Marketing 3.05

What helps to maintain reasonable prices, provide consumers with new and improved products, and results in a wide selection of products from which to choose?
1. Competition
2. Entrepreneurship
3. Equilibrium
4. US Government
Which type of competition includes the quality of products, customer services, business location, business reputation, and the qualifications of salespeople?
1. Direct
2. Indirect
3. Non-price
4. Price
Which economic system encourages individuals to start and operate their own businesses with limited government involvement?
1. Communism
2. Free enterprise
3. Socialism
4. Traditional
What encourages individuals to start and operate their own business with limited government involvement?
1. Free enterprise
2. Inventory
3. Partnership
4. Supply
What is a rivalry between two or more businesses to gain as much of the total market sales or customer acceptance as possible?
1. Competition
2. Entrepreneurship
3. Free enterprise
4. Sole partnership
What are two or more companies that employ different types of business formats to sell similar goods?
1. Direct competition
2. Franchises
3. Indirect competition
4. Sole proprietorships
McDonalds, which serves fast food, and Applebee's, which is a full-service restaurant, are which types of competition?
1. Direct
2. Franchise
3. Indirect
4. Personal
Shopping at Nordstrom's because of their outstanding service is an example of which type of competition?
1. Direct
2. Indirect
3. Non-price
4. Price
Cindy prefers to shop at Belk because of their easy return policies and free gift wrapping. This is which type of competition?
1. Direct
2. Indirect
3. Non-price
4. Price
Exclusive control over a product occurs in a:
1. Competitive environment
2. Monopoly
3. Partnership
4. Sole proprietorship
BB&T emphasizes its commitment to customer service and satisfaction. This is an example of:
1. Economic promotion
2. Marketing information management
3. Nonprice competition
4. Freedom of ownership
What allows the market to determine prices through supply and demand?
1. Free enterprise
2. Inventory
3. Partnership
4. Supply
What is also referred to as private enterprise?
1. Communism
2. Free enterprise
3. Socialism
4. Traditional enterprise
What are two more companies that utilize the same type of business format?
1. Direct competition
2. Franchise
3. Indirect competition
4. Sole proprietorship
Which competition focuses on the selling price of products?
1. Direct
2. Indirect
3. Non-price
4. Price
Which type of competition is based on factors that are not related to price?
1. Direct
2. Indirect
3. Non-price
4. Price
One company that has exclusive control over a product or the means of producing it is a:
1. Corporation
2. Monopoly
3. Partnership
4. Sole proprietorship
One gas station in a small town is an example of:
1. a monopoly
2. an oligopoly
3. price competition
4. risk management
When investing in a new business venture, there is no guarantee of:
1. Elasticity
2. Partnership
3. Risk management
4. Success
The money earned from conducting business after all costs and expenses have been paid is:
1. Profit
2. Risk
3. Selling
4. Success
Which is an example of nonprice competition?
1. Clearance sales
2. Coupon offers
3. Great customer service
4. Rebates
The potential for loss or failure is:
1. Entrepreneurship
2. Monopoly
3. Profit
4. Risk
What forces businesses to operate efficiently?
1. Competition
2. Entrepreneurship
3. Free enterprise
4. Government
The potential for loss or failure is:
1. Profit
2. Risk
3. Selling
4. Success

Marketing - Objective 3.05

Quiz