Vocab

Question 1

Unilateral agreements

Answer 1

Contracts where only one party makes promises

Question 2

Protectionism

Answer 2

Governments policies to protect domestic industries and businesses from foreign competition

Question 3

Advertising

Answer 3

Any paid form of NONPERSONAL presentation of ideas images goods or services

Question 4

What’s the channel of distribution commonly used by producers of large industrials goods requiring installation?

Answer 4

Producer –> industrial user
Producers feel they are the most qualified to provide the installation required
*retailers are not a part of industrial distribution

Question 5

Tying agreement

Answer 5

An illegal arrangement when a business requires a customer to buy another product in order to obtain the product that they really want.
*restricts competition

Question 6

Antitrust laws

Answer 6

Protects people from unfair practices that restrain trade and competition such as tying agreements

Question 7

Probate laws

Answer 7

Involves estate issues

Question 8

Zoning laws

Answer 8

regulate property uses

Question 9

Infringement laws

Answer 9

Addresses intellectual property issues

Question 10

Memorandum

Answer 10

MEMO

a simple written report usually distributed to employees

Question 11

Net income

Answer 11

The actual money that you take home

Gross income - withholdings

Question 12

Gross income

Answer 12

Total income before deductions

Question 13

Withholdings

Answer 13

Total deductions from gross income

Question 14

Securities

Answer 14

Bonds and stocks

Question 15

Securities fraud

Answer 15

Deception an investor to convince them to buy stocks

Question 16

Fabulate

Answer 16

To condense info into tables

Question 17

Marketing mix

Answer 17

A combo of the four elements of marketing

Product
Place
Promotional
Price

Question 18

Marketing concept

Answer 18

Always fulfilling customers while reaching company objectives

Question 19

Environmental scan

Answer 19

Analysis of external factors that will influence a business success

Question 20

Retail buyer

Answer 20

Analyzes sale data and trend and supplies when selecting products for the store to sell

Question 21

Loss leader

Answer 21

A product sold below cost to attract customers

Question 22

Tariff

Answer 22

Tax on import goods

Question 23

Organic marketing

Answer 23

Words of mouth marketing. When a satisfied customer naturally becomes an advocate for the product

Question 24

Shill marketing

Answer 24

When company hires people to act like customers to do word of mouth marketing

Illegal in some jurisdictions

Question 25

Transfer payments

Answer 25

Payments of tax dollars to recipients for which they do not produce goods or services. No increase in the total output of the economy is achieved. *NOT COUNTED IN THE GDP

Question 26

Cooperate bonds

Answer 26

Bonds issued by corporations to fund operating expenses

Question 27

Identity theft

Answer 27

When someone takes your identity to use your money in your financial account

Question 28

Hijacking

Answer 28

Using force to seize a vehicle in transit

Question 29

Exploratory research

Answer 29

Collecting information to help a business define its issue, situation, concern, and decide how to proceed with the research Time and cost efficient

Question 30

Simple sampling strategy

Answer 30

When the researcher believe that the population is relatively homogeneous for the characteristic of interest. Eg people who study the same major would have the same interests

Question 31

Proportionate sampling

Answer 31

When the size of subgroup populations very a lot. So in order to make sure that the population patterns are accurately represented, researchers would select more people from largely populated groups and less people from smaller groups.

Question 32

Stratified random

Answer 32

When th subgroups would differ w lot in their responses. So researchers treat the large population as d it were many small populations and then randomly sample each of thse small groups.

Question 33

Cluster sampling

Answer 33

Used when it is impossible to identify everyone in the sample. Eg instead of sampling a percentage of employees company wide, the company picks random percetnage of employees in random departments

Question 34

What is the value of using diaries as a marketing research collection method

Answer 34

They offer records of repetitive behaviours that occur at frequent intervals to offer marketing researchers insight into consumer behavioural and buying patterns and preferences

Question 35

Focus group

Answer 35

For primary marketing research. A group that is formed for the purpose of discussing a specific topic. Businesses often use focus groups to obtain information and direct feedback about their product and image.

Question 36

Express contract

Answer 36

promises to take action that are clearly stated verbally or in writing