Marketing and Product Development in Business, Exams of Nursing

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BUS-101 BUSINESS FOR THE NEW GENERATION FINAL EXAM

REVIEW WORKSHEET Q&A GRADED A+ 2023-

CHAPTER 11 REVIEW QUESTIONS

1. What is marketing? How does it facilitate exchanges? Marketing is a group of activities designed to expedite transactions by creating, distributing, pricing, and promoting goods, services, and ideas. Marketing makes the buyer feel good about the purchase. For exchanges to happen the buyers and sellers must be able to communicate about the value. 2. Name the functions of marketing. How does an organization use marketing activities to achieve its objectives? The functions of marketing are buying, selling, transporting, storing, grading, financing, marketing research, and risk taking. It facilitates exchanges by giving up one thing for another 3. What is a marketing strategy? The marketing concept is the idea that an organization should try to satisfy customers' needs through coordinated activities that also allow it to achieve its own goals. It's important because the business must find out what consumers desire and then develop the good to fulfill ones wants and needs. 4. List the variables in the marketing mix. How is each used in a marketing strategy? Marketing strategy is a plan of action for developing, pricing, distributing, and promoting product that meet the needs of specific customers. 5. Why are marketing research and information systems important to an organization’s planning and development of strategy? Marketing research is vital because the marketing concept cannot be implemented without information about customers. It is the framework for accessing information and data about customers which is important for planning. **CHAPTER 12 REVIEW QUESTIONS

1. What steps do companies generally take to develop and introduce a new product?** The steps are idea development, new idea screening, business analysis, product development, test marketing, test marketing, and commercialization.

2. What is the product life cycle? How does a product’s life cycle stage affect its marketing strategy? The cycle is introduction, growth, maturity, and the decline stage. The stage where a product determines its marketing strategy whether it is declining then it needs a marketing strategy that will increase that products sales. 3. Which marketing mix variable is the most flexible? Why? What is probably the least flexible marketing mix variable? Why? Pricing is the most flexible because many factors can influence the price such as, the evaluation of value, including time constraints, price levels, perceived quality, and motivation to use available information about prices. 4. Distinguish between the two ways to set the base price for a new product. Price skimming- is charging the highest possible price that buyers who want the product will pay. Penetration price- is a low price designed to help a product enter the market and gain the market share rapidly. 5. Describe the typical marketing channels for consumer products. Retailers: intermediates who buy products from manufacturers (or other intermediaries) and sell them to consumers for home and household use rather than for resale or for use in producing other products. Wholesalers; intermediates who buy from producers or from other wholesalers and sell to retailers. Direct marketing: the use of nonpersonal media to communicate products, information, and the opportunity to purchase via media such as mail, telephone or the Internet. Direct selling: the marketing of products to ultimate consumers through face-to-face sales presentations at home or in the workplace 6. How do publicity and advertising differ? How are they related? Advertising is a paid form of nonpersonal communication transmitted through mass media, such as television commercials, magazine advertisement, or online ads. Publicity is nonpersonal communication transmitted through the mass media but not paid for directly by the firm. They are both nonpersonal and they are made to peek the interest of consumers.

CHAPTER 13 REVIEW QUESTIONS

1. What is digital marketing? -E business -uses digital media (including internet and mobile channels) to develop marketing communication and exchanges with customers 2. What is e-business? business conducted online via digital media such as mobile and wireless devices like smart phones 3. How is the Internet changing the practice of marketing? The internet has lowered the cost of communication it can contribute benefits to any industry that has a digital information dependant, the publishing side of marketing is transitioning to a digital era instead of the print era. 4. What impact do digital media have on the marketing mix? The four elements that make up the marketing mix: price, product, promotion, and place; these have been under radical changes since the digital media has taken over a large portion of the marketing sector. basically the marketing mix is being modernized by the new era of digital media. 5. What are some of the privacy concerns associated with the Internet and e-business? How are these concerns being addressed in the United States? The privacy concerns come from a lack of privacy when organizations have access to your internet activities information and use this information to try and sell you product that might interest you. In the US the government also use the same information for legal reasons and national security reasons. 6. What is identity theft? How can consumers protect themselves from this crime?

