Term
| What is competitive advantage in the fishing story? |
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Definition
| The owner of the net can capture more fish in less time than either pole |
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Term
| Production may be described as: |
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Definition
| The process of making products, i.e. building quality products at lowest possible cost. |
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Definition
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| In a capitalist, or private enterprise system, individual citizens own and operate the majority of businesses and the ______ determines the distribution of resources. |
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Definition
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Term
| What does target marketing involve? |
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Definition
| Concentrating marketing efforts on one or a few key markets most likely to buy your product. |
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Term
| What are the 4 P's of marketing? |
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Definition
| Price, promotion, placement and product |
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Term
| Primary market research includes: |
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Definition
| conducting direct research with existing and potential customers |
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Term
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What is a 10% increase from a base of 1,000?
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| 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.”) |
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Definition
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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.”) |
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Definition
| They should NOT reposition the product this year. |
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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.”)
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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.”) |
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Definition
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Term
| In the "fishing" story, a transaction is... |
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Definition
an agreed upon exchange of goods or services |
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Term
| In the "fishing" story, competition results in... |
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Definition
| Lower prices, newer products, better products, efficieny |
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Term
| Organizing may be described as... |
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Definition
| Arranging the organizations resources and activities in a way so it's possible to accomplish the plan. |
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Term
| How would you describe the concept of scarcity? |
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Definition
| Our wants are greater than the resources available to satisfy them |
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Term
| What process allows managers to manage in an uncertain and risky environment? |
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Definition
| Managing -- establish a goal, create a plan, organize the resources, operate the plan, and measure the results |
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Term
| Secondary market research involves... |
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Definition
conducting research through online and published information |
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Term
| Market segmentation identifies customer group on the basis of their needs regarding |
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Definition
| geography, demographics, psychographics |
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Term
From the "fishing" story, what is an example of a procedural innovation?
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Definition
| Get up earlier and fish with three poles instead of one |
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Term
| How would you describe the concept of scarcity? |
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Definition
| Our wants are greater than the resources available to satisfy them |
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Term
| What does the research and development department do? |
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Definition
| Creates new products and changes specifications on existing products based on customer needs |
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Term
| Market research is designed to: |
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Definition
| Help determine what is important to customers and how they want product to perform |
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Term
| The strength of the promotional investment is measured by: |
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Definition
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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.”)
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Definition
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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.”)
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