Semester 1 Final Exam

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

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

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

Alternating periods of expansion and contraction in an economy

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

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

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

A general rise in prices throughout an economy is called inflation

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

Any non-personal communication paid for by an identified sponsor

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

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

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

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

Products are commonly known as goods and services

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

Promoting monopolies is a role of government in an economy

Something an individual does well

 The mastery of a skill or the capacity to do something

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

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

An individual or group who buys products

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

The amount a borrower pays for a loan is interest

Grade school is a type of formal education

A series of related jobs in the same profession

Specialization is not a stage of the business cycle

The work a person does regularly in order to earn money

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

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

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

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

A purchase made quickly and with little thought

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

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

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

Entrepreneurs take risks to start and run restaurants

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

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

Informational influence does not affect consumer buying behavior

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

Gross domestic product is also known as economic input

Activities involved in buying and selling goods on a large scale

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

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

Central bank regulation of money supply and interest rates

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

A rising unemployment rate indicates a strong economy

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

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

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

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

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

The receivers response to the sender and concludes the communication process

When demand is higher than the available resources

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

The person who has a message to communicate

Customer satisfaction is an element of the marketing concept

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

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

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

Part-time jobs on a college campus

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

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

Motivators or change factors from outside the business

Tax and spending decisions made by the President and Congress

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

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

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

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

Talking with people you know and making new contacts

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

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

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

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

Stock market spending is a component of gross domestic product

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

Focuses on building long-term relationships with customers

The aspect of an ad that grabs attention

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

The translation of a message into terms the receiver can understand

Term for all activities involved in developing and exchanging products

Anything that can be bought or sold

Anywhere a business exchange takes place

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

Capitalism is not a type of function of business

Mathematics, drawing, and writing are all examples of aptitudes

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