buad 100 exam 1 udel QUESTIONS WITH COMPLETE 100% VERIFIED SOLUTIONS 2024/2025, Study Guides, Projects, Research of Business Administration

Download buad 100 exam 1 udel QUESTIONS WITH COMPLETE 100% VERIFIED SOLUTIONS 2024/2025 and more Study Guides, Projects, Research Business Administration in PDF only on Docsity! buad 100 exam 1 udel QUESTIONS WITH COMPLETE 100% VERIFIED SOLUTIONS 2024/2025 Stakeholders a party that has an interest in a company and can either affect or be affected by the business. typically investors, employees, customers, suppliers, communities, governments, or trade associations. can be both INTERNAL AND EXTERNAL to the organization Internal Stakeholders People who work for or own the business such as employees, directors, and stockholders. direct relationship such as employment, ownership or investment External Stakeholders people or groups in the organization's external environment that are affected by it. for example suppliers, creditors, and public groups. problems with stakeholders various stakeholder interests may not align. shareholder has a financial interest, but can sell a stock and buy different stock or keep the proceeds in cash; they do not have a long-term need for the company and can get out at any time. Economics the study of how people allocate scarce resources for production distribution and consumption, both indiduvally and collectively Microeconomics -dynamics of supply and demand to the efficiency and costs associated with producing goods and services -How labor is divided and allocated -how business firms are organized and function -how people approach uncertainty, risk, and strategic game theory. Econonmic system Capitalism, socialism, and communism Macroeconmics -Primary areas of study: recurrent economic cycles and broad economic growth and development -Topics studied: foreign trade, government fiscal and monetary policy, unemployment rates, the level of inflation and interest rates, the growth of total production output (GDP), and the business cycle Hesiod wrote that labor, materials, and time needed to be allocated efficiently to overcome scarcity. principle/problem of economics human beings have unlimited wants and occupy a world of limited means. dismal science- thomas carlyle He used it to criticize the liberal views on race and social equality of contemporary economists like John Stuart Mill, though some commentators suggest Carlyle was actually describing the gloomy predictions by Thomas Robert Malthus that population growth would always outstrip the food supply. logical positivist methods attempt to use the procedural observations and falsifiable tests associated with the natural sciences. empirical economists mostly rely on simplifying assumptions and retroactive data analysis. monetarist branch of Keynesian economics that argue that stable monetary policy is the best course for managing the economy, and otherwise often have generally favorable views on free markets as the best way to allocate resources. Keynesian someone that believes free markets are the best way to distribute resources and do not favor fiscal policy by an activist government. economic indicators reports that detail a country's economic performance in a specific area. have effects on stocks, fixed income, and forex markets when they are released. can be useful for investors to judge how economic conditions will move markets and to guide investment decisions GDP -broadest measure of a country's economic performance. -It represents the total market value of all finished goods and services produced in a country in a given year or another period lagging indicators measures of economic performance that usually change after real GDP changes retail sales -Reported by the Department of Commerce during the middle of each month -The __________ report is very closely watched and measures the total receipts, or dollar value, of all merchandise sold in stores. - content in the report can cause above normal volatility in the market - info in the report can gauge inflationary pressures that affect fed rates timely indicator because the report of retail sales is based on the previous month sales, it is a _________ pure competition A market structure characterized by an extremely large number of sellers, none strong enough to significantly influence price or supply monopolistic competition a market structure in which many companies sell products that are similar but not identical Oligopoly a market structure in which only a few sellers offer similar or identical products Monopoly A market in which there are many buyers but only one seller. inflation is high = decrease in the purchasing power of a nations currency ----moneys not worth as much economic factors disposable income, consumer confidence political factors International relations, Terrorism threats, Political climate, Technological Factors Internet and wifi-if your company doesn't have a website, lack of sales bc of convenience, Competition , vrbo and airbnb Increased efficiency and effectiveness demographic factors Factors such as race, age, income, marital status, and educational achievement, among others, Immigrants- ex: buying preferences of hispanics vs Caucasians, demographic and sociocultural factors Global population Two parent households/ single parent households, Do we have products that are ideal for single person households, where both parents are working and really busy sociocultural factors -Preferences change -Changes in social trends / preferences -What do consumers find appealing? -Values, morals, ect ecological/ enviromental factors Shortage of raw materials, Increased pollution, Outcome = cars that can be charged instead of using toxic gas, Green movement, Climate change, Too hot outside= close ski resorts, beach resorts too hot for comfort legal factors US food and drug administration, Ex; tax on sugary drinks, Raise on minimum wage, higher labor cost, paying employees low cost discount carriers in times of crisis ___________________ benefit travel and tourism industry hardest