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119 Cards in this Set
- Front
- Back
What is the managment function of deciding what will be done and how it will be accomplished
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planning
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What is the managment function that moniters the work effort?
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controlling
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A sole proprietorship and a limited partnership are two types of _________
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buisness ownership
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What is the absorption of one company by another?
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Merger
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When a local buisness owner enters into a contractual agreement to operate a store or resturant under the name of a parent corporation, the owner is usually a___________________
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franchisee
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computers are credited with helping the conomy grow in recent years because of increased _____________
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productivity
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which is the broader, more exclusive term: Internet or World Wide Web
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Internet
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What is a tool on the internet that helps viewers to locate specific web sites relating to a particular subject?
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search engine
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The potential for loss or failure in buisneess can be economic, natural or human. These are types of ____________
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risks
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When one invests in a product or company knowing that the investment may result in a loss or gain, s/he is said to be taking a __________________
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speculative risk
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What is the buisness activity whose function it is to obtain funds and use them to achieve the goals of the buisnesS?
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finance
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Marketing contributes to te general conditions in which people live, also known ad their
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standard of living
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what is the philosophy of conducting buisness that is based on the belief that all buisness activitites should be aimed toward satisfying consumer wants and needs while achieving company goals?
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Marketing concept
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distribution and pricing are two examples of what?
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marketing functions
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What is the marketing function that involves developing a product or service mix in response to market opportunities
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product/service managment
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What buisness function involves the planning and procedures necessary to obtain goods and services to use in running the buisness or for re-sale?
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purchasing
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What is the buisness function that creates goods and services from economic resources?
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production
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What is the process of keeping financial records transactions at the time they occur, even if no money changes hands at the time?
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Accrual Accounting Method
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The coordination of resources to accomplish an organization's goals is the responsibility of _________
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managment
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What is a collective group decision that every member is willing to support?
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consensus
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When goal setting, what are two things you can do to make goals moer real and likely to be achieved?
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write them down, tell someone else
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What are objectives that take a long time to achieve, often a year or more?
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long-term goals
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What is the basic underlying prinicple of US and canadian economic systems that makes them different from other nations?
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free market
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The people who have knowledge about an applicant's previous job performance are referred to as ______________
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references
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what are the abilities needed for a specific job?
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aptitudes
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What group in marketing uses market research to creat, test, and package products as well as track and analyze their profitablity?
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product managers
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A brief summary of your education, experience and skills is a
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resume
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What is the duty of buisness to contribute to the well being of society?
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social responsibility
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What is a buisness that buys goods from producers or agents and sells them to retailers
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wholesalers
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Employess can creat a positive impression of the buisness by speaking in a professional _____ of voice.
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tone
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What is the condition that exists when two or more people need, for some reason, to rely upon each other?
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interdependence
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What are the leaders who prefer to exercise little or no control over their subordinates and provide only general guidance to them?
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laissez-faire leaders
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What are groups of people who work together to acieve common goalS?
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teams
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which marketing function is most colsely related to helping a potential cunstoner make an appropriate buying decision?
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selling
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When the mission of an organization is understanding, serving, and pleasing the customer, it is said to be_________
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customer-focused
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What are two actions you can take to show customers that you have their undivided attention?
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smile, maintain eye contact
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Customers who require an exceptional amount of time, or who have difficulty in making choices or purchase decisions are known as ___________
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indecisive customers
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What are guidelines for employees to follow in making decisions as situations occur in the buisness?
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buisnes policies
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When a customer conceals his true complaint with a secondary, but believable, reason for his disatisfaction, it is a
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hidden complaint
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What is the first thing you should always do when taking a buisness telephone call?
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identify the comany and yourself
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When buisness writing is concise, it is ___
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effective and to the point
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What part of the letter contains your message?
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the body
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customers have a negative impression of a buisness when employees don't provide good ______________
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service
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What form of written communication differs from others because of its informal, almost spontaneous nature?
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electronic mail or e-mail
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What is communication that asks for anwers to questions or requests info?
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inquiry
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Name two communicative technologies used in buisness today
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fax cell phone
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What is communication that is initiated from superiors to their subordinates?
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downward communication
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What is being aware of the differences in people of other societies and showing respect for their beliefs and behaviors
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cultural sensitivity
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Imposing western culture on other, significantly different cultures is called
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cultural imperialism
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By not wasting time or supplies, employees are helping control company _________
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expenses
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In a buisness situation, which would be considerd positive behanvior: assertive or aggressive?
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assertive
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What is an organized way to continuously gather, sort, analyze, evaluate, and distribute imformation for use in marketing management system
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marketing information management system
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What is often the determining factor in whether individual consumer informaiton has been ethically included in a buisness's database?
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Whether or not they are aware and have chosen to be included
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What are summaries provided by salespeople that document reasons why prospective customers did not purchase?
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lost sales reports
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The first step in resolving a conflict or dispute in the workplace involves identifying the
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problem
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The first step in resolving a conflict or dispute in the workplace involves identifying the
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problem
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What is the term for a "blueprint" which guides the flow of topics in a meeting?
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agenda
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oversimplified and distorted views of people based on generalizations or a single common characteristic are a form of __________________
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stereotyping
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Tips that there may be job openings at a particular buisness is an example of job
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leads
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what are the formalized guidelines for moral conduct in the worklace that many complanies have established for their employees?
