business
Here’s a consolidated and organized set of questions and answers:
1. A ____ is a non-profit enterprise that operates in the private sector (isn’t owned by the government).
Answer: Non-governmental organization (NGO)
2. Which of the following is not a source of secondary data?
Answer: Observations
3. ___ are periodical publications from educational & research institutions that publish data & info on a subject.
Answer: Academic journals
4. Segmentation strategies based on characteristics such as religion, gender, and marital status are based on ____.
Answer: Demographic segmentation
5. ____, who are internal stakeholders, are the staff of an organization.
Answer: Employees
6. NPOs never strive to earn a profit or surplus.
Answer: False
7. If a firm increases its use of all factors of production but sees an increase in its average costs, this is a sign of ____.
Answer: Internal diseconomies of scale
8. Primary data has an advantage over secondary data because ____.
Answer: It’s unique to the purpose of the research.
9. A ____ brand is perceived as one that offers high quality at a high price.
Answer: Luxury brand
10. A ____ market refers to a clearly identifiable group of customers, which enables marketers to focus their efforts.
Answer: Niche market
11. ____ are businesses that provide a diversified range of products and operate in an array of different industries.
Answer: Conglomerates
12. ____ are people’s desires (things they would like to have).
Answer: Wants
13. ____ marketing targets a specific and well-defined market segment.
Answer: Niche marketing
14. The study of human population dynamics is known as ____.
Answer: Demography
15. ____ occur when conglomerates can spread their fixed costs across a wide range of operations.
Answer: Risk-bearing economies of scale
16. Market ____ refers to the magnitude of an industry measured in terms of value of sales from all businesses in a market.
Answer: Size
17. ______ are the owners of a limited liability company.
Answer: Shareholders
18. A business that has headquarters in one country but operates in two or more countries is known as a strategic alliance.
Answer: False
19. A ____ brand is perceived as one that offers low quality at a high price.
Answer: Rip-off brand
20. Which of the following is unlikely to be found in a marketing plan?
Answer: Product extension strategies
21. Sole traders, partnerships, limited liability companies, and franchises are examples of ______ sector businesses.
Answer: Private
22. Which of the following is an example of primary research?
Answer: Customer suggestions and feedback
23. ____ occur when large firms can divide managerial roles by employing specialist managers.
Answer: Managerial economies of scale
24. What are the resources used in the production process collectively known as?
Answer: Factors of production
25. _____ are short-term goals that affect a section of the organization. They’re specific & guide operations.
Answer: Tactical objectives
26. Which of the occupations below does not exist in the tertiary sector?
Answer: Machinist
27. Primary data can be gathered from the use of ____.
Answer: Group interviews
28. An entrepreneur is someone who ____.
Answer: Manages and organizes factors of production and takes the risks of decision-making
29. Non-profit enterprises (or NPOs) are businesses run in a commercial-like manner without profit being the main goal.
Answer: True
30. Consumers are people or businesses that ____.
Answer: Buy and use goods and services.
31. ____ NGOs are established from a given objective and are involved in relief and community-based projects.
Answer: Operational
32. Which of the following is NOT a benefit of forming a conglomerate?
Answer: Focused marketing
33. Which business function conducts research to meet the needs of customers and arranges promotional activities to sell the firm’s products?
Answer: Marketing
34. A ____ is an organization’s long-term aspirations (where it ultimately wants to be).
Answer: Vision statement
35. Desk research can be conducted by ____.
Answer: Accessing a competitor’s annual report
36. ____ are cost-savings made by large firms as banks and other lenders charge lower interest to larger businesses.
Answer: Financial economies of scale
37. ____ market research involves gathering new data first-hand for a specific purpose (surveys, interviews, etc.).
Answer: Field
38. ____ marketing refers to undifferentiated marketing. It ignores targeting individual market segments.
Answer: Mass marketing
39. A ____ map is a visual aid that shows customers’ perceptions of a product or brand in relation to others in the market.
Answer: Position map
40. ____ occur when an organization’s average cost of production falls as the industry grows.
Answer: External economies of scale
41. Marketing ____, derived from the org’s overall objectives, are the targets that the market department wishes to achieve.
