Business 101 Review

Employees, including interns, are considered __________ at Freshii, which empowers each individual to step up and excel at their jobs. Multiple Choice partners Correct owners customers creditors assets

Partners.

Which form of ownership was Domino's in the beginning? Multiple Choice partnership Correct sole proprietorship corporation franchisor franchise

Partnership.

Poshmark is a social commerce platform whose whole experience is centered around

People

What is the difference between a stakeholder and a shareholder?

Stakeholders have a vested interest in the business' success, whereas shareholders have ownership in in the business.

A person who is currently unemployed is probably in which level of Maslow's Hierarchy? Multiple Choice social need safety need esteem need self-actualization physiological need

Physiological need

Poshmark is more than a shopping app; it connects people and brings them together. Poshmark is a passionate group of people that aren't just meeting in the app, they are having

Posh Fests

If a bank has $10 million on deposit, and the Federal Reserve specifies a reserve requirement of 30 percent, then how much money would the bank need at all times on hand? Multiple Choice $3 million $13 million $40 million $10 million None of the answers are correct.

$3 million

If G&M Foods issues a $1,000 bond with an interest rate of 3.5 percent and a maturity date of January 1, 2025, G&M is agreeing to pay the bondholder __________ interest each year until January 1, 2025, when it must repay the full $1,000.

$35.00

This activity is important because marketing research helps identify what products customers have purchased in the past, and what changes have occurred to alter what they want now and what they're likely to want in the future. Marketers also conduct research on business trends, the ecological impact of their decisions, global trends, and more. Businesses need information to compete effectively, and marketing research is the activity that gathers it. Besides listening to customers, marketing researchers also pay attention to what employees, shareholders, dealers, consumer advocates, media representatives, and other stakeholders have to say. The goal of this activity is to demonstrate your knowledge of the marketing research process. Instructions: Match the activity undertaken by Campbell's Soup with the appropriate step in the marketing research process. Assess the situation Choose a solution Collect data Analyze data Match each of the options above to the items below. Campbell's becomes aware of the Latino population growth in the United States. Marketers from Campbell's start gathering secondary data from the U.S. Census Bureau. Campbell's evaluates the data and verifies the increase in the Latino population. Campbell's introduces Red Bean soup.

1,3,4,2

Item1 3.22/3.22points awarded ItemScored eBookPrintReferences Show correct answers Item 1 1. The Marketing Research Process The Marketing Research Process This activity is important because marketing research helps identify what products customers have purchased in the past, and what changes have occurred to alter what they want now and what they're likely to want in the future. Marketers also conduct research on business trends, the ecological impact of their decisions, global trends, and more. Businesses need information to compete effectively, and marketing research is the activity that gathers it. Besides listening to customers, marketing researchers also pay attention to what employees, shareholders, dealers, consumer advocates, media representatives, and other stakeholders have to say. The goal of this activity is to demonstrate your knowledge of the marketing research process. Instructions: Place the steps in the marketing research process in the correct order, from first to last Rank the options below. Assess the situation. Choose a solution. Collect data Analyze data.

1,4,2,3

Sales promotion is the promotional tool that stimulates consumer purchasing and dealer interest by means of short-term activities. Sales promotion programs are designed to supplement personal selling, advertising, public relations, and other promotional efforts by creating enthusiasm for the overall promotional program. Business-to-business (B2B) sales promotion techniques differ from consumer sales promotion techniques. Company sales promotion can take place internally and externally. Internal sales promotion efforts are directed at salespeople and other customer-contact people, such as customer service representatives and clerks. After employees and intermediaries are excited about products, promotion can be directed externally to end consumers. Select the most appropriate category for each type of sales promotion technique. 1. Cents-off: Entitles the bearer to a discount on an item at the time of purchase. 2. Convention: A formal meeting of members in a particular industry to showcase products to other firms. 3. Coupon: A manufacturer-offered price break on individual items purchased at a retail store. 4. Deal: A price break for quantity purchase by wholesalers from manufacturers. 5. Demonstration: A showing of the merits of a product or service to a prospective consumer. 6. Lottery: A prize drawing where people have a chance to win products or services. 7. Portfolio: A collection of goods and services all owned by the same organization for demonstration to another. 8. Trade show: An event at which goods and services in a specific industry are exhibited and demonstrated by one firm to another.

1: Business-to-consumer (B2C) 2: Business-to-business (B2B) 3:Business-to-consumer (B2C) 4: Business-to-business (B2B) 5:Business-to-consumer (B2C) 6: Business-to-consumer (B2C) 7: Business-to-business (B2B) 8: Business-to-business (B2B)

This activity is important because it emphasizes the steps in the personal selling process and what actually happens in those steps. Personal selling is the face-to-face presentation and promotion of goods and services, including the salesperson's search for new prospects and follow-up service after the sale. Effective selling is not simply a matter of persuading others to buy. In fact, it is more accurately described today as helping others satisfy their wants and needs. The best way to understand personal selling is to go through the seven-step selling process. The selling process varies somewhat among different goods and services, but the general idea stays the same. The goal of a salesperson is to help the buyer buy and make sure the buyer is satisfied after the sale. Instructions: Review each step in the selling process and match it with the appropriate activity example. Approach Preapproach Make a Presentation Close the Sale Answer Objections Follow Up Prospect and Qualify Match each of the options above to the items below.A potential customer is met at a trade show.

1st- A potential customer is contacted by a salesperson. 2nd -A salesperson researches the potential customer. 3rd - A salesperson matches the benefits of the company's products to the customer needs. 4th - A salesperson gets the sales order. 5th - A salesperson introduces the customer to the engineer to answer technical questions. 6th- A salesperson makes regular visits to the customer after the sale. 7th - A potential customer is met at a trade show.

Marketers must know as much as possible about the markets they wish to serve. There are two major markets in business, the consumer market and the business market. Because businesses can't fill the needs of every group, they must decide what groups to serve, and then develop products and services tailored to meet their needs. The consumer market consists of individuals buying goods for personal consumption. The business-to-business market (B2B) is comprised of individuals and organizations buying goods and services for use in conducting their business. The buyer's reason for buying, or in other words, the end use of the product, determines whether a product is a consumer good or a B2B good. The consumer market can be segmented in many ways since consumer groups differ greatly by age, education, income, and taste and many other ways. Match each term with the scenario it best illustrates. Business market Geographic segmentation Psychographic segmentation Consumer market Benefit segmentation Volume segmentation Demographic segmentation Match each of the options above to the items below George is a salesman who drives a lot for his job. He bought his new Toyota Prius because it gets 51 miles per gallon. Justin is a buyer for his company. He is in charge of purchasing some of the equipment used in their manufacturing facilities. Procter & Gamble sells Scope mouthwash, Crest toothpaste, and Pert shampoo, which its customers buy for use in their homes. CVS Caremark's target market is women since they make up to 80 percent of the pharmacy chain's customers. Old El Paso makes its tomato salsa spicier for the markets in Texas, Arizona, and California, as customers in those markets prefer their food spicier than customers in other areas. Dr. Pepper portrays customers as happy, outgoing people who like things out of the ordinary. Exxon-Mobil describes its customers based on how much the customers spend at the pump and how often they fill up.

5,1,4,7,2,3,6

Companies often use __________ to create long-term strategic plans for the organization. Multiple Choice a strategic matrix an organizational chart a planning zone a SWOT analysis Correct contingency plans

A SWOT analysis

Why should a business be concerned with stakeholders?

A business should be concerned with stakeholders because stakeholders represent a broad group of people who stand to gain or lose by the actions of the business.

If an employer decides to pay certain workers less than the Federal minimum wage, because the workers were lazy and shirked their duties, the employer would be in violation of Multiple Choice a compensation and benefits law.Correct an Equal Employment Opportunity law a labor relations law. There is no violation, because employers do not have to pay minimum wages to workers who do not work as expected a workplace health and safety law.

A compensation and benefits law.

Someone who desires to start/run a business, but is not comfortable with the idea of having a new product or service should consider Multiple Choice a cooperative. outsourcing. a partnership. a leveraged buyout. a franchise.

A franchise.

The theory of human motivation is often associated with __________, who believed that motivation arises from an unmet need. Multiple Choice Elton Mayo Victor Vroom Frederick Herzberg Abraham Maslow Correct Frederick Taylor

Abraham Maslow

If one owner of a partnership makes a bad decision that ends up in the business being sued, then Multiple Choice that person faces liability. the partnership is dissolved. all partners are protected. they all lose their stock. all partners face unlimited liability.

All Partners face unlimited liability.

Which businesses need to write business plans? Multiple Choice Only businesses that hire employees need to create a business plan. In reality, only businesses that are complex need to write business plans. Only businesses that are structured as corporations are required to create a business plan. Only subsets of the three major ownership forms need to write business plans due to their complexity. All businesses should write business plans in order to create a framework for success.

All businesses should write business plans in order to create a framework for success.

The most valuable employees in an organization would be Multiple Choice line personnel. staff personnel. management. executives. All of these choices are correct.

All of these choices are correct.

The customer who purchases the product from Zappos would be called Multiple Choice a Zappo. an external customer. Correct an owner. an internal customer. a happy customer.

An external customer.

Shark Tank led to a partnership with Barbara Corcoran, a real estate tycoon who invested $55,000 for 15 percent in the business. She also served as a mentor who encouraged them to go into franchising. Barbara Corcoran is considered a(n) Multiple Choice venture capitalist. SCORE. micropreneur.intrapreneur. angel investor.

Angel Investor.

If the union and management are looking for a final decision that will be binding, then they would go into Multiple Choice equalization. mediation. collective bargaining. arbitrator mediation. arbitration. Correct

Arbitration

If the director of the film makes all the decisions without input from others, then this leadership style is called Multiple Choice democratic. command. autocratic. free-rein. dictatorship.

Autocratic

In an effort to cover promotional costs and generate revenue for the festival, SXSW utilizes a tiered-pricing strategy to meet the various budgetary needs of its customers. This is an example of __________ promotion. Multiple Choice B2C public relations B2B C2C advertising

B2C

The job description describes what an employee in a particular position would Multiple Choice be paid. be required to know. be doing. Correct All of the answer choices are correct. None of the answer choices are correct.

Be doing.

Jonquil, a fast casual restaurant in Pecan Grove, has been open for a year. They recently researched and compared themselves to their popular, direct competitor to see how Jonquil measures up in terms of its customer service speed and accuracy while maintaining a relaxed, friendly vibe. The business term __________ is used to describe this practice of comparing an organization's practices, processes, and products against the best. Multiple Choice real-time networking outsourcing tracking coordination benchmarking

Benchmarking.

The cousins admitted that they had a rough start even though they had picked the brains of every business person they knew. They might have avoided some or most of these problems if they had a Multiple Choic ephysical location. better product. third partner. business plan.Correct None of the choices are correct.

Business plan.

Which statement most accurately reflects Freshii's mission? Multiple Choice Make food affordable. Change the way the world eats. Correct Make food fresh. Make food convenient. Fresh food is good food.

Change the way the world eats.

Which law led to the direct government involvement in human resource practices? Multiple Choice Community Reinvestment Act the Taft-Hartley Act of 1947 Civil Rights Act of 1964 Correct Social Security Act TARP

Civil Rights Act of 1964

Under the franchise model, if PODS were to engage in dubious/controversial activities, then franchisees might see a decline in business. This is known as Multiple Choice the nature of business. chain of command. horizontal mergers. coattail effect. Correct franchisor.

Coattail effect.

