Question 1. Which of the following is an example of a lifestyle business?

• A paper recycling unit that employs about 800 employees
• A self-employed landscape designer
• Nature's Delights, an international gourmet food chain that is considered to be the world's leading retailer of natural and organic foods
• Museum of Fine Arts, a government-funded museum that houses a collection of 19th and 20th century American, German, and French paintings
• Freedom Books, a firm that is the leader in the English-language, book-publishing sector

Question 2.  Which of the following is true regarding high-growth ventures?

• They are usually run by one individual rather than a team.
• They refer to businesses such as a self-employed consultant, a corner florist, or a small e-commerce venture.
• They are mostly family businesses.
• They are built around the personal and financial needs of an individual.
• They expand rapidly by obtaining a sizable supply of investment capital.

Question 3. Tech Point, a technical writing and business documentation firm, finds it difficult to handle its training requirements. The company forms a one-year contract with Impact Inc., a language training firm, to conduct training and refresher courses for their employees. This is an example of _____.

• downsizing
• outsourcing
• vertical integration
• market penetration
• diversification

Question 4.  Charles is the purchase agent for a consulting firm. He places orders for office stationeries and consumables once in two weeks. The purchases are made in large quantities and are billed in the firm's name. The items that Charles buys are examples of _____.

• specialty products
• expense items
• capital items
• shopping products
• convenience products

Question 5.  The introductory stage will be followed by a _____ stage for a successful product.

• maturity
• research
• saturation
• growth
• infiltration

Question 6.  People who monitor social media to spot shifts in consumer tastes are called _____.

• social arbitrators
• trend watchers
• crowd pullers
• social developers
• social programmers

Question 7.  Consumer purchasing differs from organizational purchasing in that consumer purchasing _____.

• is influenced more by subconscious and emotional factors
• follows a formal buying process
• has greater complexity in product usage
• involves closer relationships between buyers and sellers
• has a greater emphasis on economic payback

Question 8.  The process of examining an organization's current marketing situation, assessing opportunities and setting objectives, and then developing a marketing strategy to reach those objectives is called _____.

• stealth marketing
• strategic marketing planning
• marketing research
• social commerce
• marketing

Question 9.  Selling existing products to new markets is called _____.

• market development
• product development
• market segmentation
• market penetration
• vertical integration

Question 10.  _____ refer(s) to intermediaries that sell products to other intermediaries for resale or to organizations for internal use.

• Retailers
• Wholesalers
• Department store
• Specialty store
• Convenience store

Question 11.  AMS Technologies, a computer hardware reseller, purchases computer components from leading manufacturers and builds fully operational personal computer systems customized for specific consumer requirements, such as nonlinear video editing capabilities. The firm sells its products to various companies and educational institutions. AMS Technologies belongs to which of the following class of intermediaries?

• Retail outlet
• Drop shippers
• Manufacturers' representatives
• System integrators
• Specialty stores

Question 12.  _____ are full-service merchant wholesalers who set up displays in retail outlets, stock inventory, and perform other services, such as marking prices on merchandise.

• Rack jobbers
• Agents
• Brokers
• System integrators
• Value-added resellers

Question 13.  Fun Learning Inc. is an American manufacturer of science kits and build-it toys for children between 3 and 12 years of age. The firm uses organic and eco-friendly policies. It invests a lot of money in advertisements aimed at increasing its brand awareness. The advertisements encourage customers to ask local retailers for Fun Learning toys. In this example, Fun Learning Inc. uses which of the following promotional strategies?

• Operations strategy
• Digital strategy
• Pull strategy
• Push strategy
• Pricing strategy

Question 14.  In _____, behaviorally targeted ads follow users even as they move on to other websites.

• attack ads
• advocacy advertising
• cooperative advertising
• remarketing
• search engine marketing

Question 15.  Institutional advertisements that present a company's point of view on public issues, such as education or healthcare, are known as _____ advertising.

• product
• comparative
• cooperative
• advocacy
• consultative