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Exam (elaborations)

BMGT 110 Final Exam Questions with Correct Answers

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  • Course
  • BMGT
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  • BMGT

Place - Answer-described in terms of utility to customers: form, time, place, possession, information, and service Promotion - Answer-involves disseminating information about a product, brand, or company to the target market and to persuade them to participate in an exchange Integrated Market...

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  • October 25, 2024
  • 19
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • BMGT
  • BMGT
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BMGT 110 Final Exam Questions with
Correct Answers
Place - Answer-described in terms of utility to customers: form, time, place, possession,
information, and service

Promotion - Answer-involves disseminating information about a product, brand, or
company to the target market and to persuade them to participate in an exchange

Integrated Marketing Communication (IMC) - Answer-combines all promotional tools
into a comprehensive strategy.

Advertising - Answer-the paid, non-personal, promotion of goods, services, companies
and ideas by an identified sponsor.

Product placement - Answer-advertisers pay to have their product appear in movies and
television show.

Infomercials/ Product Sales Networks - Answer-a full length TV network program, or
cable channel, dedicated to promoting products

Sales Promotion - Answer-marketing efforts designed to generate immediate interests
in purchasing a product or service

word of mouth - Answer-promoting people to tell positive things about the product to
others

viral marketing - Answer-encourages people to pass along a message to others

Public Relations - Answer-to develop activities or events that help promote a favorable
relationship between a company and its customers and prospects

publicity - Answer-attempts to influence the press to print stories that promote a
favorable image of a company and its products or services

Human Resource Management - Answer-determines staffing needs, then provides
recruitment and selection of appropriate personnel and management of the employment
relationship, which includes: employee development, motivation, compensation,
rewards, scheduling,etc.

Advertising Ethics - Answer-stretches the truth, some completely untruthful.

Intellectual Property - Answer-laws, patents, and other laws are in place to protect
intellectual properties and afford protections in many cases

,Competition issues - Answer-rooted in the channel of distribution. Used to create
service efficiencies, a channel of distribution is a network of intermediaries that includes
wholesalers, distributers, retailers, etc.

Product Related Challenges - Answer-Even if a company is committed to sound ethical
practices the nature of the product and the methods used to distribute and sell the
product can open the doors to a host of potentially damaging liabilities including legal
battles and stiff fines

Product Safety - Answer-responsibility of product

Frederick Taylor - Answer-Scientific Management studied the most efficient way to
perform any task. Time-motivation and principle of economy studies.

Hawthorne Studies - Answer-workers felt more motivated when they were bing studied.

Maslow's Hierarchy of Needs - Answer-each need on the pyramid motivates in a
different way. Physical, safety, relational, ethical, self-actualization

Herzberg's Motivation Factors - Answer-Hygiene factors are points of dissatisfaction but
do not motivate your actions

Theory x - Answer-the belief that employees do not really want to work and that it is
their job to structure work and energize the employee

Theory Y - Answer-management believes that most people will want to do well at work
and that there is a pool of unused creativity in the workforce

Theory Z - Answer-a blend of American-Japanese management styles, is more flexible
and holistic

Goal-setting theory - Answer-Developed by Peter Drucker, focuses on motivating with
ambitious buy achievable goals.

Expectancy Theory - Answer-Victor Vroom, recognizes that people will assess any
given goal/task and determine its possible outcomes to the associated rewards

Reinforcement Theory - Answer-employees are motivated by positive and negative
reinforcement of behaviors

Equity Theory - Answer-people mentally calculate the differences between themselves
and other workers

Strike - Answer-workers refuse to go to work and generally picket their employer

, boycott - Answer-pressure management by asking consumers not to buy the products
of the company

Finance - Answer-analyzes and plans a firm's credit, cash flow, investments, and
expenditures, and then determines future paths.

Accounting - Answer-fundamental method for developing and maintaining business
information.

Bookkeeping - Answer-the recording of business transactions

Journal - Answer-where accounting data is first entered

General Ledger - Answer-specialized book where data is categorized and made
available.

Assets - Answer-everything a company owns that is due to it including current assets,
fixed assets, and intangible assets

Liabilities - Answer-all the claims against a corporation. Includes debts, salaries,
dividends, accounts payable, taxes payables, etc.

Owners Equity - Answer-the value that accrues to the owners

Balance Sheet - Answer-provides a quantitive summary of a company's financial
condition at a specific point in time, often at the end of the month.

Revenues - Answer-the earnings of a firm before subtracting costs

Cost of Goods Sold - Answer-the costs of materials and resources to make a product

Gross Profit - Answer-amount made on sales after cost of goods

Operating Expenses - Answer-costs involved in operating the business

Net income - Answer-amount remaining after all expenses have been deducted.

Statement of Cash Flows - Answer-reports the inflows and outflows of cash relating to
operations, investments, and financing for a particular period of time

Financial management - Answer-analyzes accounting data to develop and recommend
strategies, budgets, cash flow, forecasts, etc. which will improve the financial strength of
the firm

Forecasting - Answer-analyzes and predicts financial events in a period of one year or
less and is the foundation for all other forecasts

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