Frank discovers that workers on the evening shift are consistently late, so he devises a new policy in which employees are only allowed three late clock-ins before they are terminated. These actions are part of the __________ function. Multiple Choice planning bossy leading organizing controlling

Controlling.

___________ is the study of population with regards to its size, density, age, race, gender, income, and so on.

Demography

A retailer is a marketing intermediary, like a supermarket, that sells to ultimate consumers. Because different products call for different retail distribution strategies, a major decision marketers must make is selecting the right retailers to sell their products. There are three categories of retail distribution: intensive, selective, and exclusive. Match each store to the type of retail intermediary it illustrates. Sears Walmart T. J. Maxx Whole Foods Costco 7-Eleven Zale's Jewelers Barnes & Noble

Department Store Discount Store Outlet store Supermarket Warehouse Club Convenience Store Specialty Store Category Killer

If Marco decides to sell his pet products through an online distribution company, such as Amazon, then what type of intermediary is this? Multiple Choice Internet tailer RE-tailer broker wholesaler E-tailer

E-tailer

When an Enterprise employee suggested picking up customers, the company listened. Soon the idea of picking up customers would be one of the services Enterprise would be known for. The first researcher to discover that employees are motivated to perform better when they feel like managers have listened to them and respected their ideas was Multiple Choice Douglas Hughes. Frederick Taylor. Elton Mayo. Correct William Ouchi. Frederick Herzberg.

Elton Mayo.

Rosetta Stone got really good at selling $1,000 CDs. The rest of the world had moved to the Internet. Matt Hulett had to get Rosetta Stone to Multiple Choice resist change. embrace change. lower the price of the CDs. lower their shipping costs. sell CDs online.

Embrace change.

Employee turnover is a high cost of doing business. By investing in employee motivation programs Appletree Answers was able to reduce __________ and increase __________. Multiple Choice employee turnover; customer retention Correct the number of employees; the number of call centers employee motivation; its return on investment employee dissatisfaction; security employees' self-esteem; salaries

Employee turnover; customer retention

In one's personal life many laws must be known and followed, and additional laws, known as __________, apply to a business and its workers, and these too must be known and followed. Multiple Choice de facto business rules employment lawCorrect worker law the business constitution There are no such defined laws that apply to businesses.

Employment law

The cousins made the decision very early on to work with their franchisees in a way that they let them run the show in their city. This is called Multiple Choice information. discipline. order. incubator. empowerment.

Empowerment

If a manager uses a free-rein leadership style, then he/she would more than likely provide the workers tools needed in order to make decisions and progress toward the goal. This is called Multiple Choice equality. enabling. effectiveness. efficiencies. tool availability.

Enabling.

Zappos trains, educates, and gives its employees the knowledge to make decisions in the workplace. This philosophy is referred to as Multiple Choice selling. educating. managing. direct investment. enabling. Correct

Enabling.

The video lists the six steps that companies can take to improve their ethical behavior. Suppose one of the Cell Phones for Soldiers' volunteers violated the program's ethics code. Since Brittany and Robbie have already adopted an explicit code of conduct and trained all volunteers regarding their expectations for ethical behavior, they must now Multiple Choice reevaluate the ethics code. seek government approval. report code to FDIC. make the code permanent. enforce the ethics code.

Enforce the ethics code

When Tyler, a veteran, started his business, he knew he had to keep costs to a minimum and he worried about taxes. He planned to build and distribute safety goggles for construction workers and military personnel. He realized most of his business would not be through walk-in customers but rather large orders from companies. He chose to locate in a government-subsidized area called a(n) __________, where he would receive tax breaks and other government support. Multiple Choice affective designation immigration zone enterprise zone intrapreneurial territory

Enterprise zone.

Behaving ethically means doing more than just not breaking the law. Businesses must also adhere to standards of moral behavior; that is, behavior accepted by society as right versus wrong. These standards are called Multiple Choice ethics. litigation. customs. courtesy. empathy.

Ethics

This activity is important because it demonstrates an understanding of the three different retail distribution strategies. Instructions: Match the correct retail distribution strategy with the example given. 1. Porsche dealership 2. Coca-Cola 3. Maytag washing machines 4. Visio televisions 5. Snickers candy bars 6. skydiving equipment

Exclusive distribution Intensive distribution Selective distribution Selective distribution Intensive distribution Exclusive distribution

The section of the business plan that is designed to initially captivate and energize a potential financial investor would be the Multiple Choice profit plan. financial plan. executive summary. marketing plan. dynamic introduction.

Executive summary.

Domino's lives by which standard when evaluating new products? Multiple Choice Nothing ventured, nothing gained. No product is good unless it is tried and true. There is no room for failure, only success. Failure is an option. Failure is not an option.

Failure is an option.

The __________ Act was the federal legislation in the United States that established the minimum wage in the United States. Multiple Choice Fair Labor StandardsCorrect Taft-Hartley Fair Mediation Civil Rights

Fair Labor Standards

New Belgium Brewery has few layers of managers. Its organizational structure can be described as Multiple Choice flat. Correct tall. narrow. short. tight.

Flat.

Wilson cites that one of the biggest mistakes he made when starting JCF was not taking it seriously enough, which led to some financial issues and "a big bill from the IRS." This mistake exemplifies which potential cause of small-business failure? Multiple Choice underestimating how much time it will take to build a market forgetting about taxes, insurance, and other costs of doing business Correct plunging in without first testing the waters on a small scale not allowing for setbacks and unexpected expenses not understanding business cycles

Forgetting about taxes, insurance, and other costs of doing business.

A legal and binding form of business ownership whereby someone with a good idea for a business sells the rights to use the business name and sell a product or service to others in a given territory is known as a(n) Multiple Choice franchise. Correct vertical merger. leveraged buyout. cooperative. acquisition.

Franchise.

JCF Health and Fitness was born of wanting to give women a solution to a traditional gym setting. Which aspect of a successful business does this scenario illustrate? Multiple Choice fulfilling a need Correct expressing a passion pursuing an idea developing a company culture taking a calculated risk

Fulfilling a need

What are the three main factors addressed in a business plan? Multiple Choice goals, plan, metrics for success the business, the plan, and the angel investors marketing plan, management plan, and financial plan mission, vision, and metrics for success executive summary, plans, financials

Goals, plan, metrics for success.

How are governments considered stakeholders?

Governments are considered stakeholders because they play a role in the outcome of the business through taxes, increased property values, and regulations designed to protect consumers.

Providing ear protection to employees who work in very loud environments would be covered by Multiple Choice labor relations law. OEEC law. compensation and benefits law. no law at all, since these types of sensory protections are not required to be provided by employers, but workers are entitled to use their own devices if they wish health and safety law.

Health and safety law.

Reed Hastings created Netflix. His inspiration came from the fact that he had to pay a sizeable late fee for returning a DVD beyond the due date at a rental store. It took a few tries to develop the winning business model. Which statement accurately describes his key to success? Multiple Choice His idea solved a problem. The government increased the charges on late fees to consumers. No other business had the capability to offer the same product. He obtained the only streaming video license available in the United States.

His Idea solved a problem.

GFB has created a socially conscious culture throughout the company. Which of the following questions should its management consider at the planning stage of the marketing plan? Multiple Choice How successful were we at achieving our conscious marketing objectives? How should we update our mission statement to reflect changes in our philosophies? How did we engage our emergency response plan to any conscious marketing crisis? Are there any potential new overseas markets for our products? Should we consider opening our own retail outlets in the United States?

How should we update our mission statement to reflect changes in our philosophies?

Why has Sonic experienced great business success over the past 60 years? Multiple Choice It chose the right form of business ownership over the years. Correct It found one form of business ownership and stuck with it. It limited the number of franchises it sold. It put profits as its number one concern. It refused to incorporate.

It chose the right form of business ownership over the years.

The business environment consists of several factors that affect a business's ability to be successful and operate profitably. Creating the right business environment is the foundation for social benefits of all kinds. Businesses operate in a dynamic environment that consists of economic, technological, competitive, social, and global factors. Businesses normally can't control their environment or the changes that occur, but they need to monitor it carefully and do what they can to adapt to the changes. Read the descriptions of each company, then match it with the appropriate environmental force.

Jeffries Roofing: In its proposals, Jeffries Roofing describes the materials to be used and the price. When a customer signs a bid, it becomes an enforceable contract. - 2, Economic and legal Borders books and music: As customers began downloading digital books and music from the Internet, Borders struggled for years and eventually declared bankruptcy. - 5, Technological Blackberry: When the Blackberry phone system quit working, 70 million customers were affected. Many of those customers turned to other cell phone providers that offered the reliable service business customers demand, often at a lower price. -3, Competitive Snap for Seniors: Entrepreneur Eve Stern started a business to serve the growing number of older Americans. Snap for Seniors lists housing providers for seniors and, based on individual needs, matches them with elderly clients. - 1, Social Walmart: In China, Walmart has nearly doubled its presence, and U.S. Walmart locations now offer a range of products that are made in China. -4 , Global

Job specifications are often referred to as Multiple Choice intense modifications. job qualifications. Correct particular activities. job analyses. job descriptions.

Job qualifications.

Businesses use different strategies to compete in global markets. Each provides different economic opportunities, along with specific commitments, control, risk, and profit potential. Instructions: With "1" being the least and "6" being the most, place the following strategies in order of magnitude from least to most regarding the level of commitment, amount of risk, the amount of control, and the profit potential.

Joint Venture/Strategic Alliance 5 Franchising 3 Exporting 2 Contract Manufacturing 4 Foreign Direct Investment 6 Licensing 1

How has labor union membership changed over the years? Multiple Choice Labor union membership has declined. Correct Labor union membership is on the rise. Labor union membership has not changed dramatically over the years. Labor union membership has become less important. Labor union membership has increased the importance of fair treatment of workers.

Labor union membership has declined.

As the Sonic brand grew, Troy Smith formed a business relationship with Charlie Pappe. This form of business ownership was a Multiple Choice limited partnership agreement. Correct general partnership. franchise. master limited partnership. limited liability company.

Limited partnership agreement.

What is the main cause today of the increase of unionizing in nontraditional professions? Multiple Choice low wages Correct bad working conditions management relations safety concerns job security

Low wages

When the economy crashed in 2008, what did the Federal Reserve do to stimulate the economy? Multiple Choice Get rid of the interest rate. Gave money away. Lower the interest rate. Keep the interest rate the same. Raise the interest rate.

Lower the interest rate.

The banking crisis of 2008 is quite interesting to analyze. The factors that led to this near banking collapse are intriguing to say the least. In this exercise you will be evaluating the factors that led up to the crisis and determining which ones could have created this scenario. There is no simple answer to what led to the banking crisis, as there were many factors that contributed over a long period of time. Understanding the factors that led to the crisis is very important, as such an understanding will help regulators prevent similar situations in the future. Fore each item listed, select how much it contributed to the banking crisis. 1. The repeal of some provisions of the Glass-Steagall Act of 1933 2. Savvy individual investors 3. The Community Reinvestment Act (CRA) 4. Borrowers' lack of financial knowledge 5. The Troubled Asset Relief Program (TARP) 6. Mortgage-backed securities (MBSs) 7. Electronic Fund Transfer System (EFTS) 8. Looser governance of loan requirements 9. Loans with variable interest rates 10. The creation of the FDIC

Major contributor not a Major contributor Major contributor Major contributor not a Major contributor Major contributor not a Major contributor Major contributor Major contributor not a Major contributor

What is really important at Taco Bell is to help managers continue to grow their leadership skills. Many managers take special joy in supporting employees, because they themselves were supported by a mentor. Lots of senior leaders moved through the ranks thanks to the guidance of their managers. Taco Bell wants their managers to develop to one's full potential. What motivational theory is this? Multiple Choice Maslow's esteem needs Maslow's self-actualizationCorrect Maslow's physiological needs Maslow's safety needs Maslow's social needs

Maslow's self-actualization

Businesses use different strategies to compete in global markets. The key strategies include licensing, exporting, franchising, contract manufacturing, international joint ventures and strategic alliances, foreign subsidiaries, and foreign direct investment. Instructions: Match the example with the appropriate strategy.

