Vocab
A thought, conception, or notion.
Idea
What is the definition of supply and demand?
An economic model of price determination in a market.
What should a business employee do after taking a telephone message for a coworker?
Thank the caller.
Zeke's manager asked him to conduct research on social media promotional strategies and write a report detailing his recommendations for incorporating these strategies into the company's overall promotional plan. Based on his manager's instructions, Zeke should organize the contents of his report in ___ ___.
Deductive order
What is a product?
A product can be either a tangible good or an intangible service that fulfills a need or want of consumers.
An economic good or service that is scare is one that is...
In limited supply.
As prices increase supply...
Increases.
Written communication in business should be...
Clear and easy to understand.
Luke is writing a complex report that will be submitted to the company's board of directors. He has collected relevant information that would like to provide to the audience- information that is not necessary to include in the body of the report. In what section of the report should Luke include this supplemental information?
Appendix
What is price?
Once a concrete understanding of the product offering is established how you will value its purchase.
A particular group of consumers at which a product or service is aimed.
A Target Market
As price increases, demand...
Decreases.
Which of the following would be a correct salutation in a business letter when you do not know the name of the person to whom you are writing the letter?
Dear Accounting Manager.
Aaron prepared a detailed report for his supervisor that described several issues that Aaron's work group
has been experiencing on a long-term project. Aaron described the most difficult or challenging issues in
the beginning of the report and ended the report with the least important points. How did Aaron organize
the information in the report?
Priority sequence. Because Aaron first describes the most challenging or critical issues, he is arranging
his report by priorities or level of importance. There is not enough information provided in the situation to
determine if Aaron's priorities were simple or complex or if they were addressed in chronological (time based)
or in alphabetical order by category.
What is promotion?
Information to consumers and differentiate a particular product or service. Promotion includes elements like: advertising, public relations, social media marketing, email marketing, search engine marketing, video marketing and more.
A distinctive cry, phrase, or motto of any party, group manufacturer, or person; catchword or catch phrase.
What is elastic demand?
When a change in price creates a large change in demand.
Megan's company holds a monthly staff meeting. As a new employee, she is very excited to hear her coworkers report on their projects during the meetings. Hearing about the projects often causes Megan to think of new projects that the company could work on. How should Megan communicate these new ideas?
Write down the idea. After the meeting, ask her manager if it can be added to the agenda of a future staff meeting.
PRD Manufacturing quickly realigned its production processes to meet a sudden rise in customer
demand for its products. What characteristic of an adaptable organization did the manufacturing
company exhibit?
Agility. Agility is the ability to change quickly. Agile organizations are to anticipate changes in the
marketplace and align their resources effectively to implement the changes quickly. Because agility
requires flexibility, organizations use different strategies to stay flexible, including innovative management
and competitive aggression. Cultural intelligence, which involves a high level of cultural sensitivity and
awareness, is another characteristic of adaptable organizations.
What is place?
Where a product or service transaction takes place.
A semi-fictional representation of your ideal customer based on market research and real data about your existing customers. While it helps marketers like you define their target audience, it can also help sales reps qualify leads.
Buyer Persona
What is inelastic demand?
When a change in price doesn't create much change in demand.
What is an appropriate greeting in a business meeting?
Handshake and verbal greeting.
A business owner carries insurance that covers income losses that the business may experience if
hurricane damage prevents the business from operating for a short period of time. What type of property
insurance does the business owner carry?
Business-interruption. Hurricanes and other natural disasters can shut down a business for weeks or
months. When a business does not have electricity, products, or a safe building in which to operate,
employees cannot work, and the business cannot earn money. Business-interruption insurance helps
businesses cover income losses during the period in which they are unable to operate. Disability
insurance provides individuals with financial support when they cannot work due to an injury or illness.
Collision and no-fault are types of automobile insurance.
Why do we need the 4 P's of Marketing?
It helps you to define your marketing options in terms of price, product, promotion, and place so that your offering meets a specific customer need or demand.