Business Exam 3

Which statement is most consistent with today's views on effective marketing?

"Learn about your customers and exceed their expectations."

__________ is considered the "father" of scientific management.

Frederick Taylor

Employment tests must

be directly related to performance on the job.

What is the mandate of Title VII of the Civil Rights Act?

prohibits discrimination in hiring, firing, and other areas on the basis of race, religion, creed, sex or national origin

One of the key functions of human resource management is

recruiting

While performing a job analysis, Lilia, the human resource manager, wrote the following job description and job specification: "Entry level accountant. Responsible for general ledger accountability, (GAAP), financial reporting and analysis, and other special projects as assigned. Requires strong oral and written communication. This is a full-time, entry-level position. Candidate must have a two-year degree or equivalent work experience; recent college grad with B.S. in accounting or finance."What is the job specification for this position?

two-year degree or equivalent work experience; recent college grad with B.S. in accounting or finance

In order to get a comprehensive evaluation of the computer programmers she managed, Julia organized a(n) __________, where she asked immediate coworkers and others that worked closely with the programmers to participate in the evaluation process.

360-degree review

If fixed costs are $100,000, variable cost per unit is $40, and the selling price is $60, how many units must be sold for the firm to break even?

5,000

The tendency for people to behave differently when they know they are being studied is known as the

Hawthorne effect.

Which statement best describes the current view of the role of human resource management within a firm?

Human resource management functions have become so important that in many firms all managers now perform them.

Triangle Percussion Company tried to implement a flextime system. However, after only a few months, they abandoned the new system. What is the most likely reason Triangle would drop its flextime plan?

It often made communication among employees more difficult.

__________ is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.

Marketing

__________ consists of all the techniques sellers use to persuade consumers to buy their goods and services.

Promotion

Which strategy provides an example of a current marketing era, which focuses on exceeding customer expectations?

RestWay Hotels is all about the experience. Their goal is to make certain that every guest leaves their properties with a better feeling than when they first arrived. The CEO of RestWay says, "We want you to think of our brand first when you make a hotel reservation."

__________ was the dominant strategy for improving worker productivity during the early 1900s.

Scientific management

Marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have a value for customers, clients, partners, and society at large.

True

One of the original objectives of the Hawthorne studies was to determine the degree of lighting needed in the workplace to enable employees to achieve optimum productivity.

True

Which statement about human resource management opportunities and challenges is most accurate?

Workers are becoming less loyal to their firms, resulting in higher turnover.

Which item would be considered a convenience good?

a candy bar

Today, human resource management has become so important that in many firms it has become

a function performed by managers in all areas of the organization.

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?

achieving a target return on investment or profit.

When workers are a part of a team their compensation should be

based on team performance, with additional rewards for those workers who make outstanding individual contributions.

Which area is particularly challenging when recruiting workers for small businesses?

compensation

The process of taking a product idea to consumers to test their reactions is known as

concept testing.

The importance of the product life cycle is that

different stages in the product life cycle call for different marketing strategies.

Lucy is a single parent with a child in elementary school. She loves her schedule because she can go in any time before 10 a.m. that is convenient for her, as long as she is there at the job during the core hours of 10 a.m. to 2 p.m. Lucy enjoys a schedule known as

flextime.

When Sofia joined Data Wizards, Inc., she automatically joined an employee team. The company motivates team members through a __________ system, where team members receive bonuses based on goals set since the last time the team's performance was evaluated.

gain-sharing

LG and other makers of smart television sets have made the prices of these products more competitive, have increased the number and kinds of stores in which they are available, have offered a variety of choices, and have advertised extensively. These products appear to be in the __________ stage of the product life cycle.

growth

The purpose of management by objectives is to

help employees motivate themselves with a goal-setting model that involves discussion, review, and evaluation by management and employees.

The stages of the product life cycle are

introduction, growth, maturity, and decline.

"Clerical worker, with responsibilities for answering phones, greeting clients, filing for human resources department, occasional weekend work required." This is an example of a

job description.

Annette and Nathan teach the kindergarten class at Wood Grove Elementary. Annette teaches on Monday, Wednesday, and Friday while Nathan teaches on Tuesday and Thursday. They both like this arrangement as it allows them time to help out with elderly parents when they are not teaching. What type of work arrangement does this represent?

job sharing

According to the product life cycle model, sales are expected to peak in the __________ stage.

maturity

At which stage of the product life cycle do you differentiate your product so that it will appeal to additional market segments?

maturity

Toyota is a well-known manufacturer of cars, trucks, and SUVs. Toyota dealers also provide service and financing to their customers. These products and services are part of Toyota's product

mix.

When Adam was a sophomore in college, he started thinking about finding work opportunities before and after graduation. He began speaking with his professors more and got an internship near campus. In addition, Adam attended many job fairs on campus, even when he wasn't actively seeking employment, and kept in touch with the people he met. Developing these relationships over time is called

networking

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.

nonprice

Swanson Preparatory School places ads in suburban newspapers to encourage graduating eighth graders to visit the campus and consider it for high school. This demonstrates how __________ also use marketing.

nonprofits

According to the product life cycle model, profits tend to

peak before sales reach their highest level.

The only place a shopper can purchase an item with a Kirkland Signature label is at a Costco store. This is an example of a(n) __________ brand.

private-label or dealer brand

The __________ is a theoretical model that describes the sales and profit performance of a product class over time.

product life cycle

What term refers to a group of products offered by a firm that are physically similar or are intended for a similar market?

product line

The best way for a firm to compete in the marketplace is to

promote products that have the best value.

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

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

As the director of human resource management for Transworld, Jenice's responsibilities include

recruiting talented employees, developing and training employees, and scheduling employees to achieve organizational goals

During the __________ era, the prevalent business philosophy turned from an emphasis on production to an emphasis on advertising and selling.

selling

Although the skills learned do not always translate into profits for the company, __________ pay rewards the growth of both the individual and team participation.

skill-based

Progressive companies who want to attract and keep good employees are now offering their employees __________ benefits, such as on-site dry-cleaning services, shoe repair, on-site medical care, and even free breakfasts.

soft

When a company considers how to price a new product, it determines what price it thinks its customers will pay, and then identifies what profit the company needs. From there the company determines the features it can offer on this product. This method of determining price is known as

target costing.

Which agency is charged with enforcing affirmative action programs?

the EEOC