Match each of the options above to the items below. Foreign Customers: L'Oréal sells its beauty products to men in China. -5, Exporting Campbell's Soup: Campbell's Soup Company and Nakano Vinegar form Campbell Nakano. -4, Joint Venture/Strategic Alliance US Cellular: Flextronics in Singapore makes a cell phone for US Cellular. -3, Contract Manufacturing KFC: KFC opens stores in Hong Kong. -6, Franchising Bank of America: Bank of America purchases office space in India for its online customer service representatives. -1, Foreign Direct Investment Budweiser: Anheuser-Busch will contract with a local firm to brew and market Budweiser. -2, Licensing

The hurdles are more complex in the global market than in the domestic market. This exercise requires you to identify the four forces affecting global trade and match those with examples of each of the forces. This activity is important because it identifies different examples of the four forces affecting global trade. Instructions: Match the forces affecting trade with the type of trade hurdle in the global market.

Match each of the options above to the items below. Religion is an important part of any society's culture and can have a significant impact on business. -1, Sociocultural Forces Labor costs for multinational corporations can vary as currency values shift. -5, Economic and Financial Forces The Foreign Corrupt Practices Act of 1978 can create a competitive disadvantage. -2 , Legal and Regulatory Forces Developing countries have primitive transportation and storage systems, making distribution ineffective. -3 , Physical and Environmental Forces

As lower-level manufacturing became more simplified, U.S. companies outsourced manufacturing offshore. Today, increasing numbers of skilled, educated, middle-income workers in service-sector jobs such as accounting, law, finance, risk management, health care, and information technology are seeing their jobs outsourced offshore. As technical talent grows around the globe, offshore outsourcing will increase. Offshore outsourcing should be viewed from three perspectives: the customer's perspective, the employee's perspective, and the company's perspective. Each perspective has its advantages and disadvantages. Less-strategic tasks can be outsourced globally so that companies can focus on areas in which they can excel and grow. A combination of factors such as pressures to reduce labor costs, save on operational costs, improve productivity, and expand a labor force in other countries has caused companies to consider offshore outsourcing. When companies outsource, the idea is to save money to keep the prices of its product lower than the competition. This activity will help you identify the pros and cons of offshore outsourcing. Match each outcome with the most appropriate stakeholder perspective, identifying each as an advantage or a disadvantage.

Match each of the options above to the items below. Employee perspective: Disadvantage -3, Some jobs are permanently lost and wages fall Company perspective: Advantage -2 , Company focuses on core area. Customer perspective: Advantage -1 Lower prices. Company perspective: Disadvantage -5 , Communication becomes difficult. Customer perspective: Disadvantage -4 , Poor quality. Employee perspective: Advantage -6, Realized efficiencies allow for new hiring.

Trade protectionism is the use of government regulations to limit the import of goods and services. This exercise requires you to identify the forms of protections the government uses and match those with examples of each of the protections. This activity is important because it identifies different examples of government trade protections. Instructions: Match the government regulation with the example that illustrates the regulation.

Match each of the options above to the items below. The United Kingdom will not allow AirJet to sell fighter jets to any other country. -1, Embargo Canada levees a tax on imports from China to raise money for its government. -4, Revenue Tariff The United States limits the amount of sugar and peanuts that can be imported into the country. -2, Import Quota The nation of Swanland puts a tax on rice to protect the domestic industry of rice. -3, Protective tariff

Allowing customers to search other Redbox kiosks for a particular movie is made possible by new

technology.

Sairsha has perfected the art of glass-blowing. She's made gifts for her friends for years and has always gotten rave reviews, so she decided to make a business out of her craft. She plans to run the business out of her home so she can be there to raise her children and still participate in all of their activities. Sairsha is not interested in growing a large business; she just wants to make extra income. Sairsha is best described as a(n) Multiple Choice intrapreneur. business incubator. enterprise zone. micropreneur.

Micropreneur.

Electra Bikes is an American brand with a global presence. Which of the following trade agreements allowed Electra Bikes to expand its business by opening a new market in Canada?

NAFTA

The __________ is the largest U.S. electronic stock trading market.

NASDAQ

When Anton began working at his local bakery, he found out there was a union representing the bakery workers, but that management didn't take them seriously and refused to sit down with the union and negotiate. After some research, Anton found out that under the __________, workers had the right to expect management to negotiate with them. Multiple Choice Fair Labor Standards Act National Labor Relations Act (Wagner Act)Correct Fair Mediation Act Civil Rights Acts

National Labor Relations Act (Wagner Act)

Which of the following is an advantage of operating a franchise? Multiple Choice nationally recognized name Correct little to no start-up costs management regulation shared profits flexibility of choices

Nationally recognized name.

Is following a model of Corporate Social Responsibility required? What is the rationale? Multiple Choice Yes, because it leads to higher profits in the future. Yes, and many organizations seek to be a good corporate citizen in order to receive a positive public image. Yes, but many businesses only follow this model in order to appeal to niche customers. No, and many businesses do not want to seek good corporate social responsibility, because it often requires them to pay workers more money. No, but many organizations seek to be a good corporate citizen in order to receive a positive public image.

No, but many organizations seek to be a good corporate citizen in order to receive a positive public image.

The decisions of a mediator are Multiple Choice not mutually binding. Correct always correct. mutually binding. binding only to the union. usually incorrect.

Not mutually binding.

What is the best form of business ownership? Multiple Choice partnership One is not better than another. Correct sole proprietorship cooperative corporation

One is not better than another.

__________ is a program where a company hires military veterans and their spouses. Hilton has hired over 30,000 so far and has had an amazing success with the program. Multiple Choice Lifeblood at Hilton Strive at Hilton H.R .Operation OpportunityCorrect Thrive Sabbatical

Operation Opportunity.

As New Belgium Brewery grew, the owners discovered they needed to hire more and more workers in order to keep up with demand. They needed to devise a division of labor, set up teams or departments to do specific tasks, and assign responsibility and authority to people. This process is called Multiple Choice planning. organizing. Correct leading. controlling. synthesizing.

Organizing.

If Frank makes Justin a night-shift supervisor, he would be engaging in which function of management? Multiple Choice planning authority controlling leading organizing

Organizing.

Which aspect of its business is Domino's always willing to adapt in order to ensure it meets the wants and needs of its consumers in all its global locations? Multiple Choice ordering systems product Correct customer service store layout training programs

Product.

Shipping can be a very costly endeavor for companies especially when shipping from one country to another. In most cases, it is often impossible to use trucks or trains because the goods must be moved over water. Companies must also balance cost with speed when selecting a mode. Alternative choices to ground transportation include ships and airplanes, as well as pipelines. Transportation decisions must be made by comparing modes in order to balance cost, speed, dependability, flexibility, frequency, and reach. Choosing a transportation mode requires attention to logistics, which is the management of the physical flow of items from origin points to the point of consumption in order to meet customer requirements at a profit. Match each mode of transportation with the appropriate corresponding description of cost and speed. Medium cost and slow speed High cost and fast speed Low cost and medium speed Lowest cost and slowest speed Highest cost and fastest speed

Railroad Truck Pipeline Ship Airplane

What is the biggest advantage of opening a Domino's franchise? Multiple Choice reputation in the market inexpensive product freedom to create your own menu no franchise fees Domino's does not get royalties from franchisees.

Reputation in the market.

According to a recent study, what impact did restaurants using the GrubHub platform see on their revenue growth compared to those that did not?

Revenue growth was six times greater than that of restaurants not using GrubHub.

A good way for a company to determine what it does well and what it needs to improve is to conduct a Multiple Choice SWOT analysis. BCG Matrix. goal-setting inventory. TOWS assessment. needs improvement assessment.

SWOT analysis.

If there are constant rumors that a business is in financial crisis, employees might lose internal motivation. Which level of Maslow's Hierarchy reflects this situation? Multiple Choice physiological needs self-actualization safety needs Correct social needs esteem needs

Safety needs.

As the Managing Director of SXSW, Roland Swenson sells advertising to other businesses in an effort to promote SXSW's music festival and the other companies' products. This exchange of promotional activity is referred to as business-to-business Multiple Choice sales promotion. prospecting. relationship building. sampling. public relations.

Sales promotion

In the interview Sabin says, "We didn't want to tell anyone our idea and have them say, 'Well, I don't know...' We believed in it, we believed in each other, so we went for it." Which entrepreneurial attribute is this an example of? Multiple Choice action-oriented highly energetic self-nurturing self-directed tolerant of uncertainty

Self-nurturing

Wilson states, "Culture is important to me. Our culture is based on accountability, camaraderie, and results. I've moved from finding the best person for the job to finding the best fit for our culture." Which attribute of a successful entrepreneur does this represent? Multiple Choice self-nurturing Correct self-directed action-oriented highly energetic tolerant of uncertainty

Self-nurturing

How can organizations judge how well they are helping others and making social responsibility an integral part of top management's decision making? One way is through a __________, which systematically evaluates an organization's progress toward implementing socially responsible and responsive programs. Multiple Choice social audit responsibility quotient program compliance index payback progress program contribution index

Social Audit

Cell Phones for Soldiers is a nonprofit organization with a long-term commitment to one cause. Suppose that FedEx volunteered to transport all of the program's donated phones for free. Cell Phones for Soldiers would be the beneficiary of FedEx's corporate Multiple Choice inclusion program. investment. policy. social initiative. compliance.

Social Initiative

What form of business ownership did Troy Smith select when he first made the decision to be an entrepreneur? Multiple Choice sole proprietorship Correct cooperative corporation partnership franchise

Sole proprietorship.

The three types of business ownership include: partnerships, corporations, and Multiple Choice free markets. capitalism. sole proprietorships. Correct cooperatives. limited liability corporations.

Sole proprietorships.

The legal department of a large corporation would be considered Multiple Choice legal personnel. line personnel. staff personnel. Correct judges. executive officers.

Staff personnel.

Matt Hulett has developed three steps he follows when making a big change at a company. The math piece is the business plan and coming up with a financial answer where you can win. Which level of planning would this be considered? Multiple Choice tactical planning operational planning strategic planningCorrect contingency planning SWOT analysis

Strategic planning

The things a business currently possesses and does well are called Multiple Choice strengths. weaknesses. a SWOT analysis. opportunities. threats.

Strengths.

In order to prevent a total collapse of banks around the United States and the world, the federal government passed Multiple Choice NYSE. FDIC. S&L. TARP. MBS.

TARP.

Zappos was created and made possible by a changing business-environmental factor. This factor is Multiple Choice political. legal. technology. Correct competition. sociocultural.

Technology.

Why did the unauthorized AFL group called the Committee of Industrial Organizations (CIO) decide to organize? Multiple Choice The AFL intentionally left out unskilled and semiskilled workers.Correct The CIO leveraged better bargaining power. Samuel Gompers and John L. Lewis argued over who was the most dynamic leader. The AFL was blamed for a bomb that killed eight police officers in Chicago in 1886.

The AFL intentionally left out unskilled and semiskilled workers

The range of options between the initial and final offer that each party will consider before negotiations dissolve or reach an impasse is known as Multiple Choice collective bargaining. the labor contract. grievance. the bargaining zone. Correct mediation.

