Final Exam Review Guide Exams 1 3 Marketing Exam 1 Review 1 What are the 4 fundamental business resources Human Material Information Financial 2 What kind of economy does a capitalistic economy have 3 In which economic system do individuals own and operate the majority of businesses Mixed Economy Capitalism 4 What kind of economy does a socialistic and communistic economic have Command Economy 5 What are the 4 types of competition Perfect Competition Monopolistic Competition Oligopoly Monopoly 6 Which competition uses product differentiation The ability to produce a specific product more efficiently than any other nation The ability to produce a specific product more efficiently than any other product Monopolistic Competition 7 What is absolute advantage 8 What is comparative advantage 9 What is a tariff or import duty A tax on imported goods business Sole Proprietorship 10 Which form of business is owned by a single owner and is the most popular form of 11 What is a corporation known as if it is in the state it is incorporated Domestic Corporation 12 Which form of business is simple owned by one person and has limited liability for the 13 In a corporate structure who is appointed by the board of directors 14 Which management function is first because all other management functions rely on it owner LLC Officers Exam 2 Review Planning 15 What type of planning would you use for daily planning Operational planning 16 What is the 3 step delegation process Assign responsibility grant authority assign accountability 17 What of the following is NOT part of Maslow s Hierarchy of Needs Safety needs Social needs Psychological needs Esteem needs Answer Psychological Groupthink Optimal 18 What is the main disadvantage of group decision making 19 What level of conflict if good for group performance 20 What is the first step in the decision making process Recognize the need 21 Which Act regulates the degree to which employees can be exposed to hazardous 25 Which of the following is not one of the four financial statements Occupational Safety and Health Act substances Exam 3 Review Management 22 Who are the primary users of accounting information 23 What are the 3 types of accounting Financial managerial tax 24 Who is the audience of financial accounting Internal and external Balance Sheet Statement of Cash Flows Statement of Stockholders Equity Statement of Accounts Receivable Answer Statement of Accounts Receivable 26 What is another name for the balance sheet Statement of Financial Position 27 What is another name for the income statement Profit and Loss Statement 28 What does GAAP stand for Generally Accepted Accounting Principles 29 What is the income statement equation Revenues expenses net income 30 Which of the following is not on the balance sheet Assets Revenues Liabilities Stockholders Equity Answer Revenues 31 What is the accounting equation Assets Liabilities Owners Equity 32 What is debt capital Money obtained through various types of loans 33 What is equity capital Capital received from the sale of shares of ownership in a business 34 What does the current ratio measure Liquidity Marketing Review 35 What is a brand A name term symbol design or any combination of these that identifies a seller s products as distinct from those of other sellers 36 What are the 4 stages of a products life cycle Introduction stage growth stage maturity stage decline stage 37 Do sales still increase when a product is at its maturity stage Yes 38 What are the 3 types of brands Manufacturer store generic 39 What are the 3 consumer products Convenience products shopping products specialty products 40 What is the break even equation Total fixed costs selling price variable costs 41 What are the 5 pricing strategies New product pricing differential pricing psychological pricing product line pricing promotional pricing 42 What is product differentiation 43 What is price competition The process of developing and promoting differences between one s product and all similar products It is the emphasis on setting a price equal or lower than competitors prices to gain sales or market share 44 Which pricing strategy is used if price skimming and penetration pricing are used New product pricing 45 What are the 3 types of middlemen Merchant functional retailers 46 What are the 3 types of market coverage Intensive distribution selective distribution exclusive distribution 47 What is the difference between supermarket and superstore A supermarket sells primarily food and household products and a superstore is a large retail store that carries not only food and non food products ordinarily found in super markets but also additional product lines 48 What are 3 types of carriers Common carriers contract carriers private carriers 49 What kind of middlemen are wholesalers and distributors Merchant 50 What kind of middlemen are agents and representatives Functional 51 What is promotion Promotion is the communications about an organization its products that are intended to inform persuade or remind target market members 52 What does the promotion mix typically consist of Advertising sales promotion personal selling public relations 53 In the personal selling process refers to the selection of potential customers Prospecting 54 What is the difference between a sample and a premium Sample is a free product to encourage customer trial and a premium is a gift offered to customers for buying the product 55 What kind of promotion is the use of activities or materials as direct inducements to customers or salespersons Sales promotion 56 What is customer satisfaction Customer satisfaction refers to whether customer expectations about a product or service have been met or exceeded 57 A group of individuals or organizations for which a firm develops and maintains a marketing mix suitable for the specific needs and preferences of that group is 58 When a company designs a single marketing mix and directs it at an entire market for a particular product it s using what kind of approach 59 Industry PROFIT reaches a peak and begins to decline during what stage of the product life Target market Undifferentiated approach cycle Growth stage 60 The ultimate factor that determines the price at which a product will sell is What buyers will pay in the marketplace 61 Which of the following is NOT a sales promotion method News Release