WGU C201 Study Set Latest 2022
Already Graded A
Which part of the organizing process aids in effective and efficient progress toward planned goals
and often results in changes within the organization? \u2714\u2714Evaluating results
What is the result of a company increasing the delegation of authority and the span of control?
\u2714\u2714Increased decision-making authority given to employees
Which two key elements does an effective organization include? \u2714\u2714Human interaction
Structure
Why does a line organizational structure function most effectively in a crisis situation? \u2714\u2714It
establishes a direct flow of authority.
A company might divide itself into smaller groups that best match the types of customers it serves.
What is this is an example of? \u2714\u2714Organization
Which primary driver does management use for an organization’s structure? \u2714\u2714Achievement of
company goals
Which step in the organizing process results in management grouping work activities into units
within the organization? \u2714\u2714Departmentalization
A high-tech startup company is launching a marketing campaign for its new social media portal
by highlighting how the portal exceeds the connectivity and collaboration capabilities of all other
social media sites.
Which type of competitive advantage is this company leveraging? \u2714\u2714Product<\/p>\n\n\n\n
Which marketing strategy is devoted to maintaining continuous bottom line prices rather than
relying on short-term price-cutting tactics such as cents-off coupons, rebates, and special sales?
\u2714\u2714Everyday low pricing
When would a pull promotional strategy enhance a competitive advantage to market a product
better than a push strategy? \u2714\u2714When demand for the product is driven by the end user.
Which marketing tool is often used to build effective relationship marketing campaigns?
\u2714\u2714Affinity programs
Which element of the promotional mix has the advantage of messaging that can be tailored for
each customer, but the disadvantage of a high cost per contact? \u2714\u2714Personal selling
What three factors should be addressed in a successful marketing plan? \u2714\u2714Target market
Sales revenue goals
Plan implementation timeline
Which three characteristics are measured in demographic segmentation? \u2714\u2714Race and ethnicity
Income
Household size
In which three ways does business-buying behavior differ from consumer-buying behavior? \u2714\u2714A
group or committee often makes decisions
Buyers face organizational influences that affect their own preferences
Purchasers often invite selected providers to bid on a purchase
With which two types of products does a marketing strategy rely on advertising more than personal
selling? \u2714\u2714Accessories to primary products
Consumable supplies<\/p>\n\n\n\n
After years of marketing a body lotion, a cosmetics company begins promoting the lotion as an
insect repellent as well.
In which three product life cycle extension strategies did this company engage? \u2714\u2714Adding new
users
Increasing frequency of use
Finding new uses for the product
What are three qualities of strong brand equity? \u2714\u2714Awareness
Loyalty
Favorable images
A customer intends to purchase her favorite cereal. It is out of stock, so she purchases an alternative
brand of cereal instead.
Which stage of brand loyalty is this customer in? \u2714\u2714Brand equity
Which manufacturer distribution model is enhanced by the shipping and tracking capabilities of a
global package delivery service? \u2714\u2714Direct
Which three tasks are key responsibilities of operations managers? \u2714\u2714Planning the overall
production process
Determining the best layout for the firm’s facilities
Implementing the production plan
Which two characteristics does a Just-In-Time (JIT) System have? \u2714\u2714Production using JIT
reduces a firm’s inventory costs.
A JIT system seeks to eliminate anything that does not add value in operations activities.<\/p>\n\n\n\n
WGU C201 Questions and Answers
100% Solved
Which part of the organizing process aids in effective and efficient progress toward planned goals
and often results in changes within the organization? \u2714\u2714Evaluating results
What is the result of a company increasing the delegation of authority and the span of control?
\u2714\u2714Increased decision-making authority given to employees
Which two key elements does an effective organization include? \u2714\u2714Human interaction; Structure
Why does a line organizational structure function most effectively in a crisis situation? \u2714\u2714It
establishes a direct flow of authority.
A company might divide itself into smaller groups that best match the types of customers it serves.
What is this is an example of? \u2714\u2714Departmentalization
Which primary driver does management use for an organization’s structure? \u2714\u2714Achievement of
company goals
Which step in the organizing process results in management grouping work activities into units
within the organization? \u2714\u2714Departmentalization
A high-tech startup company is launching a marketing campaign for its new social media portal
by highlighting how the portal exceeds the connectivity and collaboration capabilities of all other
social media sites.
