ITB Final Review-Part 1

What is an example of a durable good?

Trey hangs posters advertising the school play in local businesses. What marketing function did Trey implement?

Which organization sets and enforces workplace safety standards in the US?

Which financial statement summarizes a company's assets, liabilities, and owner's equity at a specific point in time?

Which of the following is an element of marketing-information management?

This law prohibited unfair competition and promoted free competition. This law was the first to attack monopolies.

Obligations, or debts, that companies owe to other organizations are known as:

The four main P's of marketing are price, product, ______________, and ________________.

Which of the following is NOT one of the "4 P's of Marketing"?

Understanding when to remove a product from the market, to reduce the amount of money lost, is which marketing function?

This put a ban on deceptive acts, such as false advertising. This law gave the (FTC) power to regulate these matters.

Which financial statement measures a company's financial performance over a specific period (Revenue - Expenses)?

What is an example of a nondurable good?

Which of the following is the correct accounting equation?

A specific group of customers that is most likely to buy a certain product or service is called a:

The process of sorting people into groups who share one or more common or similar characteristics is called:

How does marketing benefit society?

Cash, accounts receivable, inventory, and other items/resources that companies own are:

The rivalry between companies selling similar products and services is called:

What refers to the duty a business has to contribute to the well-being of a community, beyond just its corporate profits

What are the moral principles and standards that guide behavior in the business world?

The amount of money a business has left after paying off ALL their expenses (taxes, interests, other indirect costs) is:

Why is market segmentation useful?

Conducting a survey to gather data on customer satisfaction with business is an example of which marketing function?

Mass marketing involves a one-size fits all approach for marketing products and services.

What is a disadvantage of market segmentation?

This law built upon a previous law in promoting free competition. It also made it illegal to charge different prices.

Which of the following is the most liquid?

A person or group who is willing and able to spend money to meet unsatisfied wants or needs is called:

Transportation, storage, and inventory control are all marketing activities that fall under which marketing function?