BUS 475 Week 2 Knowledge Check UOP HomeWork Help

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1. Compared with other approaches to business, the marketing concept is distinct in that it

· focuses on sales

· produces new products and services

· creates a broad assortment of products

· focuses on satisfying customers' needs

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?

· Qualifying

· Positioning

· Determining

· Clustering

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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)

· introductory price dealing

· temporary price cut policy

· skimming price policy

· penetration price policy

4. Blending the firm's promotion efforts to convey a complete and consistent message is the goal of

· sales management communications

· sales promotion communications

· integrated promotional marketing

· integrated marketing communications

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5. According to the concept of social responsibility, a firm has a duty to

· communicate regularly with the public

· place profit above all other considerations

· place customer satisfaction above all other considerations

· conduct business in a way that is good for society as a whole, both now and for the future

6. The principal participants in the financial markets are

· businesses, banks, and government

· borrowers, savers, and financial institutions

· mutual funds, hedge funds, and investment bankers

· dealers, brokers, and regulators

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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.

· $25,000

· $31,060

· $38,720