Semester 1 Final Exam

Anything that can be bought or sold

The 4 P's of marketing include product, price, place, and production

Encoding the message is not a step in the process of making an advertising campaign

A customer profile is a detailed description of an irregular customer in a market segment

Capitalism is not a type of function of business

Focuses on building long-term relationships with customers

A particular style for the printed letters of the alphabet, punctuation, and numbers

Customer satisfaction is an element of the marketing concept

A rising unemployment rate indicates a strong economy

Utility describes the characteristics of a product that satisfy needs and wants

A phrase or sentence that summarizes an essential part of the product or business

Promoting monopolies is a role of government in an economy

A series of related jobs in the same profession

When demand is higher than the available resources

A document describing business and marketing objectives and the strategies and tactics to achieve them

A system of gathering, storing, and using customer data for marketing directly to customers based on their histories

The elements of an advertisement include headline, copy, marquee, and metrics

A coordinated series of link ads with a single idea or theme is an advertising campaign

The market price for a product is determined at a point where supply equals demand

The person who has a message to communicate

A combination of on-the-job training, work experience, and classroom instruction

Attention, interest, desire, and action are elements of a advertising campaign

 The mastery of a skill or the capacity to do something

What are the factors of production? is not an important economic question related to scarcity that nations should answer

The receivers response to the sender and concludes the communication process

The economic resources a nation uses to make goods and supply services for its population

Uses logic to change a belief or get people to take a certain action

Students in post-secondary school choose a area of study that suits an interest or meets a career goal

Market structure with one that has complete control of a markets entire supply of goods and services

Stock market spending is a component of gross domestic product

Mathematics, drawing, and writing are all examples of aptitudes

Specialization is not a stage of the business cycle

Entrepreneurs take risks to start and run restaurants

 The process of communicating with potential customers in an effort to influence their buying behavior

Motivators or change factors from outside the business

Consists of dynamic activities that identify, anticipate, and satisfy customer demand while making a profit

A professional status earned by an individual after passing an exam focused on a specific body of knowledge

The work a person does regularly in order to earn money

The market value of all final products produced in a country during a specific period of time

Financial aid that may be based on financial need or some type of merit or accomplishment

The aspect of an ad that grabs attention

Tax and spending decisions made by the President and Congress

Businesses that sell primarily to businesses are in the business-to-consumer market

Any direct contact between a salesperson and a customer is not personal promotion

Products are commonly known as goods and services

Occurs when two or more businesses in an industry agree to sell the same good or service at the same price

An economic system where the economic resources are privately owned by an individual's rather than the government

A list of steps on a time line to reach each of your career goals is a career ladder

Any non-personal communication paid for by an identified sponsor

A science that examines how goods and services are produced, sold, and used

A position on the career ladder that has management responsibility is supervisory

The highest level position on a career ladder is the specialist level

Gross domestic product is also known as economic input

The value of the next best option that is not selected is time utility

Alternating periods of expansion and contraction in an economy

Psychographic segmentation is dividing the market by certain preferences or lifestyle choices

Term for all activities involved in developing and exchanging products

Job-specific skills are skills necessary to preform the required work-related tasks of a position

A period of significant decline in the total output, income, employment, and trade in an economy

Central bank regulation of money supply and interest rates

In the communication process, decoding is not how the message is translated

The translation of a message into terms the receiver can understand

All the people in a nation who are capable of working and want to work

The amount a borrower pays for a loan is interest

A short-term position with a sponsoring organization that gives an opportunity to gain on-the-job experience

Part-time jobs on a college campus

An oligopoly market structure with a small number of businesses selling the same or similar products

Talking with people you know and making new contacts

Anywhere a business exchange takes place

Grade school is a type of formal education

The strategy for using the elements of product, price, place and promotion

An action or task that is performed, usually for a fee

Education that prepares you for a specific type of work is occupational training

The process of communicating with potential customers in an effort to influence their buying behavior

An individual or group who buys products

Coupons, rebates, and loyalty programs are not parts of loyalty programs

Something an individual does well

A purchase made quickly and with little thought

Informational influence does not affect consumer buying behavior

The process of dividing the market into smaller groups is customer segmentation

Activities involved in buying and selling goods on a large scale

In a traditional economy, individuals free to make their own economic decisions

The arrangement of the headline, copy, and art on a page

One of the common elements in a promotional mix is personal selling

Money that a business has left over after all expenses and costs of running the business are paid

Rate of change in prices calculated on a monthly or yearly basis

A general rise in prices throughout an economy is called inflation

A specific group of customers whose needs a company will focus on satisfying