Which type of competitive advantage is this company leveraging? \u2714\u2714Product<\/p>\n\n\n\n
Which marketing strategy is devoted to maintaining continuous bottom line prices rather than
relying on short-term price-cutting tactics such as cents-off coupons, rebates, and special sales?
\u2714\u2714Everyday low pricing
When would a pull promotional strategy enhance a competitive advantage to market a product
better than a push strategy? \u2714\u2714When demand for the product is driven by the end user.
Which marketing tool is often used to build effective relationship marketing campaigns?
\u2714\u2714Affinity programs
Which element of the promotional mix has the advantage of messaging that can be tailored for
each customer, but the disadvantage of a high cost per contact? \u2714\u2714Personal selling
What three factors should be addressed in a successful marketing plan? \u2714\u2714Target market;Sales
revenue goals; Plan implementation timeline
Which three characteristics are measured in demographic segmentation? \u2714\u2714Race and
ethnicity;Income;Household size
In which three ways does business-buying behavior differ from consumer-buying behavior? \u2714\u2714A
group or committee often makes decisions.;
Purchasers often invite selected providers to bid on a purchase.;
Buyers face organizational influences that affect their own preferences.
After years of marketing a body lotion, a cosmetics company begins promoting the lotion as an
insect repellent as well.
In which three product life cycle extension strategies did this company engage \u2714\u2714Adding new
users
Increasing frequency of use<\/p>\n\n\n\n
WGU C201 Business Acumen Questions
and Answers 100% Solved
Which part of the organizing process aids in effective and efficient progress toward planned goals
and often results in changes within the organization? \u2714\u2714Evaluating results
What is the result of a company increasing the delegation of authority and the span of control?
\u2714\u2714Increased number of direct reports per manager
Which two key elements does an effective organization include? \u2714\u2714Human interaction, structure
Why does a line organizational structure function most effectively in a crisis situation? \u2714\u2714It
established a direct flow of authority
Number the seven steps in the recruiting and interviewing process from first to last. \u2714\u27141) Define
job requirements, 2) Contact and visit colleges for applicants\/interns, 3) Conduct employment
tests, 4) Review resumes, 5) Conduct candidate interviews, 6) Follow up interviews, 7) Hiring
determination
Which primary driver does management use for an organization’s structure? \u2714\u2714Achievement of
company goals
Which step in the organizing process results in management group work activities into units within
the organization? \u2714\u2714Departmentalization
A high tech startup company is launching a marketing campaign for its new social media portal by
highlighting how the portal exceeds the connectivity and collaboration capabilities of all other
social media sits. Which type of competitive advantage is this company leveraging? \u2714\u2714Customer
loyalty<\/p>\n\n\n\n
Which marketing strategy is devoted to maintaining continuous bottom line prices than relying on
short term price cutting tactics such as cents off coupons, rebates, and special sales? \u2714\u2714Everyday
low pricing
When would a pull promotional strategy enhance a competitive advantage to market a product
better than a push strategy? \u2714\u2714When demand for the product is driven by the end user
Which marketing tool is essential to building an effective relationship marketing campaign?
\u2714\u2714An affinity program
Which element of the promotional mix has the advantage of messaging that can be tailored for
each customer, but the disadvantage of a high cost per contact? \u2714\u2714Personal Selling
What three factors should be addressed in a successful marketing plan? Choose 3 answers.
\u2714\u2714Target Market, Sales revenue goals, Plan implementation timeline (not on list, marketing
budget)
Which three characteristics are measured in demographic segmentation? Choose 3 answers
\u2714\u2714Race and ethnicity, Income, Household size
In which three ways does business-buying behavior differ from consumer-buying behavior?
