Business 101 Test #2
T/F A SWOT analysis is used to determine the strategic fit between an organization and its internal and external environments.
True
T/F A diversified workforce adds creativity and a variety of viewpoints to the workforce, which often helps improve a company's competitiveness and its bottom line.
True
T/F A market niche is a narrowly defined market segment.
True
T/F Conceptual skills mean a person has the ability to think abstractly.
True
T/F Contingency planning helps a business whether a disruption or a crisis.
True
T/F Employees can benefit from successful marketing because new job opportunities may be created as production expands to satisfy the growing demand for highly valued products.
True
T/F Great leaders exhibit a high degree of emotional intelligence.
True
T/F Intrinsic motivators come from a sense of purpose and value in the work employees are doing.
True
T/F MRO B2B products are marketed much like consumer convenience goods and services.
True
T/F Profit sharing could mean that in a good year, employees get bonuses, or it could refer to the company's contributions to an employee retirement plan.
True
T/F Some companies use 360-degree appraisal of employees, gathering input from both their managers and their subordinates.
True
T/F Strength-based management believes the best way to develop talent is to help employees add skills and knowledge that build on their existing strengths.
True
T/F The augmented product provides additional value to a customer's purchase.
True
A SWOT analysis: A: is an important part of developing a strategic plan B: is one type of contingency planning C: helps translate the tactical plan in instructions for employees D: guarantees that inventory matches market demand
A.
A company that gives employees an amount of stock based on the time the person has worked there is running a(n): A:ESOP B:AESOP C:401k D:IRA
A.
A corporation with a matrix organizational system: A: pools people into groups by skills B:makes sure teams have more responsibility for the outcome of their work C:organizes based on functional area D:collects single-function firms into a network that collaborates on a product
A.
Amit Patel, as part of his compensation package was offered an opportunity to purchase his company's stock at a later date at its current, lower price. Which of the following was Amit given? A:a stock option B:a stock ownership plan C:a stock purchase plan D:None of the above
A.
Identifying the internal strengths and weaknesses as well as the opportunities and threats found in the external environment with regard to the marketing functions of an organization is known as: A:a situational analysis B:a SWOT analysis C:a marketing analysis D:a competitive analysis
A.
Maslow's hierarchy of needs: A.is a theory of why people are motivated B.uses three factors to compute the motivation of a person in a situation C.was developed to address the Hawthorne effect D.was displaced when Theory Z was introduced
A.
Stephanie Ling has been asked to conduct a breakeven analysis. In which category would she put the cost of rent for the manufacturing facility? A:fixed cost B:variable cost C:revenue cost D:production cost
A.
The focus of a strategic plan is different than a tactical plan because: A:a strategic plan has a long-term focus and a tactical plan looks just a few years ahead B:it is not written down but changes constantly C:concentrates only on what is going on inside an organization, not outside an organization D:it is created by the customers instead of the management of the organization
A.
The performance review process often includes all of the following except: A:an evaluation of the employee's social standing in the work environment B:an assessment of the employee's relative to the job's performance standards C:Specific feedback on how to enhance a positive performance D:the employees's job expectations
A.
The span of control of a specific position is founded by: A:counting the number of employees that person supervises B:considering how many e-mails that person receives each day C:calculating the number of years that person has been in their role D:none of the above
A.
Theory Z is different than Theory X or Theory Y because: A:it relies heavily on collaborative decision making B:it is authoritarian and hard line C:it is often seen in mass-manufacturing settings D:managers believe people will seek out responsibility
A.
Which of the following does not define a B2B market? A:the market consists of small-volume purchases in a geographically dispersed area B:buyers make complex purchasing decisions, often with formal buying procedures C:the purchasing process involves much personal selling and requires a close relationship between buyer and seller D:buyers are more professional and make more rational purchasing decisions
A.
A brand that markets several different products under the same brand name is a: A:maunfacturer's brand B:family brand C:private brand D:co-brand
B.
