business exam 1

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

convivence

The craft store marked balls of yarns to $0.50 to attract more customers into the store. This was below the store's cost. The strategy was intended to be a _____ to increase store traffic:

leader

One of the biggest shortcomings of Gantt charts is that they:

are static

Which of the following is a consumer durable?

bedroom dresser

What happens to the Sales revenue for a product in Stage 4 of PLC?

declining

What is the final step in the selling process?

following up on sales

Nike sells shoes, apparel and sports equipment. Nike sells____.

goods

A CAD/CAM system is a(n):

production design and control system

The _____ is the combination of advertising, personal selling, sales promotion, and public relations used to promote a product.

promotional mix

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 primary goal of any business is:

to provide goods or services to satisfy the needs of its customers

In a retail store, a point-of-sale (POS) terminal would be used to:

track inventories

Which of the following companies would be LEAST likely to use the continuous process?

A bakery

One of the keys to successful production planning is resource management. _____ is a system that would note how a possible strike in a plant far away will threaten supplies of a needed component part as well as how customers growing preference for time-saving devices such as the company markets and use this information in production planning.

Enterprise resource planning (ERP)

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

Frequency

The _____ is based on the four P's.

marketing mix

When Gene O'Hare went online to plan his vacation to Australia, he learned that he could buy plane tickets, rent a car, and pay for a hotel in a reduced-price tourist package, which made it very convenient for him to book his trip. The Web site O'Hare visited used _____ to make trip planning easier and more economical.

bundling

What is the salesperson doing when, after his presentation is over, he asks, "May I call the company and place your order for 20 cases of Ecco brand golfing shoes?"

closing the sale

Radial tires installed on four-wheel drive vehicles to be sold by a company to generate revenue are examples of:

component parts

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)

With the stock marketing doing well, more people are eating out. What external forces are impacting the restaurant industry?

economic forces

Inputs, such as natural resources, labor, capital, and entrepreneurship, are known as:

factors of production

In the newspaper comics, Cathy is often seen talking to a department store clerk who is trying to persuade her that she needs to buy a new wardrobe. The clerk is engaged in:

personal selling

Nike charges $350 for a pair of jogging shoes while the average market price for similar type jogging shoes are $65, the company was using a strategy of _____ pricing.

prestige

Using _____ branding, a company makes a product and sells it to a retailer who resells it under its own name.

private

The process that products go through as they pass through their introduction, growth, maturity, and decline stages is called the:

product life style

A frozen food company offers frozen dinner entrees, frozen vegetables, ice cream. The company is following a product strategy called ___.

product mix

Which of the following is a type of sales promotion? (click 3 that are true)

product sampling sweepstakes and contests loyalty marketing programs

Retaining customers is the purpose of _____, a marketing strategy that focuses on nurturing and maintaining strong relationships with current customers.

relationship marketing

Which of the following is NOT an example of a convenience product?

lawn furniture

Which of the following is an example of a business? Select two that are true.

Jenny providing tutoring service to high schoolers A kayak rental business in Monterey

During the pandemic, retail stores can only have 50% capacity of shoppers at any point in time to ensure social distancing and safety, which dramatically reduced the foot traffic, therefore the revenue for the retailers. Which external forces was the 50% occupancy mandate from the government?

Political/Legal forces

is the combining of natural resources, human resources, and capital to produce goods and services.

Production

Which segmentation strategy classifies consumers on the basis of individual lifestyles as they're reflected in personal values.

Psychographic

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

Publicity

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

Wholesalers

Which of the following businesses is most likely to consider proximity to customers when locating a new manufacturing plant?

a company that provides fresh baked goods for restaurants

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

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

knowledge

Which of the following factors will be most important in the selection of a site for an apple juice production facility? (select 2 that are true)

proximity to raw materials labor costs

When a company does something negative, such as selling a prescription drug with unexpected side effects, its _____ department will probably go to work to control the damage to its reputation.

public relations

When you make your first purchase on Amazon.com, you've enlisted a lifelong acquisitions advisor—someone who will constantly suggest other things that you might like to buy. Amazon.com is applying the concept of _____.

relationship marketing

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

religion

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 _____ is a specific group of consumers toward which a firm directs its marketing efforts.

target market

Life Savers Gummies Fruit Splosions, liquid-filled gummies combined with a burst of real fruit juice, are a new product for The Wrigley Co.. Before marketing the product nationwide, Wrigley gave out samples of the candy at several rock concerts and then recorded consumers' feelings about the candy, its taste, and its name. In which stage of the new-product development process would this have happened?

test marketing

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

The categories of heavy, moderate, and light users have to do with which type of segmentation?

volume

Understanding that 22 percent of the population buys 84 percent of the cereal products would be useful if cereal manufacturers wanted to segment its market according to:

volume