Intro to Business Multiple Choice

MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answer the question. 16) What is the term for intangible products, such as time, expertise, or an activity that can be purchased? A) risky assets B) services C) ideas D) personal goods E) industrial goods 17) What is the term for the type of competition based on buyers' perceptions of the benefits of products offered by particular companies? A) monopolistic competition B) brand competition C) perfect competition D) institutional competition E) forced competition 18) For marketers, what type of variables are lifestyles, opinions interests, and attitudes? A) product use variables B) psychographic variables demographic variables D) geographic variables E) labor market variables 19) What is the decision process by which customers come to purchase and consume products? A) consumer behavior B) marketing C) segmentation D) resource management E) acculturation 20) 20) What type of behavior do consumers exhibit by regularly purchasing products because they are satisfied with their performance? A) brand loyalty B) psychological influences C) need recognition D) consumer activism E) emotional motives 21) 21) Assuming a company has been gathering ideas for new products, what is the next step in the development process? A) prototype development B) test marketing concept testing D) business analysis E) screening 22) 22) Which of the following terms refers to the monetary amount added to a product's cost to the seller in order to sell it at a target profit? A) breakeven cost B) revenue margin profit margin D) markup E) revenue 23) 23) Which of the following costs refers specifically to those that change with the quantity of a product sold or produced? A) fixed costs B) marginal costs C) variable costs D) annual costs E) market-adjusted costs Brilliant Solutions applies LED technology to create specialized lighting systems for cellphone towers, drilling rigs, airport runways, and other specialized uses. It sells to businesses that are willing to pay for superior products that are durable, so their lighting systems remain safe, endure harsh conditions, and last for years. 24) - 24) Brilliant Solutions' 15 products for cellphone towers and three products for airport runways are examples of which of the following? A) value packages B) product features C) production items D) product benefits E) product lines Piper & Son makes pickled peppers, sold in upscale supermarkets and specialty food stores. The company has profit-maximizing pricing objectives, so managers constantly monitor the prices of key ingredients such as peppers, vinegar, and garlic 25) How can setting the price for pickled peppers too high yield profits that are lower than the maximum? A) The high price will hurt the company's reputation, so the product will decline B) The high price will cause expenses to rise, reducing profits. Customers will insist on paying a lower price, resulting in less income D) The high price will generate a large profit per jar, but too few jars will be sold E) The high price will cause the convenience goods to become shopping goods. 26) 26) Which of the following intermediaries matches numerous sellers and buyers as needed, often without knowing in advance who they will be? A) retailer B) syndicated seller C) producer representative D) sales agent E) broker 27) 27) Which of the following denotes small retail stores carrying only one product line or category of related products? A) specialty stores B) bargain retailers C) supermarkets D) convenience stores E) department stores 28) 28) In which of the following bargain retailers do the customers view display samples, place orders, and wait briefly while clerks retrieve orders from attached warehouses? A) discount house B) factory outlet C) wholesale club D) catalog showroom E) off-price store 29) 29) Which of the following terms refers specifically to the activities needed to move products efficiently from manufacturer to consumer? A) product distribution B) product placement C) the distribution mix D) physical distribution E) transportation modes 30) Which of the following is NOT a type of sales promotion? A) trade show displays B) warranties C) coupons D) point-of-sale displays E) free samples