Terms
Competitive Advantage
A circumstance that puts a company in a favorable or superior business position
Which of the following is an example of a business using technology to improve the efficiency of its salespeople:
A. Accepting debit transactions
B. Providing laptops, tablets, and smartphones
C. Providing a week of in-person training
D. Installing security cameras
B. Providing laptops, tablets, and smartphones
Advertising
A form of paid, nonpersonal promotion in which a company promotes an idea, good or service through a variety of media
A Vermont ski shop has not yet received its November shipment of ski supplies. Since the holiday rush is only days away, you would expect prices of existing stock to
A. fluctuate.
B. decrease.
C. remain the same.
D. increase.
D. increase
Market Planning
The market planning process typically results in a marketing strategy that can be used to enhance sales for the business producing it.
Security policies & procedures
Consists of rules or regulations that protect a business and it’s assets.
Which of the following is the process that involves bringing together the resources that are needed in he production of goods or services:
A. Economizing
B. Management
C. Research
D. Marketing
B. Management
customer database
Customer information gathered by a business - such as name, address, phone and purchase history.
12. Which of the following data collection methods would best measure actual repeat business:
A. Collecting data on product purchases from loyalty programs
B. Tracking cookies from customers' web browsing activity
C. Collecting personal information from online registrations
D. Surveying customers about their recent store experiences
A. Collecting data on product purchases from loyalty programs
Target marketing
The process of communicating with a particular group who is most likely to become customers. A target market is usually defined by demographic, geographic and psychographic characteristics
Define financial analysis
Evaluating an organization’s financial statements to determine the profitability of the organization, a division within the organization or a specific event or project.
When customers buy menu items at McDonalds' Restaurants, they are given Monopoly pieces for the chance to win prizes. What type of promotional technique is that?
A. Transit advertising
B. Sales promotion
C. Personal selling
D.Publicity
B. Sales promotion
GDP
Gross Domestic Product
Total value of everything a country produces in goods & services over a set time (country’s economic health)
Includes consumer & government spending, net exports, & total investments
Why should hotels train their staff on using guest recovery solutions?
A. To empower staff members to resolve customer service complaints
B. So they can inform unhappy customers of the hotel's policies
C. So they understand that recovery solutions are required by law
D. To reduce a hotel's legal obligations to unsatisfied customers
A. To empower staff members to resolve customer service complaints
product extensions
Utilizing a current company’s recognizable brand name to introduce a new or upgraded product
product positioning
A strategy that either emphasizes features or image to make a brand occupy a distinct position, relative to competing brands, in the mind of the customer.
Emma is reviewing the sales budget in relation to the actual sales generated for a set time frame. How is Emma using financial information in this situation?
A. To identify external economic trends
B. To establish new quality standards and benchmarks
C. To compare estimated performance with actual performance
D. To analyze the impact of aging accounts
C. To compare estimated performance with actual performance
All of the different products and/or services a company makes or sells.
27. Which of the following is a true statement regarding an employer's tax obligations:
A. Employers pay the same amount in taxes for each employee.
B. Emplovers pay a matching amount of employees' Social Security and Medicare taxes.
C. Employers pay taxes onlv for full-time employees.
D. Employers may "opt out" of paying payroll taxes.
B. Emplovers pay a matching amount of employees' Social Security and Medicare taxes.
executive summary
A statement that outlines the key points of larger document, such as a marketing plan
channels of distribution
Refers to the path a product takes from producer to the final consumer.
producer > agent > wholesaler > retailer > consumer
During certain times of the year, Sparkle Janitorial Supply Company keeps extra mop buckets and cleaning carts on hand to avoid customer backorders. What type of inventory is the company maintaining?
A. Buffer
B. Manufacturing
C. Aggregate
D. Just-in-time
A. Buffer
product bundling
Technique of offering two or more complementary goods or services together as a package deal. Bundled items are sold at a price attractively lower than the total of their individual selling prices
A financial advisor who doesn't earn any commission, no matter how much money their clients may invest, is a advisor.
A. ethical
B. robo
C. fee-only
D. fee-based
C. fee-only
Maslow's Hiearchy of Needs
A psychological theory about human motivations based on a fire-tier pyramid:
Basic physiological needs > safety > love & belonging > esteem > self-actualization