Business and Economics Terminology Quiz
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Questions and Answers

What is the primary purpose of social media for businesses?

  • Increase sales
  • Raise brand awareness (correct)
  • Increase brand engagement
  • Acquire new customers

    • What is the largest retailer by sales in the U.S.?

  • Costco
  • Walmart (correct)
  • Target
  • Amazon

    • What is the first step in developing an advertising campaign?

  • Select the advertising media
  • Define your advertising goals (correct)
  • Create the advertising message
  • Identify the target audience

    • What is the main purpose of integrated marketing communication (IMC)?

    <p>Delivering a unified message across all marketing channels</p> Signup and view all the answers

    What is the number one reason businesses use social media?

    <p>Raise brand awareness</p> Signup and view all the answers

    What is the primary revenue stream for Social Media Companies?

    <p>Advertising</p> Signup and view all the answers

    What is LinkedIn?

    <p>Professional social networking site</p> Signup and view all the answers

    What is the first step in building a social media plan?

    <p>Define social goals and KPIs</p> Signup and view all the answers

    What is social media marketing?

    <p>Using social media to market the business</p> Signup and view all the answers

    What is inbound marketing?

    <p>Creating content on a website to attract customers</p> Signup and view all the answers

    What is cloud computing?

    <p>Storing and accessing data and programs over the internet</p> Signup and view all the answers

    What is the Accounting Equation?

    <p>Assets = Liabilities + Owners' Equity</p> Signup and view all the answers

    What is the textbook definition of a business?

    <p>Organized effort of individuals to produce and sell goods for a profit to satisfy needs</p> Signup and view all the answers

    What are the 3 components of a business?

    <p>Organization, satisfying needs, producing a profit</p> Signup and view all the answers

    What is gross domestic product (GDP)?

    <p>The total value of all goods and services produced by all people within the boundaries of a country during a specified time period</p> Signup and view all the answers

    What is the primary reason why many new businesses fail?

    <p>Mismanagement and lack of business know-how</p> Signup and view all the answers

    What is a business plan?

    <p>A written document that provides a description and overview of a business</p> Signup and view all the answers

    What is an organization's most valuable resource?

    <p>Human resource</p> Signup and view all the answers

    What are the 4 functions of management?

    <p>Planning, Organizing, Leading and Motivating, Controlling</p> Signup and view all the answers

    What is a SWOT analysis?

    <p>Assessment of Strengths, Weaknesses, Opportunities, and Threats</p> Signup and view all the answers

    What is leadership's greatest ability?

    <p>Influence</p> Signup and view all the answers

    What are the three phases of Human Resources Management (HRM)?

    <p>Acquiring, Developing, Retaining</p> Signup and view all the answers

    What is the primary reason for many new businesses failing?

    <p>Lack of business know-how</p> Signup and view all the answers

    What is the textbook definition of gross domestic product (GDP)?

    <p>The total value of all goods and services produced by all people within a country</p> Signup and view all the answers

    What is the organization's most valuable resource?

    <p>Human resource</p> Signup and view all the answers

    What is the SWOT analysis used for?

    <p>Assessing Strengths, Weaknesses, Opportunities, and Threats</p> Signup and view all the answers

    What is the primary goal of public relations?

    <p>To manage public perception and maintain a positive image</p> Signup and view all the answers

    What is the main purpose of integrated marketing communication (IMC)?

    <p>To create a unified message across all marketing channels</p> Signup and view all the answers

    What is the most liquid asset?

    <p>Cash</p> Signup and view all the answers

    What is the first step in developing an advertising campaign?

    <p>Defining advertising goals</p> Signup and view all the answers

    What is the number one reason a business uses social media?

    <p>Raise brand awareness</p> Signup and view all the answers

    What is the Accounting Equation?

    <p>Assets = Liabilities + Owners' Equity</p> Signup and view all the answers

    What is the main purpose of inbound marketing?

    <p>To pull customers in by creating valuable content</p> Signup and view all the answers

    What is the primary revenue stream for Social Media Companies?

    <p>Advertising</p> Signup and view all the answers

    What is the largest retailer by sales in the U.S.?

    <p>Walmart</p> Signup and view all the answers

    What is the first step in building a social media plan?

    <p>Reviewing broader marketing goals and initiatives</p> Signup and view all the answers

    What is the purpose of advertising?

    <p>To inform, persuade, or remind the target market</p> Signup and view all the answers

    What is the role of a retailer?

    <p>To sell goods to the public</p> Signup and view all the answers

    Study Notes

    Social Media and Business

    • Primary purpose of social media for businesses: Engage with customers, enhance brand visibility, and promote products/services.
    • Number one reason businesses use social media: To reach and connect with their target audience effectively.
    • Primary revenue stream for social media companies: Advertising revenue generated from businesses looking to promote their products/services to users.

    Retail and Sales

    • Largest retailer by sales in the U.S.: Walmart, known for its extensive product offerings and nationwide presence.

    Advertising and Marketing

    • First step in developing an advertising campaign: Conduct research to identify target audience, market conditions, and advertising objectives.
    • Main purpose of Integrated Marketing Communication (IMC): Ensure consistent messaging across all marketing channels to enhance brand recognition and customer engagement.
    • Social media marketing: Using platforms like Facebook, Instagram, and Twitter to promote products/services and interact with customers.
    • Inbound marketing: A strategy focusing on attracting customers through relevant content and interactions, rather than traditional ads.

    Business Fundamentals

    • Textbook definition of a business: An organized effort to sell goods and/or services for profit.
    • Three components of a business: Products, customers, and profits.
    • Gross Domestic Product (GDP): The total market value of all final goods and services produced within a country in a given period.
    • Primary reason many new businesses fail: Inadequate market research leading to misalignment with customer needs and expectations.

    Financial Concepts

    • Accounting Equation: Assets = Liabilities + Equity, fundamental to maintaining balanced financial records.
    • Most liquid asset: Cash or cash equivalents that can be quickly accessed for transactions.

    Management and Human Resources

    • Organization's most valuable resource: Human capital, consisting of the skills and talents of employees.
    • Four functions of management: Planning, organizing, leading, and controlling.
    • SWOT analysis: A strategic planning tool to identify strengths, weaknesses, opportunities, and threats related to a business.
    • Leadership's greatest ability: The capacity to inspire and motivate others towards a common goal.
    • Three phases of Human Resources Management (HRM): Recruitment and selection, training and development, performance management.

    Public Relations and Advertising

    • Primary goal of public relations: Build and maintain a positive image of the organization and foster relationships with stakeholders.
    • Purpose of advertising: Inform and persuade the target audience about products or services to drive sales.

    Retailing

    • Role of a retailer: Act as an intermediary between manufacturers and consumers, providing convenience and access to goods.

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    BUSI 1301 - The Final Exam Study Guide - Fall 2023.docx

    Description

    Test your knowledge of business and economics terminology with this study guide quiz. Review key concepts from Chapter 1 and understand the textbook definition of a business. Use your textbook, class assignments, or lecture materials to help you prepare. Master the essential terms and concepts to excel in your studies.

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