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ethical codes
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What is another word for income, aslo used to refer to the government's income from various taxes?
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revenue
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What are all of the expenses involved in running a buisness?/
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operating expenses
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In a legal contract, each party must offer something of value, called ____
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consideration
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What are documents containing information about employees?
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personnel records
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What is an estimate of what income and expenses will be for a specific time period?
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budget
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What is the process of involving all members of an organization in continuously ensuring that every activity in the production of goods orr servixces leads directivly to product quality?
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toal quality managment or continuous quality improvement
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repeating the customer's questions in your own word is also known as
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paraphrasing
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What is an agreement between two entities which states that one must do something in return for something else provided by another?
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contract
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What are buisness costs that change according to changes in sales volume?
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variable costs
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What is the level of sales at which revenues equal total costs?
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break-even point
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What is identifying and making contracts among people you know, including family and friends, former employers, and other professionals?
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networking
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What is a series of sequential steps taken by industrial or retail personnel to purchase goods and services?
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buying process
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What is the total value of goods and services sold in a period of time?
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gross sales
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What is the term for "gross sales less discounts, returns, and allowances"?
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net sales
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What is a financial summary that estimates when, where, and how much money will come into and go out of a buisness over a period of time?
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cash flow statement
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What is the summary of a buisness's assets, liabilities, and owner's equity?
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balance sheet
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What are all monies owed to a buisness by its customers?
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accounts recievable
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What is the reduction in value of goods, which occurs over a period of time?
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depreciation
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Money and other debts owed by the buisness are called____________
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liabilities
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The staement whoch provides the calculation "income minus expenses" has many names: income statement, earning statement, and operating statement. It is perhaps most commonly known as a ________
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profit and loss statement
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general rules established by managment to guide personal selling efforts relate to such areas as pricing, credit, and returns and adjustments. These rules are also known as _____
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selling policies
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selling policies focused on aspects of a sale such as price, delivery, credit, discount, and guarantee information are addressing _______
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Terms of sale
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What are guidlines governing the support a company provides to the customer after the sale through return repair, and installation policies?
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service policies
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What is a systematic approach to selling that consists of a sequence of define steps, or phases, intended to assit salespeople in making the sale?
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selling process
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What is something a customer desires?
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want
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What is something necessary that a customer lacks?
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need
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What is a searching question that requires more than a yes or no answer?
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open response or open-ended question
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When the buisness does not have the item requested and the salesperson suggests an alternate item, the process is called ______________
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product substitution
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Encouraging a customer to buy higher-priced goods or services is called ______
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trading up or upselling
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When the salesperson suggests a lower price line than was originally requested because it would neet the customer's real needs, the salesperson is said to be____________________
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trading down
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What is the division of a total market into smaller, more specific groups
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market segmentation
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What are established specifications used to measure the degree of excellence of goods or services?
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quality standards
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What is a promise made by the sller that the purchase price will be refunded to the buyer if the product does not perform expected?
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guarantee
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What is a promise by the seller to the consumer that a product will be repaired or placed if it does not perform as expected?
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warranty
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What is evaluative information given to you about the things you say and do?
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feedback
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What is communcation that is not aimed or directed at a particular individual?
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non-personal
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What are communcation activites that inform potential consumers about goods, service, images, or ideas to acieve a desired outcome-usually generating interest or sales?
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promotion
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What is a type of pormotion that is done to create a desired image for a company in the minds of consumers?
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insitutional or corporate
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Adverstising to encourage customers to call an 800 number for additonal info is an exmaple of
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telemarketing
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Responding to consumer needs and wants through planned, personalized communication is order to influence purchase decisions and ensure satisfaction is known as
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selling
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What is it called when supervisors set objectives for their staffs and determine in advance exactly how those objectives will be met?
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planning
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What is the process of assigning responsibility and authority to employees for the purpose of achieving its objectives?
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staffing planning
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What is a toll a supervisor uses to assess how well employees are doing their jobs?
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performance evaluation
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What is the process of determining if a de[partment has the necessary employees to achieve its objectives?
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staffing planning
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What is the process of attracting qualified candidates to apply for job openings?
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recruiting
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Choosing the most qualified applicant recruited for a job is also known as ____________________
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selection
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What is a conversation designed to discover why an employee is leaving the organization?
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exit interview
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The measure of how many people leave the company is known as _________
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employee turnover
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Wha is the process of an employee becoming more valuable to the company through the combo of education and experience?
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development
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Product design, branding, and advertising to creat an image in the customr's mind is called ____________
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positioning
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If a buisness offers consumers greater value, it is said to have a _______
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competitive advantage
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What is the process f creating names, symbols, designs, images, or combo of them in order to identfy a company or product and distinguish it from competitors?
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branding
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What media are called "out of home" as part of the promotional mix>
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outdoor and transit
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A critical ethical consideration in promotion is presenting groups of people as if they were all alike. This is called
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stereotyping
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Technology now allos enough felxibility to design and market products for select target groups or individuals-a phenomenon also known as ________
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mass customization
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one style of decision making involves getting others opinions and considering the impact on them. This is known as ______decision making
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collaborative
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Print, broadcast and out of home are all types of what?
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advertising media
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What is the part of a print as that is set in large type and often positioned at the top of the ad, in order to grab the reader's attention?
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headline
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What are ads that feature statements by product users, proclaiming the benefits they derived from using the product?
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testimonials or endorsements
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