bus 100 final

• When an individual chooses his or her ideal career, it is most likely a reflection of one's

  values
• Chris chooses to work only thirty hours a week as an engineering assistant while trying to shield himself from additional responsibilities at work. Chris seems to value


  more free time. 
• The organized effort of individuals to produce and sell, for a profit, the goods and services that satisfy societies needs is called 

   business
• Andrew Cooper decides to become a part owner of a corporation. As a part owner, he expects to receive a profit as payment because he has assumed the risk of


  losing the money he has invested in the corporation and not receiving profits.
• ____ is the study of how wealth is created and distributed.

   Economics 
• When economists study the national economy or global economy, they are using a ____ approach.

  macroeconomics 
• The United States, whose economy exhibits elements of both capitalism and socialism, has what is known as a ____ economy.

   mixed 
• During certain special times, Douglas actually works at the retail outlet where his employer sells a variety of manufacturer’s food products. Douglas is providing _____ in this role as a wholesaler.

  promotion
• Wally’s Hardware store is located in a small town in the Midwest. This store would best be classified as a (n) _____.

  independent retailer
• A clothing retailer has been striving to reduce the costs of its inventory, but many of its customers are switching to competitors because they do not want to wait for the retailer to order the Items. This retailer is experiencing _____.

  stock-out costs
• In the past, Tupperware used only personal selling to sell its products; it now uses other methods as well to reach its target market. Together these various methods are Tupperware's _____.

  promotion mix
• Selective-demand advertising aimed at persuading consumers to make purchases within a short time is called ____ advertising.

  immediate-response
• A good or service that is intended primarily for personal or household use is called a(n) ____ product.

  consumer
• ____ become(s) a part of the physical product and consist(s) of either finished items ready for assembly or products that need little processing before assembly.

  component parts
• When a product experiences sales revenue and profit increases, reaches a peak, and then declines, it goes through what is called

  product life cycle
• Borden, Inc. offers pasta, snacks, grocery, and dairy items as well as films, adhesives, and other nonfood products. These products are referred to as Borden's


  product mix
• A new product should be left in a test market long enough to


  allow buyers a chance to repurchase the item
• The Morton's Salt Girl, the Pillsbury Dough Boy, and Planters' Mr. Peanut are all examples of

  brand marks
• The part of a brand that can be spoken¾letters, words, numbers, and/or pronounceable symbols¾is called a

  brand name
• Brand names such as Tide, Surf, Biz, and Wisk are effective names because they


   are easy for customers to say, spell, and recall. 
• What do yo-yo, aspirin, and thermos all have in common in a marketing sense?

  They were all once brand names that have since been declared generic terms.
• A major drawback of price competition is that


  customers equate lower prices with lower quality.
• The organizational function and set of processes for creating, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders is


  marketing
• Using information about customers to create marketing strategies that develop and sustain desirable long-term customer relationships is known as

  customer relationship management. 
• The utility created by converting production inputs into finished products is called ____ utility.

  form 
• Between the 1920s and the 1950s, business had a strong ____ orientation, in which emphasis was placed on increased advertising, enlarged sales forces, and occasionally high-pressure selling techniques.

  sales
• During the 1950s, the marketing concept began to develop as business managers recognized that they were not primarily producers or sellers but rather were in the business of


  satisfying customers' needs
• Dell Computer Corporation sells personal computers to colleges and universities, hospitals, civic clubs, charitable organizations, and foundations. This market is called a(n) ____ market.

  institutional market
• A market is a group of individuals and/or organizations that have needs for products in a given category and have the ability, willingness, and ____ to purchase such products.

  authority
• A market segment toward which a company directs its marketing effort is called a

  target market
• Morton Salt Company designs a single marketing mix and directs it at the entire market. The company is using the ____ approach.

  undifferentiated
• Bic ballpoint pens appeal to price-conscious consumers because of their affordability. Bic has segmented its market on a ____ basis.

  behavioristic
• You are the decision maker for purchasing office equipment in your organization. One sales representative privately offers you season tickets to the Chicago Bears if you help him out. This tactic is


  a bribe
• If a company deals with violations of its ethical codes ____, the opportunity to be unethical will be reduced.


  firmly and consistently
• Dell’s global outreach programs that help bring technology to underserved communities in various parts of the world is an example of

  social responsibility
• By ensuring that products are safe and reliable, the Food and Drug Administration and the Consumer Product Safety Commission are taking part in a movement known as

  consumerism
• The economic model of social responsibility places primary emphasis on

  economic return
• How has international trade changed since the end of World War II?

  International trade has increased steadily since this period of time.
• If Japan were regarded as the best electronics manufacturer in the world, what would be true?


  Japan would have an absolute advantage in electronics production. 
• ____ is the ability to produce a specific product more efficiently than any other product.

  Comparative advantage