Marketing
Which of the following would be considered when discussing the marketing mix variables?
Setting a price for the product.
The four Ps are Product, Price, Place, and Promotion.
____________ segmentation refers to dividing the total market for a product or service into groups with similar interests, attitudes, and lifestyles.
Psychographic
Define business.
Any activity that seeks to provide goods and services to others while operating at a profit.
A major purpose of _________ is to help managers make well-informed decisions. Another is to report financial information about the firm to interested stakeholders, such as employees, owners, creditors, suppliers, unions, community activists, investors, and the government (for tax purposes).
accounting
What are the four key categories of ratios?
liquidity ratios
leverage ratios (debt)
profitability (performance) ratios
activity ratios
_________ refers to a mutually beneficial exchange between buyers and sellers.
Marketing
The increase in the number of older Americans has created a growing demand for nursing homes, health care, continuing education, and more. This is as a result of the changes in the __________ factors of the environment.
sociocultural
Marketers must monitor social trends, like population growth and changing demographics. The growing population of Americans over 65 is having a large effect on the market.
_____ marketing is the development of products and promotions aimed to please large groups of people.
Mass marketing
A ___________ is a summary of all the financial data in the account ledgers. This task helps us make certain the figures recorded are correct and balanced.
trial balance
What is a statement o cash flows?
Cash flow is the difference between cash receipts (money coming in) and cash disbursements (money going out).
The ______________ is about a business committing to a customer orientation, a service orientation, and a profit orientation.
marketing concept
The __________ market consists of all the individuals and organizations that want goods and services to use in producing other goods and services.
business-to-business
___________ consists of all the techniques sellers use to inform people about and motivate them to buy their products or services.
Promotion
The ____________ is a six-step procedure that results in the preparation and analysis of major financial statements.
accounting cycle
____________ are performed by unbiased independent auditors who check for accuracy in a company's financial statements.
Independent audits
________________________________ is the process of learning as much as possible about customers and doing everything you can to satisfy them—or even exceed their expectations—with goods and services. The idea is to enhance customer satisfaction and stimulate long-term customer loyalty.
Customer relationship management (CRM)
When McDonald's considered adding pizza to their menu, the company made pizza available in some of their more established markets to determine customer reactions. That process is called
Test marketing - is the process of testing products among potential users.
__________ buyers are generally more rational and less emotional than ultimate consumers; they use product specifications to guide buying choices and often more carefully weigh the total product offer, including quality, price, and service.
Business
_________________ are the accumulated earnings from a firm's profitable operations that are kept in the business and not paid out to stockholders in dividends.
Retained earnings
A _______________ has passed a series of exams certified by the American Institute of Certified Public Accountants, and has met educational requirements demanded by this agency.
CPA (Certified Public Accountant)
The objective of a service orientation is ____________.
customer satisfaction
What is the first step in the marketing research process?
The basic steps in a marketing research activity are: (1) define the question and determine the present situation, (2) collect the research data, (3) analyze the research data, and (4) choose the best solution and implement it.
__________ accounting is used to provide information and analysis to managers within the firm to assist them in decision making.
Managerial
The fundamental accounting equation is _____________.
Assets = Liabilities + Owner's equity
______________ are the accumulated earnings from a firm's profitable operations that are kept in the business and not paid out to stockholders in dividends.
Retained earnings