A laissez-faire leader would: A:challenge every decision B:take a hands-off approach to management C:believe in strong involvement in employee teams D:be very important to a company experiencing a crisis
B.
Bill Wertz runs a transportation service that caters exclusively to the residents of retirement communities. Bill's business is taking advantage of which of the following marketing environments? A:the competitive environment B:the sociocultural environment C:the technological environment D:the economic environment
B.
In what stage in the product life cycle would you consider Tesla automobiles to be? A:introduction B:growth C:maturity D:decline
B.
James Rodriguez wants to spend more time at home with his two-year-old granddaughter and is considering leaving his company. He could receive three months' pay and the same retirement package he will be eligible for in three years' time if he leaves now. This type of offer is called: A:independent consultant status B:worker buyout C:retirement D:compressed workweek
B.
Rocco Valentino shops only at Walmart because Rocco believes he will receive the lowest price without further hassles. This type of pricing strategy is known as _______ pricing: A:dynamic B:everyday low C:competition based D:penetration
B.
Sally and Brain only go shopping on Tuesdays because they can get the senior discount. Which pricing strategy are they taking advantage of? A:predatory pricing B:price discrimination C:target costing D:psychological pricing
B.
The AFL-CIO, the UAW, and the Teamsters are examples of: A:illegal organizations B:labor unions C:labor relation theories D:contingent workers
B.
The corporation culture is: A:a set of rules written down and distributed B:the values and behaviors shared by managers C:defined by the country where corporate headquarters are located D:not going to impact you in the workplace
B.
The four primary processes of management are: A. Planning, optimizing, leading, & controlling B. Organizing, controlling, planning, & leading C.Prioritizing, leading, controlling, & organizing D. Planning, leading, organizing, & deciding
B.
The mission statement is a description of an organization's: A:financial health B:current purpose, basic goals, & philosophies C: philanthropy D: tactical plan
B.
The seven basic tools for monitoring a business include all of the following except: A:parento analysis B:monte carlo statistical simulations C:scatter plots D:cause-and-effect diagrams
B.
WIth creative and abstract work, studies find that the principle motivators are: A:financial incentives B:autonomy, mastery, and purpose C:competitive push for advancement D:reduction in hours involved at work
B.
When a companies compete aggressively on the basis of price, quality, and brand-name image because businesses are most likely selling ________ goods and services: A:convenience B:shopping C:specialty D:unsought
B.
When you order a take-out pizza, which represents the actual product? A:hunger satisfaction B:crust with tomato sauce and cheese C:prompt delivery D:delicious smell
B.
Which marketing era occurred during the Great Depression when manufacturers almost had to force consumers to purchase their products? A:production concept era B:sales concept era C:marketing concept era D:customer relationship era
B.
Which of the following is not a good reason to hire a contingent worker? A:to fill in for absent employees B:keeping employees for shorter periods of time keeps salary costs low C:to supplement staff during particularly busy times D:to evaluate how a person performs on the job before hiring permanently them
B.
Which of the following would not normally appear in a marketing plan? A:a description of the target market B:an outline of sales, goals, and objectives C:a situational analysis D:a written marketing objective
B.
An example of Herzberg's hygiene factors is: A:feeling of belonging B:creativity C:safe working environment D:respect
C.
Extrinsic motivators include such things as: A:doing work that you enjoy B:believing your opinion matters C:knowing there is a large financial bonus for good work D:working for a company whose mission is meaningful to you
C.
Market segmentation based on lifestyles, personality traits, motives, and values called: A:geographic segmentation B:demographic segmentation C:psychographic segmentation D:behavioral segmentation
C.
Teams improve creativity: A:when the phenomenon of groupthink sets in B:no matter what the makeup of the team C:when best practices for selecting the team members and roles are followed D:when individuals work with others who are just like themselves.
C.
The controlling function of management is best described as: A:keeping employees in line B:watching employees carefully by monitoring their e-mail and phone usage C:measuring the firm's performance to make sure the company's plans are on track D:all of the above
C.
