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Questions and Answers
What is the equilibrium or market price?
What is the equilibrium or market price?
- When there is no supply or demand for a product
- When the supply of a product exceeds the amount that consumers are willing to purchase
- When the supply and demand for a product are equal (correct)
- When the demand for a product exceeds the supply
Why are businesspeople often interested in per capita gross domestic product (GDP)?
Why are businesspeople often interested in per capita gross domestic product (GDP)?
- It gives insight into a nation's population growth rate
- It gives insight into a nation's natural resources
- It gives insight into a nation's political stability
- It gives insight into a nation's standard of living and market potential (correct)
What effect does devaluation have on the cost of foreign and domestic goods?
What effect does devaluation have on the cost of foreign and domestic goods?
- Increases the cost of foreign goods and decreases the cost of domestic goods
- Decreases the cost of foreign goods and decreases the cost of domestic goods
- Decreases the cost of foreign goods and increases the cost of domestic goods (correct)
- Increases the cost of foreign goods and increases the cost of domestic goods
Which organizations offer assistance and information to help exporters?
Which organizations offer assistance and information to help exporters?
What does decision making involve?
What does decision making involve?
How long do long-range marketing plans typically cover?
How long do long-range marketing plans typically cover?
Which of the following are the four types of resources that managers administer to reach their goals?
Which of the following are the four types of resources that managers administer to reach their goals?
BiffCo, a medium manufacturing company, is struggling to remain competitive. In this case, Strategy& best represents which type of resource for BiffCo?
BiffCo, a medium manufacturing company, is struggling to remain competitive. In this case, Strategy& best represents which type of resource for BiffCo?
Who is responsible for strategic planning?
Who is responsible for strategic planning?
Which of the following is an example of a nation’s infrastructure?
Which of the following is an example of a nation’s infrastructure?
Which of the following is not a step in the consumer buying decision process?
Which of the following is not a step in the consumer buying decision process?
A group of persons for whom a firm develops and maintains a marketing mix suitable for the group's specific needs and preferences is commonly referred to as a target _______.
A group of persons for whom a firm develops and maintains a marketing mix suitable for the group's specific needs and preferences is commonly referred to as a target _______.
A law requiring that producers update the nutritional information on the outside packaging of food products to highlight information such as serving size and calories is what type of force in the external marketing environment?
A law requiring that producers update the nutritional information on the outside packaging of food products to highlight information such as serving size and calories is what type of force in the external marketing environment?
The socioeconomic model of social responsibility _______.
The socioeconomic model of social responsibility _______.
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Study Notes
Equilibrium and Market Price
- Equilibrium or market price is the price at which the quantity of a good or service that consumers are willing to buy equals the quantity that producers are willing to supply.
Per Capita GDP
- Businesspeople are interested in per capita GDP (Gross Domestic Product) as it indicates the standard of living of a country's citizens.
Devaluation Effect
- Devaluation increases the cost of foreign goods, making them more expensive, and decreases the cost of domestic goods, making them cheaper.
Export Assistance
- Organizations that offer assistance and information to help exporters include government agencies, trade associations, and international trade centers.
Decision Making
- Decision making involves selecting a course of action from available options to achieve organizational goals.
Marketing Plans
- Long-range marketing plans typically cover a period of 3 to 5 years.
Types of Resources
- The four types of resources that managers administer to reach their goals are human, physical, financial, and informational.
Strategic Planning
- Strategic planning is a process that determines the overall direction of the organization, and involves setting goals, allocating resources, and defining strategies to achieve them.
- Top-level managers are responsible for strategic planning.
Infrastructure
- Examples of a nation's infrastructure include roads, bridges, airports, and seaports.
Consumer Buying Decision Process
- The consumer buying decision process involves need recognition, information search, evaluation of alternatives, purchase decision, and post-purchase behavior.
Target Marketing
- A target market refers to a group of persons for whom a firm develops and maintains a marketing mix suitable for the group's specific needs and preferences.
External Marketing Environment
- A law requiring producers to update nutritional information on food packaging is an example of a regulatory force in the external marketing environment.
Socioeconomic Model
- The socioeconomic model of social responsibility emphasizes the organization's responsibility to society's economic well-being.
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