91 Questions
Which of the following best defines business?
All activities and enterprises that provide goods and services necessary to an economic system
What are the rewards for businesspeople who take the risks involved in offering goods and services to customers?
Profits
Which of the following is NOT considered as one of the factors of production?
Natural resources
Why are the four factors of production important?
Managing all four of the factors of production is critical for the successful operation of a business
Who is known as the father of capitalism?
Adam Smith
What does the 'invisible hand' of competition refer to?
The economic system that determines business ownership, profits, and resources
Which of the following is NOT a characteristic of the private enterprise system?
Government regulation
What does capitalism determine in the business context?
All of the above
Who should possess the skills and attributes needed for today's manager?
Managers
What do profits serve as in the private enterprise system?
Rewards for businesspeople
Which of the following is NOT considered a key attribute of a manager's vision?
Stable growth
What is the capacity to develop novel solutions to perceived organizational problems called?
Creativity
What does the ability to analyze and assess information to pinpoint problems or opportunities refer to?
Critical thinking
What is the ability to perceive marketplace needs and what an organization must do to satisfy them called?
Vision
What is the factor that requires organizational change and can come from external and internal sources?
Population shifts
Which of the following is NOT a characteristic of a company admired by others?
Shrinking global barriers
What are some of the factors that are mentioned as 'What's Ahead'?
All of the above
What is the name of the company mentioned in the text?
John Wiley & Sons Canada, Ltd.
What is the name of the agency that permits reproduction or translation of the work?
Access Copyright
Who assumes no responsibility for errors, omissions, or damages caused by the use of the programs or information?
The author and the publisher
During which era did businesses begin to focus on understanding and satisfying the needs and preferences of customer groups?
The Marketing Era
What is an entrepreneur?
A risk taker
What is the main goal of relationship management?
To build and maintain ongoing, mutually beneficial ties with customers
What is one of the trends that has emerged due to disruptions caused by the COVID-19 pandemic?
Increase in remote work/study
What is one of the challenges of the aging population and shrinking labor pool?
Increased hiring challenge
What is the benefit of having an increasingly diverse workforce?
Increased effectiveness in employee teams
What is outsourcing?
Using outside vendors to produce goods or fulfill services
What is the main goal of relationship management?
To build and maintain ongoing, mutually beneficial ties with customers
What is one of the trends that has emerged due to disruptions caused by the COVID-19 pandemic?
Increase in remote work/study
What is one of the challenges of the aging population and shrinking labor pool?
Increased hiring challenge
What is the benefit of having an increasingly diverse workforce?
Increased effectiveness in employee teams
Which of the following is NOT a characteristic of a SMART marketing objective?
Stretch
What are the two most important factors in growing an organization?
Existing consumers and new products
What is the collection of activities that marketers use to achieve their marketing goals called?
Marketing mix
What is the process of dividing the population into distinct, clearly identifiable groups in the marketing mix called?
Segmentation
What is the term for identifying which segment or segments to focus specific marketing activities against?
Targeting
What is the term for the proper consumer to pursue in the marketing mix?
Positioning
Which of the following is NOT a component of the marketing planning process?
Issue
Which of the following is a key learning objective in Chapter 2 of the Marketing textbook?
Understand the role of marketing in strategic planning
What is the main difference between organization strategic planning and marketing planning?
Marketing planning is a subset of the larger organizational plan
What is the place of marketing in the strategic plan of an organization?
Marketing is one of the many components of the strategic plan
What does the marketing planning process involve?
Analyzing the marketing environment
What is the purpose of strategic planning in an organization?
To set the overall direction and goals for the organization
What is the marketing mix?
The combination of product, price, place, and promotion
What is the result of marketing activities?
The marketing mix
What is the key responsibility of the CEO or equivalent in organizational planning?
Setting overall goals and objectives
Who is responsible for defining the marketing strategies, plan, and tactics in marketing planning?
VP Marketing
What is the time frame for organizational planning?
Long term: 5+ years
Who are the potential audiences of a mission statement?