When a car is purchased, time utility refers to the value customers receive from: A:owning a car B:the styling and function of the automobile C:ensuring the car is available when the customer wants it D:ensuring the car is available where the customer wants it
C.
When businesses hire celebrities to endorse their products and connect their brands with positive attributes, they are focusing on enhancing their brand: A:loyalty B:awareness C:association D:extension
C.
Which of the following is not an example of a product line length? A:diet coke, cherry coke, & classic coke B:quaker instant oatmeal, quaker oatmeal squares, & quaker toasted oats C:honda civic, honda lawn mower, & honda marine engine D:crest whitening toothpaste, crest baking soda toothpaste, & co crest toothpaste
C.
A bargaining unit: A:works to determine proper sale pricing of products B:helps in negotiation of the sale pricing of products C:is the price of a share stock D:negotiates with employers for better working conditions
D.
A well-defined corporate vision benefits a company by: A: keeping managers focused on strategies that are consistent with the company's goals B: illustrating the company's values to investors C: inspiring employees D:all of the above
D.
Human resource management requires expertise in: A:managing staffing needs as a company evolves B:training and evaluating employees C:compensation, disciplinary actions, & promotion D:All of the above
D.
Positions that would be considered middle managers include: A:sales manager B:marketing manager C:operations manager D:all of the above
D.
Siobhan Clark just bought a Chicago Cubs jersey with player Jon Lester's name and number on the back, as well as a hat and jacket that display the Cubs logo. The type of branding strategy used for these products is A:generic branding B:manufacturer's branding C:private branding D:brand licensing
D.
Tenitia Reynolds opened a small community bookstore several years ago. When a new book comes out, Tenitia e-mails clients she thinks will enjoy it based on their past purchases. Which part of the marketing process does Tenitia actions reflect? A:conducting market research B:Identifying a market need C:implementing the marketing mix D:nurturing customer relationships
D.
Types of training required in some careers include: A:an on-the-job mentor B:time spent as an apprentice C:programmed learning D:all of the above
D.
Virtual teams are teams that: A:are incomplete and need to be dissolved B:communicate only through face-to-face meetings C:primarily focus on technology-based projects D:work in different physical locations
D.
Which is not an example of secondary data? A:census data B:custimer feedback on twitter C:focus group results D:data collected from company sales report
D.
Which of the following are benefits that companies experience by employing a diverse workforce? A:cultural differences result in alternative perspectives and lead to better problem solving B:they fulfill expected affirmative action standards C:companies become more competitive in the global marketplace D:all of the above
D.
Which of the following are types of leadership styles? A:visionary, affiliative B:laissez-faire, democratic C:autocratic D:all of the above
D.
Which of the following represents a shift from the four P's to the four C's of marketing? A:considering the complete cost of a product to the consumer B:making the product convenient to buy C:focusing on the consumer's wants and needs D:all of the above
D.
T/F A company with a vertical organization cannot use an inverted organization.
False
T/F A local pizza joint increased its prices, so now you buy pizza elsewhere. Pizza is therefore an inelastic good.
False
T/F A product's packaging is used only to provide protection of the good's contents.
False
T/F Corporate culture is a set of sports and extracurricular activities promoted at work.
False
T/F Employment at will means workers have increases job security.
False
T/F Groupthink is the convergence of the group on the best idea.
False
T/F Internal recruiting means an open position will be filled by friends or family first.
False
T/F Purpose is one of the four P's in the marketing mix.
False
T/F Societal marketing began after the Great Depression when the economy was improving and most of society wanted to spend.
False
T/F The Six Sigma initiative is focused on improving communications.
False
T/F The local small appliance store has microwave ovens for sale at a price of $149.95. The price tag notes that the manufacturer's suggested retail price is $160. This type of pricing is referred to as a loss leader.
False
T/F The main difference between the B2B and B2C markets is that B2B markets have fewer buyers that purchases many more individual quantities.
False