MKT 315 EXAMPREP REVIEW SHEET
TESTED QUESTIONS AND ACCURATE
ANSWERS
●● Price Elasticity of Demand
Answer: a measure of price sensitivity providing a relationship between
adjustments in price and quantity demanded of a good or service.
●● Retailer
Answer: An intermediary who sells to consumers
●● Sales Force Automation System
Answer: Enables sales people to efficiently work from any location at
any time.
●● Milton Friedman's Famous Maxim, paraphrased
Answer: The social responsibility of a business is to make a profit.
●● Return on Investment (ROI)
Answer: Measures the profit or loss generated by the investment relative
to the costs associated with that product.
, ●● Decoding
Answer: When a receiver assigns meaning to the symbols encoded by
company advertisements.
●● Public Relations
Answer: Incorporates the use of web pages, sponsorships, press releases,
and special events.
●● Content Optimization
Answer: Used by web designers to ensure that each webpage works
effectively with various search engines.
●● The Promotional Mix
Answer: advertising, personal selling, sales promotion, public relations,
direct marketing, and digital marketing
●● Premiums
Answer: Free or minimal cost items offered by companies in order to
entice customers to buy their product.
●● Where production is optimized and profitability peaks.
Answer: The point with the largest vertical distance between total
revenue and total costs
TESTED QUESTIONS AND ACCURATE
ANSWERS
●● Price Elasticity of Demand
Answer: a measure of price sensitivity providing a relationship between
adjustments in price and quantity demanded of a good or service.
●● Retailer
Answer: An intermediary who sells to consumers
●● Sales Force Automation System
Answer: Enables sales people to efficiently work from any location at
any time.
●● Milton Friedman's Famous Maxim, paraphrased
Answer: The social responsibility of a business is to make a profit.
●● Return on Investment (ROI)
Answer: Measures the profit or loss generated by the investment relative
to the costs associated with that product.
, ●● Decoding
Answer: When a receiver assigns meaning to the symbols encoded by
company advertisements.
●● Public Relations
Answer: Incorporates the use of web pages, sponsorships, press releases,
and special events.
●● Content Optimization
Answer: Used by web designers to ensure that each webpage works
effectively with various search engines.
●● The Promotional Mix
Answer: advertising, personal selling, sales promotion, public relations,
direct marketing, and digital marketing
●● Premiums
Answer: Free or minimal cost items offered by companies in order to
entice customers to buy their product.
●● Where production is optimized and profitability peaks.
Answer: The point with the largest vertical distance between total
revenue and total costs
