ECONOMICS, TRADE & BUSINESS CYCLES
A business makes a product available exactly when customers need it during prom season. Which utility is this?
Time Utility
Numerical data like website traffic and conversion rates are called what?
Quantitative Data
The way customers mentally compare a product to competitors is called what?
Positioning
A $40 hoodie is discounted 20%. What is the sale price?
$32
Which research type focuses specifically on testing a new advertisement before launch?
Market/Advertising Research
Which economic system allows private ownership but still includes some government regulation?
Mixed Economy
What is the term for a smaller group selected from a larger population for research?
Sample
A company launches protein chips after success with protein bars. Which branding strategy is this?
Brand Extension
A product costs $15 and sells for $21. What is the markup percent?
40%
Which SWOT section includes inflation and new competitors?
Threats
A nation specializes in producing cars because it can do so more efficiently than others. What concept explains this
Comparative Advantage
A survey question that pushes students toward one answer is an example of what?
Bias / Leading Question Bias
What product mix term refers to how closely related product lines are?
Consistency
What happens to demand when price increases on a highly elastic product?
Demand decreases significantly
What segmentation type targets consumers based on values, lifestyle, and interests?
Psychographic
A recession is part of which larger economic pattern businesses monitor?
Business Cycle
A company tracks likes, shares, saves, and comments to improve campaigns. What research trend is this?
Social Media Analytics
Why would a company use private branding?
To sell products under the retailer’s own store name
Name three market factors that influence pricing.
Demand, competition, cost, economy, legal factors
A company lowers price, redesigns packaging, and shifts to influencer ads after weak sales. Which business function ties all of this together?
Product/Service Management
How would high inflation most likely affect customer demand for luxury products?
Demand decreases because purchasing power drops
Why is validity important in marketing research?
It ensures the data accurately measures what the business needs to know
A company changes packaging, messaging, and social media tone to better attract Gen Z. What major strategy is this?
Repositioning / Product Repositioning
Why might a company use markdown pricing during the contraction phase of the business cycle?
To maintain sales as customer spending decreases
A company’s sample only includes existing loyal buyers, but they want to attract new teens. Why is this a major strategic problem?
The research is biased and does not represent the new target market