Business & Its Context
Factors of Production are defined as productive resources used by businesses to produce a good or service. Name one of the 5 factors of production.
Natural Resources
Labor (Human Resources)
Economic Capital
Entrepreneurship
Knowledge
This type of plan is for alternative courses of action for unusual or crisis situations
Contingency
True or False: Integrated marketing communications (IMC) involves carefully coordinating all promotional activities to produce a consistent, unified message that is customer focused.
True
This company began as a DVD rental company in 1998 and then launched a streaming service in 2007 in response to technological changes in the external environment.
Netflix
A business owner must be able to adapt to changes in the external environment. Name one of the 7 external sub-environments.
Competitive
Demographic
Economic
Global
Political/Legal
Social
Technological
This management function is the process of coordinating and allocating a firm’s resources in order to carry out its plans and includes division of labor, departmentalization, and delegation.
Organizing
Name 1 of the 2 pricing strategies most often used in Marketing
Price Skimming
Penetration Pricing
Penny Lane offers this type of promotion to reinforce behavior of loyal customers.
Frequent-buyer cards
In this type of economic system, an individual can own property
Capitalism
Name 1 of the 3 types of Managerial Skills
Technical
Human Relations
Conceptual
This is one of the 5 Ps in the marketing strategy that is used to inform, persuade, or remind a target market about a product.
Promotion
Toyota demonstrated the control function of management by implementing what on their assembly line?
Jidoka Control System - Call button
The point where the quantity demanded equals the quantity supplied is known as _____. This indicates a balance between the quantity consumers will buy and the quantity suppliers will make available.
the point of equilibrium
Name the 4 functions of Management
Planning
Organizing
Leading
Controlling
This is the number of different target consumers who are exposed to a commercial at least once during a specific period.
Reach
In 1985, Coca-Cola introduced this product, which was removed from the market 79 days later due to thousands of calls complaining about the new flavor.
New Coke
This is the major differentiator among various economic systems
Whether the government or individuals decide
With this type of leadership style, a manager turns over authority and control to the group, and members of the group have freedom to accomplish tasks.
Free-Rein
The marketing team considers all entities involved in the passing of goods and services from the producer to the consumer, which is called what type of channel?
Distribution
This is a nonprofit organization founded in 2010 following a Haiti earthquake in an effort to provide a sense of purpose, a sense of community, and the feeling of self-worth to volunteers. Today the company employs ~60 staff + 180,000 volunteers.
Team Rubicon