Business enterprise final exam
Consumer segmentation
The most common strategies focuses on geographic segmentation •A company that sells winter coats may not be able to move much product in Arizona, but in Montana, they're flying off the shelves.
Internet
The most important technological changes for marketing relate to the _____ because it allows for consumer databases, blogs, and social networking
promotion
The portion of the marketing mix that consists of methods such as advertising, public relations, and personal selling in order to inform and persuade customers to buy a product is
Segmentation
The process of dividing the total market into several groups with similar characteristics is referred to as market
Niche
The process of finding small but profitable market segments and designing or finding products for them is referred to as _______ marketing.
test marketing
The process used to analyze customers' reactions to a new product is called
Financial managers are proactive; they budget where funds are supposed to be ahead of time.
Which of the following best describes the role of financial managers?
statements of cash flows
Which of the following provides a summary of money coming into and going out of the firm that tracks a company's cash receipts and payments?
Consumers/Households
the consumers market is Made up of:
Niche Marketing
the process of finding small but profitable market segments and designing or finding products for them
benefit segmentation
the process of grouping customers into market segments according to the benefits they seek from the product
unsecured loan
A loan that does not require collateral is called a(n)
product
A physical good, service, or idea that satisfies a want or need is called a(n):
brand
A word, letter, or groups of words or letters that differentiates one seller's good from those of a competitor is a ____ name
Demographic
Agatha is starting a small jewelry design business called "Budget Beads and Baubles," and she plans to design jewelry that is aimed at teens and young adults. Agatha's target market is based on _______ factors.
returns on equity
An indirect measure of risk that tells us how much a firm earned for each dollar invested by its owners is called:
blog
An online diary that looks like a webpage but is easier to create and update by posting text, photos, or links to other sites is called a
place
Before John can begin selling his new line of book bags, he must determine whether to offer the book bags in the school bookstore, online, in department stores, or in office supply stores. This element of the marketing mix is
test marekting
Before Oberweis began to sell its new waffle bowls company-wide, the company offered them in only one store in the St. Louis market. This process of learning how well the market likes a new product is part of
Buildings, equipment, land, patents and copyrights
Capital expenditures:
Marketing Plan Influences, Sociocultural influences, Psychological influences, situational influences
Consumer Decision-Making Process:-
Libality
Debt a firm owes to others is called a(n):
borrowing money
Debt financing is essentially
Market Segmentation
Dividing the market into groups whose members have similar characteristics is:
publicity
Every year Forbes publishes a list of the best companies to work for in America. The companies at the top of the list often get many more applicants for jobs than those toward the bottom of the list. It appears that the Forbes list is great ______________ for the companies it identifies as the best places to work.
Accounts Receivable and inventory
Examples of current assets include:
Buildings and Equipment
Examples of fixed assets include:
profit
Focusing on the goods that will earn the most ___ will enable the organization to survive and expand to serve more consumer wants and needs
Marketing Concept
In the 1950s, a philosophy emerged where a business recognized the need to be responsibe to consumer sif they wanted to get their business. This philosophy is referred to as the:
Patents and goodwill
Intangible assets include:
cognitive dissonance
The psychological conflict that happens when you have doubts about a recent purchase (buyer's remorse) is also called
intermediaries
These people perform many of the activities required to move products efficiently from produers to consumers or industrial buyers and are often wholesales or retailers
pull strategy
This promotional technique is aimed directly at the customer through heavy advertising and sales promotion efforts with the objective of getting consumers to demand a particular product at their local retailer or seek it out online.
word-of-mouth promotion
Today, there are many websites dedicated to consumers who post reviews of products and services, as well as comments about firms. This is an example of
cash flow problem
Tristan is the financial manager of a small company. While sales are steady, customers are taking longer to pay, and he has had increasing difficulty obtaining short-term loans to finance the day-to-day operations of the company. Tristan's company is facing a(n)
They invest in businesses with high potential, have assisted many major companies during start-up
Venture capitalists:
Short-term or long-term liabilities that a business promises to repay by a certain date
What is the meaning of notes payable?
product placement
When Coca-Cola paid to have Coke cups sit on the table in front of the American Idol judges, it paid for
•Distribution, production, promotion
When setting price, a company must consider many factors including:
one-to-one marketing
developing a unique mix of goods and services for each individual customer
Mass Marketing
developing products and promotions to please large groups of people
psychographic segmentation.
