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Prof.Melinda SalzerProfessor
Berkeley College
USA
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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.
With the incredible growth of social media, now is a particularly exciting time to explore the fascinating world of advertising.
The purpose of this course is to lead students in an exploration of fundamental advertising principles and the role advertising plays in the promotional mix. You will learn where advertising fits in the Marketing Mix, also known as the four Ps: Product, Price, Place, and Promotion. Although some consider all promotion synonymous with advertising, you will learn the unique characteristics that separate advertising from other forms of promotional communication. You will revisit some familiar marketing concepts within a new framework, approaching the subject from the advertiser?s perspective.
Download MCQ Quiz PDF eBook
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Prof.Melinda SalzerProfessor
Berkeley College
USA
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Question: When advertising is used to introduce a product and educate the consumer about its features, at which stage is this product?
Choices:
Competitive stage
Pioneering stage
Inner brand stage
Retentive stage
None of the above
Question: Jim Thorpe was known as one of the greatest athletes of the 20th century. He played professional baseball and football, and he won several Olympic gold medals. Why would a small town in Pennsylvania change its name (they actually purchased the rights to use it!) to Jim Thorpe, PA?
Choices:
Because they wanted to honor Mr. Thorpe's memory
Because it is a good strategy to name a location after a famous athlete
Because the strategy of branding places has proven to be effective and has shown to produce positive results in generating awareness and increasing business in that locale
Because many sports are popular in the town
None of the above
Question: Before industrialization, products were sold generically. Chocolate was chocolate, butter was butter, and so on. Mass production made it possible to produce many products, resulting in branding, which eliminated the idea of generic products. However, some products have benefited from the consumer use of a generic. Which of the following brands' strategy has produced this result? How so?
Choices:
Verizon, because everyone knows they sell phones and phone service.
Nike, because they are known for athletic shoes
Kleenex, because that is what people say when they want a tissue
Bic, because they are known for writing implements
General Motors because that is how people relate to the automobile industry
Question: Research has shown that the most lucrative target market for your plumbing and carpentry products are professional contractors whose businesses are located in suburban and rural communities. This represents new information, because past sales have come mostly from urban do-it-your-selfers. You are planning your advertising strategy for next year and want to use the most cost effective advertising media for your plan. Which advertising medium should you include in your plan?
Choices:
Email marketing
Radio advertising
Print advertising
Outdoor billboards
All of the above
Question: Many companies plan a branding strategy that will create a "barrier to entry." What benefit does this provide for your brand?
Choices:
Other companies cannot launch a similar item in your product category.
Your product has such a strong image that new entries in the marketplace will find it difficult to take your customers away from you.
New companies cannot gain market share.
You are able to steal customers away from your competition.
All of the above
Question: What is the importance of a value proposition?
Choices:
It shows that your brand is on par with other products in your product category.
A value proposition is not a necessary marketing tool.
It demonstrates your product's benefits relative to the competition.
It showcases your product's price point.
It reports on your product's annual sales levels.
Question: When communicating your company's value proposition, the focus should be on which of the following?
Choices:
Company sales figures
Marketing activities
Elimination of the competition
What is important to your customers
None of the above
Question: A company with little or no brand recognition has decided to use direct response marketing. Which media outlet will provide them with the best ROI?
Choices:
Banner advertising
Print media
Social Media
Email marketing
None of the above
Question: According to your Launch! textbook, "…a branding strategy creates a clear picture of the values your product or service represents." Coca-Cola is a strong American brand that creates value to the consumer by providing a lifestyle product. Yet, when Coca-Cola introduced New Coke in 1985, it was a colossal failure. The product was removed from the shelves within 3 months. What significant strategic mistake did the Coca-Cola company make?
Choices:
The company did not change the product's packaging to match the new product's image.
The new brand was too similar to Pepsi's products.
The company did not understand the relationship consumers had with the product and what the brand meant to consumers.
The company's new advertising campaign did not effectively communicate the new product's attributes.
The company was unable to obtain enough shelf space in stores. Retailers did not want to remove the very profitable original Coke product.
Question: Coach sells ladies handbags, wallets, and other accessories. These products are expensive and well-made. When Coach advertises its products as luxurious, sophisticated, and elegant, which characteristic of a branding strategy is the company using?
Choices:
Personality
Accountability
Consistency
Differentiation
Brand equity
Question: What is the purpose of branding?
Choices:
To ensure a trademark for your company
To use your organization's creative department
To look similar to your competition
To distinguish your brand from other products in the marketplace
None of the above
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