BUS EXAM 1

What is the final step in the selling process?

following up on sales

Which of the following statements about reverse auctions is true?

In a reverse auction, potential suppliers bid against each other.

Which is an example in the lecture where a product enters the decline stage but did not die off as expected and actually grows in sales?

SUVs

_____ is the amount that you earn on each product that you sell after paying for the costs of the products and the overhead expenses.

profit

American Handgunner, Shooting Industry and Guns Magazine are all periodicals aimed at people who enjoy hunting and target shooting and want to improve their skills and stay current in the latest technology. These magazines use _____ segmentation.

psychographic

Pricing a product at $399.99 instead of $400 to make the customer view the price as in the $300 range instead of the $400 range is an example of:

psychological pricing

Many companies manage _____ in an effort to garner favorable publicity for themselves and their products.

public relations

Expense items that have undergone little or no processing and are then used in the manufacture of end products are called:

raw materials

A strategy of charging a high introductory price for a new product that invites eventual competition is called price:

skimming

Jenny's tutoring center had profit of $300 last week. Employees were paid $500, rent was $200, and insurance were $100. Jenny's sales revenue last week was:

$1,100

Which of the following is an example of a sociocultural force? Select those that are true.

- a person's ethnicity - a person's attitude toward climate change - a person's age

1. Consumers increasingly want healthier food 2. Recession causing consumers not to eat out as much 3. Customers can order from their phone app, eliminating needs for workers to take orders 4. Burger King launched an aggressive promotional campaign for their new menus 5. Temporary mandate by the state that workers must be paid extra hazard paid for working through the pandemic 6. Switching to biodegradable containers and utensils

1. Sociocultural forces 2. Economic Forces 3. Technological Forces 4. Competitive Forces 5. Political/Legal Forces 6. Environmental Forces

_____ is any paid form of nonpersonal communication by an identified sponsor.

Advertising

McDonald's sells its Happy Meals that has a sandwich, fries and a drink for one price is an example of:

Bundling

_____ is a production technique that uses small, self-contained work stations and has each perform all or most of the tasks necessary to complete a manufacturing order.

Cellular manufacturing

_____ is the efficient management of the acquisition of raw materials to the factory and the movement of products from the producer to industrial users and consumers.

Distribution

_____ combine the inputs in the production of goods and services for what are intended to be profitable ventures.

Entrepreneurs

A _____ chart is an easy-to-use graphical tool that helps operations managers determine the status of projects.

Gantt

As factors of production, equipment, buildings, vehicles, and cash are considered _____.

capital

A _____ software system determines the steps needed to produce components and instructs the machines that do the work.

computer-aided-manufacturing (CIM)

Topik is a product that is sprayed on thinning hair and makes the hair appear thicker. The manufacturer has identified its potential market as blue-collar workers who earn less than $30,000 per year, are divorced, and who like to think of themselves as weekend athletes. Which segmentation variables are being used to identify the Topik target market?

demographic and psychographic

A firm with a _____ has its ability to provide a unique product or service that offers something of value to buyers besides simply a lower price.

differential competitive advantage

Companies use the following except _____ to minimize the cost of producing new products?

ignore quality of components to save costs

Demography is the study of:

income levels, individual's ages, educational levels, household size

What happens to the Sales revenue for a product in Stage 3 of PLC?

peaked

Using _____ pricing, a company initially charges a low price, both to discourage competition and to grab a sizeable share of the market.

penetration

Which of the following is not an attribute for geographic segmentation?

religion

When a travel agency wanted to predict sales for a new travel adventure they are launching, they looked at customer feedback of similar types of vacation packages survey already posted tripadvisor.com. This is an example of:

secondary data gathering

Inventory management performs all of the following tasks EXCEPT:

selling

Which of the following is the BEST example of a not-for-profit business?

the American Cancer Society

The quality of life is:

the general level of human happiness based on such things as life expectancy, educational standards, health, sanitation, and leisure time

What typically constitutes the biggest part of the cost for intermediaries?

transportation

A relatively inexpensive item that requires very little shopping effort is called a _____ product.

convenience

_____ is the activity, process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, and services to create exchanges that satisfy individual and organizational wants and needs.

Marketing

_____ uses a master computerized system to ensure that materials, labor, and equipment are available for production.

Materials requirement planning

ABC company produces shoes for personal use, it is focusing on ____ market.

consumer

The owner of Mercury Appraisal Company held a ribbon-cutting event when he opened his new business. He invited city dignitaries, representatives from all the news media, and anyone who might have need of his services to the event. The goal of his promotion was most likely to:

create awareness

The primary goal of any business is to satisfy the needs of its ____

customers

Joe works in the warehouse for a manufacturer of air-purification systems. He is responsible for the transportation of metal components, preformed plastic, etc. used to manufacture the systems as well as the efficient movement of the finished systems from the manufacturing facility to the warehouse to distribution trucks. He is involved in:

distribution

The process of creating quality standards and measuring finished goods and services against standards is called:

quality control

Which of the following is NOT a characteristic of an intermittent process?

standardized products

The factor of production represented by business managers, scientists, and academicians is:

knowledge

Which goal are airlines trying to achieve when they use frequent flyer programs, which give customers points that can be redeemed for free travel, rental cars, and other merchandise?

increase the amount and frequency of use

The _____ is based on the four P's.

marketing mix

The blend of the marketer's tools is called the four Ps. Which of the following is NOT one of the P's?

possession strategy

Jenny goes to CVS, a national chain of drug stores, to get a bottle of aspirin with CVS brand, CVS is using _____ branding strategy.

private

The _____ of any country is measured by the output of goods and services people can buy with the money they have.

standard of living

The Malcolm Baldrige National Quality Award is given to:

U.S. companies that offer goods and services of world-class quality

Services provided by a surgeon performing emergency appendectomy belong to which product/service category?

Unsought goods

As a promotional tool, podcasting offers the advantage to listeners of:

convenience