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BA 101|62 Midterm Review Questions
With Answers
_____________ determines what the organization needs to do and how to get it done. - โ โ Planning
A business engages in which activities? - โ โ all the above
A change in Mean Time Between Failure (MTBF) has what effect on the age of the product? Be careful - this answer may surprise you! - โ โ It has no effect on the age of the product.
A free market system is also known as: - โ โ a private enterprise or capitalist system
According to Adam Smith: - โ โ Self-interest is a key driver behind competition and a desire to get ahead
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 in Appendix 1 of "An Introduction to Business.") - โ โ 72.3%
Adam Smith's invisible hand is: - โ โ a driving force that causes competition due to self-interest and, yet, also includes a moral of empathy toward others
Adam Smith's invisible hand is: - โ โ a driving force that causes competition due to self-interest and, yet, also includes a moral of empathy toward others
As of the end of December, which product would the Low Tech customers' perceive as having the most attractive price? (Refer to the Round 2 Foundation FastTrack Report available in Appendix 1 of "An Introduction to Business.") - โ โ Cake
As of the end of December, which product would the Low Tech customers' perceive as having the most attractive price? (Refer to the Round 2 Foundation FastTrack Report available in Appendix 1 of "An Introduction to Business.") - โ โ Cake
Before the Industrial Revolution began in the late 18th century, more than ____ percent of the world's workforce was employed in the agricultural sector - โ โ 60
Company Chester is going to reposition Cake and the change has a revision date of August 12 of the coming year (August 12 is 7/10 of a year). What will Cakes perceived age be on August 13? (Refer to the Round 2 Foundation FastTrack Report available in Appendix 1 of "An Introduction to Business.") - โ โ 2.0 years old
Distribution is best described as - โ โ Getting product to a place where customers can purchase it
Economics is the study of: - โ โ distributing resources for the production of goods and services within a social system
Efficient means: - โ โ Doing things right
How many units could be sold in the Low Tech market next year? Assume: Low Tech has a growth rate of 10% and High Tech has a growth rate of 20%. (Refer to the Round 2 Foundation FastTrack Report- available both on Canvas and in Appendix 1 of "An Introduction to Business." - โ โ 6,
How many units could be sold in the Low Tech market next year? Assume: Low Tech has a growth rate of 10% and High Tech has a growth rate of 20%. (Refer to the Round 2 Foundation FastTrack Report- available both on Canvas and in Appendix 1 of "An Introduction to Business.") - โ โ 6,
How would you best define demand? - โ โ The quantity of goods and services consumers are willing to buy at different prices
How would you describe the concept of scarcity? - โ โ Our wants are greater than the resources available to satisfy them
If company Ferris wanted product Fast to be positioned on the "ideal" spot for the high tech market for next year, what changes would they make? (Refer to the Round 2 Foundation FastTrack Report available in Appendix 1 of "An Introduction to Business.") - โ โ Pfmn- 9.5; Size- 10.
If demand last year was 1,000 and that demand increases by 20% next year, what will the demand be next year? - โ โ 1,
In a capitalist, or private enterprise system, individual citizens own and operate the majority of businesses and the ______ determines the distribution of resources. - โ โ market
In a command economy: - โ โ the government controls what goods/services are produced, their quantity, and prices
Individual self-interest includes all but one of the following: - โ โ more costs
Individual self-interest promotes: - โ โ all of the above
Market research is designed to: - โ โ Help determine what is important to customers and how they want product to perform
Market segmentation identifies customer group on the basis of their needs regarding - โ โ all the above
Marketing strategy is most successful when it has: - โ โ a customer orientation
For example:
6,098 + (6,098 * .1) = 6,707.
and
6,098 * 1.1 = 6,707.8 - โ โ True
What are some examples of economic costs? - โ โ All the above
What are the factors of production? - โ โ All the above:
raw materials and natural resources, tools and machinery, currency and other forms of capital, labor and other forms of human resources
What does target marketing involve? - โ โ Concentrating marketing efforts on one or a few key markets most likely to buy your product.
What does the research and development department do? - โ โ Creates new products and changes specifications on existing products based on customer needs
What is a 10% increase from a base of 1,000? - โ โ 1,
What is a market? - โ โ Any mechanism that facilitates exchange of goods and services between buyers and sellers
What is an advantage of economic specialization? - โ โ It provides an opportunity to experience greater efficiency and increased productivity
What is an example of a market? - โ โ All the above
What is market segmentation? - โ โ Identifying and grouping potential customers by geographic, demographic, and psychographic attributes according to common characteristics and needs
What is the "fifth" aspect of the marketing mix? - โ โ service
What is the "ideal" position for a High Tech product next year? (Refer to the Round 2 Foundation FastTrack Report- available both on Canvas and in Appendix 1 of "An Introduction to Business.") - โ โ Pfmn- 9.5; Size- 10.
What is the "ideal" position for a Low Tech product next year? (Refer to the Round 2 Foundation FastTrack Report- available both on Canvas and in Appendix 1 of "An Introduction to Business.") - โ โ Pfmn- 6.3; Size- 13.
What process allows managers to manage in an uncertain and risky environment? - โ โ Managing -- establish a goal, create a plan, organize the resources, operate the plan, and measure the results
What set of questions do all economic systems have to answer? - โ โ All the above
What statement illustrates the concept of "risk"? - โ โ Invest a lot of resources (money) in a developing new product that -- if it fails -- will cause the company to lose money
Which business activity requires funding the business and using its resources effectively? - โ โ Finance
Which product will be most attractive to High Tech customers as of January 1 next year? (Refer to the Round 2 Foundation FastTrack Report- available both on Canvas and in Appendix 1 of "An Introduction to Business.") - โ โ Fast
Which product will be most attractive to Low Tech customers as of January 1 next year? (Refer to the Round 2 Foundation FastTrack Report- available both on Canvas and in Appendix 1 of "An Introduction to Business.") - โ โ Able
You have evaluated product Acorn (a made up product) against the Buying Criteria of the Low Tech market and gotten the following "attractiveness" scores: MTBF 100, Price 23, Age 87, and Position 92. What is the Customer Survey Score for this month? - โ โ 63.
