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Review for BMF1 Unit 5 Test Flashcards | StudBud
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Review for BMF1 Unit 5 Test
Review for BMF1 Unit 5 Test
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1
What were the years that generation X was born?
1925-1945
1963-1980
1981-2000
2003-2010
2
What does the Federal Communications Commission (FCC) do?
Regulates TV, telephone, and other communications
The largest producer of TV during the 1950s
Develops public TV and radio stories and news
The group responsible for creating commercials
3
What does the federal trade commission do?
Enforce fair business laws
Prevent tariffs
Prevent extreme bail and punishments
Throw a football
4
Which is an example of antitrust legislation?
Clayton Act
Equal Pay Act
Act Right Fool Act
Americans with Disabilities Act
5
Define copyright
Taking someone's work and calling it yours
A work that is based upon one or more pre-existing works
Protection given to an author's original works or authorship
Licenses that provide a rate of protection to partners
6
Equal Employment Opportunity Commission
enforces the federal employment discrimination laws
enforces any complaint on discrimination true or not
enforces federal employment laws for 3 years
7
The marketing objectives section of a marketing plan includes information about
the desired target market(s).
marketing strategies and programs.
potential issues the marketing team must overcome.
the company’s finances.
8
The function of the Food and Drug Administration (FDA) is to
lobby for laws limiting the amount of sugar in people's diet
conduct research into new drugs for curing disease
monitor online merchants
ensure food products and drugs are safe and effective
9
What is market segmentation?
Dividing an entire market up into different product segments
Dividing a market up into different managing segments
Dividing a market up into different employee segments
Diving a market up into different customer segments
10
What does OSHA protect?
workplace environment
food and drugs
communications
labor unions
11
What is market segmentation?
The dividing of small groups into even smaller market groups
Forming one market out of multiple segments
The division of a total market into smaller, specific groups
Dividing a market into three parts every time
12
What is market segmentation?
The staff are divided into groups
A market is broken down into sub-groups
A market has different competitors
A company is broken down into departments
13
Marketing Information Management is...
Using info from consumers to improve business decisions
Communicating with customers to gain input on improvement
Setting a value that is most reasonable to the consumer
Organizing products and carrying them out to consumers
14
refers to the nature and degree of competition among businesses operating in the same industry
elastic demand
oligopoly
market structure
demand
15
Which "Robber Baron" used the concept of interlocking directorates to gain monopolistic control
Swift
Rockefeller
Morgan
Pulitzer
16
What are economies of scale?
Increase in production leading to lower long-running costs
Increase in production leading to higher long-running costs
Decrease in production leading to lower long-running costs
Decrease in production leading to higher long-running costs
17
Economies of scale
led to lower costs and more goods produced
led to the collapse of the American economy
resulted in a wider variety of products
resulted in higher costs and higher prices
18
What does collusion mean?
Changeable
A secret agreement for a deceitful or fraudulent purpose
An unusual fear of strangers
Sinister
19
Oligopoly is
Where a small number of firms control the market share
Impossible to say without spitting
When many sellers and many buyers
Where 1 firm has more 25% of the market
20
What Does a Copyright Protect?
Literature
Ideas, procedures, systems, concepts, or principles
Musical and dramatic works
Familiar logos
21
Refers to the nature and degree of competition among businesses operating in the same structure
Market Structure
Economics
Oligopoly
Monopoly
22
According to the marketing concept, which option shows company commitment?
Setting aside funds to research what consumers want
Pricing a product to maximize profitability per item.
Teaching marketing to college marketing students
Leaving marketing to marketing department
23
The marketing mix can also be called
the 4 P's
the target market
marketing plan
customer base
24
Involves communication with the consumer.
Place Utility
Form Utility
Information Utility
Form Utility
25
Antitrust legislation is intended to limit the:
Unethical behavior of business elites
Monopolization of industries
Power of business lobbyists in Washington
Nationalization of industries
26
The Environmental Protection Agency was created due to rising concern about....?
Endangered Species
Global Warming
Pollution
Homeland Security
27
Define marketing
the action or business of promoting and selling products or services.
food and culture
literature
a person explaining a product.
28
A marketing plan is a set of procedures for:
Decreasing overhead costs
Increasing employee productivity
Achieving marketing goals
Attracting the target customers to a business
29
Barriers to entry
Factors that make it easier for new firms to enter a market.
Factors that make it difficult for new firms to enter a market.
Factors that make new firms compete with old firms.
Factors that make old firms fall apart.
30
tangible items
goods
no idea
market
services
31
What is copyright?
A way to protect your computer.
A form of protection for products and ideas.
A way of making a product illegal.
32
Which of these are protected by copyright?
Symbols
Graphic works
Discoveries
Sound recordings
33
What is a conglomerate?
Firms in different markets but related industries joining
Firms in the same market joining for a larger market share
Integration between firms in unrelated industries
34
A company's product sales as a percentage of total sales for that industry
product mix
market position
market share
target market
35
An effective marketing information management function enables marketers to:
Determine what products customers want
Determine the price of a food or service
Create demand for a good or service
Select suppliers for products
36
What is OSHA?
Occupational Safety and Health Act
A club here at Central
NOt ThIs OnE
Act that requires businesses to protect workers from injury
37
What are the four P’s of Marketing?
Place, Practice, Product, Payment
Package, Payment, Population, Product
Product, Place, Price, Promotion
Promotion, Place, Practice, Package
38
What's a horizontal merger?
There is no horizontal mergers. It's all fake.
North and South states
A service company buying a manufacturing company.
Two companies that produce a similar product or service.
39
What is deregulation?
Removing laws for less government control
Increasing laws for more government control
40
What is EPA?
Energy Processes Assocication
European Protection Agency
Environmental Protection Agency
41
Most antitrust legislation restricts the harmful effects of
competition
mergers
advertising
trade
42
According to the marketing concept, which option demonstrates customer orientation?
finding out what a buyer wants
advertising the features of a product
researching a firm's competitors
convincing a buyer to buy
43
What is a Monopolistic Competition?
Many firms with some variety but high barriers of entry
Many firms with some variety but low barriers of entry
Many firms with lots of variety but high barriers of entry
Many firms with lots of variety but low barriers of entry
44
A horizontal merger is a merger of
Firms producing complementary products
Firms at various stages ina production process
Firms producing unrelated products
Firms producing the same product
45
Interlocking directorates occur when the boards of directors of competing companies
sell their companies to one another.
buy out similar firms in their industry.
are composed of many of the same members.
obtain a monopoly in a particular industry
46
Marketing Mix
Product, Production, Place, Price
4 P's
Product, Promotion, Place, Price
47
A combination of two or more companies into a single firm.
Duo-Company
Combination
Merger
48
A written document that acts as a guidebook of marketing activities.
mission statement
SWOT analysis
marketing myopia
marketing plan
49
Explain the nature and scope of channel management.
Process of deciding how to get goods into customer’s hands.
How to decide if a product idea is viable
Deciding on what product to make
50
What's monopoly?
A market in which there are many buyers but only one seller
There is only one buyer and many sellers
A game
