28) An organic farmer has identified three distinct groups who might be interested in his products: vegetarians, people who are concerned about chemicals in their foods, and people who consider themselves innovators and trendsetters. These three groups are examples of ________.

A) marketing mixes

B) market segments

C) value propositions

D) mass markets

E) marketing intermediaries

29) Sally purchased Brand X lotion. In comparing her perception of how the lotion made her skin feel and look to her expectations for Brand X lotion, Sally was measuring her level of ________.

A) share of customer

B) customer satisfaction

C) customer equity

D) demand

E) customer lifetime value

30) Which of the following is the most likely result of a marketing strategy that attempts to serve and satisfy all types of potential customers?

A) All customers will be delighted.

B) Customer-perceived value will increase.

C) Customer evangelists will become unpaid salespersons for the service or product.

D) Not all customers will be satisfied.

E) The company will need to follow up with a service campaign.

subject : Marketing

Fisher-Gardner Corporation (FGC) began operations 5 years ago as a small firm serving customers in the Chicago area. However, its reputation and market area grew quickly. Today FGC has customers all over the United States. Despite its broad customer base, FGC has maintained its headquarters in Detroit, and it keeps its central billing system there. On average, it takes 7 days from the time customers mail in payments until FGC can receive, process, and deposit them. FGC would like to set up a lockbox collection system, which it estimates would reduce the time lag from customer mailing to deposit by 2 days-bringing it down to 5 days. FGC receives an average of $2,300,000 in payments per day.

How much free cash would FGC generate if it implemented the lockbox system? Would this be a one-time cash flow or a recurring one, assuming the company creates to grow. How would growth affect your answer?

In each of the following cases, identify whether the task required is supervised or unsupervised learning, and then identify the appropriate technique—i.e., prediction, classification, affinity or clustering analysis—that you would use. Assume that an appropriate dataset is available for your algorithm to learn from.
a. Deciding whether to issue a loan to an applicant based on demographic and financial data using a database of similar data on prior customers.
b. In an online bookstore, making recommendations to customers concerning additional items to buy based on the buying patterns in prior transactions.
c. Identifying a network data packet as dangerous (e.g., virus, hacker attack) based on comparison to other packets whose threat status is known.
d. Identifying segments of similar customers.
e. Predicting whether a company will go bankrupt based on comparing its financial data to those of similar bankrupt and nonbankrupt firms.
f. Estimating the repair time required for an aircraft based on a trouble ticket.
g. Printing custom discount coupons at the conclusion of a grocery store checkout based on what you just bought and what others have bought previously.

Classifying Costs Assume you are going to become an entrepreneur and start your own business. Think about your talents and interests and come up with an idea for a small business venture that provides a unique product or service to local customers.

Pool Building Company

a) What would the major costs of your business be? Try to classify the costs into the areas of direct materials; direct labor; manufacturing overhead; and selling, general, and administrative expenses. (Hint: Not all businesses will have all of these cost classifications.)

b) Why would you need to determine the cost of providing your product or service to individual customers? In other words, what types of decisions would you expect to make based on job order cost information?

c) In general, would you expect your company’s indirect (overhead) costs to be less or more than the direct costs (direct labor and materials)? What allocation base do you think you would use to charge overhead costs to individual customers? How much do you think the overhead rate would need to be?

Consider the following tables:

a. CPR Assuming

b. SMM Assuming

Complete the tables.

A glass manufacturing company wanted to investigate the effect of zone 1 lower temperature​ (630 vs.​ 650) and zone 3 upper temperature​ (695 vs.​ 715) on the roller imprint of glass. Complete parts​ (a) through​ (e) below.

Zone 3 Upper   Zone 1 Lower   Roller Imprint
695 ---------------------630 ---------------51
695   -------------------630      -----------25
695   -------------------630 ---------- 52
695   -------------------630      -----------129
695   -------------------650      -----------24
695   -------------------650      -----------26
695   -------------------650      -----------48
695   -------------------650      -----------22
715   -------------------630      -----------98
715   -------------------630      -----------5
715   -------------------630      -----------25
715   -------------------630     ----------- 73
715   -------------------650      -----------76
715   -------------------650      -----------27
715   -------------------650      -----------1
715   -------------------650      -----------125

a. At the .05 level of​ significance, is there an interaction between zone 1 lower and zone 3​ upper?

Determine the test statistic.

Fstat=

Determine the p-value.

p-value=

b. At the .05 level of​ significance, is there an effect due to zone 1​ lower? First, determine the hypotheses.

Determine the test statistic.

Fstat=

Determine the p-value.

p-value=

c. At the .05 level of​ significance, is there an effect due to zone 3​ upper? First, determine the hypotheses.

