IA5 Marketing Review – Flashcards
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A _____________ is created by a consumer problem, need, or desire.
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Business opportunity
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The 4 basic marketing strategies are called the 4 P's: Product, Place, Price, and Promotion. Another name of these 4 strategies is _______.
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Marketing mix
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Health food and exercise are examples of what type of trend?
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Lifestyle trends
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What type of trend is caused by changes in the characteristics of a population?
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A demographic trend
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Which of the following sections of a business plan comes first but should be written last?
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Executive summary
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The spoken version of your company's purpose is called _____________.
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An elevator pitch
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It's helpful to write a company's mission statement in what way?
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By describing what they company does for its customers
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In a company's SWOT analysis, which of the following is an example of a threat?
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There are many competitors in the market.
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Which of the following is one of the main things to consider when evaluating a business opportunity?
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Customer demand for the product
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A company's ____________ are the priorities, principles, and beliefs that guide the company.
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Values
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Which of the following is a reason that your company might not want to increase its market share?
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Your company has a limited capacity for producing your product.
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Which of the following is an example of secondary data?
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Your company collects and analyzes data from the U.S. census.
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_____________ is when your company makes an effort to actively control and shape your brand image with your target market.
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Market positioning
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What do fear-based marketing messages and advertisements focus on?
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The bad things that will happen to people who don't buy the product
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Which of the following is an example of promotion?
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An advertisement
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If your company increases its market penetration, what is happening?
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More people in the target market are buying the company's product.
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_____________ are things people want in order to be happy and feel good.
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Desires
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What is data mining?
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Analyzing data to detect patterns of shared characteristics
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Which type of data does your company collect from customers or potential customers?
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Primary data
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Instead of focusing on a good, a company that provides a service is likely to focus its marketing message on what?
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The people who provide the service or the experience customers will have
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The costs of running a business are called ___________.
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Operating expenses
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Eggs, toilet paper, and candy bars are examples of what kind of good?
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Convenience
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The following example is of people who are producers of either goods or services. Classify the example as providing either a good or a service. Monica is a veterinarian who treats cats and dogs.
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Service
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You own a sandwich shop in a neighborhood that has many other competing sandwich shops. This means your demand is probably ___________.
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Elastic
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You pay a monthly fee to have telephone service for your business. The amount you pay is the same every month. This is an example of a ________ cost.
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Fixed
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Which of the following is part of the cost of goods or services sold for a company that paints people's homes?
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Paint
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A company that builds houses and a company that makes cars are part of the __________ industry.
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Manufacturing
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. Classify the following transaction as debit or credit: Liabilities
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Credit
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If a Mexican company grows bananas and sells them to stores in the U.S., the bananas are considered ____________ in the U.S.
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An import
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Mark the example as ethical behavior, unethical behavior, or conflicts of interest: Piper lies about the amount of toxic chemicals released into the air during production.
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Unethical Behavior
