MGMT 100: Final CH (9, 11, 15, 16,2)

Utility in marketing is defined as "want satisfying power." TRUE OR FALSE

TRUE

Value is customers' perception of what they got for their money. TRUE OR FALSE

TRUE

According to Dan, how are people actually motivated?

Waiting for grade People are extrinsic motivators meaning they are reward driven. Because some people are so reward driven, it works for some tasks; however, for the candle task it actually prevents the possibility of even solving it. People so focused on the reward or the size of the reward often performed worse. Instead of people being motivated to do a task because it matters they do the task because of the reward regardless how big or small it is.

What are the conflicts Tom and Eva face?

Waiting for grade Tom: He is frustrated that the connection he has made over the 30 years only took Eva a little while. Tom thinks Eva should be focus on developing her work ethic rather than the speed of her career. Eva: Is upset because of the lack of recognition for her work. She would like to progress quickly within the company and constantly compares herself to her peers. The two of them disagree on how they should be involved in the workspace. There is two different perspectives on how an individual should be involved in the work space and because of these conflicts it makes it challenging for the two to work together and grow.

Consumer behavior refers to the actions of a. the corporate buyer. c. the organizational buyer. b. the distributor. d. the ultimate consumer.

d. the ultimate consumer.

The marketing mix is composed of: a. product strategy. d. promotional strategy. b. price strategy. e. all of the above c. distribution strategy.

e. all of the above

Marketing with the goal of gaining recruits by the Canadian Armed Forces is an example of: a. person marketing. d. event marketing. b. place marketing. e. organization marketing. c. cause marketing

e. organization marketing.

There are five stages of group development. Name and discuss each stage.The five stages of group development are:

(1) Forming: orientation, breaking the ice; leader facilitates social interchanges. (2) Storming: conflict, disagreement; leader encourages participation, differences surface. (3) Norming: establishment of order and cohesion; leader helps clarify team roles, norms, and values. (4) Performing: cooperation, problem solving; leader facilitates task accomplishment. (5) Adjourning: Task completion; leader brings to closure and signifies completion.

What are the essential steps in any communication process? How important is listening to being an effective communicator?

A sender must come up with some idea to communicate and then encode that idea into a form that can be transmitted through a chosen channel. When the audience receives the message it must be decoded, and its meaning extracted. Throughout this process there is the likelihood that noise (a sound, someone's defensiveness, or anything else that may distort the meaning of a message) may interfere with the process. It is extremely important that feedback be solicited so that the sender can be sure the receiver understood the intended message. Good listening is critical to good communication. In every communication, there is both a sender and a receiver. Listening skill helps you get feedback when you are the sender, and it is crucial to making the appropriate response, asking the right question, ore giving sensitive input that will quell conflict. You can't be a good communicator until you become a good listener!

What are teams, and what are the different types of teams used by firms today?

A team is a group of people with certain skills who are committed to a common purpose, approach, and set of performance goals. Firms use a variety of teams to accomplish their business goals. Work teams are relatively permanent group of employees with complementary skills who perform the day-to-day work of organizations, while problem- solving teams are temporary combinations of workers who gather to solve a specific problem and then disband. A work team empowered with the authority to decide how its members complete their daily tasks is called a self-managed team. A cross-functional team is a team made up of members from different functions, such as production, marketing, and finance. Virtual teams are groups of geographically or organizationally dispersed coworkers who use a combination of telecommunications and information technologies to accomplish an organizational task.

What was Dan's regret? A) Attending law school B) Doing drugs C) Not calling his mother D) Not voting

A) Attending law school

According to Dan, the new operating system for business should revolve around what three elements (choose the three): A) Purpose B) Profit C) Mastery D) Autonomy

A) Purpose C) Mastery D) Autonomy

Apple, Facebook, Amazon, and Google are at the centre of _______. A) utility B) Artificial intelligence C) data mining D) e-commerce

B) Artificial intelligence

How do companies benefit from empowering their employees? How do employees benefit from empowerment?