The Bargaining Zone

According to the video, which business model is deemed the greatest ever developed? Multiple Choice cooperative corporations general partnership sole proprietorship the franchise system

The Franchise system.

If the Container Store were to conduct a research experiment on workplace motivation factors by having managers stand and watch employees work, what would this phenomenon be called? Multiple Choice The Hawthorne effect Correct Extrinsic reward Theory X Theory Y The Maslow effect

The Hawthorne effect.

James could also explore the possibilities of financing through a government agency that advises and assists small businesses. This organization is known as Multiple Choice SCORE. the Better Business Bureau. the SBA. the DEA. the Federal Business Program.

The SBA.

PODS changed from a sole proprietorship to a corporation. What would be a major reason for making this ownership change? Multiple Choice to seek new partners the ability to grow rapidly Correct to avoid taxes altogether to franchise to avoid double taxation

The ability to grow rapidly.

Appletree Answers' employees had a different view of how management should motivate and encourage its employees. To address the gap in perceptions, John Ratliff implemented Multiple Choice call quotas. time-motion studies. extra training. Theory X principles. the Dream On Program.

The dream on program

Which section of the business plan details and outlines the authority structure that exists inside the company? Multiple Choice the introduction the management plan the legal plan the marketing plan the executive summary

The management plan

In what ways has the technological environment helped to grow GrubHub's business?

The technological environment has allowed GrubHub to build a business overseas, to service approximately 1100 cities across the country, and to reach beyond city borders into smaller towns and suburbs.

Enterprise managers believe that people like to work and that they naturally work toward goals to which they are committed. According to Douglas McGregor, these managers can be considered _______ managers. Multiple Choice theory J theory A theory Y Correct theory X theory Z

Theory Y

Retaining its employees has become a business imperative for many companies. Appletree Answers has been able to retain its employees by using which of the following theories? Multiple Choice Herzberg's theory Theory Z Correct Theory X Equity theory Goal-setting theory

Theory Z

Which buying behavior is the most important, on which a marketer needs to focus? Multiple Choiceculture/subculturesocial class reference group personal image There is not a single most important factor; all factors influence buying behavior.

There is not a single most important factor; all factors influence buying behavior.

What is a major function of the securities markets?

They assist businesses in finding long-term funding to finance business expansion.

Frederick Taylor, often referred to as the father of scientific management, is best known for his work with Multiple Choice time-motion studies. Correct the hierarchy of needs. the Hawthorne studies. employee punishment. Theory X.

Time-motion studies

Sabin Lomac said, "We stand for taking risks, going all in." Which entrepreneurial attribute does this statement best describe? Multiple Choice self-nurturing highly energetic tolerant of uncertainty action-oriented self-directed

Tolerant of uncertainty.

This activity is important because there are many types of U.S. government bonds. The interest paid by government bonds influences the bond interest rate businesses must pay. Instructions: Match the correct bond type with its description. Considered the safest type of bond investment Issued by states, cities, counties, and other local government agencies; usually exempt from federal taxes Issued by a foreign government; payable in U.S. dollars Matures in 10 years or less; sold in denominations of $1,000 up to $1,000,000 Matures in 25 years or more; sold in denominations of $1,000 up to $1,000,000 Matures in less than a year; issued with a minimum denomination of $1,000

U.S. government bond Municipal bond Yankee bond Treasury note Treasury bond Treasury bill (T-bill)

Which movement in U.S. history would be considered an outgrowth of the Industrial Revolution, according to most historians? Multiple Choice women's movement union movementCorrect suffrage movement civil rights movement

Union movement

According to the video, what is a disadvantage of hiring union workers? Multiple Choice Union workers can be costly. Correct The work completed by union workers is less likely to meet quality standards. Union workers are less collaborative. Once hired, union workers cannot be fired. Union employees can only work a limited number of hours a day.

Union workers can be costly.

What is an advantage for Freeman XP, a brand experience company that organizes large events such as trade shows, of hiring union workers? Multiple Choice Union workers have the varied, specialized skills required to run large events successfully. Correct Union workers cost much less than nonunion workers for such events. Union workers require little direction, since they are experienced at operating trade shows. Union workers do not have overtime requirements. Union workers have fewer benefits than nonunion workers.

Union workers have the varied, specialized skills required to run large events successfully.

If a sole proprietor is found negligent of an action, then that person could face Multiple Choice limited liability. stock options. danger of dispute settlement. a gain in business assets. unlimited liability.

Unlimited liability

If a business owner is in need of financing, he/she might consider a(n) __________, who would invest in the business for a partial ownership stake. Multiple Choice SCORE stakeholder venture capitalist SBA debt lender

Venture capitalist.

This organization was created to provide more trade agreements between countries and solve trade disputes if/when they arise.

WTO

In the world of personal investing, there are many options to choose from. Some investments are designed for short-term goals and some are specifically designed for long-term goals (such as retirement). There are key factors that one needs to evaluate when making these decisions, including: the length of time the investment is for, the return associated with the investment, the amount of risk the investment contains, and potential tax implications the investment could create. In this exercise, you will be determining which investments would be appropriate for short- and long-term goals. Imagine you inherited $50,000, and you want to invest it to meet two financial goals: (a) to save for your wedding you plan to have in two years, and (b) to save for your retirement a few decades from now. What types of investments would be best for each goal? Select whether each investment is more appropriate when planning for a wedding or retirement. 24-month certificate of deposit (CD) DOW ETF Energy sector mutual fund 18-month General Electric bond 25-year General Electric bond Johnson & Johnson stock Money market shares Savings account Short-term junk bonds 60-month Treasury note

Wedding Retirement Retirement Wedding Retirement Retirement Wedding Wedding Wedding Retirement

In business, managers and employees are faced with many decisions. Management writer Ken Blanchard and religious leader Norman Vincent Peale provide a set of questions individuals should ask themselves when facing an ethical dilemma. Which of the following is not one of those questions? Multiple Choice Will it help me further my career? Am I acting fairly? Is it legal? Is it balanced? How will it make me feel about myself?

Will it help me further my career?

After Hurricane Sandy devastated the area where Wilson ran his business, Wilson moved his outdoor program indoors, which prompted him to move to annual memberships. Why did he make this decision? Multiple Choice When the program was outdoors, Wilson did not have to pay for space; the costs of renting a place required a transition to annual memberships. Moving the program indoors changed the structure of his program, requiring a need to hire more people to help run the business. Wilson needed to expand his marketing efforts, which required more financial investment, which monthly memberships did not cover. Wilson's overall business expenses increased and he needed a way to cover the costs, which included investing in more marketing, equipment, space, and staff. Correct Wilson needed to spend more time learning how to run a business, and less time training, which meant he needed to hire new trainers.

Wilson's overall business expenses increased and he needed a way to cover the costs, which included investing in more marketing, equipment, space, and staff.

Are shareholders stakeholders?

Yes

If employees wish to join a union in order to receive higher wages and benefits, is this allowed? Also, what would be the outcome of this move? Multiple Choice Yes, joining a union is allowed, and it is a guarantee that employees will receive higher wages and benefits. Yes, joining a union is allowed, but there is no guarantee that employees will receive higher wages and benefits. Correct No, joining a union is not allowed, and there is no guarantee that employees will receive higher wages and benefits. No, joining a union is not allowed, but there is a guarantee that employees will receive higher wages and benefits because they spoke out. None of these choices are correct.

Yes, joining a union is allowed, but there is no guarantee that employees will receive higher wages and benefits.

When a company offers additional compensation based on the contingency of certain goals being met by individual employees, this is referred to as Multiple Choice profit sharing. a bonus. Correct a stock option. a fringe benefit. a piecework system. a salary.

a bonus.

The business relationship between Electra Bikes and Trek provides Electra with a competitive advantage. This business arrangement would be classified as

a joint venture.

Sustainability refers to Multiple Choice a product's ability to be made with fewer resources. the overall ability of the company to generate a profit in the future. recycling in general. a product's or company's ability to exist without causing harm to the environment. a product's ability to be recycled.

a product's or company's ability to exist without causing harm to the environment.

A large orange juice manufacturer wants to increase its profit margin without raising the price of a bottle of juice. The bottle is currently 64 oz. A new 52 oz. bottle is developed and appears very similar to the old packaging. What pricing objective is sought? Multiple Choice improving its public image. building consumer traffic. achieving a target return on investment or profit. achieving greater market share.

achieving a target return on investment or profit.

A business should try to ___________________ the factors in the environment.

adapt to

For unions to grow in the future, they will have to Multiple Choice continue to focus on blue-collar and trade workers. focus on organizing older workers rather than younger workers. adapt to a more culturally diverse, white-collar workforce.Correct take up the fight against continuous improvement and employee involvement.

adapt to a more culturally diverse, white-collar workforce.

When businesses think about issuing stock, there are many things to think about. The sound of getting large amounts of money into the firm with relatively few strings attached is quite appealing to many companies, but what are the drawbacks of relying on equity financing? In this exercise you will be evaluating the consequences of issuing stock. Stocks are shares of ownership in a company. A stock certificate represents stock ownership. It specifies the name of the company, the number of shares owned, and the type of stock it represents. Today, stock is generally held electronically; that is, the owners don't get a paper certificate unless they specifically want to hold the certificates themselves. Select whether each characteristic is an advantage or disadvantage of issuing stock, from the standpoint of the issuing company. 1. Dividends 2. Future buy back 3. Net profit after taxes 4. One vote per share 5. Repaid 6. Shareholders

advantage advantage disadvantage disadvantage advantage disadvantage

Firms that use Groupon to communicate their products are actively engaged in Multiple Choice viral marketing. advertising. product placement. infomercials. personal selling.

advertising.

Leo Burnett developed a promotional campaign for Hallmark with two purposes: (1) to raise awareness about the fight against AIDS in Africa and (2) to make cards more relevant to a younger audience. The portion of this campaign that focused on the fight against AIDS could be categorized as __________ advertising. Multiple Choice mobile institutional advocacy comparison product

advocacy

Since Justin's friends are into punk rock, Justin is probably going to buy which type of guitar based on the reference group factor? Multiple Choice an electric guitar a classical guitar an acoustic guitar There is no way to predict which type of guitar he is most likely to purchase. None of these choices are correct.

an electric guitar

Suppose you believe that energy companies will be making huge profits in the future, and you'd like to share in those profits. You're not sure which companies will be the most successful, or successful at all for that matter, so you decide you want to invest a little in a lot of companies to spread the risk. The best way for you to do that is by investing in

an energy mutual fund.

What is SCORE? Multiple Choice a government agency that helps establish empowerment zones and incubators to assist small businesses during their initial start-up stage a program similar to CDIF, where private lenders provide start-up funds for small business an organization affiliated with the Small Business Administration where retired experts volunteer to provide free advice to small businesses that are just getting started a group of individuals or companies that invest in new businesses in exchange for partial ownership

an organization affiliated with the Small Business Administration where retired experts volunteer to provide free advice to small businesses that are just getting started

Lucas, a professional baseball player, is in a contract dispute with the team's management. Lucas will likely file for __________ to resolve the dispute. Multiple Choice arbitrationCorrect grievance mediation a bargaining zone

arbitration

The four functions of management Multiple Choice are generally considered to be outdated by current management trends. provide a decision-making framework in order to select new strategies. provide a framework for designing innovative products. are not a step-by-step process, but rather these functions occur simultaneously in order to operate an organization. are a step-by-step process that needs to be followed.

are not a step-by-step process, but rather these functions occur simultaneously in order to operate an organization.

