Module Questions

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Why do companies use segmentation?
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to target specific customers
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Uses factors such as race, gender, religion, and age to divide the market
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demographic segmentation
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Uses factors such as consumers attitudes, values, and personal interests to divide the market
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psychographic segmentation
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Describes a process in which marketers present an accurate description of a new product to potential customers and ask if they find the idea appealing
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concept testing
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The process of identifying factors that can affect marketing success
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environmental scanning
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Refers to the process of dividing the total market into several groups with similar characteristics
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market segmentation
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Describes a word, letter, or group of words or letters that differentiates the goods and services of a seller from those of competitors
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brand name
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Describes the marketing era immediately after the development of mass production assembly lines
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selling era
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A firms marketing mix consists of 4 major components, which are generally referred to as the four:
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Ps
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Firms that have adopted ___________ seek to do more than simply sell a product; they seek to learn as much as possible about their customers in order to satisfy them with goods and services over time
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customer relationship management
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A widely used technique commonly used for collecting primary data
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conducting a survey
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Source documents would include items such as:
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receipts, travel records, etc.
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The balance sheet, income statement, and statement of cash flow are the:
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financial statements
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the systematic write-off of the value of the tangible asset over its useful life
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depreciation
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The accounting book or computer program where each days transactions are first recorded
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journal
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A six-step procedure that results in the preparation and analysis of the major financial statements
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accounting cycle
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__________ involves the review and evaluation of the records that are used to prepare the organizations financial statements
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auditing
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Reports the profit or loss for the firm over a specified period of time
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income statement
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An accounting statement that reports the financial condition of a firm at a specific point in time
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balance sheet
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An evaluation and unbiased opinion of the accuracy of a firms financial statements
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independent audit
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Resources that a firm owns
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assets
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Careful consideration of the use of computers in accounting indicates that computers:
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are tools to help the accountant perform his or her job
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A company’s accounting information is useful to:
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managers, owners, creditors, employees, and the government
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Debt financing is essentially
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borrowing money
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Bonds have to be paid back plus
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interest
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Stockholders are entitled to
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a vote for the board of directors
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selling accounts receivable to obtain short term funds
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factoring
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refers to the process that identifies variances by comparing actual revenues and expenses to projected revenues and expenses
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financial control
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an effective budget requires
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accurate forecasts
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refers to a line of credit that is guaranteed by the bank
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revolving credit agreement
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lending institutions may offer a borrower a percentage of the value of the borrowers accounts receivable so the borrowing firm can continue to operate while it waits to collect on its credit sales. This process is called:
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pledging
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which of the following statements is most accurate
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financial managers need to understand accounting
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offer short term secured loans to high risk borrowers
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commercial finance companies
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the budget that estimates a firms projected cash inflows and outflows, as well as cash shortages or surpluses during a given time period
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cash budget
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long term financing would normally be used to purchase
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buildings
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the terms of the agreement in a bond issue
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indenture terms
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the production process is part of the
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transformation process
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a specialized area in management that converts or transforms resources into goods and services
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operations management
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discount stores owe much of their success to a competitive strategy based on
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low prices
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those organizations that assist in the movement of goods and services from producer to industrial and consumer users
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marketing intermediaries
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experts in operations management for service industry businesses stress:
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training employees on quality management
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a marketing intermediary that sells to ultimate consumers
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retailer
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operations management is a specialized area in management that converts resources into
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both goods and services
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a production process characterized by a long production run to turn out finished goods and services over time
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continuous process
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may represent several producers in a specific territory, as long as they do not represent competing products
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manufacturers agents
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merchant wholesalers who perform all of the distributive functions
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full service wholesalers
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discount stores, supermarkets, and department stores are all common types of
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retail stores
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consists of the market intermediaries that transport and store goods as they move through their path from user to final consumer
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channel of distribution

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