, identifying, and meeting the needs of customers in a profitable manner.

Marketing

Which stage of production consists of the provision of services such as distribution and after-sales care?

Tertiary

____ are human desires.

Wants

Market ____ is the process of categorizing customers into distinct groups with similar characteristics.

Segmentation

Primary data is ____ research that collects ____ data for a specific purpose.

Field, new

____ are people who oversee the daily operations of a business.

Managers

____ market research involves the collection of second-hand data and information that already exists.

Secondary

_____ is the conscientious consideration of ethical & environmental practices related to business activity.

Corporate social responsibility

____ liability is a feature of sole traders and ordinary partnerships who are legally liable for all monies owed to their creditors, even if this means they have to sell their personal possessions to pay their debts.

Unlimited liability

____ refers to guidelines that help businesses to act in a moral way by considering what is ethically right or wrong.

Ethical code of practice

The image or perception of a product or brand in relation to other products or brands in the market is known as ____.

Positioning

____ are the essentials or necessities that humans must have to survive.

Needs

A ____ cannot raise share capital from the general public. Shares are only sold to family & friends.

Private limited company