A(n) _____ refers to having only sufficient amount of products on the shelves to meet
immediate purchases and usually requires frequent shipment from the supplier.
A. just-in-time inventory
B. macro inventory
C. micro inventory
D. in-process inventory
Rejecting existing ideas, and presenting a way to do things differently refers to the
_____ strategy.
A. imitative
B. prototyping
C. radical innovation
D. integrative
While most cosmetic brands sell their products in specialty stores or departmental
stores, Snowbird Inc. is the only cosmetic brand that uses direct marketing as a means
to reach its customers. However, it prices its products close to that of its competitors.
Hence, the company has carved a differential advantage typically in terms of its _____
strategy.
A. people
B. place
C. product
D. pricing
In a marketing plan, a business should typically consider its _____ as the key
component of its situational analysis.
A. creditors
B. board of directors
C. shareholders
D. competitors
Which of the following statements is true of catalogs?
A. Catalogs do not target particular types of consumers.
B. Creating and disseminating catalogs online increases company costs.
C. Most part-time entrepreneurs typically use existing catalogs for their products.
D. Catalogs do not focus on any particular types of products.
Which of the following is a form of personal gift?
A. Tax credits
B. Free use
C. Grants
D. Tax abatements
Which of the following is one of the ways to get into small business management?
A. Narrowcasting
B. Franchising
C. Expropriating
D. Onboarding
Justin is a sales executive at a manufacturing company. One of his clients who
purchases products from him at a higher price than that quoted by competitors is facing
financial problems. Since Justin’s promotion depends on his achieving the sales target,
he cannot decide whether he should inform his client about the lower prices its
competitors are paying. Justin is facing a situation known as _____.
A. effectuation
B. social loafing
C. cognitive resonance
D. ethical dilemma
At the _____ stage of a business, the emphasis of financial management is to build
owner wealth, to conserve assets, to match cash inflows to outflows, and to maximize
the return on capital assets by making optimal investing decisions.
A. operations
B. exit
C. growth
D. start-up
Exclusive rights given to the creator of a literary or artistic work to make use of that
work is called a:
A. trade secret.
B. copyright.
C. trademark.
D. patent.
Which of the following best describes cannibalizing?
A. Ken uses the money he gets from his full-time job as a chef to run his part-time
business of graphic designing.
B. Mandy uses her employer’s client list from her full-time job as a house painter to get
customers for her own part-time house painting business.
C. Cathy, who does computer repairs, lies to customers about having an office
downtown when she actually works part-time from her home.
D. Jenson misses his deadlines at his full-time day job because he works late nights as a
part-time music producer.
Which of the following is true regarding the components of a business plan?
A. An executive summary gives more detail about the business than the vision or
mission statements or elevator pitch.
B. A vision statement is a paragraph that describes the firm’s goals and competitive
advantages.
C. A mission statement is a slogan that captures the key idea of a business, its service,
product, or customer.
D. An elevator pitch is a simple tagline that expresses the fundamental idea or goal of a
firm.