Do Now Test 1st Semester & 3rd Quarter

When setting marketing objectives. What should businesses include to make the objectives more effective?

Time period to accomplish the objective

Which of the following is an aspect of customers service that imports the distribution function?

Timeliness

What is one way that a business might use marketing information?

To develop new products

Why do many countries tax the products that are imported into those countries?

To protect domestic industries from foreign competitors

Why do businesses often make it possible for employees to meet during work time and participate in group discussions?

To share many different opinions

The benefits that employees receive in addition to their regular wages usually increase the employees....

Total Compensation

Which of the following is a type of agreement between a buyer and a seller that the Clayton Act makes illegal:

Tying Contract

Economics is the study of how to meet unlimited competition wants with....

Unlimited resources

What type of channel conflict might occur if a business that sells to wholesalers decides to also sell its products directly to retailers...

Vertical

A businesses' market structure in an industry can be described as a

Way for suppliers and demanders to interact

Which of the following questions is it important to ask to determine the business's strengths wen conducting a SWOT analysis?

Where are we making money?

Why is it important for businesses to assess global trends and opportunities?

Worldwide economic conditions affect marketers

Most businesses must collect sales tax on the products that they sell to final consumers and

turn it over to the state and local government

Letters of inquiry that businesses write to other businesses are routine business communication and usually contain only...

Basic information

Which of the following is an inelastic demand?

Bread

Potential losses that businesses face are called __________

Business Risks

To make sure products are available when customers want, a business should coordinate promotion with

Distribution

Which of the following is the best way to handle dishonest customers?

Don't jump to quick conclusions

Which of the following is a reason why some businesses use creditors pricing?

Drive out competitors

Obsolescence, a change in local conditions and government spending policies are examples of business risks that are classified as

Economic

When segmenting international markets, the value of currency and the rate of inflation are ________ factors that businesses should consider?

Economic

Price stability which means that the price levels stay fairly constant, is an example of a(n)_____________________?

Economic Goal

When consumers attempt to obtain maximum satisfaction from limited resources, they are

Economizing

One of the main purposes of a business plan is to help a new business?

Establish objectives

Organizations often develop customer service activities that are based on their customers'

Expectation

What type of information should a business include when writing a sales proposal to send a customer?

Features and Benefits

In business budgets are prepared for a specific time period, usually a

Fiscal Year

What is a business usually better able to do when it selects a certain target market?

Focus marketing decisions on a specific group of people

One of the main reasons why a business conducts a market analysis is to

Forecast Sales

It's all the individuals who own a business share unlimited liability for the business's losses these individuals are part of a(n)

General Partnership

Increasing membership by 25% during the next year might be one of the _________ of a health club.

Goals

When creating and posting information to a website, one of the most important consideration is the

Home Page

The tax that businesses pay on the profits they earn is an example of __________ tax.

Income

Which of the following is demographic information that businesses might monitor when making marketing decisions:

Income

A primary reason that businesses expand their operations in foreign countries is to

Increase revenues

As the size and power of U.S. businesses have increased over time, the federal governments involvement in the U.S., economy has

Increased

Why might result if a business merchandising budget called for purchasing more goods than customers wanted?

Increased cost

What type of property is a business protecting when it registers its trademark?

Intellectual

Certifications of deposit & collectibles are types of

Investments

A group of workers who have joined together for a common purpose is called a(n)

Labor Union

A franchisor requiring a franchise to see only the franchisors produces is an example of exclusive dealing which is_________________?

Legal in this situation

The first step in dealing with a customer who has a complaint is to....

Let the customer explain the problem

Which of the following external environmental factors has an effect on business

Local competitors

Which of the following is an example of a business coordinating distribution with the marketing function of promotion:

Making sure products are in stock before advertising

The basic economic questions such as what and how much a country will produce are answered by consumers in a ________ economic system?

Market

What do businesses often conduct in order to be able to forecast sales and plan for the future?

Market Analysis

One way in which a business can show its social responsibility is by _____ its profits.