Determine the test statistic.

Fstat=

Determine the p-value.

p-value=

d. Plot the roller imprint for each level of zone 1 lower for each level of zone 3 upper.

Plot the mean roller imprints for a zone 3 upper temperature of 695 with a dashed​ line, and the mean roller imprints for a zone 3 upper temperature of 715 with a solid line.

1. If a product has a very low price elasticity of demand, then:

2.

Let's say that a car dealer lowers the price of a certain model car from $32,000 to $26,000. If it observes that it sells 14 cars instead of 10 per month as a result of this price decrease, what is this product's price elasticity of demand?

3.

Let's say that a flower shop raises the price of a dozen roses by 40% and finds that it sells 100% fewer bouquets of roses. What is the price elasticity of roses for this flower shop?

4.

A coffee shop notices that after it decreased the price of one of its premium coffees from $5 to $4, its daily revenue from this product decreased from $100 to $96. What is this product's price elasticity of demand? (choose the closest answer)

5.

A gas station raises its price and notices that its total revenue decreases. This must mean that gasoline at this gas station around this price is:

6.

Average incomes of buyers rises by 20%. As a result, buyers are buying 5% more of a certain product. This means that this product is ___________ and its income elasticity of demand is _____________.

7.

Let's say that Samsung raises the price of its smart phones from $600 to $700. As a result, Apple finds that it can sell 10% more Iphones. Based on this hypothetical example, what is the cross price elasticity of demand for Iphones relative to Samsung phones?

8.

The steeper (closer to vertical) a product's demand curve, the:

9.

Let's say that you know that a product is essential for people's lives, and that this product has very few substitutes (little competition), then you also know that this product has:

10.

Let's say that you sell health insurance to two groups of buyers: 1. people who work for a company and whose company is paying for the health insurance; 2. people who don't work for a company and who have to pay for the health insurance out of their own pockets. Most likely, the people in group 1 have a _________ price elasticity of demand, and as a result, you can charge a _________ price, compared to those in group 2, in order to increase your revenue.

11.

a ___________ reflects a firm's calculations of how many products it can produce with a certain number of inputs (labor, machines, etc.). A firm can also calculate its average production of labor, which is its ___________, and its marginal production of labor, which is ____________.

12.

Examples of variable inputs are _________ and _________, and examples of fixed inputs are _________ and __________.

13.

The law of diminishing marginal returns reflects business production behavior that shows that:

14.

Let's say that a business has 9 workers at a cost of $800 per worker per week, 5 machines at a cost per machine of $200 per week, and office space that costs $1,000 per week. The business produces 180 products. If the business wants to produce 200 products, it would have to hire one more worker at $800 per week. What is this business's total, average, and marginal cost at output 200?

15.

In the above table, the total and marginal production of workers 5 and 6 (the values in the row for worker 6) are, respectively:

16.

In the above table, the total and average production values in the row for worker 8 are, respectively:

17.

If a business hires employees at the minimum wage rate, and the minimum wage is set higher than what the business would pay in the free market (without government interference), then, according to our text:

18.

If you deposit money into a savings account at a bank, and the bank awards you an interest rate of 2%, and the inflation rate is 3%, then:

19.

A business expands its operations and invests $10,000 now. In 3 years from now, it is expected to earn a return of $13,000. The going interest rate (on investments) is 5%. From a purely financial point of view, was expanding its operations a wise decision?

20.

Economists define short run as a period in which _____________ and long run as a period in which _____________.

Caspion Corporation makes and sells a product called a Miniwarp. One Miniwarp requires 2.5 kilograms of the raw material Jurislon. Budgeted production of Miniwarps for the next five months is as follows:

The company wants to maintain monthly ending inventories of Jurislon equal to 25% of the following month's production needs. On July 31, this requirement was not met since only 11,700 kilograms of Jurislon were on hand. The cost of Jurislon is $27 per kilogram. The company wants to prepare a Direct Materials Purchase Budget for the next five months.

The total cost of Jurislon to be purchased in August is:

Multiple Choice

$2,785,050

$1,644,975

$1,960,875

$1,586,250

Exercise 8-9 Metlock Company sells one product. Presented below is information for January for Metlock Company. Jan. 1 Inventory 107 units at $5 each 4 Sale 84 units at $8 each 11 Purchase 146 units at $6 each 13 Sale 118 units at $9 each 20 Purchase 153 units at $7 each 27 Sale 89 units at $10 each Metlock uses the FIFO cost flow assumption. All purchases and sales are on account.

A) Compute gross profit using the periodic system.

B) Assume Metlock uses a perpetual system. Prepare all necessary journal entries.

C) Compute gross profit using the perpetual system.