hit sector of corona virus community-based and experience-oriented realignment And a shift towards a ______________and _________ has already been gaining steam long before the emergence of the health crisis. Hyper-consumerism the practice of buying more than we need or want, and often more than we can afford; a preoccupation of postmodern consumers Conscious Consumerism Being aware of how you spend your money, and making sure you spend in accordance to your values, instead of wasting money Marketing as a career path or major has become a lot more focused in analytics- what to consumers browse, buy, put in their cart, how much they spend Look at data ______________ is Conveying benefits of a product to a consumer 4 P's of Marketing Product, Price, Place, Promotion questions marketers look at Who is their target market? and Who is their competition? what is marketed Goods, services, events, experiences, persons, places, properties, organizations, - ALL REQUIRE SAME TYPES OF MARKETING TOOLS broad activity marketing is a __________ not a function Marketing __________ is long term value rather than just the narrow exchange of money Marketing exchange for something of value perceptions marketing is really about managing consumer _________ status and value different level of service and amenities = different level of _________ and ________ market group of people or customers product oriented mission statement "we sell burritos and mexican food" market oriented mission statements "we give customers food with integrity served with commitment toward the long term welfare of customers and the environment" marketing enviroment includes forces such as competitive, economical, political, legal, regulatory, technological, -- all affects marketing mix! Example: negative publicity around health effects of soda Porter's Five Forces Help you understand the industry your going into - industry analysis Threat of new entrants Affected by the ability of people to enter your market Strong durable barriers to enter your industry- you can preserve your favorable position Bargaining power of suppliers How easy it is for suppliers to drive up prices ex: creating a makeup that needs a compound that only one company makes... that company has a lot of power Threat of Substitutes Ability of your customers to find a different way of doing what you do Ex; if i'm developing a train to get to the school but people can just walk, I have a _______ Bargaining power of buyers How easy is it for buyers to drive prices down ex Walmart making coke use a different new sweetener called splenda rather than the older low calorie sweetener coke was going to use, in order to sell it in walmart. - walmart has huge power in the grocery business Industry Rivalry Many competitors with the same product= you'll have little power because buyers will go somewhere else if they don't get a good deal from you. no is the airline industry an attractive industry if your considering porter's five forces? retailers THERE IS STRONG BUYER POWER FROM _______ NOT AS MUCH FROM CONSUMERS Convenice toothpaste, magazines, gum shopping television, furniture, clothing specialty luxury goods, Rolex, lambo, designer clothing unsought life insurance, preplanned funeral service Brand (Formally/legal) proprietary trademark for a specific product or service brand (in marketing) "contract" between the company and customers brand equity the differential effect that knowing the brand name has on customer response to the product or its marketing ; level of sway a brand name has in the minds of consumers, and the value of having a brand that is identifiable and well thought of. Logos apart of branding product line A group of products that are very similar product line length the number of items in the product line product line width number of different product lines product mix/portfolio the set of all product lines and items that a particular seller offers for sale. golf shoes, running shoes, walking shoes, cross-country shoes brand extension extending an existing brand name to new product categories. jessica simpson making a perfume, then a bed comforter, pajamas line extension introduction of additional items in a given product category under the same brand name. vanilla bryers ice cream---- chocolate bryers ice cream . new flavors, forms, calories Multibranding having a new brand name but being in an existing product category. (private branding) new brands used when existing brand names are either unsuitable for brand extension or the company doesn't want to dilute them. new product category, new brand name Cobranding marketing two or more brands together, on the same package or promotion. taco bell w DORITOS tacos significant measurable differences in your market when do you use the segmentation, targeting, and positioning model? any time you susupect there are __________________________________________ value proposition a marketplace offering that fairly and accurately sums up the value that will be realized if the good or service is purchased growing video game market opportunity of disneys swot place p that corresponds to how the product makes its way to the consumer humanity, compassion, and empathy According to "Our Way Forward: How Should Brands Evolve in Times of A Global Health Crisis?", brands have to rethink the way they have traditionally aimed at understanding consumers. How does the author advise brands to lead their decision-making? true T or F "Coronavirus Reshapes Consumer habits, Creating 4 new Segments, Report Finds", People will pay more for local products, trusted brands, and ethical brands. types of targeting Concentrated, Differentiated, Micro-marketing, mass marketing concentrated marketing go after large share of one segment differentiated marketing targets several different market segments with separate offerings mass marketing focusing on whats common pharmaceutical company funding According to "Coronavirus: A Visual Guide to the Economic Impact", what was not lowered as a result of the economic impacts of covid-19?