Choose 3 answers \u2714\u2714Buyers face organizational influences in addition to their own preferences,
purchasers often invite selected providers to bid on a purchase, a group or committee often makes
decisions
Which three conditions, in a global selling environment, should a small company leverage to create
a competitive advantage? Choose 3 answers \u2714\u2714cultural homogeneity, mobility of labor, local
labor costs<\/p>\n\n\n\n
With which two types of products does a marketing strategy rely on advertising more than personal
selling? Choose 2 answers. \u2714\u2714Consumable supplies, accessories to primary products
After years of marketing a body lotion, a cosmetics company begins promoting the lotion as an
the lotion as an insect repellent as well. In which three product life cycle extension strategies did
this company engage? Choose 3 answers \u2714\u2714Adding new users, finding new uses for the product,
increasing frequency of use.
What are three ways that an effective brand name can influence consumer product recognition?
Choose 3 answers \u2714\u2714It conveys an image, it depicts trademark protection, it reflects brand equity.
A customer has purchased a product twice and intends to do so again. Which stage of brand loyalty
is this customer in? \u2714\u2714Brand preference
Which manufacturer distribution model is enhanced by the shipping and tracking capabilities of a
global package delivery service? \u2714\u2714retail
Which three tasks are key responsibilities of operations managers? Choose 3 answers \u2714\u2714Planning
the overall production process, implementing the production plan, determine the best layout for
the firm’s facilities.
Which two characteristics does a Just-In-Time (JIT) System have? Choose 2 answers \u2714\u2714A JIT
system seeks to eliminate anything that does not add value in operations activities, production
using JIT reduces a firm’s inventory costs.
Which aspect of operations management do the ISO 9000 Standards address? \u2714\u2714Establishment
of effective quality systems?
Which manufacturing model uses technology to produce small runs of customized products cost
effectively? \u2714\u2714Flexible<\/p>\n\n\n\n
WGU C201 Pre-assessment Questions
and Answers Graded A+
Which part of the organizing process aids in effective and efficient progress toward planned goals
and often results in changes within the organization? \u2714\u2714Evaluating results
What is the result of a company increasing the delegation of authority and the span of control?
\u2714\u2714Increased number of direct reports per manager
Which two key elements does an effective organization include? \u2714\u2714Human interaction, structure
Why does a line organizational structure function most effectively in a crisis situation? \u2714\u2714It
established a direct flow of authority
A company might divide itself into smaller groups that best match the types of customers it service.
this is an example of \u2714\u2714Departmentalization
Which primary driver does management use for an organization’s structure? \u2714\u2714Achievement of
company goals
Which step in the organizing process results in management group work activities into units within
the organization? \u2714\u2714Departmentalization
A high tech startup company is launching a marketing campaign for its new social media portal by
highlighting how the portal exceeds the connectivity and collaboration capabilities of all other
social media sits. Which type of competitive advantage is this company leveraging? \u2714\u2714Product<\/p>\n\n\n\n
Which marketing strategy is devoted to maintaining continuous bottom line prices than relying on
short term price cutting tactics such as cents off coupons, rebates, and special sales? \u2714\u2714Everyday
low pricing
When would a pull promotional strategy enhance a competitive advantage to market a product
better than a push strategy? \u2714\u2714When demand for the product is driven by the end user
Which marketing tool is essential to building an effective relationship marketing campaign?
\u2714\u2714An affinity program
Which element of the promotional mix has the advantage of messaging that can be tailored for
each customer, but the disadvantage of a high cost per contact? \u2714\u2714Personal Selling
What three factors should be addressed in a successful marketing plan? Choose 3 answers.
\u2714\u2714Target Market, Sales revenue goals, Plan implementation timeline (not on list, marketing
budget)
Which three characteristics are measured in demographic segmentation? Choose 3 answers
\u2714\u2714Race and ethnicity, Income, Household size
In which three ways does business-buying behavior differ from consumer-buying behavior?
Choose 3 answers \u2714\u2714Buyers face organizational influences in addition to their own preferences,
purchasers often invite selected providers to bid on a purchase, a group or committee often makes
decisions
Which three conditions, in a global selling environment, should a small company leverage to create
a competitive advantage? Choose 3 answers \u2714\u2714Availability of capital, mobility of labor, local
labor costs<\/p>\n\n\n\n
WGU C201 | Business Acumen | Chapter
3 Questions and Answers Already
Passed
Economics \u2714\u2714A social science that analyzes the choices people and governments make in
allocating scarce resources.
Microeconomics \u2714\u2714Study of small economics units, such as an individual consumers, families,
and businesses.
