ADMN 400 Final Exam Prep – Business Strategy, Marketing, and Financial Statements

Description: This document offers final exam questions with verified answers for ADMN 400. It covers competitive environments, SWOT analysis, marketing strategies, and the four Ps. Additional topics include balance sheets, income statements, cash flow, and corporate social responsibility. A structured guide to mastering both marketing and financial fundamentals. Marketing Matrix - answerproduct, placing, pricing, and promotion Value - answerBenefit/Cost Utility - answerability of a product to meet someones wants or needs Types of Utility - answerform, place, time, possession Consumer Goods - answertangible products purchased by customers for personal use industrial goods - answerProducts used in the production of other products. Sometimes called business goods or B2B goods. Services - answerintangible products Political-Legal Environment - answerinvolves government legislation and regulation as well as political movements, creates new markets and products for emerging companies Page1 Sociocultural Environment - answerbuying behaviors, the customs, values, and demographic characteristics of the society in which the organization functions Technological Environment - answeradvances in computer technology and telecommunication, new products make existing products obsolete, and many products change our values and lifestyles - lifestyle changes stimulate new products not directly related to new tech itself Economic Environment - answereconomic factors that affect consumer purchasing power and spending patterns, ex) inflation, recession, employment rates competitive environment - answersystem in which businesses compete for consumers and commercial buyers 3 types of competition - answersubstitute product, brand competition, international competition subsitute products - answerdifferent from competitors, fills same need, ex) which gym membership to get brand competition - answerappeals to consumer perceptions of benefits offered by particular companies, ex) deciding between google and bing international competition - answerdomestic products against foreign products, ex) ford vs volkswagen competitive advantage - answera set of unique features of a company and its products that are perceived by the target market as significant and superior to those of the competition 4 types of competitive advantage - answercost, product differentiation, service differentiation, niche cost - answermaintaining profit margin on lower costs product differentiation - answerincludes brand names, Page2 image, product reliability Service Differentiation - answercustomer reviews can make or break a company niche - answerserving a specific segment of the population and doing it well marketing mix strategies - answerproduct- choosing brand name, packaging, colors, warranty, accessories price- demand for product and cost of producing product, lower prices not always best place- where and how the product will be sold promotion- personal selling, ads, etc SWOT analysis - answerstrengths, weaknesses, opportunities, threats marketing research - answerplanning, collecting, and analyzing data relevant to a marketing decision ex) consumer preferences, perceived benefits, consumer lifestyles Buyer Behavior - answerneed recognition to information search to evaluation of alternatives to purchase to post purchase behavior market segementation - answerthe process of dividing a market into meaningful, relatively similar, and identifiable segments or groups Influences on Consumer Decision Making - answerculture, social factors, individual influences, psychological influences Stages of market research - answer1) Define the problem 2) Develop your plan 3) Collect relevant data and information 4) Analyze data and report findings 5) Take action balance sheet - answerpresents a companies financial position at the end of the specified date, provides a "snapshot" of a companies assets, liabilities, and shareholders equity core functional areas of business - answermanagement, operations, marketing, accounting, finance where are assets and liabilities on a balance sheet - answerassets on the left, liabilities on the right management - Page3 answerorganizational supervision and leadership, set goals and define strategies for achieving goals operations - answerconverting inputs to outputs assets - answerthings of value owned by a company marketing - answeridentifies customers needs, designs products/services to meet needs, develops strategy for promoting products/services liabilities - answeramount of money the company owes to others accounting - answerprovide information pertaining to the company's financial transactions and allocation of resources shareholder's equity - answermoney that'd be left if a company sold all assets and paid liabilities benefits of business - answeremployment, production of goods and services we want and need, community leadership, support for charities, contributes to govt initiatives through taxes income statement - answerhow much revenue a company earned over a specific time period, shows profitability of a company external environment - answereverything outside the organizations boundaries that might affect it income statement formula - answerNet Income = Revenue - Expenses 3 categories of distinctive competencies - answernew niche in established market, new market, first mover advantage revenue - answerreport on all income during the time period first mover advantage - answerany advantage that comes to an organization because they take advantage of the opportunity before anyone else does expenses - answerreport outgoings during the time period what do the core competencies provide - answeraccess, value, uniqueness cash flow Page4 statement - answertells you whether the company gained or lost cash during a time period ikigai - answerreason for being operating activities - answernormal activities of a business that generates cash in and out small business owner - answerdeal with established products, have technical expertise, and are interested in staying small investing activities - answerchanges in cash from the purchase or sale of property, or other long