BUSN 201 MIDTERM QUESTIONS WITH ACCURATE
ANSWERS
Define and provide an example of paid, owned, and earned media. correct answer
Paid Media: Allow marketers to show their G/S for a fee. (commercials, magazine
ad, sponsorships)
Owned Media: Communication channels marketers own themselves. (company
brochures, Instagram, websites)
Earned Media: Streams where customers communicate about the brand. (word of
mouth, viral marketing)
Define business cycle correct answer a cycle or series of cycles of economic
expansion and contraction.
Define corporate social responsibility. (CSR) correct answer Targeted toward
achieving a social benefit over & above max profits for its shareholders & meeting
all its legal obligations. means; corp is operating in a competitive environment
Define deflation correct answer Persistent fall in the average level of prices in the
economy, increased currencyy value, and a fall in net exports.
Define economic sustainability. correct answer The idea that communities across
the globe should have access to the financial resources they need.
Define external risk. Provide an example. correct answer The negative
externalities when a business fails. Ex: employees or lenders not being paid,
possibility of being sued.
, Define internal risk. Provide an example. correct answer Failure of the business.
Ex: Bankruptcy
Define marketing. correct answer The process of planning, pricing, promoting,
selling, and distributing ideas or G/S to satisfy customers needs, wants, and
desires.
Define positioning. correct answer Arranging for a product to occupy a clear,
distinctive, and desirable place relative to competing products in the minds of
target consumers. This then helps in determining price, promotions, product, and
distribution.
Define productivity correct answer the quantity of goods and services produced
from each unit of labor input. Often classified in (G/S) produced/ hour
Define recession. correct answer 2 to 3 months decline in GDP, high
unemployment, and lowered buying power.
Define satisfaction. correct answer Reflects a customers judgement of a G/S in
relation to their expectation.
Define segmentation. correct answer Market segmentation is the process of
dividing a targeted audience into subgroups based on commonalities, ranging
from age, gender or location to priorities, values and behaviour.
Define social sustainability. List 2 aspects. correct answer The idea that all
communities should have universal human rights, basic necessities, to assure they
are healthy, safe, and secure. (aspects: personal rights, labour rights, cultural
rights)
ANSWERS
Define and provide an example of paid, owned, and earned media. correct answer
Paid Media: Allow marketers to show their G/S for a fee. (commercials, magazine
ad, sponsorships)
Owned Media: Communication channels marketers own themselves. (company
brochures, Instagram, websites)
Earned Media: Streams where customers communicate about the brand. (word of
mouth, viral marketing)
Define business cycle correct answer a cycle or series of cycles of economic
expansion and contraction.
Define corporate social responsibility. (CSR) correct answer Targeted toward
achieving a social benefit over & above max profits for its shareholders & meeting
all its legal obligations. means; corp is operating in a competitive environment
Define deflation correct answer Persistent fall in the average level of prices in the
economy, increased currencyy value, and a fall in net exports.
Define economic sustainability. correct answer The idea that communities across
the globe should have access to the financial resources they need.
Define external risk. Provide an example. correct answer The negative
externalities when a business fails. Ex: employees or lenders not being paid,
possibility of being sued.
, Define internal risk. Provide an example. correct answer Failure of the business.
Ex: Bankruptcy
Define marketing. correct answer The process of planning, pricing, promoting,
selling, and distributing ideas or G/S to satisfy customers needs, wants, and
desires.
Define positioning. correct answer Arranging for a product to occupy a clear,
distinctive, and desirable place relative to competing products in the minds of
target consumers. This then helps in determining price, promotions, product, and
distribution.
Define productivity correct answer the quantity of goods and services produced
from each unit of labor input. Often classified in (G/S) produced/ hour
Define recession. correct answer 2 to 3 months decline in GDP, high
unemployment, and lowered buying power.
Define satisfaction. correct answer Reflects a customers judgement of a G/S in
relation to their expectation.
Define segmentation. correct answer Market segmentation is the process of
dividing a targeted audience into subgroups based on commonalities, ranging
from age, gender or location to priorities, values and behaviour.
Define social sustainability. List 2 aspects. correct answer The idea that all
communities should have universal human rights, basic necessities, to assure they
are healthy, safe, and secure. (aspects: personal rights, labour rights, cultural
rights)
