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1.1 What economics is and why it's important Read Online
1.2 Microeconomics and macroeconomics Read Online
1.3 How economists use theories and models to understand economic issues Read Online
1.4 How economies can be organized: an overview of economic systems Read Online
To post or not to post? Every day we are faced with a myriad of decisions, from what to have for breakfast, to which route to take to class, to the more complex—“Should I double major and add possibly another semester of study to my education?” Our response to these choices depends on the information we have available at any given moment; information economists call “imperfect” because we rarely have all the data we need to make perfect decisions. Despite the lack of perfect information, we still make hundreds of decisions a day.
And now, we have another avenue in which to gather information—social media. Outlets like Facebook and Twitter are altering the process by which we make choices, how we spend our time, which movies we see, which products we buy, and more. How many of you chose a university without checking out its Facebook page or Twitter stream first for information and feedback?
As you will see in this course, what happens in economics is affected by how well and how fast information is disseminated through a society, such as how quickly information travels through Facebook. “Economists love nothing better than when deep and liquid markets operate under conditions of perfect information,” says Jessica Irvine, National Economics Editor for News Corp Australia.
This leads us to the topic of this chapter, an introduction to the world of making decisions, processing information, and understanding behavior in markets —the world of economics. Each chapter in this book will start with a discussion about current (or sometimes past) events and revisit it at chapter’s end—to “bring home” the concepts in play.
In this chapter, you will learn about:
What is economics and why should you spend your time learning it? After all, there are other disciplines you could be studying, and other ways you could be spending your time. As the Bring it Home feature just mentioned, making choices is at the heart of what economists study, and your decision to take this course is as much as economic decision as anything else.
Economics is probably not what you think. It is not primarily about money or finance. It is not primarily about business. It is not mathematics. What is it then? It is both a subject area and a way of viewing the world.
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* Creating products and services that serve consumers
* Communicating a clear value proposition
* Delivering products and services in a way that optimizes value
* Exchanging, or trading, value for those offerings
Question: If you are marketing to Business-to-Business sellers, what should you consider?
Choices:
The segmentation of B2B sellers is not at all similar to consumer market segmenting.
B2B sellers are also segmented along lines of demographics and geographic areas.
Both A and B
Neither A nor B
Question: At what level in a firm does strategy planning typically occur?
Choices:
Entry-level marketing employees are responsible for strategic plan development.
Top executives and special business units typically develop strategic plans.
Customers determine the strategic plan a company should follow.
Interns develop strategic plans as part of their initial duties.
Question: Strategic planning is focused on which organization marketing components?
Choices:
Mission statements, objectives, value propositions
Budgets, taxation, distribution costs
Recruitment, hiring, training
Formation, deformation, reformation
Question: Targeted marketing may also be considered as _______.
Choices:
differentiated marketing
undifferentiated marketing
shotgun marketing
wide blasts of media messages
Question: By definition, A SWOT analysis examines which aspects of the marketplace?
Choices:
Support and wages
Organizations and technologies
Both A and B
Neither A nor B
Question: What kinds of information would be considered in demographic segmentation?
Choices:
Location, longevity, language
Age, income, gender
Intelligence, maturity, stability
Nationality, social class, job title
Question: What are some common ways of segmenting target buyers?
Choices:
Behavioral and psychographic segmentations
Demographic and geographic segmentations
Both A and B
Neither A nor B
Question: Psychographic segmentation deals with which customer characteristics?
Choices:
Neuroses, psychoses, dysfunctions
Addictions, avoidances, antagonisms
Values, attitudes, lifestyles
Age, gender, income
Question: What are the common characteristics of a family life cycle?
Choices:
The ups and downs a family faces over the course of a single year
A family's transportation preferences
The age range of a family
The stages a family goes through over time and the effects of these stages on their buying behavior
Question: Does a customer's ethnicity impact buying decisions?
Choices:
Ethnicity has a large impact on purchasing decisions.
Ethnicity has a minor impact on purchasing decisions.
Ethnicity has no impact on purchasing decisions.
Customer diversity is a social rather than a marketing concern.
Question: In a marketing campaign, who might be considered part of the campaign's audience?
Choices:
Anyone directly or indirectly affected by the campaign's efforts
Everyone except for internal shareholders and stakeholders
Clients, customers, global target markets
Both A and C
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