Week 2 Knowledge Check

Topics: Economics, Costs, Supply and demand Pages: 16 (1403 words) Published: November 12, 2014
Week 2 Knowledge Check
Concepts

Mastery

Score: 19/19
Questions

MARKETING
CONCEPT

100%

1

ADVERTISING
STATEMENTS

100%

2

NEW PRODUCT
PRICING

100%

3

INTEGRATED
MARKETING
COMMUNICATIONS

100%

4

SOCIAL
RESPONSIBILITY

100%

5

FINANCIAL MARKET
PARTICIPANTS

100%

6

FUTURE VALUE

100%

7

NET PRESENT
VALUE

100%

8

COST OF CAPITAL

100%

9

FOREIGN
EXCHANGE RISK

100%

10

SUPPLY AND
DEMAND

100%

11

AS AND AD MODEL

100%

12

MONETARY POLICY

100%

13

DEFICIT

100%

14

BALANCE OF
PAYMENTS

100%

15

SHIFTS IN DEMAND

100%

16

ECONOMIC AND
TECHNICAL
EFFICIENCY

100%

17

PROFIT
MAXIMIZATION

100%

18

COMPARATIVE
ADVANTAGE

100%

19

Concept: MARKETING CONCEPT
Concepts
MARKETING
CONCEPT

Mastery
100%

Questions
1

1.
Compared with other approaches to business, the marketing concept is distinct in that it
A. focuses on sales
B. produces new products and services
C. creates a broad assortment of products
D. focuses on satisfying customers' needs

Correct!
The correct answer is: D.

Concept: ADVERTISING STATEMENTS
Concepts

Mastery

ADVERTISING
STATEMENTS

100%

Questions
2

2.
A company provides its advertising agency with a statement about a new product to use in designing an advertising campaign, and this statement includes a description of the target market, the product type, the primary benefits of using the product, and how this product is different from, and better than, competitive products. What type of statement is this?

A. Qualifying
B. Positioning
C. Determining
D. Clustering

Correct!
The correct answer is: B.

Concept: NEW PRODUCT PRICING
Concepts

Mastery

NEW PRODUCT
PRICING

Questions

100%

3

3.
The sales analysis of a product revealed that profits were highest when it was initially introduced into the market with a high selling price. However, the price was gradually reduced as it started facing competition as substitutes entered the market. This is an example of a(n)

A. introductory price dealing
B. temporary price cut policy
C. skimming price policy
D. penetration price policy

Correct!
The correct answer is: C.

Concept: INTEGRATED MARKETING COMMUNICATIONS
Concepts

Mastery

INTEGRATED
MARKETING
COMMUNICATION
S

100%

Questions
4

4.
Blending the firm's promotion efforts to convey a complete and consistent message is the goal of
A. sales management communications
B. sales promotion communications
C. integrated promotional marketing
D. integrated marketing communications

Correct!
The correct answer is: D.

Concept: SOCIAL RESPONSIBILITY
Concepts

Mastery

SOCIAL
RESPONSIBILITY

100%

Questions
5

5.
According to the concept of social responsibility, a firm has a duty to A. communicate regularly with the public
B. place profit above all other considerations
C. place customer satisfaction above all
other considerations
D. conduct business in a way that is good for
society as a whole, both now and for the
future
Correct!
The correct answer is: D.

Concept: FINANCIAL MARKET PARTICIPANTS
Concepts

Mastery

FINANCIAL
MARKET
PARTICIPANTS

100%

Questions
6

6.
The principal participants in the financial markets are
A. businesses, banks, and government
B. borrowers, savers, and financial
institutions
C. mutual funds, hedge funds, and
investment bankers
D. dealers, brokers, and regulators

Correct!
The correct answer is: B.

Concept: FUTURE VALUE
Concepts

Mastery

FUTURE VALUE

100%

Questions
7

7.
You just purchased a parcel of land for $10,000. If you expect a 12% annual rate of return on your investment, how much will you sell the land for in 10 years? Note. Due to rounding and method of
calculation, your answer might vary slightly. Choose the closest answer.
A. $25,000

B. $31,060
C. $38,720
D....
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