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Business Functions and Consumer Behavior
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Business Functions and Consumer Behavior

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@OverjoyedAmbiguity

Questions and Answers

Which process involves the physical movement of goods from one location to another?

  • Financing
  • Storing
  • Selling
  • Transporting (correct)

    • What is the primary purpose of managing information systems in commerce?

  • Increasing product prices
  • Enhancing decision-making and efficiency (correct)
  • Reducing the number of products available
  • Eliminating risks completely

    • What role does risk taking play in the business process?

  • Eliminating competition
  • Guaranteeing profits
  • Enabling potential gains or losses (correct)
  • Avoiding all uncertainties

    • Which of the following best describes the function of storing goods?

    <p>To manage and protect inventory until sold</p> Signup and view all the answers

    In the context of consumer happiness, what does Daniel Gilbert suggest about money?

    <p>Happiness is derived from experiences rather than money itself</p> Signup and view all the answers

    What is an important aspect of standardizing and grading products?

    <p>To simplify the buying process for consumers</p> Signup and view all the answers

    Which term refers to financing in a business context?

    <p>Managing cash flow and investments</p> Signup and view all the answers

    What is one of the impacts of effective buying on consumer satisfaction?

    <p>It helps meet consumer needs effectively</p> Signup and view all the answers

    What is the primary focus of operation management?

    <p>Managing input through to output</p> Signup and view all the answers

    Which of the following is NOT considered an input in the operation management process?

    <p>Marketing strategies</p> Signup and view all the answers

    In the context of marketing, what does the exchange process primarily involve?

    <p>Facilitating transactions between customers and producers</p> Signup and view all the answers

    Which of the following roles does NOT fall under the management of business functions?

    <p>Product promotion</p> Signup and view all the answers

    What is an expected output of the operation management process?

    <p>Service provision</p> Signup and view all the answers

    Which component is essential for decision-making in operation management?

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

    What is a primary objective of effective marketing activities?

    <p>To engage customers in exchange processes</p> Signup and view all the answers

    Which outcome is primarily a financial result of effective operation management?

    <p>Increased revenue for the business</p> Signup and view all the answers

    Which of the following is part of the marketing process?

    <p>Facilitating the creation of utility for customers</p> Signup and view all the answers

    What is the primary benefit of understanding various business functions and activities?

    <p>To apply knowledge effectively in real-life situations</p> Signup and view all the answers

    Which of the following factors does NOT influence consumer buying behavior?

    <p>Seasonal factors</p> Signup and view all the answers

    In the consumer decision-making process, which stage comes immediately after 'Need recognition'?

    <p>Information searching</p> Signup and view all the answers

    The 4Ps of marketing include which of the following?

    <p>Product, Price, Place, Promotion</p> Signup and view all the answers

    According to Roger's Technology Adoption Curve, which group represents the first 2.5% of adopters?

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

    Which of the following is NOT part of the 4Cs in the marketing mix?

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

    What is the main purpose of business finance management according to the content?

    <p>To maximize fund utilization</p> Signup and view all the answers

    Which component is NOT a psychological factor affecting consumer behavior?

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

    What is the last stage of the consumer decision-making process?

    <p>Post-purchase behavior</p> Signup and view all the answers

    What do the '4Ds' of the marketing mix primarily focus on?

    <p>Digitalization and disruption</p> Signup and view all the answers

    What are the main components of the diffusion of innovations theory?

    <p>Innovators, Early Adopters, Majority</p> Signup and view all the answers

    What is the total amount of current assets for the company?

    <p>56,319,147 thousand baht</p> Signup and view all the answers

    What is the total outstanding liabilities of the company?

    <p>111,062,565 thousand baht</p> Signup and view all the answers

    Which item is considered a current asset?

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

    What is the reported profit before tax expenses for the company?

    <p>6,510,401 thousand baht</p> Signup and view all the answers

    What is included under non-current liabilities?

    <p>Bonds payable</p> Signup and view all the answers

    Which of the following is NOT part of equity in the balance sheet?

    <p>Debt securities payable</p> Signup and view all the answers

    What was the total revenue reported by the company?

    <p>112,118,445 thousand baht</p> Signup and view all the answers

    Which of the following represents a cost of sales?

    <p>Cost of goods sold</p> Signup and view all the answers

    How much was the company's profit from operating activities?

    <p>9,076,919 thousand baht</p> Signup and view all the answers

    What is the company's total assets as per the balance sheet?

    <p>431,244,686 thousand baht</p> Signup and view all the answers

    Which of the following is categorized under operating expenses?

    <p>Administrative expenses</p> Signup and view all the answers

    What is the total amount reported as retained earnings?

    <p>3,494,027 thousand baht</p> Signup and view all the answers

    Which item is classified as a non-current asset?

    <p>Lands and buildings</p> Signup and view all the answers

    Which of the following correctly identifies a source of financing?

