Business Exam #1

buisness

any entity that provides goods or services to consumers for the purpose of making a profit

EV are becoming more popular for car buyers

Social Factors

_____ is the process of separating, identifying, and evaluating the layers of a market to design a marketing mix.

Market Segmentation

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

Materials requirement planning

_____ is the aspect of production control that involves specifying and controlling the time required for each step in the production process.

Scheduling

Jack are planning to purchase a new refrigerator-freezer for their new home. They have compared the quality, style, and price of four models. For Jack, a refrigerator-freezer is a(n) _____ product.

Shopping

_____ management emphasizes the use of quality principles in all aspects of a company's operations.

Total Quality

Diapers is a product category in the maturity stage of its product life cycle. This means that the manufacturers of diapers:

are creating product line extensions

Which of the following is not an example of a service company?

bank hospital college (grocery store)

Which of the following is an example of an individual factor that influences the consumer decision-making process?

Personality

Biden administration makes EV a high priority for the U.S. car industry

Political/Legal Factors

The _____ is the person who develops and implements a complete strategy and marketing program for a specific product or brand.

Product Manager

Channels of distribution make distribution easier by performing all of the following functions EXCEPT:

Production

Limited battery range increased significantly in last 2 years making EV more attractive to consumers

Technological Factors

The Gen Z are being blamed for the decreasing market share of Yogurtland in the U.S. takeout drinks/dessert market because Gen Z prefers other types of drinks and desserts such as boba tea as compared to Gen X. What external forces are at play here for Yogurtland?

social

The primary goal of any business is:

to satisfy the needs of its customers

Which of the following is a useful tool for routing?

value-stream mapping

what are the marketing objectives of a product in Stage 1?

Awareness and Adoption

Major U.S. car manufacturers are shifting their investments to EVs

Competitive Factors

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

Consumer

Doritos, soda and chewing gum belong to which product categories:

Convenience goods

Market segmentation that uses such variables as age, education, and income is called:

Demographic

population of young adults who buy EVs is growing in the U.S.

Demographic factors

_____ 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

EV prices dropped significantly to be about the same as gas powered cars

Economic factors

what is the marketing objectives of a product in Stage 1?

Encourage trial of the products and establish distribution channels

_____ is the number of times an individual is exposed to an ad.

Frequency

Selling more rainwear in Seattle than in San Diego due to the annual rainfall is an example of which type of marketing segmentation?

Geographic

_____ are distribution channel members that buy finished products from manufacturers and sell them to retailers.

Wholesalers

With ____, when a part is redesigned in the computer-aided design system, the changes are quickly transmitted both to the machines producing the part and to all other departments that need to know about and plan for the change.

computer integrated manufacturing (CIM)

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

Joe makes furniture according to the specifications of the customer who ordered it. Each piece of furniture he makes is unique. He only makes one piece of furniture at a time. Joe is engaged in:

customization

Topik is a product that is sprayed on men's 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

Products that are difficult to move out of a plant once they are manufactured, such as ocean-going vessels and room-sized murals, are usually manufactured in a _____ layout.

fixed-position

In October, 2018, Ford Motor Company announced it lost $1B and will be reorganizing its 70,000 white-collar work force which Ford cited the US trade wars with Europe and China as the reason. What external factors impacted Ford's financial performance and strategy?

global factors

Chewy candy manufacturers are coming out with more true-to-fruit flavors, with some companies even fortifying their confections with vitamin C to make enhance their product offerings. From this information, you can surmise that the chewy candy industry is in the _____ stage of the product life cycle.

maturity

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

peaked

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

penetration

A face-to-face sales presentation of a good or service to a prospective customer is called:

personal selling

The funds a business gets in exchange for goods or services is called ______.

revenue

As marketing director of Baxter, a medical supply company selling to hospitals, Jason uses a typical business promotion mix that probably would not include _____.

sales coupons

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

secondary data gathering

Inventory management performs all of the following tasks EXCEPT:

selling

The first step in the new products planning process is:

setting new-product goals

Products that are bought after comparing price, suitability, quality, and style are called _____ products.

shopping

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

CATL, a Chinese car battery company, holds almost 70% world market in EV batteries

Global Factors

_____ pricing is the strategy of increasing the price of a product so that consumers will perceive it being of higher value.

Prestige

A company in Maine builds portable drilling platforms used to locate new oil fields underwater. To build a platform, the company had to construct a specially designed dock with a large permanently-placed crane able to lift a twenty ton structure on to its floating base. This expensive dock and crane are examples of:

installations

A(n) _____ is a wholesaler or retailer who helps move products from their original sources to end users.

intermediary

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

knowledge

What is the final step in the selling process?

following up on sales

When Nike donated $25,000 to a low-income area to provide job training, it received free and positive _____ in the news media.

publicity

Point-of-sale (POS) terminals would NOT be helpful in which of the following businesses?

Kroger supermarkets Correct Answer: (the manufacturer of plasma television screens) JCPenney department stores Bed, Bath & Beyond stores university book stores

What management function is production manager Joe using when he orders aluminum component parts (bumpers, drive trains, etc.) to be used in the production of cars?

purchasing

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

standard of living