Marketing
The study of a population based on age, income, gender and education.
A) Demographics
B) Behavioral
C) Psychographics
D) Geographics
A) Demographics
A strategy where a product is priced higher than similar products in the market, often to convey exclusivity or luxury.
A) Penetration Pricing
B) Surge Pricing
C) Premium Pricing
D) Seasonal Pricing
C) Premium Pricing
True or False: Contracts generally must be written for them to be enforceable
False
A hands off leader who provides minimal guidance and allows individuals to make decisions.
A) Autocratic Leadership
B) Democratic Leadership
C) Laissez-Faire Leadership
D) Transformational Leadership
C) Laissez-Faire Leadership
What pricing strategy would be best for a discount store focusing on budget conscious customers
A) Premium Pricing
B) Odd Even Pricing
C) Surge Pricing
D) Seasonal Pricing
B) Odd Even Pricing
Analysis of consumers based on personality, values, attitudes, interests and lifestyles.
A) Demographics
B) Behavioral
C) Psychographics
D) Geographics
C) Psychographics
A pricing strategy where prices increase in response to higher demand or limited availability.
A) Penetration Pricing
B) Surge (Dynamic) Pricing
C) Predatory Pricing
D) Odd Even Pricing
B) Surge (Dynamic) Pricing
A legal right that protects original works of authorship, including music, books, movies, and art.
Copyright
Traditional structure with clear levels of authority.
A) Hierarchical
B) Matrix
C) Divisional
D) Flat
A) Hierarchical
A general increase in prices and fall in the purchasing value of money.
Inflation
What are the 4 P’s of marketing?
A) Product, Plan, Place, and Promotion
B) Product, Price, Place, and Promotion
C) Plan, Product, Place, and Price
D) Price, Product, Place, Potential
B) Product, Price, Place, and Promotion
The general public's or customers' collective feelings, beliefs, and opinions about a brand.
A) Brand Perception
B) Brand Equity
C) Brand Awareness
D) Brand Image
A) Brand Perception
A business structure that protects the assets of its owners from lawsuits and creditors concerned with the company's business debts, but cannot sell stock.
Limited Liability Company (LLC)
Management structure where a Company is divided into semi autonomous units based on product, market, or region.
A)Hierarchical
B) Matrix
C) Divisional
D) Flat
C) Divisional
A systematic process that involves identifying, assessing, and reducing the impact of threats to an organization.
Risk Management
A particular group of consumers at which a company aims its products and services.
Target Market
A strategy where a product is sold at a very low price (often below cost) to attract customers, with the expectation they will purchase other higher-margin products.
A) Penetration Pricing
B) Loss Leader Pricing
C) Premium Pricing
D) Seasonal Pricing
B) Loss Leader Pricing
A word, phrase, symbol, or design that identifies and distinguishes a company’s goods or services.
Trademark
What are the 4 functions of management?
A) Planning, Supervising, Leading, Controlling
B) Planning, Organizing, Leading, Controlling
C) Planning, Organizing, Budgeting, Coordinating
D) Planning, Organizing, Leading, Coordinating
B) Planning, Organizing, Leading, Controlling
What does SWOT stand for
Strengths, Weaknesses, Opportunities, and Threats
Using a single marketing strategy to reach all customers.
Mass Marketing
List at least 3 ways a company can build brand equity
Brand Awareness, Consistent Brand Image, Quality Products/Services, Customer Loyalty Programs, Emotional Connection, Differentiation and Innovation, Strong Customer Experience, Positive Brand Associations
What are the 5 essential elements of a contract?
A) Offer, Negotiation, Payment, Validity, Witness
B) Proposal, Agreement, Payment, Authority, Documentation
C) Agreement, Price, Responsibility, Signature, Breach
D) Offer, Acceptance, Consideration, Capacity, Legality
D) Offer, Acceptance, Consideration, Capacity, Legality
List at least 1 advantage and 1 disadvantage of democratic leadership
Advantages: Boosts creativity, encourages teamwork.
Disadvantage: Can be time consuming
What are the four factors of production?
Land, Labor, Capital, Entrepreneurship