38 Questions
What is the primary purpose of social media for businesses?
Raise brand awareness
What is the largest retailer by sales in the U.S.?
Walmart
What is the first step in developing an advertising campaign?
Define your advertising goals
What is the main purpose of integrated marketing communication (IMC)?
Delivering a unified message across all marketing channels
What is the number one reason businesses use social media?
Raise brand awareness
What is the primary revenue stream for Social Media Companies?
Advertising
What is LinkedIn?
Professional social networking site
What is the first step in building a social media plan?
Define social goals and KPIs
What is social media marketing?
Using social media to market the business
What is inbound marketing?
Creating content on a website to attract customers
What is cloud computing?
Storing and accessing data and programs over the internet
What is the Accounting Equation?
Assets = Liabilities + Owners' Equity
What is the textbook definition of a business?
Organized effort of individuals to produce and sell goods for a profit to satisfy needs
What are the 3 components of a business?
Organization, satisfying needs, producing a profit
What is gross domestic product (GDP)?
The total value of all goods and services produced by all people within the boundaries of a country during a specified time period
What is the primary reason why many new businesses fail?
Mismanagement and lack of business know-how
What is a business plan?
A written document that provides a description and overview of a business
What is an organization's most valuable resource?
Human resource
What are the 4 functions of management?
Planning, Organizing, Leading and Motivating, Controlling
What is a SWOT analysis?
Assessment of Strengths, Weaknesses, Opportunities, and Threats
What is leadership's greatest ability?
Influence
What are the three phases of Human Resources Management (HRM)?
Acquiring, Developing, Retaining
What is the primary reason for many new businesses failing?
Lack of business know-how
What is the textbook definition of gross domestic product (GDP)?
The total value of all goods and services produced by all people within a country
What is the organization's most valuable resource?
Human resource
What is the SWOT analysis used for?
Assessing Strengths, Weaknesses, Opportunities, and Threats
What is the primary goal of public relations?
To manage public perception and maintain a positive image
What is the main purpose of integrated marketing communication (IMC)?
To create a unified message across all marketing channels
What is the most liquid asset?
Cash
What is the first step in developing an advertising campaign?
Defining advertising goals
What is the number one reason a business uses social media?
Raise brand awareness
What is the Accounting Equation?
Assets = Liabilities + Owners' Equity
What is the main purpose of inbound marketing?
To pull customers in by creating valuable content
What is the primary revenue stream for Social Media Companies?
Advertising
What is the largest retailer by sales in the U.S.?
Walmart
What is the first step in building a social media plan?
Reviewing broader marketing goals and initiatives
What is the purpose of advertising?
To inform, persuade, or remind the target market
What is the role of a retailer?
To sell goods to the public
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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