exam Flashcards

Question

Economics

Answer 1

the study of how goods and services are produced, distributed, and consumed

Answer 2

the effects produced (such as jobs created and revenue generated) by decisions made by consumers and businesses

Answer 3

the total market value of all final goods and services produced within a country's border during a given period

Answer 4

occurs when our wants are greater than the resources available to meet them

Answer 5

the sum of all that is lost after taking one course of action over another

Answer 6

the amount of a good and service consumers are willing to buy at various prices over a period of time

Answer 7

the quantity demanded is directly related to the price If P↑ then QD ↓ If P↓ then QD ↑

Answer 8

The quantities that sellers will offer for sale at various prices.

Answer 9

quantity supplied is directly related to the price If P↑ then Qs ↑ If P↓ then Qs ↓

Answer 10

Quantity demanded = Quantity supplied

Answer 11

amount of a good that is bought and sold in a market that is in equilibrium

Answer 12

price at which a good is bought and sold in a market that is in equilibrium

Answer 13

intellectual property, contract law, disputes over creative control

Answer 14

Doing research into a specific market to understand the market need, market size, competition

Answer 15

Collecting, analyzing, and interpreting information about a product, company, and customers.

Answer 16

- Determine which products are needed - Determine whether marketing strategies are successful - Understand consumer preferences

Answer 17

- Primary research - Secondary research

Answer 18

- Qualitative research - Quantitative research

Answer 19

Data that you as the researcher have collected firsthand. (gathering data that has not been collected before)

Answer 20

A research method that uses data that was collected/published by someone else.

Answer 21

Collecting/analyzing non-numerical data like text or video

Answer 22

Includes numerical data points

Answer 23

- A name, term, symbol, design, or combination used to identify a seller's goods or services. - A brand helps companies differentiate themselves from the competition

Answer 24

Logo Symbols Type of font Colour Slogan

Answer 25

- Helps consumers identify the source of the product - A signal of quality that helps reduce the risk of a purchase for consumers. - It reduces the need for consumers to do research -It is a symbolic device

Answer 26

Positioning is how a brand is perceived in consumers' minds and stands out from competitors.

Answer 27

Positioning maps help visualize a product's position in the market compared to its competitors.

Answer 28

- Crowded market - top of mind -ongoing loyalty, - marketing message

Answer 29

involve how you get your product into the hands of your customer.

Answer 30

The direct path a product takes from the producer to the consumer, without any intermediaries.

Answer 31

Marketing activities that use a customer database to sell products directly to customers.

Answer 32

Telephone sales Print Television Online Retail

Answer 33

The path a product takes using intermediaries between the producer and the consumer.

Answer 34

1. AGENTS E.g. Ticketmaster, Amazon, Stubhub 2. WHOLESALERS E.g. Costco 3. RETAILER Sells directly to the consumer.

Answer 35

is the total income brought in through the sales of goods & services.

Answer 36

Revenue minus the cost of goods sold.

Answer 37

Gross profit minus expenses (taxes, advertising, public relations)

Answer 38

Markup Pricing Cost-Plus Pricing Skimming Pricing Penetration Pricing Competition pricing Price Lining Bundle Pricing Loss-Leader Pricing Yield-Management Pricing

Answer 39

the difference between the retail or wholesale price and the cost of an item.

Answer 40

Pricing products by calculating all costs and expenses and adding in desired profit.

Answer 41

When introducing a new product, marketers may price it high to recover development costs.

Answer 42

Price the item low to create immediate demand for the product.

Answer 43

Businesses find out what their competition are charging for the same items.

Answer 44

Selling all goods in a product line at specific price points.

Answer 45

Selling several items as a package for a set price.

Answer 46

Pricing an item at cost or below cost to draw customers into the store.

Answer 47

Pricing items at different prices to maximize revenue when limited capacity is involved. (seats at a sports game)

Answer 48

Content Advertising Pull Advertising Push Advertising

Answer 49

This strategy uses a direct, clear message to reach as many people as possible.

Answer 50

Informational/Rational appeal Emotional appeal Comparative advertising

Answer 51

Instead of going after customers, the brand aims to keep themselves top of mind

Answer 52

Seeks to make something known to position the brand well and increase sales

Answer 53

- A mental picture or concept of something or someone. Can be positive or negative. - Plays a crucial role in shaping consumer preferences, loyalty, and purchasing decisions

Answer 54

The process of promoting, selling, and distributing products related to a brand, team, or entertainer.

Answer 55

An endorsement is a form of public support or approval. Endorsements are given to politicians and products

Answer 56

Sponsorship is when a company supports an event or organization with money or resources.

Answer 57

The profit returned to the sponsor from their initial investment in the sponsorship.

Answer 58

Enhancing brand image Managing crises Building fan engagement Promoting events/products

Answer 59

Press Releases Media Relations Crisis Management Social Media Campaigns community Involvement Sponsorships and Partnerships

Answer 60

Refers to the rights of college athletes to profit from their personal brand and endorsements

Answer 61

paid social media posts sponsorships from local businesses paid speeches autograph signings product endorsements.

exam Flashcards

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