Identity theft is when criminals obtain personal information that allows them to impersonate someone else in order to use their credit to obtain financial accounts and make purchases. Consumers can protect themselves through being more award of what you share, keep personal and financial documents secure, check credit report, and create stronger passwords. CHAPTER 3 REVIEW QUESTIONS

1. What effect does a country’s economic development have on international business? Less-developed countries are likely to have much less infrastructure than developed countries. Thus, it may be difficult to develop operations in these countries. The wages offered for routine jobs in less developed countries are lower than the minimum wages existing in industrialized countries. Consequently, many businesses from I.C. open assembly plants in less developed countries to reduce labor costs. 2. What is an import tariff? A quota? Dumping? How might a country use import tariffs and quotas to control its balance of trade and payments? Why can dumping result in the imposition of tariffs and quotas? The balance of payments is the balance of traded financial goods and measures the country's competitiveness in terms of imports and exports. If we balanced the goods trade the other market balances by default. A country uses import tariffs to protect domestic products by raising the price of imported ones. A country uses quotas by voluntary agreement or government decree. 3. How do social and cultural differences create barriers to international trade? Can you think of any social or cultural barriers (other than those mentioned in this chapter) that might inhibit international business? Spoken and written languages could be different 4. Define and give examples of licensing, franchising, contract manufacturing, and outsourcing.

A trade agreement in which one company (the licensee) lets another use its name, products, patents, brands, trademarks, raw materials, and/or production processes in exchange for a fee or royalty Form of licensing in which the franchiser agrees to provide a franchise name, logo, methods of operation, advertising, products, and other elements associated with a franchisers business in return for financial commitment and the agreement to conduct business in accordance with the franchisers standards of operations The hiring of a foreign company to produce a specified volume of the initiating company's product to specification; the final product carries the domestic firms name Transferring, manufacturing, or other tasks to companies in countries where labor and supplies are less expensive

5. What do WTO and (NAFTA or USMCA) stand for, and what do they do? World Trade Organization 1.implementtradeagreement 2.monitortradepolicies

3. provide dispute settlement North American Free Trade Agreement -benefits to all 3 country's economy -major losses in concentrated sectors -US lost 15k jobs (auto and textile)

• Mexico has not had much growth **CHAPTER 4 REVIEW QUESTIONS `

1. List two different types of partnerships and describe each.** General Partnership- that involves a complete sharing in both the management and the liability of the business. Limited Partnership- has at least one general partner, who assumes unlimited liability, and at least one limited partner, whose liability is limited to his or her investment in the business.

2. Differentiate among the different types of corporations. Can you supply an example of each type? Domestic- operates in the same state it is based out of. Foreign- when the cooperation does business in other states outside of its "home" state. Alien- when a cooperation outside of the nation it is incorporated in. Private- is a cooperation owned by just one or a few people who are closely involved in managing the business. No stock is sold to the public. (ex: Publix Super Markets) Public- a cooperation whose stock anyone may buy, sell, or trade. (ex: Nike) Quasi-Public- owned and operated by local, state, or federal government. These provide a service to citizens. (ex: NASA) Nonprofit- focus on providing a service rather than earning a profit, but are not owned and operated by a government entity. (ex: American Red Cross) 3. Define preferred stock & common stock? I would rather own preferred stock over common stock because preferred stock owners get paid first before any of the other stockholders. I would like to get a monetary, quarterly dividend, as opposed to having a say in how the company is run. 4. Contrast how profits are distributed in sole proprietorships, partnerships, and corporations. In a sole proprietorship, profits are distributed exclusively to the owner—they do not have to share with stockholders. In a partnership, the profits are distributed to the partners in the portions that are specified in the articles of the partnership. In a corporation, profits are distributed amongst stockholders. 5. Which form of business requires the most specialization of skills? Which requires the least? Why? Sole proprietorships have the least government regulation. Corporations have the most government regulation.

CHAPTER 5 REVIEW QUESTIONS

1. What are the advantages of starting a small business? The disadvantages? Adv: independence, costs, flexibility & focus, and reputation Dis: high stress level, high failure rate (50%), under-capitalization, can't cope with growth, and inexperience 2. What types of financing do small entrepreneurs typically use? What are some of the pros and cons of each? -Few small businesses owners have the financial funds necessary to start a business. SB owners can obtain financing from friends and family. However, the relationship may suffer if the business fails. SB may seek financing from banks or other financial institutions. A bank may require collateral or a mortgage and the bank can repossess the property is the business fails to repay the loan. -A financial institution may grant a line of credit, an agreement by which the financial institution promises to lend the business a predetermined sum of money on demand. -Other sources of financing include local and state agencies, the Small business Administration, and venture capitalists. 3. Describe the franchising relationship. -Franchisees purchase a franchise for a fee, plus start up costs. -Franchisees may also pay a free, based on a percentage of sales, for advertising and promotion. 4. Why do large corporations want to become more like small businesses? The continuous success of small businesses, their capacity to innovate, their flexibility, and their ability to adapt quickly to market changes are some of the reasons why large corporations want to become more

