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