question

Problem seeing comes before the problem, it is associated with what?

answer

Prevention

question

Problem solving comes after the problem, it is associated with what?

answer

Curing

question

In the small town example of Schwenksville, Pennsylvania, what can we do to save the man's life?

answer

Problem Seeing (Before): Change the road, change the town, or change the man. Problem Solving (After): Turn to the neighbors for help. Nothing we can actually do. We cannot solve all problems, but WE NEVER QUIT.

question

Michael Jordan quote

answer

"26 times my teammates passed me the ball to take the game winning shot, 26 times I failed them."

question

Which of the following is a social variable of buying behavior? A. Perception B. Motivation C. Learning D. Culture E. Attitude

answer

D. Culture

question

Marketing involves what...?

answer

Planning and executing Pricing Promotion Distribution (Placing)

question

Marketing

answer

Group of activities designed to expedite transactions by creating, distributing, pricing, and promoting goods, services, and ideas.

question

What is at the heart of all business?

answer

The exchange, the act of giving one thing up in return for something else.

question

Functions of marketing

answer

1. Buying 2. Selling 3. Transporting 4. Storing 5. Grading 6. Financing 7. Marketing research 8. Risk taking

question

Marketing concept

answer

Idea that an organization should try to satisfy customers' needs through coordinated activities that also allow it to achieve its own goals.

question

Market strategy

answer

Plan of action for developing, pricing, distributing, and promoting products that meet the needs of specific customers.

question

For a firm to use a multisegment approach or market segmentation:

answer

1. Consumers' needs must be heterogeneous 2. Segments must be identifiable and divisible 3. Total market must be divided so estimated sales potential, cost, and profits of the segments can be compared 4. At least one segment must have enough profit potential to justify developing a special marketing strategy 5. Must be able to reach the chosen market segment with a particular market strategy

question

What are the variables you can segment a market by?

answer

1. Demographic 2. Geographic 3. Psychographic 4. Behavioristic

question

What are the four activities of the marketing mix?

answer

1. Product 2. Price 3. Distribution (Place) 4. Promotion

question

Primary data

answer

Observed, recorded, or collected directly from respondents.

question

Secondary data

answer

Compiled inside or outside the organization for some purpose other than changing the current situation.

question

Psychological variables of buying behavior?

answer

1. Perception 2. Motivation 3. Learning 4. Attitude 5. Personality

question

Social variables of buying behavior?

answer

1. Reference groups 2. Social classes 3. Culture

question

Differentiation

answer

Offer customers something they value that competitors don't have (and are willing to pay to have).

question

What is the focus on?

answer

Product and service, EVERYTHING.

question

Differentiation questions?

answer

1. Multi-functional team 2. How do people become aware of need? --> Oral B-patened dye, GOOD IDEA. Wharton College. 3. How do customers find you? --> Bricks and clicks 4. How do customers re-purchase? --> American Hospital supply 5. What happens when product or service is delivered? --> Are you there when they need it? 6. How is product installed? --> HP DVD 7. How is product paid for? 8. How is product transported? --> Pepsi 9. How help customers use the product? --> Butterball, website and 24-hour hotline, THEY LISTEN!

question

Most new product ideas are rejected during which stage because they seem inappropriate for the organization? A. Idea development B. Business analysis C. Idea screening D. Product development E. Test marketing

answer

C. Idea screening

question

Profit formula?

answer

Price - Cost = Profit

question

3 Broad marketing strategies?

answer

1. Cost leadership --> lower cost, higher profit 2. Differentiation --> special features, higher price, higher profit. 3. Focus --> one segment or market is the focus

question

3 levels of marketing strategy?

answer

1. Functional --> customers 2. Business --> competitors 3. Corporate --> own purpose and plans

question

Functional marketing strategy

answer

Marshall the functional resources; cross-functional

question

Business marketing strategy

answer

Domain navigation, how to gain a competitive advantage in the product market.

question

Corporate marketing strategy

answer

Domain selection, what business will we be in? If plural businesses then you want synergy --> 2 + 2 = 5

question

A drill is not a drill, it represents what?

