FBLA Marketing Exam Prep: Key Topics &
Practice
1. Production
focuses on internal capabilities of the firm rather than the desires or need
Ori- ented
of marketplace
Company
company believes they will sell more products and service if aggressive
2. Sales
Oriented sale methods are used to gain higher sales
Company
firm exists to satisfy consumers wants and needs and provides
3. Marketing shareholders and corporate benefits
Ori- ented
philosophy that firms should analyze the needs of customers and
Firm
then make decisions to satisfy those needs and make a profit
4. Marketing
Con- cept
5. Functions of Mar- Distribution, Financing, Marketing Information Management, Pricing,
Prod-
keting uct/Service Management, Promotion)
6. FoM: Distribution deciding where and to whom products need to be sold in order to
reach the final users
7. FoM: Financing getting the money that is necessary to pay for the operation of a business
8. FoM: Market- getting the necessary information to make sound business decisions
ing
Information
Management
9. FoM: Pricing Deciding how much to charge for goods and services in order to maximiz
profits
10. FoM: Product/ obtaining, developing, maintaining, and improving a product or a
Service product mix in response to marketing opportunities
Manage- ment
, FBLA Marketing Exam Prep: Key Topics &
Practice
11. FoM: Promotion communicating with potential customers to inform, persuade, or remind
them
about business products
12. FoM: Selling provides customers with goods and services they want
, FBLA Marketing Exam Prep: Key Topics &
Practice
13. Different types of sole-proprietorship, partnership, corporation, franchise, and licensing
business owner-
ship
14. Sole business owned and operated by one person
proprietor-
ship
1. Most common form of business ownership
15. Main Points
of
a Sole Proprietor- 2. Must provide the money and management skill to run the business
ship 3. entitiled to all profits
4. relatively easy to start
5. owner is responsible for all business debts and legal judgements
6. owner has unlimited liability
16. Unlimited Indefinite extent of liability to pay a firm's debts or obligations, extending
Liabili- ty beyond the investments of the firm's owner(s), partners, or
shareholder(s) to their per- sonal assets.
17. Partnership the legal agreement between two or more people to be jointly responsible
for the success or failure of a business
18. Main Points 19. General Partner- ship
of
Partnership
, FBLA Marketing Exam Prep: Key Topics &
Practice
1. least common form of
business
2. partners share profits,
successes, and failures
3. subject to relatively little
regulation and fairly easy to
establish
3. two kind of
partnership(general and
limited)
4. combines skill and voice
of each partner
5. taxed less heavily than a
corporation
6. business is dissolved if
one partner dies
7. each partner is
responsible for everything
8. assume and share debt
Practice
1. Production
focuses on internal capabilities of the firm rather than the desires or need
Ori- ented
of marketplace
Company
company believes they will sell more products and service if aggressive
2. Sales
Oriented sale methods are used to gain higher sales
Company
firm exists to satisfy consumers wants and needs and provides
3. Marketing shareholders and corporate benefits
Ori- ented
philosophy that firms should analyze the needs of customers and
Firm
then make decisions to satisfy those needs and make a profit
4. Marketing
Con- cept
5. Functions of Mar- Distribution, Financing, Marketing Information Management, Pricing,
Prod-
keting uct/Service Management, Promotion)
6. FoM: Distribution deciding where and to whom products need to be sold in order to
reach the final users
7. FoM: Financing getting the money that is necessary to pay for the operation of a business
8. FoM: Market- getting the necessary information to make sound business decisions
ing
Information
Management
9. FoM: Pricing Deciding how much to charge for goods and services in order to maximiz
profits
10. FoM: Product/ obtaining, developing, maintaining, and improving a product or a
Service product mix in response to marketing opportunities
Manage- ment
, FBLA Marketing Exam Prep: Key Topics &
Practice
11. FoM: Promotion communicating with potential customers to inform, persuade, or remind
them
about business products
12. FoM: Selling provides customers with goods and services they want
, FBLA Marketing Exam Prep: Key Topics &
Practice
13. Different types of sole-proprietorship, partnership, corporation, franchise, and licensing
business owner-
ship
14. Sole business owned and operated by one person
proprietor-
ship
1. Most common form of business ownership
15. Main Points
of
a Sole Proprietor- 2. Must provide the money and management skill to run the business
ship 3. entitiled to all profits
4. relatively easy to start
5. owner is responsible for all business debts and legal judgements
6. owner has unlimited liability
16. Unlimited Indefinite extent of liability to pay a firm's debts or obligations, extending
Liabili- ty beyond the investments of the firm's owner(s), partners, or
shareholder(s) to their per- sonal assets.
17. Partnership the legal agreement between two or more people to be jointly responsible
for the success or failure of a business
18. Main Points 19. General Partner- ship
of
Partnership
, FBLA Marketing Exam Prep: Key Topics &
Practice
1. least common form of
business
2. partners share profits,
successes, and failures
3. subject to relatively little
regulation and fairly easy to
establish
3. two kind of
partnership(general and
limited)
4. combines skill and voice
of each partner
5. taxed less heavily than a
corporation
6. business is dissolved if
one partner dies
7. each partner is
responsible for everything
8. assume and share debt
