Final Exam Review

Define target market.

• A specific group of people that you want to buy your product.

• Primary goal is maximizing profits.

• A combination of factors that can be controlled by a company.

• It lets you convey your personality and show that you are interested in the job.

What is the primary goal of a business?

• Many different backgrounds and national origins.

• Revealing information about activity within an organization that is deemed illegal.

• Primary goal is maximizing profits.

• Give your potential employer a feel for your past experiences and skills.

Define the marketing mix.

• The marketing mix is a type of cocktail served at marketing events.
• The marketing mix is a type of exercise routine used to promote physical fitness.
• The marketing mix is a mathematical equation used to calculate marketing expenses.
• The marketing mix is a combination of factors that can be controlled by a company.

Why is it important to customize your cover letter for each job application?

• To demonstrate that you are desperate for any job
• To waste time and effort
• To show that you are not serious about the job
• To convey your personality and show that you are interested in the job.

Explain the concept of market segmentation.

• It is the process of combining all buyers into one group with the same needs and characteristics.
• Market segmentation is the process of targeting only one specific buyer in the market.
• It is the process of dividing a market into groups based on their geographical location.
• Marketing segmentation is the process of dividing your target market into approachable groups.

What is an entrepreneur?

• An entrepreneur is a person who is not involved in business
• An entrepreneur is a person who avoids taking risks
• An entrepreneur is a person who works for someone else
• An entrepreneur is a person who operates a business taking on greater than normal financial risks.

Why is corporate social responsibility important?

• Corporate social responsibility is not important because it only benefits the company and not the society.
• Corporate social responsibility is important because it allows companies to exploit resources without consequences.
• Corporate social responsibility is not important as it does not impact the company's reputation or the environment.
• Corporate social responsibility is important because it helps businesses to adopt sustainable practices.

Explain the concept of supply and demand.

• Supply and demand is the idea that the government controls the production and distribution of goods.
• The concept of supply and demand refers to the relationship between the price of a product and the quality of that product.
• Supply and demand is a theory that only applies to luxury items and not essential goods.
• The concept of supply and demand is that prices are determined by the relationship between supply and demand.

What is a business plan?

• A business plan is a type of financial report for a company
• A business plan is a marketing strategy for a new product
• A business plan is a document outlining employee benefits
• A business plan guides you through the stages of starting and managing your business.

What is the significance of including a skills section on your resume?

• To showcase your favorite quotes and sayings
• To provide a summary of your work experience
• To list personal hobbies and interests
• To better full picture

  experience and shows what you’ve accomplished.