Pg. 70 Q. 2,3,4
1. The three basic economic questions that all economies must answer are
-What shall we produce? Capitalism is based on privately owned so the
means of production are privately owned. While socialism is
1. What are various forms of sales promotions?
Coupons, deals, premiums, contests, samples, loyalty programs, point-ofpurchase displays, rebates, and product placement
2. What factors should a firm consider when evaluatin
1. The five steps in creating a marketing plan are:
1. Define the business
2. Conduct a situation analysis
3. Identifying and evaluating opportunities using STP, (segmentation targeting, and
Drop box 10
Questions 1, 2, and 3
1. Explain what comparative advantage is. Make an example to illustrate this concept.
Comparative advantage is that total output is greatest when each product is made by the
Drop box 9
Pg. 654 questions 5 and 6
1. What are administered prices? And how are they set?
Administered prices are set by large corporations for relatively long periods of time, without
responding to the normal market forces, ma
1. To raise our rate of economic growth I would use our resources more efficiently and reduce
unemployment of labor and capital.
2. We operate outside our production possibilities curve when output is less than full employment.
1. What strategies distinguish the different types of food retailers?
Supermarket, supercenter, convenience, warehouse club
2. What strategies distinguish the different types of general merchandise
Drop box 11
Pg. 860. Questions 4 and 8
1. How did the United States go from the worlds largest creditor nation to the worlds largest
The United States went from being the worlds largest creditor to the worlds larges
1. What do sales managers need to do to successfully manage their sales force?
Proper planning, direction, and control of personal selling activities,
including recruiting, selecting training, motivating, compensating, an
1. Corporate social responsibility has evolved since the twentieth century by taking initiatives,
such as establishing corporate charitable foundations, supporting and associating with existing nonprofit
Principles of Marketing
1. I reread chapter one over and over again and could only come up with four out of five functions.
1. Marketing expands firms global presence.
2. Marketing is pervasive across the supply chain.
3. Marketing enriches soc