Economics
What is the term for limited resources vs. unlimited wants?
Scarcity
What is the goal of customer relationship management (CRM)?
Building long-term customer loyalty and satisfaction
What does HR stand for?
Human Resources
What is the Marketing Mix (i.e, the 4 P's of Marketing)?
Product, Price, Place, Promotion
A company makes a false statement about a competitor's product, causing a decrease in the competitor's sales. What legal tort has occurred?
Defamation
What does GDP stand for?
Gross Domestic Product
What is active listening in customer service?
Fully concentrating, understanding, responding, and remembering what the customer says
What is the main purpose of a job description?
To outline roles, responsibilities, and qualifications for a position
What is market segementation?
Dividing a group into distinct groups of buyers with similar needs or characteristics (demographic, psychographic, behavioral, geographic etc.)
What do you call the laws, regulations, and orders that govern the environment?
Environmental law
If demand increases but supply stays the same, what happens to price?
It increases
What is the difference between a feature and a benefit of a product?
Feature = what the product has; Benefit = what the customer gains
What is employee turnover?
The rate at which employees leave and are replaced within a company?
What is a brand's value in the minds of consumers called?
Brand Equity
What is the simplest form of business ownership, owned and run by one person?
Sole Proprietorship
What is an opportunity cost?
The value of the next best alternative given up
What is the first step to resolving a customer complaint?
Listen carefully without interrupting (active listening)
What is the main difference between training and development?
Training = current job skills; Development = future growth & career skills
A company that focuses its marketing efforts on a specific, well-defined group of consumers is practicing what type of marketing?
What is the difference between civil and criminal law in business?
Civil = disputes between parties; Criminal = actions against society/law
What is fiscal policy vs. monetary policy?
Fiscal = gov’t spending/taxes; Monetary = central bank controls money supply/interest rates
What is a "service guarantee"?
A promise to customers that sest service expectations and outlines compensation if not met
What is succession planning?
Identifying and developing employees to fill key leadership roles in the future
This type of marketing research involves a short timeframe and focuses on obtaining opinions and insights rather than numerical data.
Qualitative research
What is the difference between arbiration and mediation?
Arbitration = binding decision by third party; Mediation = netural faciliator helps reach agreement (not binding)