C201 BUSINESS ACUMEN UPDATED TEST PAPER
QUESTIONS AND ANSWERS GUARANTEE A+
✔✔Mass Production - ✔✔system of manufacturing large quantities through the effective
combination of employees, specialized skills, mechanization and standardization
✔✔Input - ✔✔resources and raw materials
✔✔Output - ✔✔goods and services
✔✔Specialization - ✔✔each employee can focus on one task
✔✔Standardization - ✔✔producing uniform, interchangeable parts
✔✔Customer Driven Production - ✔✔evaluates customer demands in order to make
connections between products manufactured and produce bought
✔✔Analytical Production - ✔✔takes a single input into many outputs. Ex- corn, grape
farming, pharmaceuticals
✔✔Synthetic Production - ✔✔takes many inputs into one single output. Ex- computer,
cell phones, cars
✔✔Continuos Production Process - ✔✔generates finished products over a length a
time. Ex- steel or electricity
✔✔Intermittent Production Process - ✔✔generates products in short production runs.
Ex.- accountants, dentist, running shoes
✔✔Marketing - ✔✔process of creating, communicating and delivering value to
customers and managing customer relationships
✔✔Marketing Process - ✔✔1. discover unmet customer need
2. research potential market
3. producing a good or service
4. promoting
5. pricing
6.distribution
✔✔Person Marketing - ✔✔attract attention of target market to a person. Ex.- Ellen
DeGeneres for JCP
✔✔Place Marketing - ✔✔attract people to a particular area. Ex.- tourist destination
, ✔✔Event Marketing - ✔✔short term events. Ex.- "Walk for the Cure" "World Series"
✔✔Cause Marketing - ✔✔promote awareness to raise awareness for a cause or social
issue. Ex.- American Cancer Society
✔✔Organizational Marketing - ✔✔influences consumers to accept the goals of, receive
services and contribute to an organization. Ex. ALS association, NBA
✔✔Marketing Mix - ✔✔product
distribution
promotion
pricing
✔✔Market Segmentation - ✔✔dividing a market into several homogenous groups
✔✔Consumer Markets - ✔✔geographical
demographical
psychographic
product-related
✔✔Business Markets - ✔✔customer based
end-use
geographical
✔✔Relationship Management - ✔✔develop and maintain long term cost effective
exchange relationships with partners
✔✔Frequency Marketing - ✔✔programs reward purchases with cash, rebates,
merchandise and other premiums
✔✔Affinity Programs - ✔✔solicit involvement by individuals who share common
interests and activities
✔✔Co-marketing - ✔✔two businesses jointly market each others products
✔✔Co-branding - ✔✔two or more businesses link their names to angle product
✔✔Product - ✔✔bundle of physical, service and symbolic characteristics designed to
satisfy consumer wants
✔✔convenience goods - ✔✔items consumers purchase frequently and immediately. Ex-
vending machines, gas stations
QUESTIONS AND ANSWERS GUARANTEE A+
✔✔Mass Production - ✔✔system of manufacturing large quantities through the effective
combination of employees, specialized skills, mechanization and standardization
✔✔Input - ✔✔resources and raw materials
✔✔Output - ✔✔goods and services
✔✔Specialization - ✔✔each employee can focus on one task
✔✔Standardization - ✔✔producing uniform, interchangeable parts
✔✔Customer Driven Production - ✔✔evaluates customer demands in order to make
connections between products manufactured and produce bought
✔✔Analytical Production - ✔✔takes a single input into many outputs. Ex- corn, grape
farming, pharmaceuticals
✔✔Synthetic Production - ✔✔takes many inputs into one single output. Ex- computer,
cell phones, cars
✔✔Continuos Production Process - ✔✔generates finished products over a length a
time. Ex- steel or electricity
✔✔Intermittent Production Process - ✔✔generates products in short production runs.
Ex.- accountants, dentist, running shoes
✔✔Marketing - ✔✔process of creating, communicating and delivering value to
customers and managing customer relationships
✔✔Marketing Process - ✔✔1. discover unmet customer need
2. research potential market
3. producing a good or service
4. promoting
5. pricing
6.distribution
✔✔Person Marketing - ✔✔attract attention of target market to a person. Ex.- Ellen
DeGeneres for JCP
✔✔Place Marketing - ✔✔attract people to a particular area. Ex.- tourist destination
, ✔✔Event Marketing - ✔✔short term events. Ex.- "Walk for the Cure" "World Series"
✔✔Cause Marketing - ✔✔promote awareness to raise awareness for a cause or social
issue. Ex.- American Cancer Society
✔✔Organizational Marketing - ✔✔influences consumers to accept the goals of, receive
services and contribute to an organization. Ex. ALS association, NBA
✔✔Marketing Mix - ✔✔product
distribution
promotion
pricing
✔✔Market Segmentation - ✔✔dividing a market into several homogenous groups
✔✔Consumer Markets - ✔✔geographical
demographical
psychographic
product-related
✔✔Business Markets - ✔✔customer based
end-use
geographical
✔✔Relationship Management - ✔✔develop and maintain long term cost effective
exchange relationships with partners
✔✔Frequency Marketing - ✔✔programs reward purchases with cash, rebates,
merchandise and other premiums
✔✔Affinity Programs - ✔✔solicit involvement by individuals who share common
interests and activities
✔✔Co-marketing - ✔✔two businesses jointly market each others products
✔✔Co-branding - ✔✔two or more businesses link their names to angle product
✔✔Product - ✔✔bundle of physical, service and symbolic characteristics designed to
satisfy consumer wants
✔✔convenience goods - ✔✔items consumers purchase frequently and immediately. Ex-
vending machines, gas stations