Demand \u2714\u2714The willingness and ability of buyers to purchase goods and services at different
prices.
Supply \u2714\u2714The willingness and ability of sellers to provide goods and services for sale at different
prices.
Factors driving demand \u2714\u2714A demand curve is a graph of the amount of a product buyers will
purchase at different prices under a given set of conditions. Generally, as price go up, demand goes
down and vice versa. However, the entire curve can shift to the right or left depending on changed
conditions. These changes reflect factors such as customer preferences, number of buyers, buyer’s
incomes, prices of substitute goods, prices of complementary goods, and how optimistic or
pessimistic future expectations become.
Factors driving supply \u2714\u2714A supply curve graphically shows the relationship between different
prices and the quantities sellers will offer for sale, regardless of demand. Generally, as prices rise,
the quantity sellers are willing to produce increases, and vice versa. The entire curve can also shift
right or left depending on such factors as costs or availability of inputs (factors of production),
costs of technologies, taxes, and the number of suppliers.<\/p>\n\n\n\n
How demand and supply interact \u2714\u2714The equilibrium price identifies the prevailing market price
and is found at the intersection of the supply and demand curves.
Capitalism and competition \u2714\u2714Capitalism (also called market economy or the private enterprise
system) depends on competition. In this kind of economic system, different industries exhibit
different competitive market structures. The four market structures are pure competition,
monopolistic competition, oligopoly, and monopoly.
Planned economies: communism and socialism \u2714\u2714In a planned economy, the government’s
control determines business ownership, profits, and resource allocation to accomplish government
goals rather than goals of individuals. Under communism, all property is shared equally by the
people of a community under the direction of a strong central government. Under socialism,
government owns and operates the major industries.
Mixed market economies \u2714\u2714In practice, most countries implement mixed market economies:
economic systems that display characteristics of both planned and market economies in varying
degrees.
Flattening the business cycle \u2714\u2714A nation’s economy tends to flow through various stages of a
business cycle: prosperity, recession, depression, and recovery. While the business cycle is normal,
many economists believe that society is capable of preventing future depressions.
Productivity and the nation’s GDP \u2714\u2714Increases in productivity, which is the relationship between
the goods and services produced and the inputs needed to produce them, generally leads to
economic growth. The measure of these goods and services on which productivity is calculated in
the Gross Domestic Product (GDP), defined as the sum of all goods and services produced within
a nation’s boundaries in a given year.
Price-level changes \u2714\u2714Price-level changes is another important indicator of an economy’s
stability. Inflation is a sustained rise in prices that devalues money. It is a result of increased costs<\/p>\n\n\n\n
WGU C201 Business Acumen Chapter 15
& 16: Accounting and Financial
Statements \u2013 Ratios
Current assets \/ current liabilities \u2714\u2714Current Ratio
Current assets – minus inventory \/ current liabilities \u2714\u2714Acid Test (Quick) Ratio
Current assets $250
Inventory $20
Current Liabilities $100
250-20=230
230\/100=2.2
$2.20 assets for every $1 in liabilities
Acid Test (Quick) Ratio and Current Ratio \u2714\u2714Liquidity Ratios
Inventory Turnover, Receivables Turnover, and Total Asset Turnover \u2714\u2714Activity Ratios
Cost of goods sold \/ average inventory \u2714\u2714Inventory Turnover.
Equals the number of times inventory moves through a business.
Cost of Goods Sold $200,000
Average Inventory $20,000
200000\/20000 = 10
Compare these to industry averages for industry.
Credit sales \/ average accounts receivable \u2714\u2714Receivables Turnover
Sales \/ Average Total Assets \u2714\u2714Total Asset Turnover.
