Quiz 2

How would you categorize strengths in a typical SWOT analysis?

Internal, helpful.

What is management information systems?

A general name for the business function and academic discipline covering the application of people technologies, and procedures—collectively called information systems—to solve business problems. (This is the definition of management information systems.)

Which of the following represents geographic segmentation?

Based on regional variables such as region, climate, population density, and population growth rate.

Accounting deals with the strategic financial issues associated with increasing the value of the business while observing applicable laws and social responsibilities.

False. (This is the definition of finance, not accounting.)

Which group of stakeholders' primary interests include adhering to regulations/laws, increasing employment, and ethical taxation reporting?

Government

What is the rate at which the net present value of an investment equals zero?

Internal rate of return (IRR)

What is the division of a market into similar groups of customers?

Market segmentation.(This is the definition of market segmentation.)

Which of the following statements is correct when considering a SWOT analysis?

Opportunities and threats originate outside an organization. (Opportunities and threats originate outside an organization.)

Which of the following is not one of the four phases in the product life cycle?

Place

Which of the following is not a part of the marketing mix?

Point. The four Ps include product, price, place, and promotion.

Which strategy evaluates a project's position?

SWOT Analysis. (A SWOT analysis evaluates a project's position.)

What describes the basic transaction data such as its date, purpose, and amount and includes cash receipts, canceled checks, invoices, customer refunds, employee time sheet, etc.?

Source document. (This is the definition of source document.)

What is the suppliers' ability to influence the prices they charge for supplies (including materials, labor, and services)?

Supplier power. (Supplier power is the suppliers' ability to influence prices.)

What consists of all parties involved, directly or indirectly, in obtaining raw materials or a product?

Supply chain

What are costs that make customers reluctant to switch to another product or service?

Switching costs. (Switching costs are costs that make customers reluctant to switch to another product or service.)

Identifying competitive advantages can be difficult and explains why they are typically __________.

Temporary. (Competitive advantages are typically temporary.)

What is operations management?

The management of systems or processes that convert or transforms resources into goods and services.

__________ is high when there are many alternatives to a product or service and low when there are few alternatives from which to choose.

Threat of substitute products or services. (Threat of substitute products or services is high when there are many alternatives to a product or service and low when there are few alternatives from which to choose.)

Human resources management includes the policies, plans, and procedures for the effective management of employees (human resources).

True. (This is the definition of human resources management.)

What executes the business strategy?

Value Chain Analysis