Rpts 403 Final Exam

1. What is a market?

A type of currency used in international trade.

The process of setting prices for goods and services.

Theset of actual and potential buyers of a product; a group of potential customersfor a particular product who are willing and able to spend money or exchangeother resources to obtain the product

A physical location where products are sold.

A market refers to the group of individuals interested in purchasing a specific product, not the physical location or the pricing process.

Explanation

A market refers to the group of individuals interested in purchasing a specific product, not the physical location or the pricing process.

2. What is marketing?

Advertising

Product development

Sales

Theprocess of planning and executing the conception, pricing, promotion, anddistribution of ideas, goods, services, and experiences to create exchangesthat will satisfy individual and organizational objectives; a social andmanagerial process by which individual and groups obtain what they need andwant through creating and exchanging products and value with others

Marketing involves more than just advertising or sales. It encompasses all aspects of creating, promoting, and distributing products or services to meet customer needs and organizational objectives.

Explanation

Marketing involves more than just advertising or sales. It encompasses all aspects of creating, promoting, and distributing products or services to meet customer needs and organizational objectives.

3. What is market segmentation?

Targeting only one specific customer group.

Combining different markets into one group.

Subdividinga market into distinct subsets of customers

Ignoring customer differences in marketing strategies.

4. What is the definition of target market?

The amount of sales a company expects to generate within a certain period of time.

The total number of customers that can be reached through marketing efforts.

-ahomogenous set of actual and potential buyers with whom an organization seeksto exchange

The demographic characteristics of a specific group of consumers.

5. What is market analysis?

A study to analyze consumer behavior in a market.

A process to determine the cost of products in the market.

Researchto be completed in order to describe market profile

An evaluation of competition within a market.

6. What is market research?

A form of advertising to promote a product or service.

Guessing the future market trends without any data.

A random process of collecting information without any specific purpose.

Systematicand objective process for generating information to be used in decision making

Market research is a systematic and objective process for generating information to be used in decision making. It involves gathering, analyzing, and interpreting information about a market, product, or service to understand customer needs, preferences, and behaviors.

Explanation

Market research is a systematic and objective process for generating information to be used in decision making. It involves gathering, analyzing, and interpreting information about a market, product, or service to understand customer needs, preferences, and behaviors.

7. What is market share?

A measure of how innovative a business is within its service sector.

Ameasure of how dominant a business is within its service sector

A measure of how profitable a business is within its service sector.

A measure of how old a business is within its service sector.

Market share is a measure of the market owned by a company in relation to its competitors. It indicates how dominant a business is within its service sector, rather than its profitability, innovativeness, or age.

Explanation

Market share is a measure of the market owned by a company in relation to its competitors. It indicates how dominant a business is within its service sector, rather than its profitability, innovativeness, or age.

8. What does 'moment of truth' refer to in customer service?

A term used to describe when a customer is solely focused on the price of a product.

A fictional term used to describe a perfect customer service experience.

A moment when a company decides whether to ignore customer complaints or address them promptly.

Anemotionally charged contact with a client is where a timely and appropriateresponse can make a big difference in customer satisfaction

The 'moment of truth' in customer service refers to an emotionally charged contact with a client where a timely and appropriate response can significantly impact customer satisfaction.

Explanation

The 'moment of truth' in customer service refers to an emotionally charged contact with a client where a timely and appropriate response can significantly impact customer satisfaction.

9. What is staff empowerment?

Limiting staff access to necessary resources

Giving staff more vacation days

-training, provision of needed tools and materials, and then delegation ofresponsibility from managers to frontline employees so they will take stepsthat benefit both the client and the company

Forcing staff to work longer hours without compensation

10. What is the basis of Psychographic Segmentation?

Divides consumers into groups based on income level.

Divides consumers into groups based on theseaspects:o Behaviorpatternso Lifestyleo Personality

Divides consumers into groups based on geographical location.

Divides consumers into groups based on demographics.

Psychographic Segmentation divides consumers based on behavior patterns, lifestyle, and personality, rather than demographics, geographical location, or income level.

Explanation

Psychographic Segmentation divides consumers based on behavior patterns, lifestyle, and personality, rather than demographics, geographical location, or income level.

11. What are the components of a competitor analysis?

Company History, Founder's Background, Company Culture, Future Plans

StrengthWeaknessOpportunity(ies)Threats

Social Media Presence, Advertising Budget, Employee Satisfaction, Innovation

Market Share, Revenue, Customer Base, Product Offering

A competitor analysis typically focuses on identifying and evaluating the Strengths, Weaknesses, Opportunities, and Threats of competitors in relation to your own business.

Explanation

A competitor analysis typically focuses on identifying and evaluating the Strengths, Weaknesses, Opportunities, and Threats of competitors in relation to your own business.

12. What is a customer profile?

Customer description that includes demographic, geographic, andpsychographic characteristics, buying pattern, creditworthiness, purchase history, etc. Used to determine target markets and promotional strategies.

A report detailing customer service feedback and complaints received by a company.

A list of potential customers contacted by a company for marketing purposes.

An inventory list of products purchased by customers in a specific time period.

A customer profile is a detailed description of a customer including various characteristics and behaviors. It is used for targeted marketing and developing strategy based on customer insights.

Explanation

A customer profile is a detailed description of a customer including various characteristics and behaviors. It is used for targeted marketing and developing strategy based on customer insights.

13. What are the four Ps of the market mix?

Product- featuresand attributes of the product to be soldPrice- sales price of the products/servicesto be offeredPlace- locationPromotion- all the components ofthe promotion mix.

