What occurs at the break-even point?

total revenue is equal to total cost

A firm’s marketing mix refers to the combination of

strategies regarding product, price, place, and promotion.

One characteristic of product differentiation is it

can be based on either real or perceived differences in products.

The Six Sigma approach to quality control

detects potential problems early to prevent their occurrence.

New developments in information technology have

given firms even greater flexibility in their location decisions.

Operations management in the service sector is focused on creating

good experiences for those who use the service.

A key element of customer relationship management is to

learn as much as possible about customers.

An important advantage of knowledge technology is that it

delivers timely and relevant information directly to the people who need it

The formula for break-even analysis includes which component?

variable cost per unit of output

The stages of the product life cycle are

introduction, growth, maturity, and decline.

Equity theory states that employees will perform well if they

believe the reward they receive fairly compensates them for their efforts

Compared to consumer markets, B2B markets

rely less on marketing intermediaries.

The key distinction between data and information is that data

are raw, unanalyzed facts and figures while information has been processed

Marketing intermediaries are important because they

add value that exceeds the cost of their services.

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MGMT 110 Exam 2 Prep NCAT

30 termsStudBud Administration148 plays

includes multiple chapters 8, 11, 12, 13. This does not include all material expected on the exam. Please review the course PowerPoint slides and your chapter notes in addition to this study tool.

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Questions 30

Answers

1
Maslow placed _____ needs at the highest level
loving-belonging
esteem
self-actualization
safety
2
___means selling goods and services to ultimate consumers over the Internet.
Brokering
B2B distribution
Wholesaling
Online retailing
3
What occurs at the break-even point?
variable costs are equal to total fixed costs
target profit is achieved
total revenue is equal to total cost
profits are maximized
4
a system of goal-setting and implementation that involves a cycle of discussion, review and evaluation of team members
the three-step planning system
management by objectives
expectancy theory
hierarchy of needs
5
A firm’s marketing mix refers to the combination of
advertising media the firm utilizes to promote its products.
people directly involved in making marketing decisions.
strategies regarding product, price, place, and promotion.
goods the firm offers to different market segments.
6
While the 4 Ps help us remember the basics components of the ________
marketing mix
production operation
customer relationship marketing process
product development process
7
Which theory would be most closely tied to the employee motivated by rewards for completing a task are sufficient
theory Y
expectancy
theory X
equity
8
A production process characterized by long production runs to turn out finished goods over time
assembly
continuous
extended
unrestricted
9
“Selling to everybody and listening to nobody” might be the result of a firm that uses a ________marketing strategy.
mass
target
niche
relationship
10
One characteristic of product differentiation is it
is strictly a function of packaging.
is determined exclusively by price.
can be based on either real or perceived differences in products.
restricts price competition and market access.
11
The Six Sigma approach to quality control
allows only 600 defective units per one thousand units produced.
views quality control as a function of the marketing department.
detects potential problems early to prevent their occurrence.
relies on a special team of experts to examine every unit of output
12
New developments in information technology have
reduced the impact government policies have on location decisions.
had little effect on business location decisions.
caused a movement of firms back to urban areas
given firms even greater flexibility in their location decisions.
13
_______ is raw, unanalyzed, and unorganized facts and figures.
A statistic
Criteria
A ratio
Data
14
Operations management in the service sector is focused on creating
good experiences for those who use the service.
additional customer expectations.
jobs for the local community.
inexpensive ways to get things done.
15
A __________has direct responsibility for all the elements of the marketing mix for one brand or product line.
brand specialist
channel specialist
brand manager
product engineer
16
A key element of customer relationship management is to
allow customers to participate in the management decisions of the firm.
learn as much as possible about customers.
develop a strategy to achieve the largest possible market share.
keep the price of goods as low as possible.
17
Charging high prices for a new product to earn large profits during a time when there is little competition represents a
skimming
penetration
bundling
cost-based
18
Which term refers to the process of dividing the total market into several groups with similar characteristics?
market segmentation
market partitioning
market differentiation
market positioning
19
An important advantage of knowledge technology is that it
eliminates the need for businesses to store information electronically.
allows businesses to locate anywhere and still reach their customers.
is much cheaper to incorporate into most business operations.
delivers timely and relevant information directly to the people who need it
20
People with unsatisfied wants and needs who have both the ability and the willingness to buy are
a profit center.
a marketing mix.
a market.
stockholders.
21
The formula for break-even analysis includes which component?
variable cost per unit of output
forecasted cash requirements
forecasted sales
depreciation
22
_______ is a process used to test consumer reactions about a product among potential users.
Test marketing
Prototype
Virtual design
B2B marketing
23
the activity set and processes for creating, communicating, delivering and exchanging offerings that have customer value
marketing
selling
advertising
production
24
The stages of the product life cycle are
introduction, growth, maturity, and decline.
conception, testing, production, commercialization, and obsolescence.
production, inventory, exchange, usage, and disposal.
opportunity recognition, concept testing, production, market acceptance
25
Equity theory states that employees will perform well if they
have an opportunity to impress others in the organization.
understand the nature of their responsibilities.
believe the reward they receive fairly compensates them for their efforts
know that their supervisor has set reasonable performance goals
26
Compared to consumer markets, B2B markets
rely less on marketing intermediaries.
tend to be segmented based on demographics
rely less on relationship marketing.
consist of only small and midsized firms.
27
The tendency for people to behave differently when they know they are being studied is known as the __________ effect
expectancy
time-motion
Hawthorne
Taylor
28
A widely used technique commonly used for collecting primary data is
reviewing government reports.
collecting relevant articles in trade journals.
benchmarking.
conducting a survey.
29
The key distinction between data and information is that data
is mathematical in nature while information is verbal in nature.
are raw, unanalyzed facts and figures while information has been processed
are facts and figures that have been stored in databases
is less reliable than information because its accuracy hasn't been verified
30
Marketing intermediaries are important because they
complicate the distribution process.
add cost that exceeds the value they provide.
add value that exceeds the cost of their services.
increase the number of exchange relationships in the channel.

MGMT 110 Exam 2 Prep NCAT Flashcards | StudBud