    <p>Retained earnings</p> Signup and view all the answers

    What is the formula for calculating the net profit margin?

    <p>Net Profit / Total Revenue</p> Signup and view all the answers

    Which of the following statements about the evaluation of business performance is correct?

    <p>It can be assessed using historical financial ratios.</p> Signup and view all the answers

    How are trademarks categorized?

    <p>In terms of 2-D and 3-D forms, sounds, or symbols.</p> Signup and view all the answers

    What aspect does a patent protect?

    <p>Products or processes that are newly invented and not easily predictable.</p> Signup and view all the answers

    What is required for someone to use a patented method or formula?

    <p>Direct permission from the patent owner.</p> Signup and view all the answers

    Which factor affects the likelihood of trademark registration?

    <p>The uniqueness or distinctiveness of the trademark.</p> Signup and view all the answers

    What does the Business Model Canvas help to outline?

    <p>How a business operates and its value propositions.</p> Signup and view all the answers

    In the context of a business model, what does 'viability' refer to?

    <p>The potential for financial sustainability.</p> Signup and view all the answers

    How do customer rewards programs, like My Starbucks, contribute to a business model?

    <p>They improve customer loyalty and retention.</p> Signup and view all the answers

    What type of product does the patent law protect?

    <p>Products or processes that can be industrially applied.</p> Signup and view all the answers

    What is a crucial characteristic of a trademark to ensure its registration success?

    <p>Inventiveness and non-descriptiveness.</p> Signup and view all the answers

    What is meant by the 'desirability' aspect in the Business Model Canvas?

    <p>The potential demand for the product or service.</p> Signup and view all the answers

    What role does MIS (Management Information System) play in decision-making?

    <p>It integrates information to aid in effective decision-making.</p> Signup and view all the answers

    What is a key component of the analysis phase in MIS?

    <p>Assessing data for informed decisions.</p> Signup and view all the answers

    Study Notes

    Business Functions

    • Buying, Selling, Transporting, Storing: Core activities in business facilitating the movement and management of goods to meet consumer demands.
    • Financing: Essential for business operations, maximizing fund utilization to achieve goals.
    • Risk Taking: Involves managing uncertainty in business ventures.
    • Standardizing and Grading: Ensures product consistency and quality for consumer satisfaction.
    • Managing Information Systems: Critical for effective decision-making and operational efficiency.

    Consumer Behavior Insights

    • Happiness and Consumption: Money does not directly equate to happiness; experiences shared with others often do.
    • Understanding Consumer Satisfaction: Recognizing that true happiness derived from spending is about experiences rather than mere monetary exchange.

    Marketing Fundamentals

    • Marketing Activities: Involve creating value and exchange processes beneficial to customers and producers alike.
    • Consumer Behavior Model: Schiffman and Wisenblit’s model illustrates factors influencing purchasing decisions (culture, social aspects, personal attributes, psychological factors, and economic conditions).

    Decision-Making Process

    • Stages of Consumer Decision Making: Awareness and need recognition, information searching, evaluation of alternatives, implementation of decision, and post-purchase behavior.

    Marketing Mix

    • The 4 Ps: Product, Price, Place, Promotion.
    • The 4 Cs: Customer value proposition, Cost, Convenience, Communication.
    • Emerging Models: Including 4 Es (Experience, Engagement, Emotion, Exclusivity) and 4 Ds (Disruption, Digitalization, De-silotage, Diffusion).

    Business Finance

    • Functional Role: Critical to ensure effective financial management to maximize business potential and achieve strategic objectives.
    • Understanding Financial Statements: Examples include balance sheets and income statements, highlighting assets, liabilities, and income ratios.

    Management Information Systems (MIS)

    • Importance of MIS: Plays a crucial role in enhancing organizational efficiency through data analysis, decision-making, and evaluation processes.

    Intellectual Property

    • Trademark Types: Can be represented in various forms including 2-D/3-D, sounds, symbols; categorized for registration based on distinctiveness.
    • Patent Protection: Covers innovations in products and processes requiring novelty, non-obviousness, and industrial applicability.

    Business Model Canvas

    • Components: Articulates how a business engages customers, delivers value, and generates revenue.
    • Feasibility, Desirability, Viability: Assessment criteria necessary for sustainable business practices, ensuring alignment with market demands.

    Case Study: Starbucks

    • Target demographic: Aimed at working adults ages 25-50 through various engagement strategies including loyalty programs and diverse menu offerings.
    • Resource Management: Involves partnerships for raw materials and promotional strategies that enhance brand image and customer loyalty.

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    Description

    This quiz covers key business functions such as buying, selling, and financing, as well as insights into consumer behavior. Understand the importance of risk management and marketing basics, along with the relationship between consumption and happiness. Test your knowledge on how businesses operate and engage with consumers.

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