Maximizing

Which of the following often prepare budgets in business?

Middle Manager

Which of the following is an example of a simple written report that a business might prepare on a regular basis

Minutes of a staff meeting

Because individuals and businesses are the primary decision makers, while government helps to regulate 2nd control the system, the US private enterprise system is considered a ________ economic system.

Mixed

Cotton is an example of a __________ resource?

Natural

Expenses associated with the costs of running a business are _____ expenses

Operating

Businesses often conduct a situational analysis during the marketing-planning process to identify possible threats in the marketplace in order to turn threats into...

Opportunities

One way that employees can provide efficient, quick service by being

Organized

A basic purpose of writing a daily activity report is to provide a(n)

Overview of work completed and planned

Selling barbecue supplies at a park picnic area is an example of ________ utility

Place

One way to effectively prepare for an oral presentation is to?

Practice

Why might businesses decide to hold on to products to sell later when the economy is experiences high levels of inflation?

Prices will continue to rise

Which of the following is an example of a direct channel of distribution strategy?

Procedures using catalogs to sell

The process of converting resources into god and services is called...

Production

Research has included that your businesses needs to let customers know it produces pizzas with more toppings than your competitors offer. What element of marketing mix should be utilized?

Promotion

Which of the following would most likely indicate that an adjustment in a sales forecast is needed:

Promotional strategies will remain the same for next year.

How does insurance benefits a business?

Protects against finance loss

Which of the following is often a characteristics of products that us the exclusive level of distribution strategy?

Purchased infrequently

Which of the following departments in many businesses is responsible for generating product ideas?

Research & Development

What do businesses often develop before obtaining marketing information to solve a problem?

Research Theory

What a business earns from the sales of goods and service is

Revenue

A business giving an employee a free cruise for having developed a way to save the business money is an example of giving an employee a _________?

Reward

A type of promotional activity that a business should coordinate with other promotional activities is

Sampling

What type of resource would most likely encourage a company to do business with a foreign firm?

Scarce

One aspect of coordination distribution with the marketing function of pricing involving?

Setting appropriate prices

A characteristic of a simple written report is that it usually is....

Short

One reason it is important for businesses to regularly review products to make sure they fill customers needs is because the _____ changes

Social Environment

What is the next topic that you should address after you define the specific problem in a written proposal?

Solutions

What does an enclosure notation at the bottom of a business letter signify?

Something is being send with the letter

An important reason why businesses set clear marketing goals and objectives is to

State what the business hopes to achieve

Businesses maintain accurate records of their income and expenses in order to comply with the government's

Tax Laws

Which of the following is a true statement about teams and conflict:

Teams can help to reduce workplace conflict

If monopolies are illegal in the United States why are some utility companies allowed to exists as monopolies?

The companies are regulated by government

What do businesses need to develop and use in order to prepare financial statements ___________?

Accounting Systems

A characteristic of an oligopoly is that business operation in this type of market are greatly influenced by...

Actions of competitors

An employer who wants to find out how good a job applicant's specific skills are may ask the applicant to take a(n) _______ test.

Aptitude

Which of the following is an economic good?

Automobiles

When writing email messages, employees should remember that emails

Can be forwarded to others

When a business conducts an environmental scan, which of the following issues is a political factor that it should consider

Changes in regulation

A product entering the maturity stage of its life style is a reason for a business to consider evaluating....

Channel Member

Reconciling a personal bank statement is the process of determining and differences between the bank statement and the...

Checkbook balances

An oral expression of dissatisfaction is an employee's _______ regarding his/her job of job situation.

Complaint

Why is important for businesses to create processes that allow them to continually look for and recognize opportunities?

Complete successfully in the marketplace

One of the resources that business & consumers use credit is because it provides

Connivence

The amount of a product that is produced is most directly affected by....

Consumer Demand

Fluctuation in interest rates often have an impact on the use of....

Credit

One of the purposes of a situational analysis component of a marketing plan is to determine a business's ______________?

Current weakness