Answer: Objectives
42. Market ____ refers to the increase in the size of a market (on industry).
Answer: Growth
43. A _____ is a commercial business owned by a single person. It can employ as many people as required.
Answer: Sole trader
44. Secondary data can be gathered from the use of ____.
Answer: Social trends
45. Unique selling ____ refers to any aspect of a product that makes it stand out from its rivals.
Answer: Proposition
46. ____ market research is conducted as and when required by an organization to deal with a specific problem or issue.
Answer: Ad-hoc
47. ____ are the long-term plans of action that businesses use to achieve targets.
Answer: Strategies
48. The difference between the costs of the inputs in the production process and the final price of the output is known as ____.
Answer: Value added
49. ____ provide a business with stocks of raw materials, component parts, and finished goods needed for production.
Answer: Suppliers
50. Which stage of production transforms primary resources into manufactured goods for sale?
Answer: Secondary
51. Which statement below cannot be applied to desk research?
Answer: Includes the use of survey and interview findings conducted by the firm
52. A(n) ___ occurs when a company buys a controlling interest in another firm.
Answer: Acquisition
53. Large multinational companies can account for a significant number of job opportunities in the host country.
Answer: True
54. ____ occur when larger businesses spread the fixed cost of promotion/advertising over a large level of output.
Answer: Marketing economies of scale
55. ____ is the marketing strategy that involves changing the market’s perception of a firm’s product or brand.
Answer: Rebranding
56. ____ orientation is an inward-looking marketing approach that focuses on selling products that businesses make.
Answer: Product
57. The ___ level of output is the most efficient scale of operation for a business.
Answer: Optimal
58. Which of the following is not an example of primary production?
Answer: Coaching
59. ____ NGOs take a more aggressive approach to promote or defend a cause.
Answer: Advocacy
60. Which is the most strategic?
Answer: Vision
61. Segmentation can bring about potential advantages except ____.
Answer: The time involved in compiling customer profiles
62. A merger between two newspaper companies is an example of ____.
Answer: Horizontal integration
63. Select all internal stakeholders.
Answer: Employees, Managers and directors
64. Sampling is used in market research because ____.
Answer: It is cheaper and quicker to use a sample than to survey the whole market.
65. ____ are the short-term plans of action that firms use to achieve their objectives.
Answer: Tactics
66. ____ is the process of categorizing customers into distinct groups of people with similar characteristics.
Answer: Segmentation
67. ____ are the basic necessities that a person must have to survive.
Answer: Needs
68. Which of these statements is false?
Answer: The Board of Directors of a private limited company owns the business.
69. ____ stakeholders are individuals and organizations not part of the organization but have a direct interest in its activities and performance.
Answer: External
70. Which of the following is not a potential problem associated with primary research data?
Answer: Focus
71. Consumer ____ are the demographic and psychographic characteristics of consumers in different markets.
Answer: Profiles
72. _____ are the longer-term goals of a business, such as profit maximization, growth, market standing, and improved image.
Answer: Strategic objectives
73. A business that has headquarters in one country but operates in two or more countries is known as a ____ company.
Answer: Multinational
74. ____ is the management process of predicting, identifying, and meeting the needs of customers in a profitable manner.
Answer: Marketing
75. Which stage of production consists of the provision of services such as distribution and after-sales care?
Answer: Tertiary
76. ____ are human desires.
Answer: Wants
77. Market ____ is the process of categorizing customers into distinct groups with similar characteristics.
Answer: Segmentation
78. Primary data is ____ research that collects ____ data for a specific purpose.
Answer: Field, new
79. ____ are people who oversee the daily operations of a business.
Answer: Managers
80. ____ market research involves the collection of second-hand data and information that already exists.
Answer: Secondary
81. _____ is the conscientious consideration of ethical & environmental practices related to business activity.
Answer: Corporate social responsibility
82. ____ 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.
Answer: Unlimited liability
83. ____ refers to guidelines that help businesses to act in a moral way by considering what is ethically right or wrong.
Answer: Ethical code of practice
84. The image or perception of a product or brand in relation to other products or brands in the market is known as ____.
Answer: Positioning
85. ____ are the essentials or necessities that humans must have to survive.
Answer: Needs
86. A ____ cannot raise share capital from the general public. Shares are only sold to family & friends.
Answer: Private limited company
87. Marketing ____ are the various long-term actions taken by a business to achieve