Functions
Annie has decided to mark up the cost of the newest bathing suit line she just ordered for her boutique by 50%. This is an example of the __________ marketing function.
Pricing
Which motivates a business owner to improve efficiency?
profits
Most customers associate price with:
quality
Which is the most effective method for a manager to communicate a policy change?
staff meeting
A rivalry between two or more businesses to attract limited customer dollars is called a/an:
Competition
When Lois, a small business owner, decides to become a sponsor in his local community’s annual Cancer Walk in order to create publicity for his company, he is making decisions in relation to the _________ marketing function.
Promotion
P: If an item sells for $14.95 and an employee receives a 20% discount, how much will the employee pay for them?
$11.96
PR: Promotional activities are used to:
introduce customers to products or services
Which discourages employees from communicating dissatisfaction to management?
hostile work environment
Which pricing technique sets the prices of goods and services at lower prices to attract customers, then heavily advertises those goods and services?
leader pricing
he marketing function of __________ is used when Mayfield Milk decides how many trucks to use to transport its products in a timely manner to reduce product spoilage.
Logistics
P: Identify the value of the variable in the following equation 4(x/2)=16
8
One method for identifying potential customers is to:
attend trade shows
Management ensures equitable opportunities for employees by:
Developing policies
A business with well-planned buildings, effective employee training and careful selection of goods and services does what to its business risk?
Prevents or controls
You were just hired at PetSmart to be a cashier. Your job includes running the cash register and assisting customers with their needs. This job is an example of the __________ marketing function.
Customer Service
Calculate inventory shrinkage given the following physical and perpetual inventory information: Physical Inventory as of January 1 - $3,000; Purchases, January - March - $7,500; Sales January - March - $6,500; Markdowns, January - March - $200; Physical inventory as of March 31 -$3,400
$400
Which technique expresses appreciation and builds customer loyalty?
Communicating with customers
MM: Which is a method of boosting employee morale?
Singling out and rewarding employees for good work
The purpose of government regulation of business monopolies is to:
protect competition
Six Flags Amusement Park wants to start offering more games in the game area that will attract more teenagers. While at the park, you are asked to complete a questionnaire about games you would like them to offer. This is an example of the __________ marketing function.
Market Research
P: If a meal is $7.85, which is the amount of a 20% tip?
$1.57
Why must employees be able to explain business policies to customers?
the policies are not always evident to customers
Which management function involves assigning responsibility, establishing working relationships, hiring staff, and directing the work of employees?
organizing
Increasing a business's productivity has what positive effect?
it helps the business gain competitive advantage and increase profits