The Korean soap opera example discussed in the video is an example of how Domino's was successful at educating the South Korean market about pizza. Knowing who you are as a business is important but to be successful in the global market one must

be flexible to the needs of the consumer.

If Karen and Anika decide not to hire any males in their business, this decision would Multiple Choice be at their discretion since it is their private business. be a wise move since their business attracts more females than males. be in violation of an Equal Employment Opportunity law.Correct be in violation of a health and safety law. be in violation of a labor relation law.

be in violation of an Equal Employment Opportunity law.

Louisa is interested in investing in the stock of a corporation that pays regular dividends and generates consistent growth, so she chose a leading pharmaceutical company. Louisa is interested in purchasing __________ stocks.

blue chip

The value of the brand name and its associated symbols is referred to as Multiple Choice brand recall. brand equity. brand association. brand loyalty.

brand equity.

When a consumer makes a purchase of a particular product, because they are familiar with the company that makes the product, they are making the decision based on which characteristic? Multiple Choice warranty brand identification convenience sales price or promotions history with the product

brand identification

How does Domino's introduce a new product? Multiple Choice waits for the consumer to request the item Introduces the item in quarterly phases introduces the item in all stores simultaneously brings the item along quickly brings the item along slowly

brings the item along slowly

Many insurance companies use a strategy called __________ to save customers money and provide the convenience of purchasing multiple policies at the same time. Multiple Choice bundling last-minute fanning branding trade marking

bundling

New Belgium Brewery uses a newer form of organization that allows employees to not only know what management is doing, but to participate in management decisions. Many organizations in the past were designed more to facilitate management than to please customers. Companies designed many rules and regulations to give managers control over employees. This reliance on rules is called Multiple Choice bureaucracy. Correct theocracy. social networking. command management. decentralization.

bureaucracy.

José wanted to invest in the stock market, but didn't have the entire $10,000 he needed to buy the shares of the company he wanted. José does have $7,000, so he decided to borrow the remainder of the stock's purchase price from his broker in order to be able to buy the stock he wanted. José is

buying on margin.

An investment-banking firm underwrites a new issue of stocks and bonds by

buying the entire bond or stock issue a company wants to sell at an agreed-upon discount.

In what way do Vision Spring and Warby Parker participate in corporate social responsibility? Multiple Choice by establishing an ethical standard by building a profitable business by providing fashionable eyewear by placing profits above all else by building power in the market

by establishing an ethical standard

Hilton works with a large global work force to create a wide variety of options for team members when it comes to their fringe benefits, which can be described as a(n) Multiple Choice affirmative action .cafeteria-style plan.Correct flextime plan. apprentice program. job description.

cafeteria-style plan

According to economist Thomas Piketty, income inequality Multiple Choice causes more cases of workplace violence.is harmful and there is little evidence that people need to be paid such excessive amounts.Correct is needed to ensure better performance and higher productivity .really isn't an issue in the modern American workplace.

causes more cases of workplace violence.is harmful and there is little evidence that people need to be paid such excessive amounts.

Unlike the market for shirts at the local department store, the market for securities can experience significant upswings and downswings in values in the same day. Program trading allows for thousands of trades to occur simultaneously. To prevent large, sudden drops in the value of securities markets, electronic systems rely on __________ to temporarily close program trading.

circuit breakers

The findyourpark.com website featuring activities at each park was seeking to __________ value to younger audiences less familiar with national parks. Multiple Choice communicate deliver create produce deny

communicate

GrubHub has more than 50,000 restaurants in its network, which is a significant advantage in which business environment?

competitive

Businesses compete for customers and for employees. One way that Teach for America attracts qualified candidates in a slow job market is to offer Multiple Choice competitive compensation and benefits packages. Correct continuing education opportunities for free. job-sharing and flextime plans. permanent job placement. management development opportunities.

competitive compensation and benefits packages.

One thing we've learned from the recent economic crisis is that the stock market is extremely volatile and that there is no such thing as easy money or a sure thing. The best way to become financially sound is to start investing when you're young, so you can take advantage of the power of

compounding.

If a consumer makes a purchase from a particular business, because they are limited on time or effort to buy the product, then which factor becomes increasingly important? Multiple Choice design/features convenience brand identification quality warranty

convenience

When considering where to locate its stores, which of the following factors does Dunkin' Donuts consider most important? Multiple Choice convenience for customers high population interstate highways high-traffic shopping centers suburban area

convenience for customers

Which of the following has become one of Zappos' most effective, yet unexpected, promotional tools? Multiple Choice corporate culture loyalty program Las Vegas call center word-of-mouth events and sponsorships

corporate culture

The use of outsourcing is primarily designed to reduce _____________ for the business that is implementing this strategy.

costs

Morningstar provides valuable information that can help investors make informed investment decisions. Which of the following is not one of the key criteria to consider when selecting investment options?

credit score

When a consumer in Miami decides to purchase a particular product, such as sunglasses, they might be drawn to products and styles that are currently popular or have been popular before in this area or market. What factor helps influence this buying behavior? Multiple Choice culture/subculture situation social class reference group All of these choices are correct.

culture/subculture

Which of the following does not exemplify one of Zappo's sales promotion strategies? Multiple Choice customer satisfaction call centers loyalty programs sweepstakes airport contests free expedited shipping

customer satisfaction call centers

Typically, as customers grow older, which total product offer becomes increasingly important? Multiple Choice celebrity endorsement design/features customer service advertising price

customer service

Employees at all levels of New Belgium Brewery are empowered to make decisions. The delegation of decision making to lower-level managers and employees more familiar with conditions is called Multiple Choice rationalization. polarization. centralization. decentralization. Correct stafflation.

decentralization.

What style of decision making is practiced at Freshii? Multiple Choice centralized executive franchisor-managed department-managed decentralized

decentralized.

To more quickly respond to customer needs, Urban Insurance Co. is changing its organizational structure to give more authority and responsibility to field managers located across the country. These managers spend time with customers and know what the customers need right away. It appears that the company is moving toward a more __________ structure. Multiple Choice decentralizedCorrect centralized bureaucratic functional

decentralizedCorrect

Patagonia, like many U.S. companies, faces a number of human resource challenges. Which of the following is not one of these challenges? Multiple Choice shifting attitude toward work need for more fringe benefits declining economy demand for flexible schedules declining U.S. population

declining U.S. population.

If Ford decides to target women to sell its F-150 truck to, then what type of segmentation would Ford be using? Multiple Choice gender graphic psychographics benefit/usage geographics demographics

demographics

The process of setting up individual departments to do specialized tasks is called Multiple Choice division of labor. job specialization. departmentalization.Correct planning.

departmentalization.

The techniques that this pizza business is using makes one believe that they are trying to Multiple Choice attract old customers. be the low-cost leader. focus on only one type of person. operate efficiently. differentiate their product.

differentiate their product.

If Domino's decided to own all of its stores in a country, this would be an example of which global entry strategy?

direct investment

he Fed lends money to member banks at a(n) __________ rate. Multiple Choice global discount higher reserve open-market

discount

The mission of Teach for America is to place qualified teachers from a variety of backgrounds and cultures into schools that reflect the backgrounds of their students. This model of candidate selection is commonly used in many businesses today and represents __________ in hiring. Multiple Choice diversity Correct discrimination leadership opportunity uniformity

diversity

iContact is committed to dealing sensitively to workers and customers from a wide variety of backgrounds and cultures. This is known as managing

diversity.

Cho started out with one small cupcake shop. Her business has grown so much that she now has two other shops across town. Cho has found that having three locations has greatly increased her production levels. She also notices that the price she pays for supplies (flour, butter, sugar, and packaging materials) has gone down considerably since she can now buy these items in bulk quantities. This exemplifies the principle known as Multiple Choice empowerment. unity of command. bureaucracy. economies of scale.

economies of scale.

Most new-product ideas come from Multiple Choice employees. suppliers. research and development. competitors.

employees.

If you choose to start your own business and work for yourself, then you would be a(n)

entrepreneur.

People like Ryan and Aaron who risk time and money to start and manage a business are called

entrepreneurs.

The issue of pay equity deals with Multiple Choice paying equal wages to men and women who do the same job. equal pay for jobs that require similar levels of training and education or skills.Correct assuring that men and women have equal employment opportunity in the job market. ensuring that executive pay is not more than 20 times the pay of the lowest-paid worker.

equal pay for jobs that require similar levels of training and education or skills.

The video discusses menu adaptations for Asian countries where bread and cheese are less familiar ingredients. If Domino's didn't attempt to adapt the menu to the tastes of the Asian market, the company could be accused of being

ethnocentric.

Although iContact now enjoys revenue over $10 million and expects that figure to double in the next year, it is not yet profitable. In order for iContact to make a profit, its revenues must exceed its

expenses.

A company that uses a strategy of selling its products to a distributor in another country would be using

exporting.

As a global company, Electra Bikes sells its products to other countries. This process is referred to as

exporting.

Jack Taylor started Enterprise Leasing on the premise that if he treated his customers and employees well, profits would follow. Enterprise managers are trained to give employees recognition for good work and to promote from within. Such recognition is a form of Multiple Choice equity reward. hygiene reward. contingent reward. extrinsic reward. Correct intrinsic reward.

extrinsic reward.

The Live Mas Scholarship is not based on test scores or grades. It made Miles feel like Taco Bell actually believed in him and they looked at his 2-minute video and actually believed he could make a difference. This is an example of a(n) __________ motivator. Multiple Choice hierarchy intrinsic extrinsic

extrinsic.

What are the main benefits of being a union member today? Multiple Choice fair wages and safe working conditions Correct guaranteed employment exempted from certain labor laws flexible schedule guaranteed bonuses to supplement salaries

fair wages and safe working conditions

The economic goal for most nations is to achieve a(n)

favorable balance of trade.

A strength of Enterprise's Generation X managers is likely to be their Multiple Choice individual problem-solving. reluctance to change. feedback to employees. Correct loyalty to Enterprise. long hours at work.

feedback to employees.

If more and more countries decide to enact trade protectionism, then CH2M Hill would probably realize

fewer opportunities and revenue.

Which organizational structure did Freshii's adopt? Multiple Choice flat structure Correct tall structure matrix structure multi-level structure line-staff structure

flat structure.

Warby Parker and VisionSpring's business partnership demonstrates success through its ethical business practices and commitment to corporate social responsibility. Which of the following is not one of the partnership's core business philosophies? Multiple Choice focusing on investors helping others providing jobs for others keeping costs low focusing on customers

focusing on investors

When the director/manager allows employees to guide themselves toward the goal, then a(n) __________ leadership style is being used. Multiple Choice democratic self-guided free-range autocratic free-rein

free-rein

The style of leadership at Zappos is most closely aligned with Multiple Choice autocratic leadership. free-rein leadership. Correct equity financing. participative leadership. country club management.

free-rein leadership.

Hilton launched a program called Thrive at Hilton, one of these programs is Thrive Sabbatical, where team members receive a month paid sabbatical to fulfill a philanthropic project or pursue a passion. This is considered a Multiple Choice union. mentor. fringe benefit.Correct job simulation. flextime plan.

fringe benefits.

Patagonia was one of the first companies to offer employees a child care program. Plans such as child care, sick-leave pay, vacation pay, pension, and health care that provide additional compensation to employees beyond base wages are known as Multiple Choice compound compensation. cross-functional incentives. corporate paternalism. fringe benefits. Correct social engineering.

fringe benefits.

These "work/life" programs that are offered to employees to make their lives easier are examples of Multiple Choice selection. management development. fringe benefits. Correct networking. flextime plans.

fringe benefits.

