BUSINESS LEVEL STRATEGIES:
What is a simple, mathematical definition for profit?
Describe two ways that a firm can achieve competitive advantage?
Describe three drivers of cost advantage?
Explain the use of the value chain to analyze costs when pursuing a
Ed Day, CEO of Forecasts Inc. is currently considering investment in a
project that has uncertain profitability. The project costs $500 million to undertake. If
unsuccessful, the project will result in a loss of 80 % of the original in
Chapter 8: Individual Decision Making
Consumers as Problem Solvers:
What are the four stages of consumer decision making?
oEvaluation of Alternatives
Discuss the three perspectives of deci
Chapter 7: Attitudes and Persuasion
The Power of Attitudes:
What are attitudes?
oLasting, general evaluations of people, objects, advertisements,
What are Ao, Aad, and Abrand?
oAo Attitude object anything toward which one has an
What is personality?
oPsychological make-up which influences a persons behavior
What is lifestyle?
What is psychographics?
oSegmentation based on personality and lifestyle factors
What are the two views on personality?
- The Motivational Process:
What is motivational strength and direction?
Motivational strength is the pull it exerts on a consumer, and
motivational direction is the particular way a consumer attempts to
What is motivation?
Refers to t
Learning and Memory
The Learning Process:
What is learning?
oA relatively permanent exchange in behavior that is caused by
What is vicarious and incidental learning?
Differentiate between behavioral and
What is sensation?
oRefers to the immediate response of our sensory receptors.
Most sensations are not perceived.
What is perception?
oThe process by which these sensations are selected, organized
Buying, Having, and Being
1. What is marketing?
A societal process by which individuals and groups obtain what they
need and want through creating, offering, and freely exchanging
products and services of value with others
What are exchange relationshi
Name 5 barriers to entry and explain what each of them means. (In other words, name
and define them.)
Name and explain 3 sources of economies of scale. (In other words, where do economies
of scale come from, or how are they created?)