Production- process of manufacturing goods

Profit- amount of revenue generated by sales

Packaging- materials used to contain products

The four Ps of the market mix are Product, Price, Place, and Promotion, which are essential components of a marketing strategy.

Explanation

The four Ps of the market mix are Product, Price, Place, and Promotion, which are essential components of a marketing strategy.

14. What is HEAT?

Health Education and Training

Home Energy Assistance Program

High Energy Atmospheric Temperatures

Hear the person outEmpathize with the personAcknowledge the problemTake immediate action

HEAT refers to the steps to follow when addressing a problem or issue effectively, rather than being a specific term or acronym related to atmospheric temperatures, health education, or energy assistance programs.

Explanation

HEAT refers to the steps to follow when addressing a problem or issue effectively, rather than being a specific term or acronym related to atmospheric temperatures, health education, or energy assistance programs.

15. What is the goal of sustainability?

Ignoring consumption levels completely and focusing solely on technological advancements.

Reducingconsumption as best possible in order not to burden natural resources or theenvironment.

Maximizing consumption to stimulate economic growth without regard to natural resources or the environment.

Promoting consumption without any consideration for the impact on natural resources or the environment.

Sustainability is about finding a balance between consumption and preserving natural resources and the environment for future generations.

Explanation

Sustainability is about finding a balance between consumption and preserving natural resources and the environment for future generations.

16. What does environmental management involve?

The study of wild animal behavior

The construction of skyscrapers

Themanagement of interaction by the modern human societies with, and impact uponthe environment

The preservation of historical landmarks

Environmental management focuses on the relationship between human societies and the environment, aiming to minimize negative impacts and promote sustainability.

Explanation

Environmental management focuses on the relationship between human societies and the environment, aiming to minimize negative impacts and promote sustainability.

17. What is the purpose of ecotourism?

To promote mass tourism and exploit local resources

To solely focus on economic profit without ecological conservation or community empowerment

Its purpose isto educate the traveler; provide funds for ecological conservation; directly benefitthe economic development and political empowermentof local communities; and foster respect for different cultures and for humanrights.

To undermine cultural diversity and human rights

To harm the environment and disregard local communities

Ecotourism aims to be a sustainable form of tourism that benefits both the environment and local communities, while promoting cultural respect and education for travelers.

Explanation

Ecotourism aims to be a sustainable form of tourism that benefits both the environment and local communities, while promoting cultural respect and education for travelers.

18. What are the four steps in a risk management program?

REVIEW

MONITORING

1. RISK IDENTIFICATION2. EVALUATION3. MANAGEMENT STRATEGY4. IMPLEMENTATION

ASSESSMENT

A risk management program involves identifying risks, evaluating them, creating a management strategy, and implementing it to mitigate risks. Assessment, monitoring, and review are important steps within risk management but are not part of the initial four-step process.

Explanation

A risk management program involves identifying risks, evaluating them, creating a management strategy, and implementing it to mitigate risks. Assessment, monitoring, and review are important steps within risk management but are not part of the initial four-step process.

19. What are the four ways in which risk management adds value to your RET?

Increases costs for participants

Leads to higher levels of risk for the organization

Creates unnecessary bureaucracy within the organization

1. Enhancesparticipant experience2. Providesgood stewardship of resources3. Forestallsproblems including legal actions4. Encouragesprofessional practices

Risk management is essential for the success of any organization as it helps in enhancing participant experience, ensuring good stewardship of resources, preventing problems such as legal actions, and promoting professional practices.

Explanation

Risk management is essential for the success of any organization as it helps in enhancing participant experience, ensuring good stewardship of resources, preventing problems such as legal actions, and promoting professional practices.

20. What are the types of insurance?

1. Home insurance: covers damage or loss to your personal property within your house

2. Car insurance: covers damage or loss to your vehicle in case of accidents

1. Commercial: covers injury or loss to the public when participating in your facilities or programs
2. Guest medical: covers your guest no matter whos fault it is
3. errors and omissions: covers customers who suffered losses because of errors you made
4. workers compensation: provides no fault coverage for employees injured on the job.

3. Health insurance: covers medical expenses and treatments for illnesses or injuries

Commercial, guest medical, errors and omissions, and workers compensation are types of insurance that serve specific purposes related to businesses, guests, errors, and employee injuries. Home insurance, car insurance, and health insurance are different types of insurance that serve different purposes compared to the ones listed in the correct answer.

Explanation

Commercial, guest medical, errors and omissions, and workers compensation are types of insurance that serve specific purposes related to businesses, guests, errors, and employee injuries. Home insurance, car insurance, and health insurance are different types of insurance that serve different purposes compared to the ones listed in the correct answer.

21. Differences between Red and Blue Ocean.

Red:
-all businesses in existence today-- Known market space
-boundaries are known
-products become commodities

Blue:
-Business NOT in existence today -Unknown market space
-Expand existing boundaries to create new DEMAND and opportunities for GROWTH

Red ocean focuses on innovation, while Blue ocean focuses on imitation.

Red ocean is a concept in interior design, while Blue ocean is a concept in marketing strategy.

Red ocean represents calm waters, while Blue ocean represents rough waters.

The correct answer highlights the key differences between Red and Blue Ocean strategies in business. Red Ocean refers to existing markets with intense competition, while Blue Ocean involves creating new market space with lower competition. The incorrect answers provide misleading information or unrelated concepts not relevant to the question.

Explanation

The correct answer highlights the key differences between Red and Blue Ocean strategies in business. Red Ocean refers to existing markets with intense competition, while Blue Ocean involves creating new market space with lower competition. The incorrect answers provide misleading information or unrelated concepts not relevant to the question.