Kleenex is working to make sure that when people refer to tissue, they don't use the name Kleenex to refer to just any brand of tissue. Kleenex is afraid that their brand name will become a Multiple Choice knockoff name. trademark. private name. generic name.

generic name.

The circular economy encourages reusing and recycling old products rather than simply discarding them. This allows Poshmark to provide fashion at a reasonable price and with a small environmental footprint. Which business environment does the circular environment fall under?

global environment

In order to be highly successful, a company must have Multiple Choice lots of capital. market segmentation. at least two of the four Ps. good marketing efforts. a new innovation.

good marketing efforts.

Matt Hulett spends a significant amount of his time talking to current employees and listening to their ideas. Which type of skill does this refer to? Multiple Choice technical skills conceptual skills human relation skills decision-making skills controlling skills

human relation skills

The creation of a job analysis falls under the realm of Multiple Choice social enterprising. people control. human resource management. Correct organizational infrastructure. operations management.

human resource management

Patagonia hires people who have a passion for something, even if their passion has nothing to do with Patagonia's products. The process of determining the qualifications of employees needed in a company and then recruiting, selecting, developing, motivating, evaluating, compensating, and scheduling these employees to achieve organizational goals is called Multiple Choice job placement. human resource management. Correct diversity management. selective employment. labor-management relations.

human resource management.

The teaching profession in the United States has been understaffed in recent years. The non-profit organization Teach for America identifies, selects, motivates, develops, compensates, and evaluates qualified candidates to teach in public schools. This process is known as Multiple Choice human resource management. Correct recruiting and developing. scheduling and managing. on-the-job training. management development.

human resource management.

Jonathan is contemplating selling the bonds he holds prior to their date of maturity. What may result in Jonathan's bonds being worth less than their face value, if he decides to sell prior to the maturity date?

if interest rates for similar bonds are higher than the interest rate Jonathan's bond is paying.

Freshii has maintained lean and efficient operations at its franchise stores by sharing ideas and Multiple Choice implementing suggestions from franchisees. Correct hiring more managers. restricting employee input. cutting costs. focusing on revenue.

implementing suggestions from franchisees.

Networked organizations are so closely linked online that each can find out what the others are doing instantaneously, as an event takes place. These organizations operate Multiple Choice as inverted organizations. in real time.Correct as digital natives. with no span of control.

in real time.

One action Shelley could take in order to stabilize the economy would be to Multiple Choice increase the discount rate. decrease the discount rate. let the president/Congress increase taxes.

increase the discount rate.

The chairman of the Fed should Multiple Choice increase the reserve requirement. decrease the reserve requirement. let the president/Congress decrease taxes.

increase the reserve requirement.

Small businesses often have advantages in international markets. One advantage is Multiple Choice a greater expertise in managing the paperwork required to sell goods in international markets. a better understanding of the cultural differences involved. the ability to obtain financing through the International Monetary Fund. individualized customer service as opposed to impersonal corporate bureaucracies.

individualized customer service as opposed to impersonal corporate bureaucracies.

At New Belgium Brewery, people make friends, form cliques, and establish social organizations and lines of authority outside the traditional organization chart. These relationships are part of the company's Multiple Choice informal organization. Correct understudy groups. organizational design. mentoring program. cross-functional teams.

informal organization.

Johan was a newly hired attorney for Crontel Manufacturing, Inc. Even though he reported directly to the president of the company, Johan noticed that the president always had time to converse with the director of sales, calling on him to get a pulse on legal/regulatory issues that, as the company attorney, Johan probably could have handled. Johan also noted that the HR manager's administrative assistant was the go-to person for a number of things that would make life easier at work. Johan was beginning to recognize the __________ culture at Crontel Manufacturing. Multiple Choice formal organizational economic social informal organizational

informal organizational

The technology environment would include studies of

information technology.

Lori works as a programmer for Jerko & Eflin, a major electronics company. About one month ago, Lori bought 500 shares of a small start-up firm because she heard rumors from the CFO's secretary that Jerko & Eflin was planning to purchase the start-up because of its groundbreaking technology and to give it an infusion of cash. Yesterday, the electronics giant announced the decision to buy the small firm, which significantly increased the small company's stock price. Lori most likely performed her trade based upon

insider trading information.

SXSW combines various promotional tools into a comprehensive, unified promotional strategy that generates activity and revenue for both SXSW and the city of Austin. This unified approach is referred to as Multiple Choice integrated marketing communications. publicity. public relations. personal selling. word of mouth.

integrated marketing communications.

Built on an ethical standard of providing stylish eyewear at reasonable prices and creating an environment that supports ethically sound behavior, Warby Parker is demonstrating __________ ethics codes. Multiple Choice integrity-based compliance-based corporate-based profit-based competitive-based

integrity-based

Zappos uses interest-based ads to personally target consumers based on their associations with its website. This type of advertising is known as Multiple Choice interactive advertising. retail advertising. product advertising. trade advertising. online advertising.

interactive advertising.

This activity is important because it reinforces the language of bonds. Businesses raise capital by issuing bonds. This activity further explores the language of bonds. Instructions: Match the correct bond related term with its description. The payment the bond issuer makes to the bondholder to compensate them for the use of their money The face value (dollar value) of a bond The exact date the issuer of a bond must pay the principal to the bondholder Bond with a 100-year maturity date Bonds that are not backed by specific collateral A reserve account to ensure enough money will be available to pay bondholders on the bond's maturity date

interest principal maturity date century bond debenture bonds sinking fund

As an alternative to selling shares of stock, a company can raise money by issuing corporate bonds. All of the following are advantages of issuing bonds, except that bonds

interest must be paid.

Taco Bell understands that educational programming is a(n) __________ motivator. Multiple Choice extrinsic intrinsicCorrec thierarchy Hawthorne hygiene

intrinsic.

A large city zoo provides jobs for over 370 full-time employees and about 600 seasonal workers. The zoo consists of traditional functional units, which include management, marketing, and finance, as well as veterinarians who specialize in caring for the various animals living in the zoo. Although the zoo operates with a CEO, COO, CFO, and a director of marketing, it relies on the veterinarians to make decisions on the appropriate care and environment for the animals. Sometimes the veterinary decisions override marketing and financial concerns even though they operate at a lower level in the organization structure. The zoo operates as a(n) _________ organization. Multiple Choice invertedCorrect dynamic alternate cash-strapped

inverted.

If one product is more expensive than another product, the customer usually believes that the product Multiple Choice is of better quality. is of lower quality. is a trick. is less expensive. is able to adapt.

is of better quality.

Patagonia managers look for employees who actively participate in the sport they design products for (i.e. a surfboard shaper has to love to surf). Requiring this passion and experience is part of the Multiple Choice job enhancement. job description. job analysis. job simulation. job specification.

job specification.

It is Matt Hulett's responsibility as President of Language at Rosetta Stone to create a vision, and to motivate employees to not only embrace that vision, but to achieve it with their skills and dedication. Which function of management is this? Multiple Choice planning organizing leading controlling decision making

leading

Arjun received a large bonus at the end of the year. Rather than just put the money in his savings account, he decides to invest the money instead. His biggest concern is how quickly he can convert his investment into cash if for some reason he needs the funds. Arjun is concerned with which investment criteria?

liquidity

How did Domino's develop its reputation in the pizza market? Multiple Choice offering a broad menu providing a restaurant atmosphere listening to customers and creating value for them offering a limited menu offering fast delivery

listening to customers and creating value for them

The evolving business environment has made __________ a critical managerial function. Multiple Choice controlling the status quo managing changeCorrect limiting employee inputs cooperation with labor unions

managing change

When Leo Burnett combines advertising, personal selling, public relations, and sales promotion into one comprehensive, unified promotional strategy, it is using integrated Multiple Choice brand positioning. functional marketing. cause promotions. marketing communication. product screening.

marketing communication.

Oberweis creates products and services that meet customer needs, prices them competitively, distributes the products and services, and communicates the products' quality and benefits to their customers. These activities are all part of the Multiple Choice Marketing mix mass-customization. flexible distribution. supply chain process. contingency plan.

marketing mix.

Measuring, managing, and analyzing the success of the Find Your Park Marketing campaign is an example of Multiple Choice ethics. pricing. public relations. production orientation. marketing research.

marketing research

Century Motors was awarded a bid to build an energy-efficient motor for a large government heating and cooling project. The requirements of the project included a timeline of one year to build and deliver the system. In order to provide a quality product and meet its deadline, Century Motors set up a __________ organization, whereby employees from various functions of the business would join a team to see this project through from start to finish. Upon completion, the team would disband and members would return to their respective functional units. Multiple Choice line line and staff matrix Correct dynamic

matrix

At which stage of the product life cycle do you differentiate your product so that it will appeal to additional market segments? Multiple Choice decline growth maturity introduction

maturity

Jeans would be in which stage of the product life cycle? Multiple Choice maturity introduction growth decline death

maturity

As the video explains, corporate bonds are IOUs from a company. The bonds have a principal or face value, pay a regular rate of interest, and are legally bound to be repaid in full by the

maturity date.

The three major factors associated with Corporate Social Responsibility are Multiple Choice maximizing negative societal impact, minimizing positive societal impact, and returning a profit to shareholders. maximizing positive societal impact, minimizing negative societal impact, and acting in the organization's best interest in returning a profit. using ethically sourced materials, adding diversity to the workplace, and seeking to return a profit to the shareholders. acting ethically, always using environmentally friendly products, and acting in the organization's best interest in returning a profit. using ethically sourced materials, adding diversity to the workplace, and seeking to break even with profits.

maximizing positive societal impact, minimizing negative societal impact, and acting in the organization's best interest in returning a profit.

Which of the following is not a key principle of conscious marketing? Multiple Choice having a higher purpose considering stakeholders maximizing shareholder wealth creating a conscious company culture using ethical decision making

maximizing shareholder wealth

If a borrower receives a loan with a variable interest rate, then the interest rate on the loan Multiple Choice always goes down. is fixed. may go up or down. always goes up. is subject to the price of the home.

may go up or down.

When negotiations appeared to be going in the wrong direction, an oil refinery and its union representatives agreed to bring in a(n) __________. This expert would serve as a facilitator to get negotiations back on track; whereas, if a(n) __________ were solicited by both union and management, that person's decision in the situation would be binding. Multiple Choice mediator; arbitratorCorrect arbitrator; advocator mediator; advocator shop steward; mediator

mediator; arbitrator

Reaching customers on cell phones and other media devices is one way that Groupon uses __________ to promote its product. Multiple Choice viral marketing pull strategies word of mouth mobile media sampling

mobile media

The set of actions the Federal Reserve uses in order to manage the economy is known as Multiple Choice monetary policy. M-1. Federal Reserve policy. political stabilization. fiscal policy.

monetary policy.

If Redbox is successful at attracting customers to a location, then McDonald's could possibly realize

more revenue.

The securities that were created by financial institutions that consisted of all different kinds of mortgages bundled together to diversify risk are known as Multiple Choice mortgage-backed securities. mortgages. commercial banks. bail-out securities. leveraged securities.

mortgage-backed securities.

When employees feel __________ by their superiors, they're more likely to stay and grow with the company. Multiple Choice motivatedCorrect distrusted observed controlled alienated

motivated.

If the Container Store owners/managers were to walk around and personally thank each employee for doing a good job, then this would be a Multiple Choice theory X objective. bad thing to do to employees. job rotation. hygiene factor. motivating factor.

motivating factor.

An organization that buys stocks, bonds, and other investments and then sells shares in those securities to the public is called a(n)

mutual fund.

he benefit of a mutual fund for investors is that

mutual funds help investors to diversify and invest in many different companies.

