6th Six Weeks

Question 1

Distribution strategy: the process of transferring goods from one place to another.

Answer 1

Transportation

Question 2

Distribution strategy: the process of keeping goods for future use.

Answer 2

Storage

Question 3

Distribution strategy: the process of unpacking repacking, packaging, and moving goods.

Answer 3

Product Handling

Question 4

Distribution strategy: the process of ensuring the appropriate stock of goods is kept.

Answer 4

Inventory Control

Question 5

The process of supplying goods to stores and other businesses that sell to customers.

Answer 5

Distribution

Question 6

The business of and materials used for wrapping and protecting goods.

Answer 6

Packaging

Question 7

A deduction in the retail price of a good for a retailer from a wholesaler.

Answer 7

Trade Discounts

Question 8

Storing goods that will later be sold or distributed.

Answer 8

Warehousing

Question 9

Delivering goods to their desired destination, such as a customer or a retail location.

Answer 9

Shipping

Question 10

What happens to defective or damaged goods at the cost of the manufacturer.

Answer 10

Sales Returns

Question 11

Market research step: define issue, create research objectives, research questions.

Answer 11

Identify the Problem

Question 12

Market research step: determine information needed, research methods, determine responsible parties.

Answer 12

Develop the Research Plan

Question 13

Market research step: review secondary data, collect primary data, determine suitable methods and techniques.

Answer 13

Conduct Research

Question 14

Market research step: format data and analysis, interpret results, create reports and recommendations.

Answer 14

Analyze and Report Findings

Question 15

Market research step: thought and planning, evaluation of options, course adjustment and execution.

Answer 15

Take Action

Question 16

Market research result: understand the general direction businesses are developing.

Answer 16

Identify Industry Trends

Question 17

Market research result: understand the willingness and ability of customers to purchase a good or service.

Answer 17

Analyze Demand

Question 18

Market research result: predict the outcome of moving goods to customers.

Answer 18

Forecast Sales

Question 19

Market research result: the ability to take business action with clarity based on accumulated information.

Answer 19

Make Decisions

Question 20

Market data gained through the business’s own research.

Answer 20

Primary Data

Question 21

Market data gained through other companies’ research

Answer 21

Secondary Data

Question 22

Statistical data relating to the population and particular groups within it.

Answer 22

Demographics

Question 23

Division into separate parts or sections.

Answer 23

Segementation

Question 24

A particular group of consumers at which a product or service is aimed.

Answer 24

Target Market

Question 25

The functional or emotional desires of a target market.

Answer 25

Market Need

Question 26

A condition where different economic firms seek to obtain a share of a limited market.

Answer 26

Competition

Question 27

The existence of high startup costs or other obstacles that prevent new competitors from easily entering an industry or area of business.

Answer 27

Barriers to Entry

Question 28

An imposition of rules by government, backed by the use of penalties that are intended specifically to modify the economic behavior of individuals and firms in the private sector.

Answer 28

Regulation

Question 29

The manufacturing or technically productive enterprises in a particular field, country, region, or economy viewed collectively, or one of these individually.

Answer 29

Industry

Question 30

A person or organization that buys goods or services from a store or business.

Answer 30

Customer

Question 31

A framework for identifying and analyzing the internal and external factors that can have an impact on the viability of a project, product, place or person.

Answer 31

SWOT Analysis

Question 32

SWOT Analysis: what an organization excels at and separates it from the competition.

Answer 32

Strengths

Question 33

SWOT Analysis: what stops an organization from performing at its optimum level.

Answer 33

Weaknesses

Question 34

SWOT Analysis: favorable external factors that an organization can use to give it a competitive advantage.

Answer 34

Opportunities

Question 35

SWOT Analysis: factors that have the potential to harm an organization.

Answer 35

Threats