What is an advantage of international trade?

Consumers can purchase quality products for cheaper prices, Nations can get their hands on resources that they don’t have access to

What is one of the main disadvantages of outdoor advertising?

People often pass by too quickly to notice them

produced products sent to other countries

Which of the following is an example of having a comparative advantage?

Florida is better suited to grow oranges than Georgia

Which Items are in the Marketing Mix?

Price, Product, Promotion, and Placement.

Comparative Advantage

produce something at the lowest cost than anyone else

A competitive advantage gives a business a business a chance to ........

outperform similar businesses in the market.

Difference in value of exports and imports

Define Product(s) in marketing terms.

Ways a business Satisfies needs with either goods/ services.

Define Demographics in marketing

Common characteristics of a group e.g. age, gender, income.

The processes by which goods, services, capital, people, information

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Business Management Test 2 Review

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Questions 37

Answers

1
Market segment is a group of consumers who respond in a similar way to a given set of marketing efforts.
False
True
2
Which form of advertising cuts cost on media, ad production, and creative expenses
Yellow Pages Advertising
Informercial Advertising
Television Advertising
Co-op Advertising
3
What is the purpose of advertising?
All of the Above
Create a desire for your product or service
Enhance the image of your company
Make customers aware of your product or service.
4
What is an advantage of international trade?
There is more supply, less demand
Nations go in debt
Consumers can purchase quality products for cheaper prices
Nations can get their hands on resources that they don’t have access to
5
What is one of the main disadvantages of outdoor advertising?
People often pass by too quickly to notice them
Bad weather
They often make no sense
The print is often to small to read
6
Trade that takes place within a country is called...
superstitious
Domestic
irrational
international
7
Exports are
products that are brought in from other countries
None of the Above
produced products sent to other countries
something we don't do...we don't trade with other countries
8
A specific group of people whose wants & needs you try to meet with a marketing mix.
buying motive
word of mouth
target market
social class
9
The point at which total revenues equal total costs and expenses of developing and offering a product or service.
Promotion
Balance of Trade
Product
Break-even Point
10
Which of the following is an example of having a comparative advantage?
The US has a higher GDP than Mexico
People live longer in Norway than they do in Egypt
Seniors are way cooler than Freshmen
Florida is better suited to grow oranges than Georgia
11
Which of the following is NOT one of the four variables in a marketing mix?
Promotion
Price
Place
Payment
12
Which is NOT a part of the four steps of A.I.D.A
Desire
Anticipation
Awareness
Interest
13
Why is marketing important?
So people can buy your business
So you can lose your profit
So people could join your business
So profits will increase
14
What is advertising?
Publiciity
Paid Promotion
Sales Promotion
All of the Above
15
With television advertising, at which point during the year is it common for bidding wars for time slots to take place?
I have no idea
First Quarter
Fourth Quarter
Second Quarter
16
Which Items are in the Marketing Mix?
Income Statements Balance Sheets, & Statement of Cash Flows
Price, Product, Promotion, and Placement.
The Rock, Paper, Scissors
Addition, Subtraction, Multiplication & Division.
17
Within this concept, a business must be good at finding potential customers and emotionally selling on products.
The selling concept
The production concept
The marketing concept
The product concept
18
This is the most operations oriented concept out of any other marketing concepts
The production concept
The marketing concept
The selling concept
The product concept
19
What does the marketing strategy do
identify the company's strengths
puts the marketing plan into action
identify the target market
project the profitable sales
20
Which is the most common form of outdoor advertising?
Infomercial Advertising
Television Advertising
Billboards Advertising
Yellow Pages Advertising
21
More exports than imports is called a ___
trade deficit
foreign exchange rate
trade surplus
trade shortage
22
Which of the following is not a benefit of trade surplus?
Country spends less money on imports
Less competition
A greater variety of goods
Country receives more money on exports
23
A tax placed on imports to increase their price in the domestic market.
Protectionism
Tariff
Quota
Embargo
24
These can be displayed across the top, bottom, or the sides of a website
Banner Advertisement
Pop-Up Advertisement
Outdoor Advertisement
Infomercial advertisement
25
What is international trade?
Trade between cities
All of the Above
Trade between nations
Trade between States
26
Comparative Advantage
using resources to create/buy new capital
an opinion, cannot be tested or validated
produce something at the lowest cost than anyone else
27
A competitive advantage gives a business a business a chance to ........
vary production costs depending on the seasonal demand.
increase the variety of products your businesses produces.
increase trade with other countries.
outperform similar businesses in the market.
28
Globalization refers to the integration of world:
all of the above
economics
cultures
politics
29
If a country removes trade restrictions, how will domestic consumers benefit
pay higher prices
abide by the rules of the government
pay lower prices
pay higher taxes
30
What does the International Trade Approach focus on?
Employing Locals
Applying Tariffs
Foreign Trading
Internal Growth
31
Domestic goods purchased by foreigners is
called exports
called imports
absolute advantage
comparative advantage
32
The marketing mix can also be called
customer base
the target market
the 4 P's
marketing plan
33
More imports than exports is called __
trade surplus
embargo
quota
trade deficit
34
A balance of trade?
Country exports as much as it uses
Difference in value of exports and imports
Difference in domestic trade versus international trade
Country's imports are equal to exports
35
Define Product(s) in marketing terms.
Helping Drake make a Hot Beat.
Making Good Use of your Free time.
Ways a business Satisfies needs with either goods/ services.
Working with the Director while Filmmaking
36
Define Demographics in marketing
Common characteristics of a group e.g. age, gender, income.
A car race where the last car still running wins.
Very Realistic Pictures on a video Game.
Someone who consistently uses crude and vulgar language.
37
Globalization is...?
Leaders of an extreme religious group
Countries that do not want to trade.
When a country imports more goods than it exports.
The processes by which goods, services, capital, people, information

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