Employees, functional heads, and shareholders
What are the characteristics of a good mission statement?
Clear and inspiring, speaks to its audience, and describes the benefit to the target consumer
What is the main difference between a product-based and market-based mission statement?
The product-based mission statement talks from the perspective of the consumer, while the market-based mission statement talks from the perspective of the organization
What is an example of a situation analysis in the marketing planning process?
SWOT matrix
From a marketing planning perspective, what was the issue in the case of Mary and Freda's vacation discussion?
They did not have a clear mission statement
How might Mary and Freda have approached the situation from a marketing planning perspective?
By setting goals and strategies
What was Walmart's approach to growth strategies and the reasoning behind it?
Walmart focused on high market share and high industry growth
How was Nintendo's approach different from Walmart's and why?
Nintendo focused on low market share in a high growth industry
What is portfolio evaluation in marketing?
Reviewing the growth rate of the organization within the industry
What are the four reasons why an organization might fail to achieve its mission?
Their mission was not right, the goals and strategies were not right, environmental changes affected the success, execution was lacking
What is the Boston Consulting Group (BCG) matrix used for?
Evaluating an organization's portfolio
What are the four categories in the BCG matrix?
Stars, dogs, cash cows, question marks
What are the two lenses through which portfolio evaluation is done?
Growth rate of the overall industry, growth rate of the organization within the industry
What is the purpose of a mission statement?
To communicate the organization's purpose and reason for existing
What are the characteristics of a good mission statement?
Clear, inspiring, and distinctive
What is the difference between a product-based and market-based mission statement?
The target consumer
What is the main goal of marketing planning?
To define the marketing strategies and tactics
What is the time frame for marketing planning?
Short term: 1 year
Who is responsible for defining the marketing strategies, plan, and tactics in marketing planning?
VP Marketing
What are the additional players involved in marketing planning?
External marketing agencies
Which of the following is NOT one of the characteristics of a SMART marketing objective?
Relevant
What is the term for the process of dividing the population into distinct, clearly identifiable groups in the marketing mix?
Segmentation
What are the two most important factors in growing an organization?
New or existing consumers and new or existing products
What is the main goal of relationship management?
To retain existing customers
What is the main difference between a product-based and market-based mission statement?
The target audience
What are the four categories in the BCG matrix?
Stars, Cash Cows, Question Marks, Dogs
What is the key responsibility of the CEO or equivalent in organizational planning?
Ensuring organizational alignment
Which of the following is NOT a component of the marketing planning process?
Analyzing competition
What is the main goal of relationship management?
To build and maintain customer loyalty
What is the process of dividing the population into distinct, clearly identifiable groups in the marketing mix called?
Segmentation
Who is responsible for defining the marketing strategies, plan, and tactics in marketing planning?
Marketing manager
What is the place of marketing in the strategic plan of an organization?
It is one piece of the larger plan
What is the time frame for organizational planning?
Long term
What are the two most important factors in growing an organization?
Leadership and innovation
From a marketing planning perspective, what is the purpose of portfolio evaluation?
To review the success of an organization's products
Which of the following is NOT one of the reasons why an organization might fail to achieve its mission?
Environmental changes affected the success
What is the Boston Consulting Group (BCG) matrix used for?
To evaluate an organization's portfolio
Which of the following is NOT one of the categories in the BCG matrix?
Dogs
What is the main focus of a medicinal shampoo when talking about itself to the target consumer?
Clinical benefits
What is the main focus of a shampoo targeted to women when talking about itself to the consumer?
Shine, beauty, and manageability
What is the main focus of a shampoo targeted to men when talking about itself to the consumer?
Manly image and convenience
What is the role of promotion in marketing?
To communicate with consumers
What is the role of place in marketing?
To access the product
Test your knowledge on the fundamentals of business with this quiz based on Chapter 1 of the Boone & Kurtz Contemporary Business Fourth Canadian Edition. Topics include defining business, economic factors of production, the private enterprise system, and the history of business. Put your understanding to the test and see how well you score!
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