answer

It represents holes, it is a means to an end. (Drill experiment through a book)

question

Which of the following influence market strategy by dictating what elements cannot be included in advertising? A. Social forces B. Technological forces C. Political, legal, and regulatory forces D. Competitive forces E. Economic forces

answer

C. Political, legal, and regulatory forces

question

4 dimensions of the marketing mix?

answer

1. Product 2. Price 3. Distribution (place) 4. Promotion

question

Product introduction strategy:

answer

Idea development --> New idea screening --> Business analysis --> Product development --> Test marketing --> Commercialization

question

What are the two classifications of products?

answer

Consumer products and Business products

question

How can consumer products be broken down?

answer

1. Convenience 2. Shopping 3. Specialty

question

How can business products be broken down?

answer

1. Raw materials 2. Major equipment 3. Accessory equipment 4. Component parts 5. Processed materials 6. Supplies 7. Industrial services

question

Product line

answer

A group of closely related products that are similar to each other.

question

Product mix

answer

All the products that an organization offers.

question

Four stages of life-cycle

answer

1. Introduction 2. Growth 3. Maturity 4. Decline

question

Branding

answer

Naming of a product

question

Strategies for pricing new products?

answer

Price skimming - highest possible price Penetration price - low price to gain market share Psychological pricing - emotional buying rather than rational

question

Order of product to customer?

answer

Producer --> Agent --> Wholesaler --> Retailer --> Customer

question

Market coverage differences?

answer

Intensive distribution - makes product available everywhere. Selective distribution - small number of available outlets. Exclusive distribution - sole right to one territory or region.

question

Personal selling six-step process

answer

1. Prospecting 2. Approaching 3. Presenting 4. Handling objections 5. Closing 6. Following up

question

Push strategy

answer

Push product toward customers

question

Pull strategy

answer

Create demand and pull customers toward product.

question

Promotional positioning

answer

Creating an image of a product in the buyers' perspective.

question

Income statement

answer

Report that shows profitability over a period of time. Revenue - Expenses = Net Income

question

Types of expenses?

answer

1. Selling and Administrative 2. Research and Development 3. Interest

question

Balance Sheet

answer

"Snap-shot" of an organization at a given moment. Assets = Liabilities + Owner's Equity

question

Statement of Cash Flows

answer

Explains company's cash changed from beginning to end of a period.

question

Three types of cash flows?

answer

1. Operating activities 2. Investing activities 3. Financing activities

question

Liquidity ratio

answer

Compares current assets to current liabilities.

question

Most business failures are due to what?

answer

Poor short-term planning

question

Long-term assets

answer

Expected to last for many years

question

Highest risk to lowest risk

answer

1. Introduce new product into foreign market 2. Expand into new market 3. Introduce new product into familiar market 4. Add to a product line 5. Buy new equipment 6. Repair old machinery

question

Bull market

answer

Large increase in stock prices

question

Bear market

answer

Declining stock market

question

3 New companies in Dow Jones

answer

1. Cisco 2. Kraft foods 3. Travelers Companies

question

3 Old companies out of Dow Jones

answer

1. American International Group 2. Citigroup 3. General Motors

question

Where does earnings before taxes go?

answer

Income statement

question

Where does COGS go?

answer

Income statement

question

Where does goodwill go?

answer

Balance sheet

question

Where does retained earnings go?

answer

Balance sheet

question

Where does return on equity (ROI) go?

answer

Profitability ratio

question

Return on equity equation

answer

Net income/Equity

question

An income statement shows what? A. revenues, expenses, and net income over a period of time. B. assets, liabilities, and equity C. the company's status at a particular point in time D. how much income each employee earns E. how much income the CEO earns

answer

A. revenues, expenses, and net income over a period of time.

question

How to smell a rat?

answer

1. Your advisor has custody of your assets. 2. Returns are consistently great. 3. The investment strategy isn't understandable. 4. The promoted benefits make it sound difficult to get in, "need to know somebody", has NO impact on results. 5. A trusted advisor did due diligence; you didn't do your own due diligence.

question

The amount of money budgeted for the purchase of long-term assets is called what? A. Master budget B. Year's budget C. Current budget D. Fixed budget E. Capital budget

answer

E. Capital budget

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