BAMF Final Review

A

1

What is a consumer?

A. Purchaser of a good/service

B. Research for a solution to a customer problem

C. Decision the user of a good/service makes

D. End user of a good/service

The End User

2

Using a single marketing strategy to reach all customers.

Mass Marketing

3

This is an economic system that makes decisions based on habits and rituals.

Traditional Economy

4

Which of the following is NOT a key factor of ethical desicions?

A. Manager Influence

B. Individual Morals and Values

C. Business Profitability

D. Opportunity for Misconduct

C - Business Profitability

5

What does the Marketing Information Management Process consist of?

A. Managing info by filtering data per consumer

B. Research by gathering, storing and analyzing information data.

C. Research by polling and surveying consumers to improve processes.

D. Managing info by determining needs and designing better data-collection.

B - Research by gathering, storing and analyzing information data.

6

What is DGPB? How does it help in marketing?

Demographic, Geographics, Psychographics, Behavior/Benefits. Helps with market segmenting, target markets, knowing how to promote to a specific group

B

1

Upper-Middle Class is an example of which DGPB?

D - Demographics

2

Which of the following is NOT a part of the Marketing Mix?

A. Profitability

B. Sales

C. Consumer Satisfaction

D. Serving the Customer

B - Sales

3

THIS communicates with potential customers to inform, persuade, or remind them about a business's products. 

PROMOTION

4

The Law of Demand states that price and demand move in THIS direction. 

Opposite

5

The Producer Price Index measures THESE price levels in the economy.

Wholesale

6

What are the goals of a healthy economy?

Growth, low unemployment, stable prices.

C

1

The collection of products designed for a similar market or that are physically similar

Product Line

2

THIS is the price increase in consumer goods and services over specific period of time

Inflation Rate

3

This Factor of Production includes everything contained on the earth and in the seas.

LAND!

4

This is what CRM stands for.

Customer Relationship Management

5

APPLE could be categorized by which of the following?

A. Monopoly

B. Allegory

C. Monopolistic Competition

D. Oligopoly

D - Oligopoly

6

Place - Describe it. What does it do? What are the aspects of place?

Where it is sold. Distribution. How it gets to where it is sold. 

D

1

A business not involved with a government agency. 

Private Sector

2

Which of the following is NOT a basic element of Private Enterprise?

A. Freedom to Own Property

B. Freedom to Entry

C. Freedom to Make a Profit

D. Freedom to Take Risks

B - Freedom to Entry

3

Profit is the driving force of THIS TYPE of economy.

Market

4

THIS TERM signifies a period of renewed economic growth following a recession or depression.

Recovery

5

The type of Market Structure that contains only one buyer

Monopsony

6

What is a customer? How is it different from a consumer? Is it possible for someone to be both? How?

answers will vary.

E

1

The money earned after all expenses are paid

Profit

2

Data mining is a process used to extract THIS data from a larger set of any raw data. 

Raw 

3

The output per worker hour that is measured over a defined period of time.

Productivity

4

A period of prolonged recession, where spending is low and unemployment is high. 

Depression

5

THIS is customer's perception that a certain product offers a better relationship between cost and benefits than competitors products do.

Value

6

Give a real-world example of a product changing to meet customer needs. Why or how do you think that business changed their product?

answers may vary