Chapter 1: Additional Questions
1. What economic term is used to capture the market activity involving temporary usage for hire (rentals) as a
replacement for traditional ownership?
A. Personal
B. Sharing
C. Borrowing
D. Fluctuating
E. Bartering
2. A consumer to consumer (peer to peer) rental transaction activity is often referred to as what type
of consumption?
A. Productive
B. Multiple
C. Social
D. Community
E. Collaborative
3. A company with a customer orientation will most likely ______
A. Focus on reducing production costs
B. Prioritize making the production process as efficient and economical as possible
C. Emphasize serving customers while incurring minimum costs
D. Prioritize consumer value and satisfaction above all other concerns
E. Focus primarily on using the mass media approach to reach consumers
4. On many websites, users are invited to “chat with us.” It is most likely that the participant on the website side of the
chat is actually a chatbot rather than a person. In the context of marketing and sales, this is an application of ____
A. big data
B. predictive analytics
C. machine learning
D. collaborative consumption
E. quantum computing
5. What field of study involves the interpretation of relationships between consumers and the things they purchase, the
products they own, and the activities in which they participate?
A. Sociology
B. Anthropology
C. Statistics
D. Economics
E. Cognitive psychology
,6. Michael wants to start a business but has limited knowledge of how business is done. Advise
Michael on the different ways of doing business and provide examples (6)
7. Explain how competition for business leads to better outcomes for consumers in terms of consumer orientation. (6)
, 8. You have been tasked to advise a young entrepreneur who is about to create a new invention for cooking food on
successful innovations. Discuss the FIVE characteristics that successful innovations exhibit. (5)
1. What economic term is used to capture the market activity involving temporary usage for hire (rentals) as a
replacement for traditional ownership?
A. Personal
B. Sharing
C. Borrowing
D. Fluctuating
E. Bartering
2. A consumer to consumer (peer to peer) rental transaction activity is often referred to as what type
of consumption?
A. Productive
B. Multiple
C. Social
D. Community
E. Collaborative
3. A company with a customer orientation will most likely ______
A. Focus on reducing production costs
B. Prioritize making the production process as efficient and economical as possible
C. Emphasize serving customers while incurring minimum costs
D. Prioritize consumer value and satisfaction above all other concerns
E. Focus primarily on using the mass media approach to reach consumers
4. On many websites, users are invited to “chat with us.” It is most likely that the participant on the website side of the
chat is actually a chatbot rather than a person. In the context of marketing and sales, this is an application of ____
A. big data
B. predictive analytics
C. machine learning
D. collaborative consumption
E. quantum computing
5. What field of study involves the interpretation of relationships between consumers and the things they purchase, the
products they own, and the activities in which they participate?
A. Sociology
B. Anthropology
C. Statistics
D. Economics
E. Cognitive psychology
,6. Michael wants to start a business but has limited knowledge of how business is done. Advise
Michael on the different ways of doing business and provide examples (6)
7. Explain how competition for business leads to better outcomes for consumers in terms of consumer orientation. (6)
, 8. You have been tasked to advise a young entrepreneur who is about to create a new invention for cooking food on
successful innovations. Discuss the FIVE characteristics that successful innovations exhibit. (5)
