Intro to Business Test 4 Turnbull

What is the difference between total quality management (TQM) and Six Sigma?

Unlike TQM, Six Sigma aims to reduce defects of any process to a level of no more than 3.4 per million opportunities

people marketing

Used by people in the field of sports, politics, and art

In the context of emerging promotional tools, which of the following is a popular term of buzz-marketing?

Viral Marketing

Place Marketing

marketing efforts to attract people and organizations to a particular geographical area

Just-in-time production (JIT)

only producing goods as they are needed.

______ refers to the pay that employees receive a fixed period, mots often weekly or monthly.

Bonuses

(T/F) The marketing concept has gathers momentum across the country, leading to the marketing era, unfolding over the last decade, which zeros in on long-term customer relations

False

The _____ required firms with 50 or more employees to provide up to 12 weeks of job-secure, unpaid leave on the birth or adoption of a child or the serious illness of a spouse, child, or parent.

Family and Medical Leave Act 1993

In the context of breakeven analysis, ______ remains constant regardless of how many products are sold.

Fixed Cost

______ for a product includes not only its distribution channels but also the string of suppliers who deliver products to the producers.

Supply Chain

(T/F) The marketing concept holds that delivering unmatched value to customers is the only effective way to achieve long term profitability

True

(T/F) The price of a product must be relative to the benefits of that product

True

(T/F) The social/cultural element of the marketing environment covers a vast array of factors including, lifestyle, customs, language, attitudes, interests, and population shifts.

True

(T/F) Through the use of technology, marketers can lower costs and deliver greater value to their customers.

True

(T/F) Your target market are the people who are most likely to buy your product.

True

A marketing plan is a formal document that defines marketing objectives and the specific strategies for achieving those objectives

True

The ______ is a business philosophy that makes customer satisfaction the central focus of the entire organization

Marketing Concept

Monitoring and predicting consumer behavior is an objective of _____

Marketing Research

The Internet as opened the door for ______, which is creating products tailored for individual consumers on a large scale.

Mass Customization

Providing credit, cashing checks, delivering goods, and installing products are all examples of ______.

Ownership Utility

What is the difference between job descriptions and job specifications?

A job description is a document that states an overview of the duties, responsibilities, and functions of a specific job in an organization. A job specification is a statement of the qualifications, personality traits, skills, etc. required by an individual to perform the job.

Augmented product

Additional goods and services provided with the actual product that sharpen the product's competitive edge

______ is paid, non-personal, communication, designed to influence a target audience with regard to a product, service, organization, or idea.

Advertising

What is a major challenge faced by HR departments?

Being considered irrelevant by employees

_____ are distribution organizations that facilitate the movement of products from the producer to the consumer.

Channel Intermediaries

What are elements of distribution strategy?

Channels of distribution and physical distribution

Understanding the ______ begins with analysis of market share.

Competitive Environment

______ is the description of how people act when they are buying, using, and discarding goods and services for their own personal consumption.

Consumer Behavior

Core Benefit

Consumers buy a core benefit that satisfies their needs

_________ is the ongoing process of acquiring, maintaining, and growing profitable customer associations by delivering unmatched value.

Customer Relationship Management

(T/F) The first step to complete an HR plan is orientation.

False

Keitras is a women's apparel store that specializes in winter clothing. It targets university students ages 20-25 with trendy sweaters, sweatshirts, stockings, and stoles. Which type of market segmentation does this follow.

Demographic Segmentation

The goal of the ______ of a product is to deliver the products to the right people, in the right quantities, at the right time, in the right place.

Distribution Strategy

Job Analysis

Examination of specific tasks assigned to each position

(T/F) Demographic segmentation refers to dividing the marketing based on where consumers live.

False

(T/F) Escribo Marketing holds annual blood donation camps and conducts other similar charitable events in educational institutions. Escribo Marketing is using people marketing.

False

(T/F) In the context of the marketing mix, the distribution strategy includes all of the ways that marketers communicate about their products.

False

(T/F) Internal recruitment increase risk for a firm.

False

(T/F) Manufacturing rarely emphasizes packaging because this aspect of the products has little relevance to a costumers decision-making process.

False

(T/F) On the job training is also known as vestibule training.

False

(T/F) Once you hire new employees, separation should be the first step in the training and development process.