Equals how much sales each dollar invested in assets generates.<\/p>\n\n\n\n
WGU C201 Chapter 10 Vocab Already flexible manufacturing system (FMS) \u2714\u2714A _<\/em><\/strong> makes it possible to quickly modify WGU C201 Business Acumen Chapter Nontraditional Marketing: Person Marketing \u2714\u2714Attracts attention, interest, preference of target Used by for profits and nonprofits. WGU C201 Business Acumen Chapters 3 Macroeconomics \u2714\u2714The study of the broader economic picture and of how an economic system WGU C201 Study Set Latest 2022Already Graded AWhich part of the organizing process aids in effective and efficient progress toward planned goalsand often results in changes within the organization? \u2714\u2714Evaluating resultsWhat is the result of a company increasing the delegation of authority and the span of control?\u2714\u2714Increased decision-making authority given to employeesWhich two key elements […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[25],"tags":[],"class_list":["post-117035","post","type-post","status-publish","format-standard","hentry","category-exams-certification"],"_links":{"self":[{"href":"https:\/\/www.learnexams.com\/blog\/wp-json\/wp\/v2\/posts\/117035","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.learnexams.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.learnexams.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.learnexams.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.learnexams.com\/blog\/wp-json\/wp\/v2\/comments?post=117035"}],"version-history":[{"count":0,"href":"https:\/\/www.learnexams.com\/blog\/wp-json\/wp\/v2\/posts\/117035\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.learnexams.com\/blog\/wp-json\/wp\/v2\/media?parent=117035"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.learnexams.com\/blog\/wp-json\/wp\/v2\/categories?post=117035"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.learnexams.com\/blog\/wp-json\/wp\/v2\/tags?post=117035"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
Passed
computer-aided design (CAD) \u2714\u2714Designers can use computers to create and modify a part or
product before producing an actual prototype using _<\/em><\/strong>.
mass production \u2714\u2714The industrial development of the United States involved the manufacture of
large quantities of standardized goods using specialized labor and mechanization in an approach
known as ____<\/em><\/strong><\/em><\/strong>.
computer-integrated manufacturing (CIM) \u2714\u2714The use of computers to design products, control
machines, handle materials, and control the production function in an integrated fashion is called<\/p>\n\n\n\n
\n\n\n\n
production methods as different products are manufactured.
production \u2714\u2714________is the general term applied to operations that use people, machinery, and other resources to convert materials into finished goods and services. computer-aided manufacturing (CAM) \u2714\u2714When computers are used to analyze a CAD and electronically transmit instructions to production processing equipment, a _____<\/em><\/strong><\/em><\/strong> is in use.
assembly line \u2714\u2714The _______________<\/em><\/strong><\/em><\/strong> is a manufacturing technique, first used
by Henry Ford, wherein the product passes through several work stations, each with a specialized
task.
inventory control \u2714\u2714______<\/em><\/strong><\/em><\/strong> involves balancing the costs of holding raw materials,
work in progress, and inventory against the costs involved in carrying the inventory.<\/p>\n\n\n\n
11, 12, 13: Marketing Already Passed
Marketing \u2714\u2714The process for discovering unmet customer needs, researching potential markets,
producing goods or services to satisfy targeted customers, promoting, pricing, and distributing.
The organizational function and set of processes for creating, communicating and delivering value
to customers, managing customer relations, advocates ideas or viewpoints and educating others.
How does marketing create utility? \u2714\u2714Creates time, place, and ownership utility.
Utility: ability of a good or service to satisfy needs and wants of customer.
Time Utility \u2714\u2714Making a good or service available when a customer wants to purchase it.
Place Utility \u2714\u2714Making a product available in a location that is convenient to customer.
Ownership Utility \u2714\u2714Orderly transfer of goods and services from seller to buyer.
Nontraditional Marketing: Cause Marketing \u2714\u2714Builds awareness.
Raises money for a cause or social issue.
Examples: American Cancer Society, Drug Abuse Prevention, Childhood Hunger, Alternative
Spring Break
Nontraditional Marketing: Place Marketing \u2714\u2714Attracts people to a specific place.
Examples: Commercials that promote tourism to specific states.
Nontraditional Marketing: Event Marketing \u2714\u2714Cultural or charitable performances, athletic
competitions, often forges partnership with for profit sponsor.
Examples: Major League Baseball Games, World Series<\/p>\n\n\n\n
market toward person.
Examples: Allison Krauss, political campaign, job seekers.
Nontraditional Marketing: Organization Marketing \u2714\u2714Influences consumers to accept goals of
receiving services of, or a contribution to organization.
Seeks to connect with an audience that is most likely to offer time, money, or resources.
