bsm 100 final

Question 1

What is a market?

Answer 1

potential customers who have the willingness and resources to buy a product

Question 2

What is marketing?

Answer 2

A way to build a relationship between a customer and a product

Question 3

What is every business goal?

Answer 3

long term profits

Question 4

Timeline of the evolution of marketing

Answer 4

1. production era
2. sales era
3. marketing concept era
4. marketing orientation era
5. social media marketing era

Question 5

marketing strategy definition

Answer 5

where are you going and how will you get there?

Question 6

marketing plan definition

Answer 6

who is your audience and how will you reach them?

Question 7

STP Plan (Marketing)

Answer 7

segmentation, targeting, positioning

Question 8

Consumer Markets (B2C)

Answer 8

products for personal consumption

Question 9

Business Markets (B2B)

Answer 9

products used to produce other products

Question 10

B2C Segmentation

Answer 10

GooDPUB:
geography, demographic, psychological, usage, benefits desires

Question 11

B2B Segmentation

Answer 11

1. geographic
2. customer
3. size/type
4. product use
5. needs buying situation

Question 12

4 P’s of Marketing

Answer 12

product, price, place, promotion

Question 13

B2C Target Market Considerations

Answer 13

size, affordability, profitability, accessibility, limited competition

Question 14

Product life cycle definition

Answer 14

evolution of sales and profits of a category of products

Question 15

product life cycle negatives

Answer 15

1. is a theoretical model so the predictive power is limited
2. decision making can be flawed if the model is flaws

Question 16

Product life cycle positives

Answer 16

reliable, provides information about the market, decision making is based on market data

Question 16

Four stages of the product life cycle

Answer 16

1. introduction
2. growth
3. maturity
4. decline

Question 16

What comes before the first stage of the product life cycle

Answer 16

development and research

Question 16

Product adoption life cycle definition

Answer 16

customers self-segregate based on level of risk aversion. follows the product life cycle

Question 17

5 communities of production adoption life cycle

Answer 17

1. innovators (risk-immune)
2. early adopters
3. early majority
4. late majority
5. laggards (risk-averse)

Question 18

who is apart of the early market

Answer 18

innovators and early adopters

Question 19

who is apart of the mainstream market

Answer 19

early and late majority

Question 20

what is cost-based pricing based on

Answer 20

profit margin desired

Question 21

what is value pricing based on

Answer 21

value perception of customers

Question 22

what is competition based pricing based on

Answer 22

price competitors or alternatives

Question 23

what is the skimming prices strategy

Answer 23

prices a new product high in order to recover research and development costs and make as much profit while there is little competition

Question 24

penetration price strategy

Answer 24

to get as much market share as possible

Question 25

4 types of promotion

Answer 25

1. advertising 2. public relations 3. direct marketing 4. personal selling

Question 26

push strategy

Answer 26

convince wholesalers and retailers to stock and sell the product

Question 27

pull strategy

Answer 27

promotions to encourage consumers to request the product

Question 28

accounting definition

Answer 28

a system for recognizing, organizing, analyzing, and reporting information about financial transactions that affect an organization

Question 29

basic financial statements

Answer 29

income statement and balance sheet

Question 30

what is an income statement

Answer 30

summarizes a firm's operations over a given period of time in terms of profit and loss

Question 31

what is revenue

Answer 31

sales of products and services

Question 32

what is cost of sales

Answer 32

the expense of making the product

Question 33

what are operating expenses

Answer 33

the costs involved in operating a business

Question 34

gross profit equation

Answer 34

revenue minus cost of sales

Question 35

balance sheet definition

Answer 35

statement of financial position, shows what the company owns, owes, and what is leftover for shareholders equity. assets and liabilities must balance

Question 36

what are assets

Answer 36

what a company owns

Question 37

what is accounts receivable

Answer 37

sold on credit but have not been paid yet

Question 38

inventory of finished goods

Answer 38

can be quickly converted to cash. inventory is ready to be sold

Question 39

current assets

Answer 39

cash, accounts receivable, inventory of finished goods

Question 40

long term assets

Answer 40

equipment, patents, accumulated depreciation. anything the company OWNS for more than a year

Question 41

accumulated depreciation

Answer 41

money accumulated overtime and kept in a depreciation fund then used to buy new equipment

Question 42

liabilities

Answer 42

what a company owes

Question 43

current liabilities

Answer 43

debts that the firm will pay within a year

Question 44

long term liabilities

Answer 44

debts that the firm will pay in more than a year

Question 45

what is shareholders equity

Answer 45

shares and stocks, retained earnings

Question 46

accused expenses

Answer 46

expenses accumulated overtime. included on the liabilities side of balance sheet

Question 47

debt financing

Answer 47

borrowing with periodic repayment

Question 48

equity financing

Answer 48

selling a stake in your company

Question 49

crowd funding

Answer 49

unknown individuals who believe in you and want to pre-purchase your products/services

Question 50

what is social responsibility

Answer 50

the obligation of a business to contribute to society

Question 51

what is social entrepreneurship

Answer 51

when entrepreneurs take action to create a new social equilibrium by improving social conditions

Question 52

two approaches behind corporate responsibility

Answer 52

strategic and pluralist approach

Question 53

what is a strategic approach

Answer 53

management's primary orientation be toward shareholder profits

Question 54

pluralist approach

Answer 54

management has the responsibility to optimize profits without affecting employees, supplies, or community

Question 55

sustainable operations

Answer 55

meeting today's needs without compromising the ability to meet tomorrow's needs

Question 56

what is the triple bottom line

Answer 56

people, profits, and planet

Question 57

3 forms of business ownership

Answer 57

sole proprietorship, partnership, corporation

Question 58

types of partnerships

Answer 58

general, limited, and limited liability

Question 59

what is a general partnership

Answer 59

all partners have the right to participate equally and have shared unlimited liability

Question 60

what is a limited partnership

Answer 60

one general partner ad one limited partner, who has limited liability

Question 61

limited liability partnership

Answer 61

all partners are actively involved but they have varied limited liability

Question 62

3 launch business options

Answer 62

1. starting from scratch 2. buying an established business 3. buying a franchise

Question 63

what is franchising

Answer 63

operation option. uses the brand name, trademark, and practices of the business