Marketing Research Chapter 13 & 14 Quiz

A method for gathering original information, often through interviews or surveys, directly from potential clients.

Identifying a question and understanding the current state of affairs related to a business problem, providing a starting point for investigation.

Investigating alternative markets and customer groups to address declining enrollment.

The process of identifying factors that might impact a company's marketing efforts.

Tracking changes in customer demographics and preferences.

Primary market: the main group of customers; Secondary market: additional customer groups.

Individuals purchasing goods and services for personal use.

Classification based on the end-use of the product; consumers use for personal use, industrial use for business operations

Packaging plays a crucial role in promoting and selling products.

A well-known brand name assures quality and encourages repeat purchases.

Combining complementary products for a single price, like a book and software access.

Product mix refers to all the different product types offered by a company. Product line is a group of similar products.

Companies need to be adaptable to consumer needs, changing products, policies, and services as necessary to remain successful.

Students and parents evaluate colleges based on the perceived benefits, often considering return on investment.

Improving packaging can directly increase the value and desirability of a product.

A company should focus on improving its product itself, not just the image or promotional aspects.

A name, symbol, or design that identifies and differentiates one seller's goods or services from competitors'.

Goods/services purchased frequently with minimal effort.

Goods/services that consumers compare quality and value before purchasing.

Goods/services that consumers are willing to put considerable effort into obtaining.

A marketing intermediary that sells products to other organizations (businesses).

A marketing intermediary that sells to ultimate consumers.

The intermediaries that transport and store goods from producer to user.

A marketing intermediary that brings together buyers and sellers, assists in exchange, but does not take ownership of the goods.

The primary goal of accounting is to provide financial information that helps decision-makers make informed choices.

Accounting data is valuable for various stakeholders including managers, owners, creditors, employees, and the government.

Accountants analyze and interpret financial data to offer insights for decision-making.

The financial statements prepared by accountants provide valuable information for both internal and external stakeholders.

Financial statements are like vital signs, providing insights into the health of a business.

Transactions like buying and selling goods directly impact a firm's account balances.

Accountants are responsible for summarizing and interpreting financial information for management.

As part of the accounting cycle, recording business transactions is a fundamental step.

A specialized accounting book where transactions are categorized by type, like utility bills grouped together.

The main accounting book that summarizes all transactions categorized in the journal.

Transactions are initially entered into a journal, which acts as the first point of recording for all financial activity.

A six-step process that involves analyzing, recording, and summarizing financial data to create financial statements.

After the trial balance is completed, the next step is to post the information to the corresponding ledger accounts.

Financial managers analyze data prepared by accountants and advise top management on improving financial strategies.

Finance is the function responsible for acquiring and managing funds within a company.

A Chief Financial Officer (CFO) oversees both accounting and finance functions within a company.

Financial managers are primarily concerned with ensuring a company has enough capital to operate and grow. This can include addressing issues like undercapitalization, where the company lacks sufficient funds.

The finance department plays a vital role in managing credit by extending credit to customers and collecting payments from them. It's a crucial part of a company's cash flow.

Companies that generate profit typically pay taxes. It's a legal obligation and a significant outflow of cash for many businesses.

An internal auditor examines a company's accounting practices to ensure they follow established principles. They help maintain financial accuracy and detect potential problems.

Companies often face financial failure when they lack sufficient funds. This is called undercapitalization. It can lead to inability to pay bills and ultimately, closure.

Financial managers are primarily involved in analyzing and managing the company's finances. This includes preparing financial statements and evaluating the tax implications of decisions.

A cash flow problem occurs when a company spends more cash than it receives. This can jeopardize its ability to meet its financial obligations.