False

(T/F) Over the last five decades operations, management has experienced a shift in focus from effectiveness to efficiency

False

(T/F) People marketing involves drawing people to a particular place

False

(T/F) Recycle, don't drink and drive, buckle your seatbelt, support our political party, donate blood, are all examples of causes that use event marketing

False

(T/F) Survey research is marketing research that does not require the researcher to interact with the research subject.

False

(T/F) Telecommuting increases costs of office space, equipment, and upkeep for an organization

False

(T/F) The commerce ministry of Sestina Islands, a tax haven country, has been advertising the country's business opportunities and tourist-friendly culture in various international magazines. The advertisement illustrates idea marketing.

False

_____ involves placing a producer's products in as many stores as possible

Intensive Distribution

In the context of training development, effective orientation programs typically focus on:

Introducing employees to the company culture

Actual Product

Physical good or the delivered service that provides the core benefit

The coastal town of Olaspen offers various exotic waters sports and hiking expeditions. The government advertises its adventure tourism in travel magazines, newspapers, and on the tv in neighboring countries. Which marketing strategy does this illustrate?

Place Marketing

In the context of operations management, a _____ is defined as a set of related activities that transform inputs into outputs, thus adding value.

Process

The characteristics of a product that a marketer offers are known as ______

Product Features

What performance pay option rewards employees with a portion of their company's financial gains above and beyond predetermined goals?

Profit-Sharing Plan

In the context of the marketing mix, the _____ of a product includes all of the ways that marketers communicate about the product.

Promotion Strategy

A factor that has promoted a change in operations management over the last five decades.

Recognition of quality as a source of competitive advantage

In the context of a complete HR plan, once you have a pool of qualified candidates, your next step should ideally be ______

Selection

In the context of distribution strategies, _______ means placing your products only with preferred retailers.

Selective Distribution

(T/F) Computer-aided design/computer-aided manufacturing (CAD/CAM) is a combination of software that can be used to design output and send instructions to automated equipment to perform the steps needed to produce this output.

True

(T/F) Form utility satisfies wants by converting them into a final form

True

(T/F) In the context of employee benefits, the compressed workweek is a version of flextime scheduling.

True

(T/F) In the context of employee selection, employment testing can be either before or after the interview process.

True

(T/F) In the context of marketing research, secondary data is existing data that marketers gather or purchase for a research project.

True

(T/F) In the context of operations management, effectiveness means finding ways to give customers more for their money while still making a profit.

True

(T/F) In the context of the distribution strategy, no one stands between the producers and the customer in a direct distribution channel.

True

(T/F) One core role of distributors is to reduce the number of transactions for goods to flow from producers to consumers.

True

(T/F) Place utility satisfies customer needs by providing the right products in the right location.

True

(T/F) Plateus Inc., a warehouse club, is considered a channel intermediary because it purchases chocolates from Chocodelight chocolatiers and sells it to customers.

True

(T/F) Primary data is the new data that marketers compile for a specific research project.

True

(T/F) Pure services are products that do not include any goods.

True

(T/F) Sales above the breakeven points will generate profit.

True

(T/F) The features that a product includes to appeal to its market are typically determined by market research

True

(T/F) The goal of continuous innovation is to distinguish a product from the competition.

True

Total Quality Management (TQM)

a management philosophy that focuses on satisfying customers through empowering employees to be an active part of continuous quality improvement

Six Sigma

a rigorous statistical analysis process that reduces defects in manufacturing and service-related processes

Relationship Marketing

a strategy that focuses on keeping and improving relationships with current customers

warehouse club

an organization which operates from a large out-of-town store and sells goods in bulk at discounted prices to business and private customers who must first become club members.

Event Marketing

creating a brand-marketing event or serving as a sole or participating sponsor of events created by others

segmenting markets by age, gender, income, ethnic background, and family life cycle

demographic segmentation

What is the difference between demographic segmentation and geographic segmentation?

demographic segmentation categorizes customers based on factors like age, education, income level, and ethnicity, while geographic segmentation categorizes customers based on their geographical location.

Unlike goods, services are ______

experienced

In the context of business product categories, the marketing of business services:

focuses on quality and relationships.

One of the benefits of licensing is:

instant name recognition

Foreign outsourcing puts a firm at risk of ______

the firm's intellectual property being pirated or counterfeited

licensing

the legal process whereby a licensor allows another firm to use its manufacturing process, trademarks, patents, trade secrets, or other proprietary knowledge

A downside of publicity is that:

the marketer has no control of how the media presents its products or company

What identifies how reliably a product delivers its promised level of quality?

the product consistency