Final Exam

Question 1

Process of creating, communicating, and delivering, goods & services to customers and clients.

Answer 1

Marketing

Question 2

Marketing to individuals that want products for personal use (end consumer).

Answer 2

Consumer Market

Question 3

Individuals and organizations that buy goods and services to use in production or to sell to others.

Answer 3

Business to Business

Question 4

Good or service that meets the demands of the market with a competitive advantage.

Answer 4

Product

Question 5

Involves getting product from producer to end user.

Answer 5

Placing

Question 6

Depends on:

• Competitors’ prices
• Production costs
• High or low price strategies

Answer 6

Pricing

Question 7

All the techniques that sellers use to inform people about their products and motivate them to buy

Answer 7

Promotion

Question 8

Advertising, Personal selling, Public relations, word of mouth, sales promotions are examples of……

Answer 8

Promotion

Question 9

Identifying products consumers have used in the past and what they want in the future.

Answer 9

Marketing Research

Question 10

Existing data that has previously been collected by sources like the government

Answer 10

Secondary Data

Question 11

In depth info gathered by marketers from their own research

Answer 11

Primary Data

Question 12

A group of people who meet under the direction of a discussion leader to communicate.

Answer 12

Focus Group

Question 13

Divides the total market into groups with similar characteristics

Answer 13

Market Segmentation

Question 14

Dividing the market by cities, counties, states, or regions

Answer 14

Geographic Segmentation

Question 15

Dividing the market by age, income, education, and other demographic variables.

Answer 15

Demographic Segmentation

Question 16

Dividing the market by group values, attitudes, and interests.

Answer 16

Psychographic Segmentation

Question 17

Selecting which segments an organization can serve profitably.

Answer 17

Target Marketing

Question 18

The process of identifying factoring that affect marketing success.

Answer 18

Environment Scanning

Question 19

The process of finding small but profitable market segments and designing or finding products for them.

Answer 19

Niche Marketing

Question 20

Developing products promotions to please groups of people

Answer 20

Mass Marketing

Question 21

Marketing strategy with the goal of keeping individual customers over time by offering them products that exactly meet their requirements

Answer 21

Relationship Marketing

Question 22

Pricing measures cost of producing a product including materials, labor, and overhead.

Answer 22

Cost-based Pricing

Question 23

A strategy based on what the competition is charging for its products

Answer 23

Competition-Based Pricing

Question 24

Pricing new high to recover costs and make high price competition is limited

Answer 24

Skimming Price Strategy

Question 25

The creation of perceived product differences

Answer 25

Product Differences

Question 26

The value of the brand name associated symbols

Answer 26

Brand Equity

Question 27

The degree to while consumers are satisfied and are committed to further purchases

Answer 27

Brand Loyalty

Question 28

How quickly a giver brand comes to mind when one mentions a product category

Answer 28

Brand Awareness

Question 29

Linking a brand to other favorable images like celebrities or a specific lifestyle

Answer 29

Brand Association

Question 30

A theoretical model of what happens to sales and profits for a product over time

Answer 30

Product Life Cycle

Question 31

What are the states of the Product Life Cycle?

Answer 31

1. ) Introduction 2. ) Growth 3. ) Maturity 4. ) Decline

Question 32

The process used to determine profitability at various levels of sales. Revenues = cost

Answer 32

Break-Even Analysis

Question 33

All costs that remain the same no matter how much is produced or sold

Answer 33

Total Fixed Costs

Question 34

Costs that change according to the level of production

Answer 34

Variable Costs

Question 35

Paid, non-personal communication through various media by organizations and individuals who are in some way identified in the message.

Answer 35

Advertising

Question 36

Any information about an individual, product, or organization thats distributed to the public through the media and is not paid for or controlled by the seller

Answer 36

Publicity

Question 37

People tell others about products they have purchased

Answer 37

Word-of-Mouth Promotion

Question 38

Core business area responsible for the financial health (meeting and money goals) and overall fund management of the org.

Answer 38

Finance

Question 39

Process of recording, summarizing, and interpreting financial transactions

Answer 39

Accounting

Question 40

Shows what the company owns (assets), what it owes its creditors (liabilities), and the value of its shares (Owners equity)

Answer 40

Balance Sheet

Question 41

Shows that the company earned by selling its products compared to it''s COGS and expenses. Also called a profit/loss statement

Answer 41

Income Statement

Question 42

Shows specific sources of how the company generates cash (inflows? and spends cash (outflows).

Answer 42

Statement of cash flows

Question 43

One of the most important aspects of business and personal finance.

Answer 43

Time Value of Money

Question 44

Certificate indicating that an investor has lent money to a firm or a government

Answer 44

Bonds

Question 45

Shares of ownership in a company

Answer 45

Stocks

Question 46

Part of a firms profits that are distributed to shareholders

Answer 46

Dividends

Question 47

Strategy of saving a specific amount of money periodically

Answer 47

Pay yourself first

Question 48

Timing strategy of investing dollar amounts regularly and periodically

Answer 48

Dollar Cost Averaging

Question 49

Simplified way of determining how long it will take for an investment to double in value given the expected rate of return or number of years

Answer 49

Rule of 72's

Question 50

Buying several different types of investments to spread the risk of investing

Answer 50

Diversification

Question 51

Tax-deferred investment plans that enable a person to save part of their income for retirement

Answer 51

Individual Retirement Accounts

Question 52

A contract to make fixed payments from a lump sum to a person for life; guarantees income until you die.

Answer 52

Annuity

Question 53

Backed by collateral

Answer 53

Secured Loans

Question 54

Don't require collateral from the borrower

Answer 54

Unsecured Loans

Question 55

A given amount of money the bank will provide so long as the funds are available

Answer 55

Line of Credit

Question 56

A line of credit that guaranteed but comes with a fee

Answer 56

Revolving Credit Agreement

Question 57

A secured loan to the property that you purchase

Answer 57

Morgage

Question 58

The difference in the amount owed on the home and the value it is worth.

Answer 58

Equity of home

Question 59

The amount actually owed or borrowed on the home

Answer 59

Principal

Question 60

The finance charge that you will pay back to the lender for borrowing money

Answer 60

Interest

Question 61

Property taxes that you must pay determined by the amount the property's worth

Answer 61

Taxes

Question 62

An account set up to save money for your taxes and insurance payments

Answer 62

Escrow

Question 63

Principal, interest, taxes, and insurance the total of your mortgage payments

Answer 63

P.I.T.I

Question 64

Your contract will the insurance company

Answer 64

Policy

Question 65

The periodic amount you pay for coverage

Answer 65

Premium

Question 66

The dollar amount you must pay before the insurance co. pays you

Answer 66

Deductible

Question 67

Pure insurance protection for a given number of years that typically costs less the younger you buy it

Answer 67

Term Insurance