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