like small businesses. CHAPTER 9 REVIEW QUESTIONS

1. Describe the motivation process. o Motivational factors relate to the content of the work and include achievement, recognition, the work itself, involvement, responsibility, and advancement. o These factors promote higher levels of performance. 2. What was the goal of the Hawthorne studies? What was the outcome of those studies? o In the Hawthorne studies, Elton Mayo and a team of researchers tried to determine what physical conditions in the workplace, such as light and noise levels, stimulate employees to be most productive. o Their studies revealed that social and psychological factors significantly affect productivity and morale. 3. Explain Maslow’s hierarchy of needs. What does it tell us about employee motivation? o Abraham Maslow theorized that human beings have five basic needs: physiological, security, social, esteem, and self-actualization. Maslow's hierarchy arranged these needs in the order in which people strive to satisfy them o Maslow's theory suggests that employees will be motivated to contribute to organizational goals only if they are first able to satisfy their physiological, security, and social needs through their work.

4. What are Herzberg’s hygiene and motivational factors? How can managers use them to motivate workers? o Hygiene factors relate to the work setting—not work content—and include adequate wages, comfortable working conditions, fair company policies, and job security. o Motivational factors relate to the content of the work and include achievement, recognition, the work itself, involvement, responsibility, and advancement. Managers must make certain that hygiene factors are present or workers will become dissatisfied and possibly leave. o They can motivate workers by providing motivational factors. 5. Contrast the assumptions of theory X and theory Y. Why has theory Y replaced theory X in management today? o TheoryXassumesthat (1) workers do not like work and will avoid it when possible; (2) workers must be coerced, controlled, directed, or threatened with punishment to get them to work toward achievement of organizational goals; and (3) workers prefer to be directed, prefer to avoid responsibility, want security, and have little ambition. o By contrast, theory Y assumes (1) the expenditure of physical and mental effort and work is natural; (2) workers will exercise self direction and self-control in the service of objectives to which they are committed; (3) workers will commit to objectives when they realize that achievement to those objectives will bring about their personal reward; and (4) workers will accept and seek out responsibilities. o Probably the main reason theory Y has supplanted theory X is that managers had determined that theory X management styles did not lead to improved productivity. Also, many organizations have studied the success of the Japanese in worker productivity. The Japanese had long ago dropped theory X management styles. **CHAPTER 10 REVIEW QUESTIONS

1. What activities are involved in acquiring and maintaining the appropriate level of qualified human resources? And what are the basic functions of human relations?**

Acquiring and maintaining human resources involves recruiting, selection, training, assessing performance, turnovers if needed, and employee compensation. The selection process stages are the application, the interview, testing, and reference checking.

2. What is the significance of a performance appraisal? How do managers appraise employees? providing a base for compensation and reward decisions and generating information about the quality of the firms hiring abilities. Managers appraise employees objectively or subjectively. Objective appraisal is quantifiable and done through tests or data checking. Subjective appraisal relates employee performance to another standard, such as ranking of employees against each other and qualitative criteria. 3. Relate wages, salaries, bonuses, and benefits to Herzberg’s distinction between hygiene and motivation factors. How does the form of compensation relate to the type of job? Wages are financial rewards based on hours an employee works, salaries are financial rewards calculated on a weekly, monthly, or annual basis, bonuses are monetary rewards offered for exceptional performance, and benefits are nonfinancial employee compensations. Some of these compensations are more important to employees therefore must be given priority over others in the same way that Herzberg states that motivational factors should take precedence over hygiene factors. 4. What is the role of benefits? Name some examples of benefits. Benefits are in place to increase employee security, morale, and motivation. Some benefits are health insurance, vacations, retirement pans, legal advice, tuition reimbursement, child care, and disability. 5. What are the benefits associated with a diverse workforce? A diverse workforce creates more productive use of human resources, reduces conflict among employees of different demographics, create more productive working relationships among diverse employees as they lean about and accept each other, increases commitment to and sharing of organizational goals, increases innovation and creativity as employees bring new and unique perspectives, and increases ability to serve the needs of an increasingly diverse customer base