Shared Flashcard Set

Details

BA101 midterm #1
Midterm #1 for BA101 at Oregon
29
Business
Undergraduate 1
02/02/2011

Additional Business Flashcards

 


 

Cards

Term
What is competitive advantage in the fishing story?
Definition
The owner of the net can capture more fish in less time than either pole
Term
Production may be described as:
Definition
The process of making products, i.e. building quality products at lowest possible cost.
Term
Efficient means...
Definition
Doing things right
Term
In a capitalist, or private enterprise system, individual citizens own and operate the majority of businesses and the ______ determines the distribution of resources.
Definition
Market
Term
What does target marketing involve?
Definition
Concentrating marketing efforts on one or a few key markets most likely to buy your product.
Term
What are the 4 P's of marketing?
Definition
Price, promotion, placement and product
Term
Primary market research includes:
Definition
conducting direct research with existing and potential customers
Term

What is a 10% increase from a base of 1,000?
Definition
1,1000
Term
Which product has the best position for the High Tech market? (Refer to the Round 2 Foundation FastTrack Report- available both on Blackboard and in Appendix 1 of “An Introduction to Business.”)
Definition
Fast
Term
To best serve the Low Tech market, why should Baldwin reposition Baker this year? (Refer to the Round 2 Foundation FastTrack Report available both on Blackboard and in Appendix 1 of “An Introduction to Business.”)
Definition
They should NOT reposition the product this year.
Term
According to the Team Member guide, $1,500 invested in the promotion budget buys an additional 35% awareness. If Chester invested $1,500 in promoting Cake, what would Cake's awareness be next year? (Refer to the Round 2 Foundation FastTrack Report available both on Blackboard and in Appendix 1 of “An Introduction to Business.”)
Definition
72.3%
Term
Company Erie is going to change Eat's MTBF to 20,000 hours and the change has a revision date of February 12 (2/10 of a year). What will Eat's perceived age be on February 13? (Refer to the Round 2 Foundation FastTrack Report available both on Blackboard and in Appendix 1 of “An Introduction to Business.”)
Definition
3.5 years old
Term
In the "fishing" story, a transaction is...
Definition

 

an agreed upon exchange of goods or services
Term
In the "fishing" story, competition results in...
Definition
Lower prices, newer products, better products, efficieny
Term
Organizing may be described as...
Definition
Arranging the organizations resources and activities in a way so it's possible to accomplish the plan.
Term
How would you describe the concept of scarcity?
Definition
Our wants are greater than the resources available to satisfy them
Term
What process allows managers to manage in an uncertain and risky environment?
Definition
Managing -- establish a goal, create a plan, organize the resources, operate the plan, and measure the results
Term
Secondary market research involves...
Definition
conducting research through online and published information
Term
Market segmentation identifies customer group on the basis of their needs regarding
Definition
geography, demographics, psychographics
Term

 

From the "fishing" story, what is an example of a procedural innovation?
Definition
Get up earlier and fish with three poles instead of one
Term
How would you describe the concept of scarcity?
Definition
Our wants are greater than the resources available to satisfy them
Term
What does the research and development department do?
Definition
Creates new products and changes specifications on existing products based on customer needs
Term
Market research is designed to:
Definition
Help determine what is important to customers and how they want product to perform
Term
The strength of the promotional investment is measured by:
Definition
Awareness
Term

What percentage of the High Tech market knew about product Baker when making their purchase decision? (Refer to the Round 2 Foundation FastTrack Report available both on Blackboard and in Appendix 1 of “An Introduction to Business.”) 

Definition
88.5%
Term

 

Company Erie is going to change Eat's MTBF to 20,000 hours and the change has a revision date of February 12 (2/10 of a year). What will Eat's perceived age be on February 13? (Refer to the Round 2 Foundation FastTrack Report available both on Blackboard and in Appendix 1 of “An Introduction to Business.”)
Definition
3.5 years old
Supporting users have an ad free experience!