Question

1. Which is not a component of the marketing mix?

		Place
		Price
		Product
		People

2. Which of the following equations is correct?

		closing inventory = beginning inventory - purchases + withdrawals
		closing inventory = beginning inventory + purchases - withdrawals
		closing inventory - beginning inventory = purchases
		withdrawals = closing inventory - beginning inventory + purchases

3. According to the Fundamental Accounting Equation, ________.

		liabilities = assets + equity
		assets = liabilities
		assets = liabilities + equity
		operating income = revenues - expenses

4. In a marketing exchange, each party delivers and receives ________.

		value
		considerations
		prices
		bids

5. The administrator typically has more control over the hours of labor than over total labor dollars.

True

False

Answer 1

1. Which is not a component of the marketing mix?

People

According to American marketeer, E. Jerome McCarthy 4 P's of marketing mix include Price, Promotion, Product and Place.

1. Price : The service or product should be properly priced.

2. Placement: Services have to be convenient to patients.

3. Products : Stock products that aid patients in improving their health.

4. Promotion : Marketing materials both print and digital.

The four P’s constitute an effective strategy for nurse administrators to incorporate into their marketing plan.

However, nowadays, the marketing mix increasingly includes several other Ps like Packaging, Positioning, People and even Politics as vital mix elements.

Reference:

1) Wickham, M., & O'Donohue, W. (2009). Developing ‘employer of choice’status: exploring an employment marketing mix. Organization Development Journal, 27(3), 77-95.

2) Woods, D. K., & Cardin, S. (2002). Realizing your marketing influence, part 2: marketing from the inside out. JONA: The Journal of Nursing Administration, 32(6), 323-330.

2) Which of the following equations is correct?

Closing inventory = beginning inventory + purchases - withdrawals

Closing inventory or Ending inventory is the value of goods available for sale at the end of the accounting period.

Beginning inventory is monetary values that a company assigns to their current inventory. This will equal the ending inventory of the previous accounting period.

Purchases are new inventory that was purchased during the current accounting period.(Additions to the inventory)

Withdrawal: Withdrawal from inventory ( Cost of goods sold or cost of good consumed in the next downstream segment of the manufacturing process.)

Reference

Stolowy, H., & Lebas, M. (2006). Financial accounting and reporting: a global perspective. Cengage Learning EMEA.

3) According to the Fundamental Accounting Equation, ________.

assets = liabilities + equity

Assets

1. An asset is any item that can be used by a business to generate future economic benefit through use within the business or sale in the business’s operations.

Examples of assets include: Cash, Inventory, Accounts Receivable and Capital Equipment

2. Liabilities can be considered the opposite of assets. It is the amount a company is obliged to pay to the outsiders of the company.

Liabilities include accounts payable, loan taken by the company, wages and salaries payable.

3. Equity represents owner’s own investment into the business.

Operating income is the sum total of a company's profit after subtracting its regular, recurring costs and expenses. Revenue is the total amount of income generated by a company for the sale of its goods or services.

Reference

Scofield, B. W., & Dye, W. (2009). Introducing The Accounting Equation With M&Ms. American Journal of Business Education (AJBE), 2(7), 127-138.

4) In a marketing exchange, each party delivers and receives ________.

Value

According to Armstrong et al 2009, Marketing exchange is the act of obtaining a desired object from someone by offering something in return. By dering value to the customers means consistently nurture the relationship with customers. Here each party delivers and exchange value. Value, means the benefits buyers receive that meet their needs.

5) The administrator typically has more control over the hours of labor than over total labor dollars.

True

Administrators have good control over time. Money spent on overtime usually indicates poor management and inefficiency.