Marketing
Operations
Economics
Random 1
Random 2
100
What are the 4 Ps of marketing?
Place, product, price and promotion
100
What does CELL stand for?
Capital, Entrepreneurship, Land and Labour
100
Explain the concept of supply and demand
Supply: Amount of good/service available for consumers
Demand: Amount of want/need consumers show for the good/service, how much are they willing to pay?
100
What is price skimming? (H&T Week Six)
Charging a high initial price then lowering the price when demand decreases
100
Describe the difference between reactive and proactive customer service (H&T Week Three)
Reactive: On the spot assistance, in the moment and immediately helping a customer
Proactive: Actions taken to maintain a positive longterm relationship from company to consumer
200
Explain ethos, pathos and logos and how it connects to marketing
Ethos: Using credibility to create trust with consumers Pathos: Using emotion to sell and attract consumers
Logos: Using logic and facts to appeal to consumers
An effective marketing plan uses all three elements
200
Explain the difference between fixed and variable costs then provide an example for each
Fixed: not dependant on production outputs, must be paid and stay consistent like rent, business equipment or payroll
Variable: dependant on production output like raw materials, commissions or packaging supplies
200
What are the four main types of economic systems?
Market, command, mixed and traditional
200
What type of business ownership is treated as a separate legal entity? (ENT Week Four)
A corporation!
200
What are the four functions of management? (ENT Week Five)
Planning, organizing, leading and controlling
300
Explain niche and mass market
Niche market: Section of a mass market that's separated due to specific needs/wants
Mass market: Broad, general market that focuses on general needs pertaining to all consumers
300
What is a supply chain and what are the steps?
The process and timeline of creating a product and delivering it to the consumer
raw materials, supplier, manufacturer, distributor, retailer and consumer
300
Define equilibrium, scarcity and surplus
Equilibrium: When supply and demand are equal and intersect on the supply/demand graph
Scarcity: Demand is higher than the supply available
Surplus: Supply is higher than the demand from consumers
300
Explain what a dividend is. (ENT Week Six)
A reward, cash or other payment a company gives to their stakeholders
300
Describe data mining and why it is ethically wrong. (H&T Week Five)
Data mining: Analyzing and using raw consumer data to determine interests, trends and preferences
Why it is unethical: Typically gathered and sold without consumer consent/knowledge, exploited for company gain
400
Explain what USP (Unique Selling Proposition) is
The area in which fit what consumers want and what your company does that is unique to the market
400
What does SCORN stand for?
Strategic, compliance, operational, reputational and natural
400
Define monopoly and oligopoly and the difference between them
Monopoly: A single dominant seller that controls the market, supply, production and prices
Oligopoly: A few sellers that share a larger portion of the market and control of supply, price and production
400
Explain the concept of price anchoring (H&T Week Six)
Establishing a certain price for customers to refer back to when making purchases or evaluating sales
400
Explain what a crown corporation is (ENT Week Four)
A corporation owned by the provincial or federal government and created to fulfill consumer needs not met by public sectors
Ex: CBC, OLG, LCBO
500
Explain the concept of guerilla marketing and it's benefits
Guerilla marketing: a strategy in marketing using over the top or unconventional methods to promote company and attract consumers
It is usually lower costs and can go viral on social media quickly
500
Name and describe 2 of the 4 elements in merchandise/trading inventory
Buffer inventory: or safety stock, big amounts of inventory stored in cases of emergency (sudden demand, transit delays or supply chain failures)
Goods in transit: Any output that left original place of production
Cycle inventory: Part of original inventory that is kept and cycled through to fulfill sale orders and usual demand
Anticipatory stock: Extra raw materials or finished outputs for sudden consumer demand
500
Explain and define the term GDP
Stands for gross domestic product
Monetary value of all final goods and services within a country’s borders.
500
Name and describe the 5 stages of the data life cycle? (H&T Week Five)
Collect/Create: Gathering data from populations to use
Processing: Compressing the data for usage
Store/Manage: Containing the processed data for future use
Generating Information: Analyzing the data to find important trends or connections
Applying Knowledge: Using the analyzed data to improve company decisions or products
500
Name and explain 3 types of financial service providers (ENT Week Six)
Commercial Banks: Range of financial services like checking, savings, lending
Loan Associations: Specialize in savings accounts and mortgage loans
Mutual Savings Bank: Savings Accounts and mortgages
Non-Deposit Financial Institutions: Life insurance, investments, finance, & mortgage companies, lower interest rate, cannot be borrowed elsewhere due to credit problems