MGMT 390 ch1
Comprehensive Questions
(Frequently Tested) with
Verified Answers Graded A
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1. List the four factors of production in the private enterprise system
Answer: Answer: 1. natural resources
2. human resources
3. capital
4. entrepreneurship
2. List the basic rights guaranteed to the public in the private
enterprise sys- tem. Answer: 1. private property
2. profit
3. freedom of choice
4. fair competition
3. The economics system that rewards firms for their ability to
perceive and serve the needs and demand of consumers is called
Answer: capitalism
4. the process of creating an identity for a good, service, or
company that is readily recognized by the firm's intended market.
Answer: Branding
5. A name, term, sign, symbol, design, or some combination that
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identifies the product of one firm and differentiates it from
competitors' offerings is known as Answer: brand
6. the business era in which businesses seek ways to nurture
customer loyalty by carefully managing every interaction. Answer: The
relationship era
7. the unique combination of organizational abilities and approaches
that sets a firm apart from competitors in the minds of consumers.
Answer: Competitive ditterentiation
8. long-term partnerships of firms designed to improve overall
competitive- ness. Answer: Strategic alliances
9. In capitalism, also known as the
, success or failure depends on how well firms can perceive and meet
customer needs and wants. Answer: private enterprise system
10. A is an affiliation of
two or more companies that help each other achieve common
goals. One such form of it is a , a partnership
formed to create a competitive advantage for the businesses
involved. Answer: partnership strategic alliance
Comprehensive Questions
(Frequently Tested) with
Verified Answers Graded A
[Document subtitle]
User [Date] [Course title]
, Contact for further consultation
1. List the four factors of production in the private enterprise system
Answer: Answer: 1. natural resources
2. human resources
3. capital
4. entrepreneurship
2. List the basic rights guaranteed to the public in the private
enterprise sys- tem. Answer: 1. private property
2. profit
3. freedom of choice
4. fair competition
3. The economics system that rewards firms for their ability to
perceive and serve the needs and demand of consumers is called
Answer: capitalism
4. the process of creating an identity for a good, service, or
company that is readily recognized by the firm's intended market.
Answer: Branding
5. A name, term, sign, symbol, design, or some combination that
, Contact for further consultation
identifies the product of one firm and differentiates it from
competitors' offerings is known as Answer: brand
6. the business era in which businesses seek ways to nurture
customer loyalty by carefully managing every interaction. Answer: The
relationship era
7. the unique combination of organizational abilities and approaches
that sets a firm apart from competitors in the minds of consumers.
Answer: Competitive ditterentiation
8. long-term partnerships of firms designed to improve overall
competitive- ness. Answer: Strategic alliances
9. In capitalism, also known as the
, success or failure depends on how well firms can perceive and meet
customer needs and wants. Answer: private enterprise system
10. A is an affiliation of
two or more companies that help each other achieve common
goals. One such form of it is a , a partnership
formed to create a competitive advantage for the businesses
involved. Answer: partnership strategic alliance
