Flashcards and Answers – intro to business
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the process of receiving money in return for lamp shades is
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exchange
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the location of a coffee shop franchise in a mall creates ____ utility
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place
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A hurricane was coming and people needed plywood. retailers who carried plywood were operating in a ___
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sellers market
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Maria is campaigning for city council and talking to voters.Maria is engaged in ____ marketing
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person
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the tour of hope is a cross country bike tour designed to raise awareness about cancer clinical trials. dansani bottled water is one of the sponsors, which enables the company to utilize ___ marketing
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event
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what is the first step in developing a marketing strategy?
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identify a target market
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what is both a consumer product and a business product?
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computer
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an organizations ____ is the group of potential customers toward whom is directs its marketing efforts
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target market
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companies use ___ to focus on a specific consumer market by combining product, distribution, promotion, and pricing stratergies
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a marketing mix
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data collected for the first time through observation or surverys is
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primary data
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census data are ___ and ___ data for marketing researchers
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external; secondary
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a companys financial records are a source of ___ and ___ data for marketing researches
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internal; primary
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all of the following are internal sources of data EXCEPT
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competitors sales
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what is a drawback to using census and other government data sources?
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government data can become obsolete quickly
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Data from the internet is what type of data
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secondary
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a group of 12 people were gathered to evaluate something. The data is collected from a ___
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focus group
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the oldest form of segmenting consumer markets is based on ____
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Geography
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the common basics for segmenting consumer markets include all the following EXCEPT ___ factors
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end us
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the most common form of consumer market segmentation is based on ____
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demographics
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which is a interpersonal determinant of consumer behavior
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family influences
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Charlotte is buying a printer. She ends up getting same brand as her old one because she has experience with is. this is an example of
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buying behavior
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about how much more does it cost to get a new customer over keeping an old customer?
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5 times as much
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a university alumni a special visa card with the universitys logo printed on the front. each time the cardholder uses the card, the university received a small percentage of the amount charged. this is an example of ____
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an affinity program
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a bundle of physical, service, and symbolic attributes designed to satisfy customer wants it called ___
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a product
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a marketer focuses on a products ___
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benefits
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all of the following statements are correct except ___
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customer service is important, but it isnt part of a product
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consumer products are usually classified as ___
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convenience products, shopping products, and specialty products
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product that consumers purchase frequently, immediatly, and with little effort are ___
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convenience goods
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a complete new carpet program for a home falls into which of the following classifications of goods?
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shopping products
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a warranty on a computer product is important because of _____
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the need to guarantee performance
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light bulbs and copy paper would be classified as ___
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supplies
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a combination of product lines represents a companys ___
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product mix
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ford owns several brands. This constitutes Fords ____
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product line
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widgets were introduced a few years ago. the number of companies making widgets have increased, widgets are in the ____ stage of the profuct life cycle
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growth
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when a product is at its "saturation level" what stage is it at?
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maturity stage
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wal mart expanding internationally is an example of a
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market develop stratergy
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which of the following stratergies concentrates on finding new markets for a firms existing products
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a market development stratergy
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a brand that has been given legal protection is known as a ___
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trademark
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procter and hamble markets laundry soap with the brand names of tide, cheer, and dash. each brand targets a specific market segment. proctor and gamble is utilizing ___
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individual branding
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the IBM logo is good because it
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is easy to pronounce, recognize, and remember
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the words aspirin and nylon could not become part of a new brand name because the brand name
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would contain generic words
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luis wants a particular brand of gold ball. his local pro shop is out. instead of buying a substitute, Luis goes home and orders his preferred brand online. Luis is at what stage of brand loyalty
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brand insistence
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volume objectives in pricing include ____
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sales maximization and market share
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which of the following statements about prices is true?
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there is little relationship between price and quality
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the method of determining the minimum sales colume needed at a certain price level to cover all costs is ___
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breakeven analysis
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in breakeven analysis, total cost is composed of ____
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total variable costs and total fixed costs
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in breakeven analysis, the costs that change with the level of production are considered
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variable costs
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breakeven analysis ____
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is useful for determining the profits or losses that would result from different proposed prices
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assume widgets cost $5 each. the variable cost per unit is currently $4 and fixed costs are $25,000. If the company can alter its production method such that variable costs fall to $3.50 and fixed costs raise to $30,000, what will happen to the breakeven point?
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it will fall
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a compact disc players, introduced in the early 1980's, were frequently over $2000. today disc players can be purchased for less than $200. the early compact disk marketers were using which of the following pricing statergies?
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skimming pricing
