Business Essentials Final Exam Study Guide Questions With Correct Answers

Business Essentials Final Exam Study Guide
Questions With Correct Answers

break-even |point |- |CORRECT |ANSWER✔✔-the |point |at |which |total |revenues, |or |sales, |equal |
total |costs |and |expenses |of |developing |and |offering |a |product |or |service



market |segmentation |- |CORRECT |ANSWER✔✔-the |division |of |a |market |for |a |product |into |
groups |of |customers |who |have |the |same |needs |and |traits



channel |of |distribution |- |CORRECT |ANSWER✔✔-a |pathway |to |direct |products |to |consumers



promotion |- |CORRECT |ANSWER✔✔-any |effort |to |inform, |persuade, |or |remind |potential |
customers |about |a |business's |products |or |services



demographics |- |CORRECT |ANSWER✔✔-facts |about |the |population, |including |age, |gender, |
location, |and |income



direct |distribution |- |CORRECT |ANSWER✔✔-occurs |when |goods |or |services |are |sold |from |the |
producer |directly |to |the |customer



relationship |marketing |- |CORRECT |ANSWER✔✔-to |build |up |and |maintain |relationships |with |
their |customers



target |marketing |- |CORRECT |ANSWER✔✔-focusing |on |the |people |most |likely |to |buy |a |
company's |goods |and |services



indirect |distribution |- |CORRECT |ANSWER✔✔-involves |one |or |more |intermediaries

, market |- |CORRECT |ANSWER✔✔-a |group |of |customers |who |share |common |wants |and |needs



test |marketing |- |CORRECT |ANSWER✔✔-offering |a |product |in |a |limited |market |for |a |limited |
time



marketing |information |management |- |CORRECT |ANSWER✔✔-gathering |and |analyzing |
information |about |consumers, |trends, |and |competitor's |products



product/service |management |- |CORRECT |ANSWER✔✔-obtaining, |developing, |maintaining, |and
|improving |a |product |or |product |mix |in |response |to |market |opportunities




distribution |- |CORRECT |ANSWER✔✔-the |process |of |getting |goods |and |services |to |customers



sole |proprietorship |- |CORRECT |ANSWER✔✔-a |business |owned |by |one |person



partnership |- |CORRECT |ANSWER✔✔-a |business |owned |by |two |or |more |people |who |share |its |
risks |and |rewards



corporation |- |CORRECT |ANSWER✔✔-a |company |that |is |registered |by |a |state |and |operates |
apart |from |its |owners



advertising |agency |- |CORRECT |ANSWER✔✔-a |business |that |specializes |in |developing |ads |and |
ad |campaigns |for |its |clients



ad |campaign |- |CORRECT |ANSWER✔✔-a |series |of |ad |messages |that |share |a |single |idea |and |
theme