dividing a market into different segments based on social class, lifestyle, or personality characteristics
short-term forecast
financial forecast that is for one year or less is considered a(n) SHORT-TERM forecast
demographic segmentation
segmenting markets by age, gender, income, ethnic background, and family life cycle
test marketing
the limited introduction of a product and a marketing program to determine the reactions of potential customers in a market situation
votes for the board of director
Stockholders are entitled to
Marketing Communications
When Leo Burnett combines advertising, personal selling, public relations, and sales promotion into one comprehensive, unified promotional strategy, it is using integrated
primary data
When Oberweis offers potential customers samples of new products the company is considering adding to its product line, and then asks the customers to fill out survey cards with their opinions of the products, Oberweis is gathering
current assets
Which of the following ahs the highest liquidity?
by age, by education, by income
Which of the following are considered examples of demographic segmentation?
finance
With the goal of maximizing profitability, the ____ function in a business focuses on acquiring and managing funds
Push strategy
is directed at wholesalers and retailers, who then promote the good or service to the consumer.
relationship marketing
a strategy that focuses on keeping and improving relationships with current customers
concept testing
testing new product concepts with a group of target consumers to find out if the concepts have strong consumer appeal
interest
Bonds have to be paid back plus
• Total product offer, Rational processes, production speculations
Business buyers use which of the following to make decisions?
sales
In 1915, Peter Oberweis started selling his excess milk to his neighbors. By 1927, he decided to start a more formal business so he could sell his extra milk to even more people. Oberweis started his business during the _______________ era of marketing.
exceed
In customer relationship management, you do everything you can to satisfy customers, or even to ___ their expectations
Financial Statement
In order to understand business operations , you must be able to read, understand, and analyze
primary, secondary
Interviews, surveys, and observation are considered ____ sources, whereas publications, magazines, and newspapers are considered _____ sources of market research
advocacy
Leo Burnett developed a promotional campaign for Hallmark with two purposes: (1) to raise awareness about the fight against AIDS in Africa and (2) to make cards more relevant to a younger audience. The portion of this campaign that focused on the fight against AIDS could be categorized as _________________ advertising.
scanning
Like most companies, Oberweis has to consider certain factors that can affect marketing success. Such factors include global, technological, sociocultural, competitive, and economic influences. The process of identifying these factors is called environmental
(1) Defining the question (2) Collecting the research data (3) Analyzing the research data (4) Choosing & implementing the best solution
List the four steps of the marketing research process in order from first to last
Financial Statement
Management decision making is based on a firm's financial health and stability which are shown on the :
securing financing
Many people think that marketing and advertising are one and the same. While advertising is indeed part of marketing, it is only one part. All of the following are considered parts of marketing except
Divide consumers into groups with common characteristics
Marketers use a process called market segmentation to
benefit
Martin is a car salesperson at a Volvo dealership. His sales approach to families emphasizes Volvo's excellent safety record, whereas his approach to individuals emphasizes its powerful, sporty engine. This strategy of customizing his approach on how the Volvo's attributes serve the customer is an example of _______ segmentation.
earrings per share
Net income after taxes divided by the number of common stock shares outstanding is called:
Marketing Mix
Oberweis creates products and services that meet customer needs, prices them competitively, distributes the products and services, and communicates the products' quality and benefits to their customers. These activities are all part of the
relationship
Oberweis wants to keep individual customers over the long term by offering new products that meet their needs. In order to do this, the company must first know its customers' expectations. This process of learning about the company's customers and developing products that specifically meet their needs so they remain loyal customers is called ____________________ marketing.
pull
One of the most successful promotional campaigns implemented by pharmaceutical companies began in 1996 and involved switching the focus of promotion from doctors and pharmacists to consumers. In this instance, the pharmaceutical industry used a ______ strategy to increase profits.
• Personal sales, public relations, advertising
Promotion includes:
attract new tourism and business
State governments will use marketing in order to:
(1) forecasting the firm's short-term and long-term financial needs (2) developing budgets to meet those needs (3) establishing financial controls to see whether the company is achieving its goals
Steps in financial planning
consumers
Studying the thought processes people use to make buying decisions and the factors that influence their choices is _____ behavior
• Institutions, manufacturers, government
The B2B market includes
finance
The business function that is responsible for acquiring funds for the firm and managing funds within the firm is called
organizations
The business-to-business market is made of all individuals and ______ that wants goods and services for production, sales to others
Finding Opportunities
The first step in the marketing process is
Service Orientation
The focus of the marketing ear that makes sure everyone in the organization has the same objective customer satisfaction - is the ___________ orientation
promotion, product, place, and price.
The four factors of the marketing mix are
balance sheet
The fundamental accounting equation is the basis for the:
viral
The goal of ______ marketing is to create conversation and compel the user to spread awareness of the product with friends and family.
push the products down the distribution channel toward the final consumer.
The main objective of push strategies directed at wholesalers and retailers is to
customer orientation
The marketing concept that states that a business must find out what consumers want and provide it for them is called the:
excessive cash reserves
The most common financial problems faced by organizations include all of the following EXCEPT