Economics
The government controls all management of the economy and makes all economic decisions
Command Economy
A company's strategy, culture, and communication combine to form brand
identity
What scale requires the respondent to assign a value to the options provided on a questionnaire, where the values consistently add up to 100
Constant Sum Scale
The manufacturer sells their goods or services directly to the consumer
Direct Distribution
Money owed to a company by its debtors
Accounts Receivable
4 Economic Utilities
Form Utility, Place Utility, Time Utility, Possession Utility
Kelly runs a successful start-up company that sells homemade nut butters. After several months of explosive growth, she notices that her sales seem to have peaked. Her products are still selling, but at a slower rate than before. Kelly's products are in the __________ stage of the product life cycle.
Maturity
Anticipating what buyers are likely to do under a given set of conditions
Forecasting
Providing marketing information is an important channel activity. Businesses rely on marketing information to determine
A. their target markets' needs and wants.
B. how intermediaries are performing.
C. how much to charge for their products.
D. what to name their products.
Their target markets' needs and wants
Functions of Money
Store of Value, Medium of Exchange, Measure of Value
The ability of individuals to make their own decisions: what to buy, sell, and how to use products
Economic Freedom
If one factor of production is increased while other factors are held constant, the output per unit of the variable factor would eventually diminish
Law of Diminishing returns
Which of the following is a primary advantage of conducting a focus group to obtain marketing
information:
A. Moderator objectivity
B. Cost effectiveness
C. Limited preparation
D. Discussion relevance
discussion relevance
A producer can minimize channel conflict among its distributors and retailers by
A. offering different products through each channel.
B. selling its items directly to the end users.
C. establishing slotting fees for certain channels.
D. requesting that the channel members carry only its brand.
offering different products through each channel.
A signed document with a written promise to pay a sum to a specified person at a specified date
Promissory Note
A mixed economy where individuals and businesses, rather than the government, control the means of production and are the primary economic decision makers. The government helps to regulate and control the system
Private Enterprise
What are the 7 marketing functions?
A. Financing, selling, pricing, promotion, information management, distribution, and Product and service management.
B. Financing, communication, service, living style, management, selling, and marketing.
C. Pricing, living style, promotion, communication, marketing, and management.
D. Information management, marketing, distribution, communication, living style, selling, and service.
Financing, selling, pricing, promotion, information management, distribution, and Product and service management.
Software that allows for real-time analysis of marketing information enables businesses to search many databases and identify
A. obscure relationships.
B. pricing strategies.
C. hidden objections.
D. distribution channels
obscure realtionships
Tanya's Treats is a baked goods company that traditionally partners with local cafés to sell its products.
However, Tanya's Treats decided to open its own café directly across the street from one of its biggest
retailers. This is an example of
Vertical conflict
An intermediary between buyers and sellers to facilitate securities transactions. Brokerage companies are compensated via commission after the transaction has been successfully completed
Brokerage
The difference between wants and needs and available resources
Scarcity
What does ROI mean in Product Service Management?
A. Rule over ideals
B. Real on investment
C. Return on investment
D. Run on ideas
Return on investment
A local advertising firm created a research study that aimed to understand the television viewing habits of the adult population in its city. The company then selected a sample of 500 people to participate in the study, all of whom lived in the neighborhood by the company's office. This is an example of a sample with
Undercoverage. Undercoverage occurs when some members of the population are inadequately
represented in the sample.
A channel of distribution ends when the product reaches its ultimate consumer or when
Changes are made to the product.
Walt purchased stock based on false information from an online message board. The scammers who posted the information had purchased the stock and hyped it up on the Internet to encourage unsuspecting investors to buy it and drive up its price. After the price went up, the scammers sold off their stock. The price of the stock then fell, leaving Walt with worthless stock. Walt was the victim of
A. a pyramid scheme.
B. pump and dump.
C. affinity fraud.
D. phishing.
pump and dump
(Pump and dump is an investment scam that takes place mostly online. Scammers buy a small stock and then hype it up to other investors, causing its price to rise. When the price is high, the scammers sell their stock, leaving the victims to deal with the rapid price decline afterwards. )