Mid Term 3

The number of buyers in a business-to-business markets is

relatively small compared to the consumer market.

Getting the product from the producer to the consumer is a production-related process and not related to the marketing mix.

False

Marketing focuses on the pricing and sitrubution of want=satisfying products, as well as determining the best way to promote the products to consumers.

True

The strategy of focusing on small but profitable market segments is called micro marketing

False

The main concern of the marking mix is to match production levels with warehousing space

False

The marketing mix provides marketers with a detailed market analysis to determine opportunities and challenges as well as information needed to make good decisions

False

B2B Marketers include manufacturers, retailers, hospitals, and the government.

True

Which characteristic is a part of the marketing concept

a consumer orientation

One-to-one marketing refers to developing a unique mix of goods and services for each individual customer.

True

Which technique is used to obtain primary data

conducting personal interviews with potential customers

The most important technological change likely to affect the marking success of many firms if the

growth of consumer databases, blogs, and social networking.

Marketing research usually begins with secondary data because it is more accurate and more relevant than any primary data.

False

Producers of shopping goods such as furniture, appliances, and clothing usually rely on an exclusive distribution system.

False

Price, store, surroundings, service, and brand name are all elements that consumers evaluate in a total product offer.

True

The degree to which customers are satisfies and are committed to future purchases of a desired brand is called

Brand loyalty

One way to see that publicity is handled well by the media is to

Establish a friendly relationship with media representatives.

The sequence of linked activities various organizations must perform to move goods and services from the source of raw materials to the final consumer is referred to as the supply chain.

True

Today, the packaging of products has been given a greater role in product promotion.

True

What is an advantage of magazine advertising?

Superior color.

The product life cycle consists of ___ stages

Four

Low prices can often help retailers create an attractive total product offer.

True

Which statement identifies a key advantage of direct marketing?

Direct marketing is popular with consumers because it is so convenient to shop from home or work.

One problem with newspaper advertisements is that they have. short life span.

True.

Firms use brand managers or brand teams to give them greater control over both new-product development and product promotion.

True

The key to improving management decision making is to provide the manager with as much information as possible.

False

What is an advantage of telecommuting?

Workers report reduced stress and higher morale

Students who access their class syllabus, course information, and grade reports through an online account like “Blackboard” are doing so through

A virtual private network

Net neutrality means that Internet service providers should

provide the same level of access to all websites regardless of their content.

A(n) ______ is a group of connected devices in one physical location

LAN

A computer __________ is a piece of programming code that is inserted into other programming to cause an unexpected and often-undesirable event for the victim.

Virus

__________Blank is information charged with enough intelligence to make it relevant and useful.

Knowledge

Social media users generate so much data daily that it’s too much information for companies to process.

False

Transaction data gathered at the point of sale are known as

business process information

One of the most revolutionary effects of computer networks is that they give employees the ability to do much of their work at home.

True

A(n) __________ is a companywide network that is based on Internet-like technology but is closed to public access.

intranet

Information technology brings work to people instead of requiring people to go to work.

True

Patents and copyrights are classified as __________ on the balance sheet.

Intangible assets

__________ is the accounting practice of recording each transaction in two places in the accounting journal.

Double-entry bookkeeping

Net income refers to the result of

the revenue left over after the deduction of all expenses, including taxes.

There are five key working areas in accounting: financial accounting, managerial accounting, auditing, tax accounting, and governmental and not-for-profit accounting.

True

A basic difference between managerial accounting and financial accounting is that managerial accounting

provides information primarily intended for managers and others inside the company, while financial accounting provides information primarily intended for people outside the organization.

An independent audit is an evaluation and unbiased opinion about the accuracy of a company’s financial statements.

True

The LIFO method of inventory valuation bases the cost of goods sold on the cost of

most recent merchandise purchased by the firm.

Computerized accounting programs have eliminated the need to prepare a trial balance.

False

A company’s income statement is important to accountants and other stakeholders. It reveals a

company’s ability to earn a profit over time

Financial accountants prepare reports for owners, creditors, suppliers, and others outside of the organization.

True

The two major classes of operating expenses are current expenses and long-term expenses.

False

Which response is the best and most comprehensive?

A company’s accounting information is useful to managers, owners, creditors, employees, and the government.

Which term provides the buyer with collateral?

secured bond

Financial managers devote the majority of their time to obtaining long-term financing to fund the firm’s capital expenditures.

False

Inability to attract and retain qualified employees is one of the most common ways for a firm to fail financially.

False

Effective financial managers evaluate customers’ ability to pay for merchandise purchased on credit.

True

Companies raising funds must choose either debt or equity sources, but not both.

False

If a company secures a one-year bank loan, this is considered

short-term financing

Budgets assist managers in performing the functions of planning and control.

True

A firm’s long-term goals and objectives go hand-in-hand with its long-term financing objectives.

True

Financial management is more important for a large firm than it is for a small firm.

False

What is a primary area of concern for financial managers?

Undercapitlization

__________ is a form of short-term financing. Businesses buy merchandise from their suppliers, but are not required to pay for their purchases until some future date.

Trade Credit

Financial managers examine the data prepared by accountants and make recommendations to top management regarding strategies for improving the financial performance of the company.

True