Using the average of the cost of 30 selected industrial stocks, the purpose of the Dow Jones Industrial Average is to

ndicate the general movement (up or down) of the stock market.

Which GrubHub company policy is unique among food-delivery services, allowing it to sustain a competitive advantage over its competitors?

no menu markup

Investment companies, such as Goldman Sachs and GE Capital, offer many services similar to commercial banks, but yet they do not receive deposits from members. These are called Multiple Choice Wall Street. FDIC. pension funds. savings and loans. nonbanks.

nonbanks.

Upscale retailers, such as Nordstrom, feature customer service as their significant point of difference and use that difference to compete with less expensive stores. This is known as __________ competition. Multiple Choice point-of-difference target forcing upscale nonprice

nonprice

The cause of the banking crisis of 2008 were the results of the actions of Multiple Choice politicians. numerous parties. Wall Street. the government. Main Street.

numerous parties.

Based on the examples provided in the video, Domino's overall global product strategy is best described as

offering similar products worldwide, with minor adaptations for local tastes.

When Kevin went to work for a printing shop, he thought he was going to have to join the union representing the shop. However, on his first day of work he was told that while there was a union representing the workers, he was not required to join, and he didn't have to pay any dues to the union if he chose not to join. Kevin evidently works in a state with a right-to-work law that allows a(n) __________ shop. Multiple Choice union agency closed openCorrect

open

The values that are shared throughout the firm and the way the workplace feels to the employees is/are known as Multiple Choice shared goals. organizational culture. Correct home feeling. shared sacrifice, shared reward. distilled circumstances.

organizational culture

In order to keep its manufacturing costs down, Electra manufactures its bikes in Taiwan because it is cheaper for the company than producing the bikes in the United States. The process of contracting the production of goods to an overseas company is called

outsourcing.

The Seek and Speak feature came from a developer after Matt took the time to listen to his ideas. When employees and managers work together to make decisions it's called Multiple Choice autocratic leadership. free-rein leadership. no leadership. employee leadership. participative (democratic) leadership.

participative (democratic) leadership

GFB's decision to use "local" sourcing impacts which stakeholder group the most? Multiple Choice employees community partners customers government

partners

As flat screen TVs enter the maturity stage, what could happen to profits for individual firms? Multiple Choice mature peak and then decline move sideways increase stay flat

peak and then decline

Morningstar serves three key constituents: individual investors, financial advisors, and institutional investors. Institutional investors include

pension plans.

What is the most common source of funding for entrepreneurs? Multiple Choice personal savings and individual investors such as family finance companies and banks the Small Business Administration former employers and the State Economic Development Authority

personal savings and individual investors such as family

The four functions of management typically fall under the categories of Multiple Choice plan, lead, delegate, and control. plan, research, delegate, and take action. The functions are not actually defined within the realm of four distinct areas. research, strategy, financial planning, and corrective action. plan, organize, lead, and control.

plan, organize, lead, and control.

If Frank is researching the number of customers who have gluten or wheat allergies, and then he begins to devise a strategy to cater to these individuals, Frank would be involved in Multiple Choice researching. controlling. organizing. planning. eading.

planning.

Money is anything people generally accept as payment for goods and services. Some people barter goods and services for other goods and services. The problem with this form of traditional barter is that it is not convenient. Most people need some object that they can use to trade goods and services without having to carry the actual items around with them. One solution for this is coins and paper bills. This activity is important because for money to be utilized as payment for goods and services, it must be useful. The goal of this activity is to demonstrate your understanding of what the five standards of useful money are and what each standard means. Instructions: Match the standards of useful money to its correct description. 1. easier to take to market than actual 2. different values as represented by different-sized coins or 3. when everyone agrees on the value of coins and 4. when the coins can last for thousands of 5. when coins are elaborately designed and minted, or paper money made with invisible lines and hidden

portability divisibility stability durability uniqueness

When companies follow the key factors of Corporate Social Responsibility, a __________ usually results, thus __________. Multiple Choice positive public image; attracting more customers positive public image; repelling more customers negative public image; repelling more customers negative public image; attracting more customers tax benefit; increasing profits

positive public image; attracting more customers

Duong was trying to decide between purchasing the common stock shares of Longman Manufacturing, or preferred shares of the same company. As a student of business, you provide the accurate information that

preferred shareholders typically do not have voting rights. Companies are obligated to pay preferred shareholders their dividends before paying dividends to common stockholders.

The main message in this video was the importance of managing the promotion mix. Now here's a really easy question for you: Which of the following is not part of the promotion mix? Multiple Choice public relations personal selling sales promotion advertising pricing

pricing

Negotiations between union representatives and management came to a standstill at the Sports Hero Footwear Company. On the day employees went on strike, they along with the general public were asked by the union to refrain from buying the company's products. The union was asking Sports Hero employees and the general public to participate in a(n) Multiple Choice arbitrage. primary boycott.Correct secondary boycott. injunction.

primary boycott

When Oberweis offers potential customers samples of new products the company is considering adding to its product line, and then asks the customers to fill out survey cards with their opinions of the products, Oberweis is gathering Multiple Choice psychographic profiles. focus perspectives. secondary data. perceptual maps. primary data.

primary data.

If __________ is successful, a qualified candidate will be hired to join the team and will be participating in one of Hilton's numerous training and development programs. Multiple Choice recruitmentCorrect arbitration collective bargaining mediation mediation

recruitment

If Martha were to add recycling containers inside her store for her customers, this would Multiple Choice probably end up costing her more money and time but could result in less satisfied customers and harm her profitability. probably cost less money, but result in more satisfied customers. probably end up costing her more money and time but could result in more satisfied customers and future profitability. probably be a waste of time and money since her responsibility is not to become a recycling center.infuriate customers and investors.

probably end up costing her more money and time but could result in more satisfied customers and future profitability.

If "Slice-Of-Life Pizza" can get its restaurant to be used in an upcoming movie, then this would be a great form of Multiple Choice negative advertising. promotional placement. product placement. fraud. a promotional mix.

product placement.

When Coca-Cola paid to have Coke cups sit on the table in front of the American Idol judges, it paid for Multiple Choice brand inclusion. an infomercial. brand coordination. product customization. product placement.

product placement.

What are the four Ps of marketing? Multiple Choice product, price, place, and promotion product, price, propaganda, and place product, price, purchase, and promotion product, perks, place, and promotion product, perks, purchase, and promotion

product, price, place, and promotion

The goals of monetary policy are to Multiple Choice promote economic growth, keep prices stable, and keep unemployment low. keep interest rates low forever. keep employment low, keep prices low, and promote economic growth. keep interest rates high, unemployment low, and prices low. keep prices low forever.

promote economic growth, keep prices stable, and keep unemployment low.

Ed started Watseka Winery on his North Carolina farm when he switched from growing tobacco to growing grapes. After going through the various steps in the new-product development process, Ed and his fledgling company finally entered the commercialization stage of the new product development process. Ed knew that to succeed in selling the wine, the company would have to Multiple Choice promote the product to distributors and retailers to get wide distribution. decide what stage of the product life cycle the product was in. do the appropriate concept and environmental testing. determine the appropriate product bundling strategy.

promote the product to distributors and retailers to get wide distribution.

The #findyourpark campaign, billboards, and public relations were all examples of the National Park Service using which marketing mix element? Multiple Choice place promotion product logistics price

promotion

Advertising is part of the Multiple Choice 4 Ps. advertising mix. marketing mix. promotional mix. future.

promotional mix.

Which type of segmentation looks at a consumer's attitudes, values, and personal interests? Multiple Choice volume segmentation geographic segmentation benefit segmentation psychographic segmentation demographic segmentation

psychographic segmentation

Zappos partnered with JetBlue Airlines and turned a baggage claim belt into a board game at JFK Airport in New York. Passenger bags that landed on a specific square on the belt won a prize like shoes. Which element of the promotional mix does this activity illustrate? Multiple Choice public relations sales promotion personal selling advertising product placement

public relations

Every year Forbes publishes a list of the best companies to work for in America. The companies at the top of the list often get many more applicants for jobs than those toward the bottom of the list. It appears that the Forbes list is great __________ for the companies it identifies as the best places to work. Multiple Choice viral marketing publicity pull promotion push promotion personal selling

publicity

Groupon is talked about in the media, discussed between friends, and featured in a textbook. These are examples of Multiple Choice word of mouth. public relations. marketing mix. publicity. B2B communication.

publicity.

Ryan and Aaron's business was able to thrive in America because of political freedom, natural environment, education, health care, leisure time, safety, and other benefits. In other words, they were able to thrive because of America's high

quality of life.

At Acme Industries, Rhonda, who was recently promoted to a middle manager, was traveling with her supervisor to a meeting on the West Coast. Mike made a couple of inappropriate comments on the airplane, but Rhonda brushed them off. That night, Mike showed up at Rhonda's room with drinks, quickly stepped in, winked at her, and suggested that spending time with him away from the office may solidify her success as a manager. The type of %%%%%% harassment is called Multiple Choice power differential. quad eras erat. quid pro quo.Correct hostile environment.

quid pro quo.

If the United States exports more goods/services than it imports, then the United States would have a(n)

rade surplus.

Since the National Park Foundation is a nonprofit organization, what is the most important outcome of the #findyourpark campaign? Multiple Choice raising $341 million in donations 16.5 billion public relations impressions 2.9 billion media impressions #findyourpark regularly trending on social media 1.2 million new followers

raising $341 million in donations

Which of the following factors actually motivates employees according to Herzberg's model? Multiple Choice pay working conditions co-workers relationships recognition Correct company policies

recognition

The ability to start and grow iContact was primarily based on the existence of the Internet. The Internet is considered a key part of the

technological environment.

Creating a positive work environment that is recognized inside and outside the firm is an important component of Multiple Choice selection. recruitment. Correct pay systems. online applications. contingent workers.

recruitment.

When Electra decided to produce its "pedal-assist" motor bike it had to adhere to speed regulations. The company found out, however, that safety regulations differ greatly among various countries and it opted to use the U.S. standard which calls for a lower speed motor. This is an example of how _______ forces can affect global trade.

regulatory

Dunkin' Donuts relies on which type of marketing? Multiple Choice relationship mass marketing personal selling infomercials TV advertising

relationship

Oberweis wants to keep individual customers over the long term by offering new products that meet their needs. In order to do this, the company must first know its customers' expectations. This process of learning about the company's customers and developing products that specifically meet their needs so they remain loyal customers is called __________ marketing. Multiple Choice mass relationship contributory participative niche

relationship

The National Park Service's efforts to attract, maintain, and enhance relationships with customers and visitors to the park is an example of Multiple Choice pricing. ethics. production orientation. relationship marketing. social media.

relationship marketing.

The Federal Reserve mandates that banks must keep a certain percentage of money on hand at particular times. What is this referred to as? Multiple Choice mandated money reserve requirement ratio of reservation M1 M3

reserve requirement

__________ is the money that banks must have on hand at all times. Multiple Choice Money supply Reserve requirement Certificate of deposit FDIC Monetary policy

reserve requirement.

The chance of losing time, money, reputation, and so on, is known as

risk.

I n 1915, Peter Oberweis started selling his excess milk to his neighbors. By 1927, he decided to start a more formal business so he could sell his extra milk to even more people. Oberweis started his business during the __________ era of marketing. Multiple Choice production customer relationship marketing concept branding sales

sales

When Dunkin Donuts offers free samples of its new products to potential customers, such sampling is a form of Multiple Choice sales promotion. personal selling. mobile media. product placement. publicity.

sales promotion.

