PRINCIPLES OF BUSINESS FINAL EXAM
CORRECT 100%
marketing - ANSWER the study and management of exchange relationships; takes
place wherever customers are
product - ANSWER the g/s combination the business offers to the market
the 4 P's - ANSWER Product, Pricing, Promoting, & Place/Distribution
promoting - ANSWER the effort to inform, persuade, or remind potential customers
about a business's products/service
ads - ANSWER tv commericals
personal selling - ANSWER door to door sales, professional sales
publicity - ANSWER press release
sales promotion - ANSWER logo imprinted giveaways, BOGOs, sign up early, no
registration fee
durable goods - ANSWER goods that can be kept for a long time (ex: DVD player, cars)
nondurable goods - ANSWER goods that can't be kept for a long time (ex: gasoline)
marketing concept - ANSWER customer orientation, company commitment, company
goals
customer orientation - ANSWER *"do it their way"*; finding out what customers want
and producing those products the way they want them
company commitment - ANSWER *"do it better"*; make/price the product better than
the competition's model
company goals - ANSWER *"do it with success in mind"*; maintain your firm's purpose
while you apply the marketing concept
marketing role in private enterprise system - ANSWER provides benefits that makes our
lives better, promotes using natural resources more wisely, & encourages international
trade
how marketing benefits society - ANSWER it visibly benefits our lives, natural
surroundings, & global trade
, channel management/distribution - ANSWER identifying, selecting, monitoring, &
evaluating sales *(goal: move products from producer to consumer)*
marketing information management - ANSWER gathering, accessing, synthesizing,
evaluating, and disseminating info to aid in business decisions
pricing - ANSWER dictates how much to charge for a g/s in order to make a profit & are
based on costs & what competitors charge for the same product/service
product/service management - ANSWER obtaining, developing, maintaining, &
improving a product or service mix in response to market opportunities *(helps
determine products a business will offer & quantities, makes decision based on a
product's life style)*
promotion - ANSWER communicate info about goods, services, images, and/or ideas to
achieve the desired outcome *(reminds, persuades, informs)*
selling - ANSWER determining client needs & wants & responding through planned,
personalized communication that influences decisions & enhances future business opps
6 functions of marketing - ANSWER channel marketing/distribution, marking information
management, pricing, product/service management, promotion, & selling
business ownership - ANSWER sole proprietorship, partnership, corporation, &
franchise
sole proprietorship - ANSWER a business owned & run by 1 person & the business is
typically managed by the owner
sole proprietorship advantages - ANSWER easy to start up, complete control of the
business, owner receives all the profits, & limited taxes
sole proprietorship disadvantages - ANSWER limited capital (money), unlimited liability
(responsible for all debt), business is limited to the lifetime of the owner
partnership - ANSWER business owned & controlled by 2 or more ppl who have
entered a written agreement, management of the company depends on this
partnership advantages - ANSWER more capital & credit available than a sole
proprietorship, combined resources (money, expertise), shared management
responsibilities, shared risk, the work load is easier to manage than a sole
proprietorship
partnership disadvantages - ANSWER profits are shared, responsible for each others
decisions, a potential disagreement among partners, unlimited liability
CORRECT 100%
marketing - ANSWER the study and management of exchange relationships; takes
place wherever customers are
product - ANSWER the g/s combination the business offers to the market
the 4 P's - ANSWER Product, Pricing, Promoting, & Place/Distribution
promoting - ANSWER the effort to inform, persuade, or remind potential customers
about a business's products/service
ads - ANSWER tv commericals
personal selling - ANSWER door to door sales, professional sales
publicity - ANSWER press release
sales promotion - ANSWER logo imprinted giveaways, BOGOs, sign up early, no
registration fee
durable goods - ANSWER goods that can be kept for a long time (ex: DVD player, cars)
nondurable goods - ANSWER goods that can't be kept for a long time (ex: gasoline)
marketing concept - ANSWER customer orientation, company commitment, company
goals
customer orientation - ANSWER *"do it their way"*; finding out what customers want
and producing those products the way they want them
company commitment - ANSWER *"do it better"*; make/price the product better than
the competition's model
company goals - ANSWER *"do it with success in mind"*; maintain your firm's purpose
while you apply the marketing concept
marketing role in private enterprise system - ANSWER provides benefits that makes our
lives better, promotes using natural resources more wisely, & encourages international
trade
how marketing benefits society - ANSWER it visibly benefits our lives, natural
surroundings, & global trade
, channel management/distribution - ANSWER identifying, selecting, monitoring, &
evaluating sales *(goal: move products from producer to consumer)*
marketing information management - ANSWER gathering, accessing, synthesizing,
evaluating, and disseminating info to aid in business decisions
pricing - ANSWER dictates how much to charge for a g/s in order to make a profit & are
based on costs & what competitors charge for the same product/service
product/service management - ANSWER obtaining, developing, maintaining, &
improving a product or service mix in response to market opportunities *(helps
determine products a business will offer & quantities, makes decision based on a
product's life style)*
promotion - ANSWER communicate info about goods, services, images, and/or ideas to
achieve the desired outcome *(reminds, persuades, informs)*
selling - ANSWER determining client needs & wants & responding through planned,
personalized communication that influences decisions & enhances future business opps
6 functions of marketing - ANSWER channel marketing/distribution, marking information
management, pricing, product/service management, promotion, & selling
business ownership - ANSWER sole proprietorship, partnership, corporation, &
franchise
sole proprietorship - ANSWER a business owned & run by 1 person & the business is
typically managed by the owner
sole proprietorship advantages - ANSWER easy to start up, complete control of the
business, owner receives all the profits, & limited taxes
sole proprietorship disadvantages - ANSWER limited capital (money), unlimited liability
(responsible for all debt), business is limited to the lifetime of the owner
partnership - ANSWER business owned & controlled by 2 or more ppl who have
entered a written agreement, management of the company depends on this
partnership advantages - ANSWER more capital & credit available than a sole
proprietorship, combined resources (money, expertise), shared management
responsibilities, shared risk, the work load is easier to manage than a sole
proprietorship
partnership disadvantages - ANSWER profits are shared, responsible for each others
decisions, a potential disagreement among partners, unlimited liability
