Economics
A market in which there are many buyers but only one seller.
Monopoly
Thomas wants to change the word “develop” to the word “create” in several places throughout his document. The quickest way to make these changes is by using the __________ function.
A. header and footer B. cut and paste
C. find and replace D. styles and formatting
C. find and replace
Which of the following is an example of direct mail:
A. Broadcasting a TV commercial
B. Mailing a brochure to a consumer's home
C. Developing a sales presentation
D. Reading a manufacturer's information
Which of the following is a way that businesses can include consumer protection as part of product/service management:
A. Precise marketing B. Discount pricing
C. Accurate labeling D. Creative selling
C Accurate Labeling
DAILY DOUBLE
Which of the following is a reason why someone might have trouble adapting to new circumstances:
A. Missed opportunities
B. Objectivity
C. Empathy
D. Contentment
D. Contentment Being adaptable requires you to stretch, try new things, and get out of your comfort zone, which can be hard to do if you're content. Objectivity and empathy are characteristics of adaptable people; these traits make it easier for a person to adapt. Missed opportunities are a negative consequence of refusing to adap
Surplus or Shortage?? A situation in which quantity supplied is greater than quantity demanded
Surplus
Information management professionals carry an important responsibility for ensuring that their company has its records in order in case of __________ by the government.
A. financial modeling B. an expenditure
C. a financial audit D. outsourcing
C. a financial audit
DAILY DOUBLE
In what stage of a product's life cycle would a company spend the least amount of money on promoting the product?
DECLINE
Word-of-mouth marketing is based on the idea that
A. cheaper marketing is always more effective.
B. consumers trust each other more than brands.
C. paid advertising no longer works.
D. consumers trust brands over other consumers.
B
What type of duties do customer service professionals often perform? List 2
Handle complaints
Listen to customers
Respond to customer questions
Place orders
Inform consumers about products/services
What is opportunity cost?
the most desirable alternative given up as the result of a decision
DAILY DOUBLE
Create a question that the marketing-information management function can help businesses answer:
Ex: Where are customers located?
What is the most efficient, cost-effective way for a business to promote goods and services to customers who want to receive product information:
Email Marketing. Email is a cost-effective way to send promotional messages because the business is sending information only to individuals who want the information
Bar code symbols that are scanned into computers and used to identify and total information such as the selling prices for products are also called
UPC- Universal Product Codes
Ann has until the end of the day to collect research for a report. Now it is mid-afternoon, and three coworkers have come into her office to ask for help with work-related problems. Ann is starting to panic, wondering if she will have the research done by her deadline. In this situation, Ann's source of stress is related to
A. an unrealistic workload.
B. work interruptions.
C. difficult working relationships.
D. unclear business policies.
DAILY DOUBLE
_______ occurs when unlimited wants exceed the limited resources available to fulfill those wants
scarcity
When Elliot was tabulating marketing research data, he transposed some numbers as he was converting raw data into numerical values. What type of error occurred?
A. Measurement B. Response
C. Recording D. Sampling
C. Recording
What is the purpose of a situational analysis?
SWOT
Which of the following would probably use a longer channel of distribution than the others:
A. A printing press B. A bag of oranges
C. An airplane D. A bottle of shampoo
D A bottle of shampoo. Shampoo is a low-cost, standard product that would probably use a longer channel of distribution than the other alternatives. A bag of oranges is perishable and needs to use short channels. A printing press is highly technical, requires installation, and is quite heavy; therefore, it would rely on short channels. An airplane is technical and quite heavy and would probably use a direct route from the producer to the industrial user.
A hiring director at an engineering firm rarely hires women even though many women apply to work there, because he doesn't feel that they are as skilled as male employees. This hiring director is exhibiting a(n)
C. bias.
How do supply and demand interact to influence price?
A. When demand exceeds supply, producers will begin a process called rationing.
B. When demand exceeds supply, producers will lower prices to satisfy customers.
C. When supply exceeds demand, producers will lower prices to sell excess supply.
D. When supply exceeds demand, producers will set a relative price.
C When supply exceeds demand, producers will lower prices to sell excess supply
Businesses that deliberately interpret marketing information inaccurately and present those findings to consumers may be guilty of using that information in an unethical way to...
promote products
A business informing customers about the new, free services being offered is an example of __________ promotion.
A. public service B. product
C. public relations D. patronage
D Patronage. Patronage promotion is a type of institutional promotion designed to promote a firm's features or prestige. Presenting information about a business's features that will benefit the consumer, such as free services, is another way to sell the firm for nonproduct reasons. Public service promotion is a type of institutional promotion that informs consumers about non-controversial issues that are in the public's interest. Public relations promotion is a type of institutional promotion created to deal with controversial public issues that are related to a company or its products. Product promotion is a type of promotion that aims to persuade consumers to buy a good or service.
One way that the gross domestic product (GDP) can be increased is by
A. decreasing levels of productivity.
B. creating a trade deficit.
C. having imports exceed exports.
D. increasing labor and capital resources.
D. Increasing labor and capital resources. Labor and capital combine to produce goods and services. If more equipment and workers are added, production should increase, which increases the gross domestic product (GDP). Importing more goods and services than are exported creates a trade deficit, which has a negative effect on GDP. Decreasing productivity would decrease the GDP.
List 3 barriers to effective communication AND explain how they effect communication.
cultural differences
lack of trust
conflict
spelling words incorrectly
using filler words