Examples: WGU, Postal Service, Army
2 Step Process to Develop a Marketing Strategy \u2714\u27141. Collecting Data<\/p>\n\n\n\n\n
Sources of Research Data: Internal \u2714\u2714Within organization
Examples: financial documents and records, unpaid bills, inventory levels, sales from different
categories.
Sources of Research Data: External \u2714\u2714primary and secondary data
Primary Data \u2714\u2714Data collected first hand: observation, surveys, focus groups, social media
activity
Data Mining \u2714\u2714Using computer-based databases to combine data from several different
organizational functions.
Secondary Data \u2714\u2714Previously published data usually cheaper and easy to obtain but sometimes
not current or specific enough.
Example: census
Market Segmentation \u2714\u2714The process of dividing a market into several relatively homogeneous
groups.<\/li>\n<\/ol>\n\n\n\n
Criteria: must be a measurable group, accessible for communication, large enough to offer profit
potential.
Consumer (B2C) Market Segmentation: Geographical \u2714\u2714Geography provides an indication of
needs.
Examples: lawn maintenance, ice scrapers, snow shovels.
Maybe by region, population density, zip code.
Consumer (B2C) Market Segmentation: Demographic \u2714\u2714Most common.
Differences in how people shop and purchasing power.
Age is important factor.
Also gender, income, education, family size, occupation.
Examples: jewelry, skincare, tools, motorcycles.
Consumer (B2C) Market Segmentation: Psychographic \u2714\u2714Lifestyle portraits.
Motivation for purchases
Attitudes
Opinions
Behavior patterns
Values
Personality
Self-image
Examples: boating, camping
Consumer (B2C) Market Segmentation: Product Related \u2714\u2714Attributes people seek in a product.
Usage rates
Brand loyalty
Benefits sought.
Examples: comfort, safety, luxury, economy, convenience, durability, gluten free products,
vegetarians.<\/p>\n\n\n\n
& 7: Economics and Organizational
Structure
Factors Influencing Demand \u2714\u2714Demand is driven by price, consumer preferences, the economy,
the number of buyers in a market, customer incomes, price of substitutes and complimentary items.
Factors of Production \u2714\u2714Natural resources, capital, human resources and entrepreneurship.
What is the key factor influencing demand? \u2714\u2714Price
Demand Curve \u2714\u2714A graph of the amount of a product buyers will purchase at different prices.
Supply Curve \u2714\u2714Shows the relationship between the price of a good or service and the quantity
supplied for a given period of time.
Opposite of demand curve. Slopes upwards.
Equilibrium Price \u2714\u2714The prevailing market price at which you can buy an item. Where supply
and demand pricing meet on the curve.
Explain a situation where a supplier would reduce prices. \u2714\u2714The cost of inputs decrease.
The cost of technology decreases.
The cost of taxes decrease.
There are more suppliers.
Microeconomics \u2714\u2714The study of economic behavior among individual consumers, businesses,
and families whose collective behavior in the marketplace determines the quantity of goods and
services demanded at different prices.
Key terms: supply and demand.<\/p>\n\n\n\n
maintains and allocates its resources.
Monopoly \u2714\u2714Government controls who can enter the industry.
Market situation where one producer controls the supply of a good or service, and where the entry
of new producers is prevented or highly restricted.
Pure Competition \u2714\u2714It’s easy to get into the industry and easy to get out.
There is not a large differentiation between the products in the industry or the consumers who
purchase the products.
Oligopoly \u2714\u2714Oligopoly is a market structure in which a small number of firms has the large
majority of market share.
There are few competitors.
The ease of entry into industry is somewhat difficult.
The similarity of services and goods of competitors is different.
Socialism \u2714\u2714Government ownership of major industries like communications.
Major industries are too important to be left in private hands.
Significant government planning.
Only the private sector of the economy generates profit.
Government influences career decisions. Incentives are limited.
Example- Canada. Healthcare is controlled by government, but citizens can open stores.
Capitalism \u2714\u2714Businesses are owned privately.
Companies and individuals can earn profits.
People have the right to choose a profession. There is more incentive to work hard and innovate.
Functional Unemployment \u2714\u2714Individual is temporarily unemployed and looking for a job.<\/p>\n","protected":false},"excerpt":{"rendered":"