MGT 558 KC 1-9

Which of the following is NOT part of Bush Brothers?

Bush Barbeque

In the Current Events reading for 9/5, the issue regarding the CEO of Chanel was

Her background was in HRM, a staff career path, rather than a more traditional operational role.

Which of the following would be a topic emphasized in a microeconomics class?

How market conditions determine the price of a specific product.

Upward and downward changes in aggregate economic activity, as measured by GDP, are called:

business cycles

A free market is one in which decisions about what to produce and in what quantities are made by:

buyers and sellers making transactions in the market

Finding a place to live in Mumbai, India, has been getting harder these days for people who are not vegetarians. Vegetarianism is a centuries-old custom among the Indian population, but the requirement is becoming more obvious as non-vegs are being segregated from vegs. This is important consumer information to a McDonald's franchisee and reflects how _____ shapes consumer behavior.

culture

The manufacturer Mike and Ike, the fruit-flavored chewy candies, has changed its packaging and developed contests all geared to 12- to 17-year-olds. What type of market segmentation identifies its market?

demographic

When Grand Metropolitan, a British company, purchased U.S.-based Pillsbury Co. in order to expand its product line and the market for its existing consumer products, it was an example of

direct foreign investment

All of the following are characteristics unique to the capitalistic or private enterprise system EXCEPT:

economies of scale

The resources that contribute to the creation of wealth are known as ______.

factors of production

An increase in the rate of inflation would likely result from a(n):

increase in the supply of money in circulation.

Efficiency in distribution systems and free trade around the world has led to:

increased world trade.

In the general environment a TREND (a change) in some elment is a(n) ______________ if it makes it ________ for firms in an industry to make higher profits.

opportunity, easier

The blend of the marketer's tools is called the five Ps. Which of the following is NOT one of the five Ps?

possession

3M Consumer Healthcare has introduced a "Home 'n Go Pack" packaging concept that organizes each of its bandage offerings into a separate plastic pouch within the bandage box. The pouch is visible through a window in the external packaging. The decision to offer this new packaging was made as part of the _____ strategy.

product

Topik is a product that is sprayed on thinning hair and makes the hair appear thicker. The manufacturer considers its potential market to be blue-collar workers who earn less than $30,000 per year, are divorced, and who like to think of themselves as weekend athletes. The manufacturer of Topik considers this group to be its:A. population sampleB.

target market

In a mixed economy, the government is involved in the economic system through:

taxing, spending, and activities to promote the general welfare

Which of the following is the BEST example of a consumer product?

textbook purchased by a student taking this class

The most fundamental and pragmatic reason for the growth in world trade is probably due to:

the need for businesses to expand their markets

The economic standard of living for a nation's people depends mainly on:

their income and the prices of the goods and services they buy

The benefits of protective tariffs for the government that implements them are:

they protect domestic jobs by encouraging cost-sensitive consumers to purchase domestic products.

In 2018, Country A exported $84.9 billion and imported products valued at $74.69 billion. The difference between the dollar value of its exports and imports represents a:

trade surplus

When compared to the consumer market, the business-to-business market:

uses more direct channels of distribution

Trends in the environment that make industries more attractive are

Opportunities

Pam sold 3 products at a price of $10 dollars each. Her costs to produce and sell EACH product included: $3 for materials, $2 for shipping, $2 for labor, and $2 for other business expenses. How much profit did Pam make on this entire sale of the 3 products?

$3.00

Why does it make sense to trade with other nations?

A nation will produce what it can produce most efficiently and effectively and buy from other nations what the other nations can produce most efficiently and effectively.

Demography is the study of:

All of the above

The trend toward hyperglobalization has resulted in some backlash, especially after Covid. Which of the following is NOT part of that backlash?

An expansion of free trade regimes around the world

Which continent has 60% of the world's population?

Asia

The internet of things can be defined as

Combining physical products (like a car) with digital technology (like an app) to create additional value to a buyer.

Which of the following represent the correct calculation for Gross Domestic Product?

Consumption+Investment+Government Spending+Net Exports

An economic system based on competition in the marketplace and private ownership of the factors of production is known as:

Correct answer: capitalism

Which of the following would be a topic emphasized in a macroeconomics course?

Factors that determine how fast a nation's economy is growing.

A good marketing strategy should carry a product through all stages of the product life cycle.

False

Prestige pricing is the pricing strategy of selling a new product at a low price in hopes of achieving a large sales volume and prestige for the product.

False

The goal in environmental scanning is to gather internal environmental data to identify future market opportunities and threats.

False

The confluence of digitization, artificial intelligence, and materials science has resulted in very rapid technological change. This change is creating a "jobless" work environment where labor is being replaced by machines.

In some industries this will be a threat and in other industries this will be an opportunity.

f the economy of the U.S. is in recession which of the following FISCAL POLICY remedies might be tried?

Increasing the money supply through increases in government spending and reducing taxes.

If the U.S. runs a "Trade Deficit" what impact will that have on the GDP?

Lowers the GDP

What are the elements of macro compared to micro economics?

Micro looks at price and quantity through supply and demand while macro looks at GDP, inflation and unemployment.

In the article about Open AI and Chat GPT, the key point of interest was

Microsoft was a partner with Open AI and Open AI was starting a Business version of Chat GPT. The partners would be competing directly in the Business market.

The Institute for Emerging Issues has estimated that approximately 40% of all jobs in the U.S. will be automated or done by a robot by 2040. This is an example of change in the

Technological envrionment

If the government passed a law that required banks to make it easier for people between the ages of 25 and 35 to buy their first home, which element of GDP would be most likely to increase first?

The "C" element of GDP

Based on the graphic described in class, please answer the following questions. Number 1 above is best represented by:

The Cost of Goods Sold for the producer

In 2019, Burger King introduced the "Impossible Whopper". A few months earlier, Red Robin introduced the "Impossible Burger". Quoba, and Del Taco are introducing vegan tacos. Even KFC is testing "impossible fried chicken". It is becoming a "norm" to eat less meat for health reasons and because of climate change. What category of environmental change is causing this?

The sociocultural environment

In general, when a business is engaged in macro environmental scanning, it looks at all of the following external forces that might affect it EXCEPT:

The supply chain of the industry

In industries where ROA is going UP over time, you can draw the following conclusion:

The threats from buyers and suppliers is low.

The benefits of protective tariffs for the government that implements them are:

They protect domestic jobs by encouraging cost-sensitive consumers to purchase domestic products

Selling retirement plans to people over the age of 50 is an example of demographic segmentation.

True

When the manufacturer of Dove soap introduced Dove moisturizing body wash, it was an example of the use of a line extension strategy.

True

Which of the following is not an area to consider when deciding to expand into an international market?

all of the above should be considered

During the past 150 years, the U.S. has evolved from:

an agrarian economy to a manufacturing economy to a service-oriented economy, to an information economy.

According to the _____, a firm should first identify consumer needs and then produce the goods and services that will satisfy them

marketing concept

Shenshen Zhongxing Telecom (ZTE) is a Chinese company that is the only telecommunications company in China that produces and markets an inexpensive camera phone to sell to middle class Chinese living in urban areas. Because ZTE targets a single segment within a limited geographical area, it can be said to have a(n):

niche competitive advantage