Allied Business School

Test Bank for Understanding Business, 13th Edition by William Nickels, Jim McHugh, Susan McTest Bank for Understanding Business, 13th Edition by William Nickels, Jim McHugh, Susan Mc. CHAPTER 1: Taking Risks and Making Profits within the Dynamic Business Environment CHAPTER 2: Understanding Economics and How It Affects Business CHAPTER 3: Doing Business in Global Markets CHAPTER 4: Demanding Ethical and Socially Responsible Behavior CHAPTER 5: How to Form a Business CHAPTER 6: Entrepreneurship a...

Chapter 1: Innovation Management and New Business Development 1.1 What Are Innovation Management and New Business Development? Innovation management concerns the management of innovation activities. New business development is relatively new, more upcoming field and approaches innovation more from a market perspective and has a strong focus on the creation of markets. Innovation covers the creation of new: - Products - Services - Markets - Business models Innovation Management = ‘The...

Marketing An organizational function and a set of processes for creating, capturing, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders Marketing plan A written document composed of an analysis of the current marketing situation, opportunities, and threats for the firm, marketing objectives and strategy specified in terms of the four P's, action programs, and projected or pro forma income (...

marketing activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers; clients, partners, and society at large true the primary focus of marketing is on satisfying customers' needs and wants because they are backed by buying power (creates demand) production philosophy focus on production; works well when demand exceeds supply and when when economies of scale are important (also when customers aren...

Define marketing channel or channel of distribution. ease the transfer of ownership as products move from producer to business user or consumer How do channel members facilitate the distribution process? -by providing specialization and division of labor Define channel members. all parties who negotiate with one another, buy or sell products, and facilitate change of ownership between buyer and seller in course of moving product form manufacturer into final consumer Defin...

marketing The process of creating, distributing, promoting, and pricing goods, services and ideas to facilitate satisfying exchange relationships with customers and to develop and maintain favorable relationships with stakeholders in a dynamic environment customers The purchasers of organizations' products; the focal point of all marketing activities target market A specific group of customers on whom an organization focuses its marketing efforts marketing mix Four mark...

How do you set a price? -establish pricing goals -estimate demand, costs, and profits -choose a price strategy to help determine a base price -fine tune the base price w/pricing tactics Define price strategy. the initial price and gives direction for price movements over the product's life cycle Define price skimming. firm charging a high introductory price, w/heavy promotion; later decrease price (above the market) When does price skimming best function? -when there...

What is advertising? -a popular form of promotion Why do new brands w/small market share tend to spend more for advertising and sales promotion? -a certain minimum level of exposure is needed to measurably affect purchase habits -after certain level of spending, diminishing returns set in Define advertising response function. spending for advertising and sales promotion increases sales or market share, up to a certain level, but then produces diminishing returens What ar...

What roles does price play in evaluating product alternatives? - measure of sacrifice - information cue Define price. that which is given up in an exchange to acquire a good or service What is the sacrifice effect of price? - time and money What is the information effect of price? - price-quality; higher price, better quality What is the importance of price to marketing managers? - results in revenue - results in profit Define revenue. price charged to ...

MARKETING 351 EXAM 2 CSUF LANCELLOTTI |44 QUESTIONS AND ANSWERS