Business & Its Context
This is an organization that strives for a profit by providing goods and services desired by its customers
A business
The attitudes, values, and standards of behaviors that distinguish one organization from another
Corporate culture
Name one major focus of the marketing team
Finding out the needs and wants of consumers
Providing goods and services that meet or exceed the consumers' expectations
Generating sales for the business
Apple's 2030 Plan to make every Apple product carbon neutral is an example of which of the 4 types of plans used in Management?
Strategic
Name the main difference between a good and a service
Goods are tangible
Services are intangible
This management function is the process of deciding what needs to be done to achieve organizational objectives, identifying when and how it will be done, and determining by whom it should be done.
Planning
This is a specific group of consumers to direct marketing efforts
Target market
To boost sales, Nerds Gummy Clusters used Super Bowl commercials in 2024, 2025, and 2026, which is an example of which marketing strategy?
Promotion strategy
Money received for providing goods and services is defined as what?
Revenue
The regular pattern of behavior that characterizes a leader
Leadership Style
This is defined as the ratio of benefits for the customer to the sacrifice necessary to obtain those benefits
Customer value
To boost sales, Mike and Ike candy released a seasonal flavor of their product and increased their social media content. Which two types of marketing strategies were utilized?
Product
Promotion
This is the potential to lose time and money or otherwise not be able to accomplish an organization’s goals.
Risk
With this type of leadership style, a manager is directive and allows very little input from subordinates
Autocratic
This involves focusing on the needs and wants of the customers, integrating all of the organization’s activities to satisfy these wants and needs, and achieving long-term goals for the organization by satisfying customer wants and needs legally and responsibly.
The marketing concept
Toyota implemented a system on their automobile assembly line which will stop the line if a problem is not corrected in a pre-set timeframe. This is an example of which Management function?
Controlling
This is measured by the output of goods and services people can buy with the money they have
Standard of living
With this type of leadership style, a manager will ultimately make their own decision but will first ask for suggestions from the team
Participative (specifically, consultative)
This is based on the 5 Ps and involves constructing a strategy for each of the 5 Ps that will satisfy the needs of the target customers and meet the firm’s goals.
Marketing mix
Top-Flite charged three times the price of golf balls currently on the market and lowered the price over time. This type of pricing strategy is called what?
price skimming