SEVI 2053 final exam uark |86 Questions
and Answers
perfect competition - --the market situation in which there are many buyers
and sellers of a single product (rare today)
-no single buyer or seller is powerful enough to affect the price of that
product
-no restrictions for firms entering the industry
- monopolistic competition - --market situation in which there are many
buyers along with a relatively large number of sellers who differentiate their
products from the products of compettitors
- Oligopoly (competition) - --a market or industry in whcih there are few
sellers (ex: cars)
- Monopoly (competition) - --a market or industry with inly one seller, and
there are barriers to keep other firms from entering the industry (ex: public
utilities)
- Key Management Skills for managers - --analytical skills
-conceptual skills
-communication skills
-technical skills
-interpersonal skills
- Equity Theory - -a theory of motivations based on the premise that people
are motivated to obtain and perserve equitable treatment for themselves
- expectancy theory - -a model of motivation based on the assumption that
motivation depends on how much we want something and on how likely we
think we are to get it
- goal setting theory - -a theory of motivation suggesting that employees
are motivated to achieve goals that they and their managers establish
together
- theory x - -a concept of employee motivation fenerally consistent with
taylors scientific management; assumes that employees dislike work and will
function only in a highly controlled work environment
- theory y - -a concept of employee motivation generally consistent with the
ideas of the human relations movement; assumes responsibility and work
, toward organizational goals, and by doing personal rewards are also
achieved
- theory z - -the belief that some middle ground between type A and J
practices is best for american business
- marketing - -the activity, set of institutions, and processes for creating,
communicating, delivering, and exchanging offerings that have value for
customers, clients, partners, and society at large
- form utility - -utility created by converting production inputs into finished
products
- place utility - -utility created by making a product available at a location
where customers wish to purchase it
- Time Utility - -utility created by making a product available when
customers wish to purchase it
- posession utility - -utility created by transferring title (or ownership) of a
product to a buyer
- Marketing Concept - -A business philosophy that makes customer
satisfaction - now and in the future - the central focus of the entire
organization
- implementation of the marketing concept - -1. the firm must obtain
information about its present and potential customers
2. the firm must use this information to pinpoint the specific needs and
potential customers toward shich it will direct its marketing activities and
resources
3. firm must mobilize its marketing resources
4. the firm must obtain marketing info regarding the effectiveness of its
efforts and be ready to modify its marketing activities based on info about its
customers and cometitors
- target market - -a group of individuals or organizations for which a firm
develops and maintains a marketing mix suitible for the specific needs and
preferences of that group
- marketing mix - --a business firm controls four important elements of
marketing that it combines in a way that reaches the firms target market
and Answers
perfect competition - --the market situation in which there are many buyers
and sellers of a single product (rare today)
-no single buyer or seller is powerful enough to affect the price of that
product
-no restrictions for firms entering the industry
- monopolistic competition - --market situation in which there are many
buyers along with a relatively large number of sellers who differentiate their
products from the products of compettitors
- Oligopoly (competition) - --a market or industry in whcih there are few
sellers (ex: cars)
- Monopoly (competition) - --a market or industry with inly one seller, and
there are barriers to keep other firms from entering the industry (ex: public
utilities)
- Key Management Skills for managers - --analytical skills
-conceptual skills
-communication skills
-technical skills
-interpersonal skills
- Equity Theory - -a theory of motivations based on the premise that people
are motivated to obtain and perserve equitable treatment for themselves
- expectancy theory - -a model of motivation based on the assumption that
motivation depends on how much we want something and on how likely we
think we are to get it
- goal setting theory - -a theory of motivation suggesting that employees
are motivated to achieve goals that they and their managers establish
together
- theory x - -a concept of employee motivation fenerally consistent with
taylors scientific management; assumes that employees dislike work and will
function only in a highly controlled work environment
- theory y - -a concept of employee motivation generally consistent with the
ideas of the human relations movement; assumes responsibility and work
, toward organizational goals, and by doing personal rewards are also
achieved
- theory z - -the belief that some middle ground between type A and J
practices is best for american business
- marketing - -the activity, set of institutions, and processes for creating,
communicating, delivering, and exchanging offerings that have value for
customers, clients, partners, and society at large
- form utility - -utility created by converting production inputs into finished
products
- place utility - -utility created by making a product available at a location
where customers wish to purchase it
- Time Utility - -utility created by making a product available when
customers wish to purchase it
- posession utility - -utility created by transferring title (or ownership) of a
product to a buyer
- Marketing Concept - -A business philosophy that makes customer
satisfaction - now and in the future - the central focus of the entire
organization
- implementation of the marketing concept - -1. the firm must obtain
information about its present and potential customers
2. the firm must use this information to pinpoint the specific needs and
potential customers toward shich it will direct its marketing activities and
resources
3. firm must mobilize its marketing resources
4. the firm must obtain marketing info regarding the effectiveness of its
efforts and be ready to modify its marketing activities based on info about its
customers and cometitors
- target market - -a group of individuals or organizations for which a firm
develops and maintains a marketing mix suitible for the specific needs and
preferences of that group
- marketing mix - --a business firm controls four important elements of
marketing that it combines in a way that reaches the firms target market
