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IB HL business > 4.4-4.5 > Flashcards

4.4-4.5 Flashcards

1
Q

A circular graph in which segments of the circle represent percentages of the total

A

Pie chart

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2
Q

One of four equal groups into which a set of data is divided.

A

Quartiles

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3
Q

A graphic representation of information

A

Infographics

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4
Q

A chart with rectangular bars showing the values represented

A

Bar chart

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5
Q

true or false: Just because two variables are correlated, it does not mean that one is caused by the other.

A

true

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6
Q

Random sampling generally has:

A

Higher accuracy and higher cost

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7
Q

Quantitative research generally produces:

A

A small amount of information from a large sample size

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8
Q

Which of the following is a method of collecting qualitative data?

A

Hosting focus groups

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9
Q

Which of the following is a method of collecting quantitative data?

A

Government population statistics

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10
Q

Which of the following is a benefit of secondary research?

A

Provides information at lower cost

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11
Q

Which of the following is a benefit of primary research?

A

Provides direct information about customers’ tastes and preferences

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12
Q

Which method of surveys the fastest and the most affordable?

A

Online surveys

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13
Q

Which of the following is an example of secondary market research?

A

Media articles

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14
Q

Which of the following is an example of secondary market research?

A

Academic journals

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15
Q

Which of the following is an example of primary market research?

A

Focus groups

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16
Q

Which of the following is an example of primary market research?

A

Surveys

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17
Q

When the demand for a product changes proportionally to its price.

A

Unitary elastic demand

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18
Q

When a price change of a product causes a less than proportional change in its demand.

A

Price inelastic demand

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19
Q

When a price change of a product causes a more than proportional change in its demand.

A

Price elastic demand

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20
Q

What is an advantage of cost-plus pricing?

A

Simple and easy to ensure all costs are covered.

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21
Q

A pricing strategy where the price charged for a product reflects the variable costs plus some markup; the markup is the contribution to fixed costs.

A

Contribution pricing

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22
Q

When a company bases the price of its goods or services upon what its competitors are charging for similar goods and services.

A

Competitive pricing

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23
Q

The practice of changing the price of a good or service according to the demand.

A

Dynamic pricing

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24
Q

A pricing strategy where a product is sold at a loss to attract customers.

A

Loss leader pricing

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25
Q

A pricing strategy where the business sets a very low price on a new product or service to encourage customers to buy it; later the price is increased.

A

Penetration pricing

26
Q

A pricing strategy where a business sells a product or service at such a low price that other businesses cannot compete and are forced to leave the market; illegal in many countries.

A

Predatory pricing

27
Q

A pricing strategy where a business sets the price of its products higher to create the impression that the products are higher quality or value than their lower-cost equivalents.

A

Premium pricing

28
Q

A pricing strategy where the price charged for the product reflects a markup added to the direct and indirect costs of production.

A

Cost-plus (markup) pricing

29
Q

How much a brand is worth as an intangible asset, a form of goodwill; recorded on the statement of financial position.

A

Brand value

30
Q

Building brand awareness by cultivating the business’s values and consumer perceptions of the product.

A

Brand development

31
Q

A marketing term that describes the degree of consumer recognition of a product or service by its name, logo or sound.

A

Brand awareness

32
Q

What is the stage in the product life cycle in which there is a period of falling sales and/or loss of market share?

A

Decline

33
Q

When customers continue to buy a particular brand, even where alternatives exist.

A

Brand loyalty

34
Q

What is the stage in the product life cycle in which the market may be crowded, or saturated, with competition?

A

Maturity

35
Q

What is the stage in the product life cycle during which the increases in product sales are accelerating?

A

Growth

36
Q

What is the stage in the product life cycle that comes after research and development (R&D)?

A

Introduction

37
Q

What is the stage in the product life cycle that covers all activities that take place before a product is released to the market?

A

Research and development (R&D)

38
Q

true or false: An agent may be used to aid any of the distribution channels

A

True

39
Q

Airbnb and VRBO are examples of what type of business?

A

Agent

40
Q

Supermarkets are an example of what type of business?

A

Retailer

41
Q

The advantages for a business using social media include which of the following?

A

Easy way to measure the performance of businesses

Differentiation at low cost

More knowledge about customers

42
Q

true or false: 360-degree marketing is an integrated marketing approach that includes the strategies and benefits of both above the line (ATL) and below the line (BTL) promotion.

A

True

43
Q

Which of the following is an example of through the line promotion?

A

Digital marketing and 360-degree marketing

44
Q

“Buy one, get one free” is an example of what type of below the line promotion?

A

Sales promotion

45
Q

Which of the following is an example of below the line promotion?

A

Public relations and sales promotion

46
Q

Which of the following is an example of above the line promotion?

A

Television advertising

47
Q

Promotion aimed at mass audiences, generally not targeted.

A

Above the line promotion

48
Q

Part of the marketing mix related to advertising, sponsorships, sales promotion, or other tactics to inform and persuade customers to buy a product.

A

Promotion

49
Q

An integrated marketing approach that includes both above the line and below the line elements.

A

Through the line promotion

50
Q

Promotion aimed at specific segments and do not rely on mass market techniques.

A

Below the line promotion

51
Q

In which stage of the product life cycle is a company most likely to adjust processes after experience with first customers?

A

Introduction

52
Q

In which stage of the product life cycle is a company most likely to increase the price of its product?

A

Growth

53
Q

In which stage of the product life cycle is a company most likely to use promotion strategies to increase brand loyalty?

A

Maturity

54
Q

In which stage of the product life cycle is a company most likely to consider using discount retailers?

A

Decline

55
Q

In which stage of the product life cycle is a company most likely to research efficient and easy ordering and payments?

A

R&D

56
Q

In which stage of the product life cycle is a company most likely to adjust designs as customers engage with service?

A

Introduction

57
Q

In which stage of the product life cycle is a company most likely to have a product in the BCG Matrix category of Star?

A

Growth

58
Q

In which stage of the product life cycle is a company most likely to have a product in the BCG Matrix category of Dog?

A

Decline

58
Q

In which stage of the product life cycle is a company most likely to use penetration pricing?

A

Introduction

59
Q

After-sales service is an example of which element of the marketing mix?

A

Both promotion and processes

IB HL business (3 decks)

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