BUSI 330 UPDATED Exam Questions and CORRECT Answers

BUSI 330 UPDATED Exam Questions and CORRECT Answers Which of the fol lowing statements best distinguishes between consumer needs and wants? ✔✔✔ Needs occur when a person feels deprived of basic necessities such as food, clothing, and shelter while wants are determined by a person's knowledge, culture, or personality. What a re the factors required for marketing to occur? ✔✔✔ -two or more parties with unsatisfied needs, -a desire and ability on their part to be satisfied, -a way for the parties to communicate, -something to exchange A typical marketing department both shapes and ____________ its relationship with internal and external groups. ✔✔✔ is shaped by All of the following are departments within a typical organization except which? ✔✔✔ suppliers Marketing seeks to discover the needs and wants of prospective customers and satisfy them. Essential to this process is the idea of exchange, which refers to ✔✔✔ trade of things of value between buyer and seller so that each is better off after the trade. The CEO of an organization is ✔✔✔ usually a member of the board of directors The term used to identify an organization's long -term course of action designed to deliver a unique customer experience while achieving its goals is referred to as a ✔✔✔ Strategy A subsidiary, division, or unit of an organization that markets a set of related offerings to a clearly defined group of customers is referred to as a ✔✔✔ Strategic Business Unit Profit refers to ✔✔✔ The money left over after a business firm's total expense s are subtracted from its total revenues. Which statement best describes the most significant difference between a for -profit organization or a business firm and a nonprofit organization? ✔✔✔ Both serve customers, but business firms seek a profit while non profit organizations do not Generation X is the label often given to ✔✔✔ Persons born between 1965 and 1976 . The demographic characteristics of the population and its culture are referred to as ✔✔✔ Social forces Environmental scanning refers to ✔✔✔ Continu ally acquiring information on events occurring outside the organization to identify and interpret potential trends. In 1970, the typical U.S. household earned about $8,700. In 2013, the typical U.S. household earned about $51,939. If adjusted for inflatio n, the gross income of the typical U.S. household in 2013 relative to 1970 has ✔✔✔ Remained relatively stable. A time of declining economic activity when businesses decrease production, unemployment rises, and many consumers have less money to spend is ref erred to as ✔✔✔ A recession Values refer to ✔✔✔ ??personally or socially preferable modes of conduct or states of existence that tend to persist over time Consumer groups living in many countries or regions of the world that have similar needs or seek simi lar features and benefits from products or ✔✔✔ Global Consumers The balance of trade is the ✔✔✔ Difference between the monetary value of a nation's exports and imports. Which of the following statements about the dynamics of world trade is most accurate? ✔✔✔ China, the United States, and Germany far outpace other countries in terms of imports and exports.