Chapter 11
Chapter 12
Chapter 13 (only 100 and 200)
Chapter 3
Chapter 4
100
What is primary data?
Data collected directly from the respondents.
100
What is test marketing?
Test marketing is where a firm uses a small trial launch to test the product's success.
100
What is e-business?
The carrying out of business activities through the use of the internet.
100
What is comparative advantage?
When one country can produce products better or more efficiently than another.
100
What is a sole proprietorship?
A sole proprietorship is a business owned and operated by one individual.
200
What are the variables in a marketing mix?
Product, Price, Distribution, and Promotion.
200
What marketing mix variable is the most flexible?
Price
200
What is viral marketing?
Marketing that uses the network effect to spread messages and create brand awareness.
200
What is a joint venture?
A joint venture is partnership established for a specific project or for a limited time.
200
What is a partnership?
A partnership is an organizational setup where two or more individuals are co-owners o a business.
300
What are the functions of marketing.
Buying, Selling, Transporting, Storing, Grading, Financing, Market Research, and Risk Taking.
300
What are the differences between publicity and advertising?
Advertising is controlled by the company, and publicity can be negative.
300
What is a cartel?
When a group of businesses agree to at as a monopoly and do things such as price fix.
300
What is a corporation legally speaking?
A corporation is its own legal individual, and thus has the same rights as an individual as well.
400
What is market segmentation?
Market segmentation is strategy where the firm divides the population into groups of people who have relatively similar product needs.
400
What are the two ways to set the base price for a product?
Price Skimming and Penetration Pricing .
400
What does the World Trade Organization (WTO) do?
The WTO governs the rules of trade between nations. For example, it helps negotiate certain tariffs.
400
What form of business organization has the most personal liability, and what form has the least.
A sole proprietorship has the most personal liability and a corporation has the least.
500
Name three psychological variables that affect buying behavior.
Possible answers: Perception, Motivation, Learning, Attitude, and Personality.
500
What is the difference between a push and a pull strategy.
A push strategy has the company encouraging intermediaries to make the products available to consumers. A pull strategy uses promotion to create demand.
500
What does the International Monetary Fund (IMF) do?
The IMF eliminates trade barriers, promotes financial cooperation, and makes short-term loans to member nations.
500
What is a leveraged buyout?
A leveraged buyout is where a group of investors borrows money from banks to purchase a company.
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