Like most companies, Oberweis has to consider certain factors that can affect marketing success. Such factors include global, technological, sociocultural, competitive, and economic influences. The process of identifying these factors is called environmental Multiple Choice modeling. enrichment. scanning empowerment. customization.

scanning

Trying to figure out the most efficient way to perform a job is a goal of Multiple Choice scientific management. Correct Maslow's hierarchy. behavioral management. the Hawthorne effect. Forbes.

scientific management.

Many people think that marketing and advertising are one and the same. While advertising is indeed part of marketing, it is only one part. All of the following are considered parts of marketing except Multiple Choice designing products. securing financing. exchanging offerings. delivering goods and services. communicating to customers.

securing financing.

The process of actually deciding which person(s) would best fit the job opening(s) is the process of Multiple Choice termination. employment resources. recruitment. training. selection.

selection.

The Fed could take action to Multiple Choice sell bonds through open-market operations. have private investment firms buy and sell bonds in the secondary market. buy bonds through open-market operations

sell bonds through open-market operations.

If a corporation is formed, then the owners are known as Multiple Choice shareholders. Correct dueling sole proprietors. partners. LLC members. stakeholders.

shareholders.

Chloe needs a new vacuum cleaner, so she's looking online to compare value, quality, price, and style from a variety of sellers. These types of products purchased after comparison shopping are known as __________ goods and services. Multiple Choice convenience specialty unsought shopping

shopping

The most accepted method for classifying consumer goods and services is based on consumer buying behavior. This method divides consumer goods and services into four general categories: convenience, shopping, specialty, and unsought. This exercise provides some general examples of products found in each category. Select the most appropriate category for each good or service listed. 1. Appliances 2. Automobile battery jumpstart services 3. Cemetery plots 4. Clothes 5. Expensive wine 6. Gas 7. Jewelry 8. Milk

shopping Correct unsought Correct unsought Correct shopping Correct specialty Correct convenience Correct specialty Correct convenience Correct

If a product goes on sale in a retail store, then the consumer might be more likely to buy the product. Which buying behavior factor does this represent? Multiple Choice social class reference group personal image both personal image and reference group situation

situation

Shelley should Multiple Choice slow the economy. stimulate the economy. ask the president to cut taxes.

slow the economy.

When creating a SWOT, what good is it to list weaknesses? Multiple Choice so that the business can try and improve on those weaknesses to win over consumers so that the business at least knows what is not good at so that the business can try and copy a competitor's strengths All of these choices are correct. None of these choices are correct.

so that the business can try and improve on those weaknesses to win over consumers

Which business environment was affected when GrubHub expanded its target market to include families and working mothers in the suburbs?

social

Tony received a very large promotion at his job last year, and his salary is now well over twice as much as it was previously in his career. He is starting to notice different products in the market that he once believed were way too expensive for him to purchase. His friends all drive more expensive cars, and Tony is now starting to desire these same expensive products. Which factor is Tony experiencing? Multiple Choice personal image social class reference group culture/subculture None of these choices are correct.

social class

Demographic characteristics such as age, race, gender, and income are part of a business's

social environment.

If a company were to use Facebook as a way to advertise, then this is referred to as Multiple Choice the promotional mix. social media. product placement. efficient. e-marketing.

social media.

The first interview clip in the video talks about the first thing Domino's tries to learn about a new country before entering. To which of the categories of conducting a country market assessment is the speaker referring?

sociocultural

Aaron mentioned that iContact considers the needs of the community and the environment. Members of the community and environmentalists are considered some of iContact's

stakeholders.

One of the disadvantages of issuing stock is that

stockholders have the right to vote for the company's board of directors, which can change the direction of the company.

Which items of the SWOT analysis are usually internal issues? Multiple Choice opportunities and threats strengths and weaknesses strengths and opportunities weaknesses and opportunities None of these choices are correct.

strengths and weaknesses

In general, it is wise for a business to

strive to create positive relationships with all stakeholders.

One dramatic move the Fed could take would be to Multiple Choice take money out of circulation. print more money. ask Congress to increase government spending.

take money out of circulation.

Bishara wants to start a small business importing some products from her native Kenya. Before she starts, some good advice to Bishara would be to Multiple Choice talk with others who have been or are in the import business. get a loan from a bank right away. find a business to buy as soon as possible. incorporate the business immediately.

talk with others who have been or are in the import business

Buffy was shopping at her local home improvement store for a new kitchen faucet. She was attracted to a brushed stainless steel model with a long arc and a swivel spout. These are __________ features of the faucet. Multiple Choice tangible value intangible convenience

tangible

How did Domino's decide what types of salads would become part of the Domino's menu? Multiple Choice used secondary data taste testing and research from focus groups followed the competition allowed the employees to choose conducted a survey in the mail

taste testing and research from focus groups

Based on the examples provided in the video, which business environment contributed the most to the success of Poshmark?

technological environment

Before Oberweis began to sell its new waffle bowls company-wide, the company offered them in only one store in the St. Louis market. This process of learning how well the market likes a new product is part of Multiple Choice lean production. test marketing. quality enrichment. inbound testing. piggy-back positioning.

test marketing.

Jolene planned to open a pastry shop in a resort town on the East Coast. As she pondered her organizational setup, she decided she would need four employees to specialize in the creation and production of delicate pastries, and three employees to greet, serve, and sell to customers. One or two of her workers were designated as supervisors. Another preliminary organizational decision that Jolene will most likely tackle is Multiple Choice internal structure of her suppliers. the allocation of resources within her operation.Correct negotiating costs of her city license to sell food. upcoming promotions with a neighboring store.

the allocation of resources within her operation.

Warby Parker and VisionSpring operate under a "triple bottom-line" philosophy that takes into consideration company profits, human capital, and Multiple Choice the environment in which the firm operates. ethical marketing practices. its competitors. a commitment to technology. its social media presence.

the environment in which the firm operates.

Product, price, place, and promotion are the four pieces of the marketing mix and are often called Multiple Choice the marketing equation. the four Ps. two plus two. the marketing concept. the marketing segments.

the four Ps

Which of the following is not a measure of success for Teach for America? Multiple Choice the high profits it garners for the industry Correct the positive feedback it receives from school principals the high number of recruits it attracts each year the commitment by its recruits to the teaching profession the overall performance of its recruits

the high profits it garners for the industry

SXSW utilizes various promotional techniques to reach its target audiences. The use of personal selling, advertising, public relations, and sales promotion is known as Multiple Choice the promotion mix. publicity. the four Ps. e-marketing. public relations.

the promotion mix.

The combination of advertising, personal selling, public relations, and sales promotions that a firm uses to develop customers is known as Multiple Choice the promotional mix. the IMC. the BCG. marketing. sales.

the promotional mix.

A bargaining zone is Multiple Choice the location in which negotiations take place. a type of legislation that gives workers the right to join or not join a union. a contract that requires employees to agree not to join a union as a condition of employment. the range of options between the initial and final offer that each party will consider before labor negotiations dissolve.

the range of options between the initial and final offer that each party will consider before labor negotiations dissolve.

All the considerations consumers evaluate when making a purchase can be best described as Multiple Choice the service offer. the total product offer. the buying process. differentiation. the buying behavior.

the total product offer.

Julius is considering buying new bedroom furniture. Naturally, he compares several types of beds, dressers, and bedside tables, but he also is evaluating each product's reputation, warranty, his own experience with the brand, and of course, the price. All of the components that Julius is evaluating make up Multiple Choice the core product evaluation. his product mix. his brand awareness. the total product offer.

the total product offer.

If the federal funds rate goes up, then what happens to the interest rates on credit cards and student loans? Multiple Choice They decrease. The Fed will take over the payments. FDIC will take over. No change They increase.

they increase.

Efficiency engineer Frederick Taylor believed that workers could be much more efficient if they were given the proper tools and taught the one best way to do their jobs. In order to figure out the best way to do a particular job, Taylor conducted Multiple Choice enrichment evaluations. focus groups. extrinsic analysis. time and motion studies. Correct equity audits.

time and motion studies.

Although threats are often uncontrollable, what is the purpose of identifying them? Multiple Choice to prepare for the uncontrollable things that could impact your business to improve weaknesses There is no real point in identifying them since they are not able to be controlled anyway. to turn the threats into competitive advantages so that these threats can be corrected by the strengths of the organization

to prepare for the uncontrollable things that could impact your business

Workers originally formed unions Multiple Choice as social organizations. to protect themselves from intolerable work conditions and unfair treatment.Correct as a way to increase job security and gain political power. to have the rights to strike and to picket.

to protect themselves from intolerable work conditions and unfair treatment.

Why should Mary Ann and Nana create a business plan? Multiple Choice in order to secure a bank loan to provide an overall road map of how to start the business and to notify competitors they will be entering the market to deter competition to provide an overall road map of how to start the business and to attract/satisfy investors to determine the best way to own the business and make efficient production schedules

to provide an overall road map of how to start the business and to attract/satisfy investors

Why do companies use segmentation? Multiple Choice for marketing expenditures to appeal to everyone to target specific customers for mass marketing purposes to spend advertising dollars

to target specific customers

GFB has created a socially conscious culture throughout the company. The first step GFB always follows in improving U.S. business ethics is: Multiple Choice incorporation of a culture of profits before purpose. taking a cost-cutting approach to production. focusing on one group of stakeholders. consumers are only interested in cheap products. top management must adopt and support a socially conscious culture.

top management must adopt and support a socially conscious culture.

If the value of all the goods/services that United States exports is greater than the value of all that it imports, then this is referred to as a

trade surplus.

Hilton believes that investing in its team members is one of the most important responsibilities the company has and is super passionate about developing its team members. Hilton is always willing to invest in the team member's Multiple Choice grievances. unions. training and development.Correct strikes. boycotts.

training and development.

Teach for America evaluates prospective candidates through a rigorous application and interviewing process. Once qualified candidates are selected, Teach for America provides extensive _______ opportunities. Multiple Choice training and development Correct flextime and job sharing job sharing and relocation management development networking and mentoring

training and development.

A trade deficit is also referred to as a(n)

unfavorable balance of trade

The GFB is a certified B corporation. It is committed to balancing the people, profits, and planet in its business operations. B Corps are legally required to consider the impact of its decisions on its stakeholders. Which of the following groups would be considered the least primary stakeholder for GFB today? Multiple Choice universities employees community customers partners

universities

Dunkin' Donuts uses which pricing strategy? Multiple Choice value skimming high low prestige unsought

value

Changing __________ of Millennials and Gen Z consumers fit perfectly with Poshmark's business model.

values

Certain products may sell better if the company stands behind the product in case of defect or customer dissatisfaction. This total product offer factor falls under the category of Multiple Choice customer service. brand identification. warranty or guarantee. convenience. None of these choices are correct.

warranty or guarantee.

If a customer sees a deal on Groupon and then texts his/her friend to tell them about the deal, then this relay of information is known as Multiple Choice word of mouth. inappropriate marketing. gorilla marketing. advertising. army deployment.

word of mouth.

Much like SXSW, many businesses rely on social media and other traditional forms of promotion to drive profits for their businesses. According to Roland Swenson, the most effective form of promotion for SXSW is Multiple Choice word of mouth. podcasts. e-mail. outdoor advertising. viral marketing.

word of mouth.

When Zappos first started out, which form of promotional tool did it use to build its customer base? Multiple Choice word-of-mouth social media public relations personal selling sales promotions

word-of-mouth

As more millennials and Gen Z-ers enter the workforce, Taco Bell has found it necessary to focus on a(n) __________ balance. Multiple Choice job security extrinsic intrinsic feedback work-life

work-life