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AICE Business Midterm Prep Flashcards | StudBud
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AICE Business Midterm Prep
AICE Business Midterm Prep
25 terms
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StudBud Administration
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Test your knowledge on business and marketing concepts with this engaging quiz
Flashcards
25 cards
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Questions
25
Answers
1
Define the primary sector
Research and development
Extracting raw materials
Providing services
Manufacturing goods
2
Who is an internal stakeholder?
Customer
Employee
Community
Supplier
3
What is marketing?
Identifying and satisfying needs
Customer service
Advertising
Selling products
4
Market segmentation...
is a qualitative form of market research
A transports products to customers
is a method of promotion
divides customers into sub-groups
5
In supply and demand,
supply
means
something you give people before they ask for it.
the amount of something that people want to sell.
the same as demand.
the amount of money people want to spend.
6
What is market segmentation?
Merging with competitors
Increasing market share
Dividing market into groups
Reducing production cost
7
Which factor influences demand?
Government policies
Technology
Production cost
Price
8
Needs on the lowest level of Maslow's Hierarchy include:
safety
self-esteem
food
love
9
True or false: Sole traders have limited liability
False
True
10
What are the three needs for McClelland's need theory?
Affiliation, Power and Strength
Affiliation,Power and Achievement
Strength, Power and Love
Power, Love and Achievement
11
what is "industrial marketing"?
where a business sells its products to a retailer
where a business sells its products to another business
where a business sells its products to an agent
12
What is a consumer market?
Selling to individuals
Selling to businesses
Selling to governments
Selling to non-profits
13
In Herzbergs two-factor theory what are the two factors?
The hygiene factors and the responsibility factors
The motivators and the hygiene factors
The motivators and the hyper factors
The Carrot and The Stick
14
What are the factors of HRM Employee morale and welfare?
Age policy, work-life balance, and diversity policy
Age policy, gender policy, and work-life balance
Age policy, equality policy, and diversity policy
Worklife balance, Equality policy, and diversity policy
15
Which is a method of segmentation?
Technological
Operational
Financial
Geographic
16
Theory X and Y
McGregor
W. Richard Scott
Maslow
Ouchi
17
What is labour turnover?
Rate of training
Rate of hiring
Rate of promotion
Rate of employee leaving
18
Which market segmentation variable looks at income levels?
psychographic
demographic
georgraphic
behavioural
19
Which is a key element of a business plan?
Market analysis
Employee names
Office location
Company logo
20
What is an opportunity cost?
Cost of production
Next best alternative
Profit margin
Revenue lost
21
Laissez-faire means __________.
Less fair
Lazy and free
Lassie and Free Willy
Let people do as they choose.
22
"Niche marketing” means
Personalized products targeting narrow groups of people
Selling products abroad
Targeting awide-variety of people
Selling products that are non-specific
23
Which merger is with a competitor?
Strategic alliance
Horizontal merger
Vertical merger
Conglomerate merger
24
Product Orientation is:
Focused on selling at all costs
Focused on orienting the product with the market leaders
Focused on making the product first and then trying to sell
Focused on market research then making products that sell.
25
What is CRM?
Managing employee relations
Managing supplier relations
Managing customer relationships
Managing financial records
