BUSINESS MANAGEMENT CAPSTONE
WRITTEN PROJECT QGT1 UPDATED EXAM
REVIEW 2026 QUESTIONS AND CORRECT
ANSWERS GRADED A+
⩥ Marketing Information System. Answer: system for gathering and
organizing marketing information used in decision-making
⩥ Primary Data. Answer: Research study, surveys, observations,
experimentations. Data I collect
⩥ Secondary Data. Answer: information that already exists somewhere,
having been collected for another purpose
⩥ Consumer Market. Answer: all the individuals and households that
buy or acquire goods and services for personal consumption
⩥ Business Market. Answer: Individuals, organizations, or groups that
purchase a specific kind of product for resale, direct use in producing
other products, or use in general daily operations
⩥ Homogeneous Market. Answer: a market in which a large proportion
of customers have similar needs for a product
,⩥ Heterogenous Market. Answer: A market made up of individuals or
organizations with diverse needs for products in a specific product class
⩥ Market Segmentation. Answer: the process of dividing a market into
meaningful, relatively similar, and identifiable segments or groups
⩥ Market Segmant. Answer: a group of consumers within a larger
market who share one or more characteristics
⩥ Undifferentiated Targeting Strategy. Answer: a marketing approach
that views the market as one big market with no individual segments and
thus uses a single marketing mix
⩥ Differentiated Targeting Strategy. Answer: a strategy through which a
firm targets several market segments with a different marketing mix for
each
⩥ Concentrated Targeting Strategy. Answer: a marketing strategy of
selecting a single, primary target market and focusing all energies on
providing a product to fit that market's needs
⩥ Types of Business Purchases. Answer: New Task Purchase, Straight
Rebuy, Modified Rebuy
,⩥ Derived Demand. Answer: Business demand that ultimately comes
from (derives from) the demand for consumer goods.
⩥ Inelastic Demand. Answer: A situation in which an increase or a
decrease in price will not significantly affect demand for the product
⩥ Joint Demand. Answer: the demand for two or more items used
together in a final product
⩥ Fluctuating Demand. Answer: demand for business products is more
volatile than for consumer products
⩥ Phases of New Product Development. Answer: 1. idea generation
2. screening
3. concept testing
4. business analysis
5. product development
6. test marketing
7. commercialization
⩥ Accounting. Answer: The language of Business
, ⩥ GAAP. Answer: Generally Accepted Accounting Principles. The
standards and rules that accountants follow while recording and
reporting financial activities.
⩥ Why increased demand for comparability?. Answer: Global Investing,
Companies raise funds internationally, investors need consistent
financial statements
⩥ 2 Main Accounting Systems. Answer: U.S. GAAP and IFRS
⩥ IFRS. Answer: International Financial Reporting Standards.
International accounting standards promulgated by the International
Accounting Standards Board.
⩥ FASB. Answer: Financial Accounting Standards Board, is the private
sector body given the primary responsibility to work out the detailed
rules that become GAAP.
⩥ IASB. Answer: International Accounting Standards Board --- sets
accounting standards in the rest of the world.
⩥ Measurement(Cost) Principle. Answer: accounting information is
based on actual cost
WRITTEN PROJECT QGT1 UPDATED EXAM
REVIEW 2026 QUESTIONS AND CORRECT
ANSWERS GRADED A+
⩥ Marketing Information System. Answer: system for gathering and
organizing marketing information used in decision-making
⩥ Primary Data. Answer: Research study, surveys, observations,
experimentations. Data I collect
⩥ Secondary Data. Answer: information that already exists somewhere,
having been collected for another purpose
⩥ Consumer Market. Answer: all the individuals and households that
buy or acquire goods and services for personal consumption
⩥ Business Market. Answer: Individuals, organizations, or groups that
purchase a specific kind of product for resale, direct use in producing
other products, or use in general daily operations
⩥ Homogeneous Market. Answer: a market in which a large proportion
of customers have similar needs for a product
,⩥ Heterogenous Market. Answer: A market made up of individuals or
organizations with diverse needs for products in a specific product class
⩥ Market Segmentation. Answer: the process of dividing a market into
meaningful, relatively similar, and identifiable segments or groups
⩥ Market Segmant. Answer: a group of consumers within a larger
market who share one or more characteristics
⩥ Undifferentiated Targeting Strategy. Answer: a marketing approach
that views the market as one big market with no individual segments and
thus uses a single marketing mix
⩥ Differentiated Targeting Strategy. Answer: a strategy through which a
firm targets several market segments with a different marketing mix for
each
⩥ Concentrated Targeting Strategy. Answer: a marketing strategy of
selecting a single, primary target market and focusing all energies on
providing a product to fit that market's needs
⩥ Types of Business Purchases. Answer: New Task Purchase, Straight
Rebuy, Modified Rebuy
,⩥ Derived Demand. Answer: Business demand that ultimately comes
from (derives from) the demand for consumer goods.
⩥ Inelastic Demand. Answer: A situation in which an increase or a
decrease in price will not significantly affect demand for the product
⩥ Joint Demand. Answer: the demand for two or more items used
together in a final product
⩥ Fluctuating Demand. Answer: demand for business products is more
volatile than for consumer products
⩥ Phases of New Product Development. Answer: 1. idea generation
2. screening
3. concept testing
4. business analysis
5. product development
6. test marketing
7. commercialization
⩥ Accounting. Answer: The language of Business
, ⩥ GAAP. Answer: Generally Accepted Accounting Principles. The
standards and rules that accountants follow while recording and
reporting financial activities.
⩥ Why increased demand for comparability?. Answer: Global Investing,
Companies raise funds internationally, investors need consistent
financial statements
⩥ 2 Main Accounting Systems. Answer: U.S. GAAP and IFRS
⩥ IFRS. Answer: International Financial Reporting Standards.
International accounting standards promulgated by the International
Accounting Standards Board.
⩥ FASB. Answer: Financial Accounting Standards Board, is the private
sector body given the primary responsibility to work out the detailed
rules that become GAAP.
⩥ IASB. Answer: International Accounting Standards Board --- sets
accounting standards in the rest of the world.
⩥ Measurement(Cost) Principle. Answer: accounting information is
based on actual cost
