Principles of Business Final Exam Questions and Answers Graded A+
the study and management of exchange relationships;
marketing
takes place wherever customers are
product the g/s combination the business otters to the market
the 4 P's Product, Pricing, Promoting, & Place/Distribution
the ettort to inform, persuade, or remind potential cus-
promoting
tomers about a business's products/service
ads tv commericals
personal selling door to door sales, professional sales
publicity press release
logo imprinted giveaways, BOGOs, sign up early, no reg-
sales promotion
istration fee
goods that can be kept for a long time (ex: DVD player,
durable goods
cars)
nondurable goods goods that can't be kept for a long time (ex: gasoline)
customer orientation, company commitment, company
marketing concept
goals
*"do it their way"*; finding out what customers want and
customer orientation
producing those products the way they want them
*"do it better"*; make/price the product better than the
company commitment
competition's model
*"do it with success in mind"*; maintain your firm's pur-
company goals
pose while you apply the marketing concept
provides benefits that makes our lives better, promotes
marketing role in private enterprise system using natural resources more wisely, & encourages inter-
national trade
it visibly benefits our lives, natural surroundings, & global
how marketing benefits society
trade
, Principles of Business Final Exam Questions and Answers Graded A+
identifying, selecting, monitoring, & evaluating sales
channel management/distribution
*(goal: move products from producer to consumer)*
gathering, accessing, synthesizing, evaluating, and dis-
marketing information management
seminating info to aid in business decisions
dictates how much to charge for a g/s in order to make a
pricing profit & are based on costs & what competitors charge for
the same product/service
obtaining, developing, maintaining, & improving a prod-
uct or service mix in response to market opportunities
product/service management
*(helps determine products a business will otter & quan-
tities, makes decision based on a product's life style)*
communicate info about goods, services, images, and/or
promotion ideas to achieve the desired outcome *(reminds, per-
suades, informs)*
determining client needs & wants & responding through
selling planned, personalized communication that influences de-
cisions & enhances future business opps
channel marketing/distribution, marking information
6 functions of marketing management, pricing, product/service management,
promotion, & selling
business ownership sole proprietorship, partnership, corporation, & franchise
a business owned & run by 1 person & the business is
sole proprietorship
typically managed by the owner
easy to start up, complete control of the business, owner
sole proprietorship advantages
receives all the profits, & limited taxes
limited capital (money), unlimited liability (responsible for
sole proprietorship disadvantages
all debt), business is limited to the lifetime of the owner
the study and management of exchange relationships;
marketing
takes place wherever customers are
product the g/s combination the business otters to the market
the 4 P's Product, Pricing, Promoting, & Place/Distribution
the ettort to inform, persuade, or remind potential cus-
promoting
tomers about a business's products/service
ads tv commericals
personal selling door to door sales, professional sales
publicity press release
logo imprinted giveaways, BOGOs, sign up early, no reg-
sales promotion
istration fee
goods that can be kept for a long time (ex: DVD player,
durable goods
cars)
nondurable goods goods that can't be kept for a long time (ex: gasoline)
customer orientation, company commitment, company
marketing concept
goals
*"do it their way"*; finding out what customers want and
customer orientation
producing those products the way they want them
*"do it better"*; make/price the product better than the
company commitment
competition's model
*"do it with success in mind"*; maintain your firm's pur-
company goals
pose while you apply the marketing concept
provides benefits that makes our lives better, promotes
marketing role in private enterprise system using natural resources more wisely, & encourages inter-
national trade
it visibly benefits our lives, natural surroundings, & global
how marketing benefits society
trade
, Principles of Business Final Exam Questions and Answers Graded A+
identifying, selecting, monitoring, & evaluating sales
channel management/distribution
*(goal: move products from producer to consumer)*
gathering, accessing, synthesizing, evaluating, and dis-
marketing information management
seminating info to aid in business decisions
dictates how much to charge for a g/s in order to make a
pricing profit & are based on costs & what competitors charge for
the same product/service
obtaining, developing, maintaining, & improving a prod-
uct or service mix in response to market opportunities
product/service management
*(helps determine products a business will otter & quan-
tities, makes decision based on a product's life style)*
communicate info about goods, services, images, and/or
promotion ideas to achieve the desired outcome *(reminds, per-
suades, informs)*
determining client needs & wants & responding through
selling planned, personalized communication that influences de-
cisions & enhances future business opps
channel marketing/distribution, marking information
6 functions of marketing management, pricing, product/service management,
promotion, & selling
business ownership sole proprietorship, partnership, corporation, & franchise
a business owned & run by 1 person & the business is
sole proprietorship
typically managed by the owner
easy to start up, complete control of the business, owner
sole proprietorship advantages
receives all the profits, & limited taxes
limited capital (money), unlimited liability (responsible for
sole proprietorship disadvantages
all debt), business is limited to the lifetime of the owner