Companies benefit from employee empowerment because it taps the brainpower of workers, frees managers from hands-on control, and motivates workers. It also can result in increased loyalty and dedication among its employees, resulting in higher-quality products and services.Employees benefit from employee empowerment through an increased sense of appreciation for their work, increased motivation, and enjoyment of their work. Employees also may benefit financially from such programs as ESOPs, etc.

How long did it take the group that was offered a reward to attach the candle to the wall? A) 3.5 minutes shorter B) 3.5 times as long C) 3.5 times shorter D) 3.5 minutes longer

D) 3.5 minutes longer

What is Facebook's marketing strategy? A) all of the above B) Buy products from other companies on their platform C) sells devices that do things for consumers D) sell advertising

D) sell advertising

Suppose that a shoe manufacture wants to use teams to decide how to improve its environmental standards in terms of products and processes?

Each team could focus on one aspect of the shoe business' operations and functions. Teams could be assigned, for instance, to review and list opportunities in the accounting, human resources, manufacturing, shipping, advertising, etc. areas. Then, the teams could share and compare their ideas with other teams.

What is the role of external communication? Why is it so important to companies?

External communication is a meaningful exchange of information through messages transmitted between an organization and its major audiences (customers, suppliers, other firms, government officials, and the general public). The central focus always should be the customer, and every communication with customers should create goodwill and contribute to customer satisfaction. External communication is vital to companies because it creates and reinforces a corporate and brand image.

A good or service provides added value when its price is higher than the offerings of competing producers. TRUE OR FALSE

FALSE

As organizations grow, communication problems tend to decline. TRUE OR FALSE

FALSE

Cross-functional teams are groups of geographically dispersed co-workers. TRUE OR FALSE

FALSE

Customer satisfaction is defined as the degree of excellence or superiority of an organization's good and services. TRUE OR FALSE

FALSE

Data mining is a way for a company to avoid maintaining costly data warehouses. TRUE OR FALSE

FALSE

Encoding is anything that reduces the accuracy or fidelity of a message. TRUE OR FALSE

FALSE

Frequency marketing appeals to organizations or causes that consumers feel are important. TRUE OR FALSE

FALSE

In marketing, only one type of nontraditional marketing is possible at any given time. TRUE OR FALSE

FALSE

Marketing is really nothing more than selling. TRUE OR FALSE

FALSE

Marketing research focuses exclusively on external data. TRUE OR FALSE

FALSE

People with reasonably good English skills need not solicit feedback to ensure clear communication. TRUE OR FALSE

FALSE

Productivity is enhanced when team cohesiveness is low. TRUE OR FALSE

FALSE

Quality is judged by what producers decide it should be, not by what customers want or expect it to be. TRUE OR FALSE

FALSE

Relationship marketing applies to customers but not to employees or suppliers. TRUE OR FALSE

FALSE

Team norms are generally formal, written guidelines. TRUE OR FALSE

FALSE

The Canadian government provides little if any useful information to private firms conducting market research. TRUE OR FALSE

FALSE

The marketing concept has little application in not-for-profit organizations. TRUE OR FALSE

FALSE

Virtual teams are conceptual ideas about how potential teams that are not yet created should be organized. TRUE OR FALSE

FALSE

Referencing the textbook material, describe the actions taken by Head Coach Harry Sinden that contributed to team cohesiveness?

Harry had to convince people of the importance of the series and how crucial it is for their careers. He worked with the players to encourage them to make their own decisions and find out how to get the job done together. The Canadian team began to have more emotion and strive to win. Harry helped the team develop a team mindset and building relationships which brought out leaders in the team.

What is marketing research, and what are five reasons for doing it?

Identifying marketing problems and opportunities Analyzing competitors' strategies Evaluating and predicting consumer behavior Gauging the performance of existing products and package designs, and assessing the potential of new ones Developing price, promotion, and distribution plans

Product strategy

Involves designing a good or service by adding needed qualities. It also involves package design, brand names, trademarks, warranties, product image, new‐product development, and customer service.

Promotional strategy

Involves effectively blending advertising, personal selling, sales promotion, and public relations to achieve the goals of informing, persuading, and influencing purchase decisions.

Distribution strategy

Involves ensuring that customers receive their purchases in the proper quantities at the right times and locations.

Pricing strategy

Involves the need to set profitable and justifiable prices product offerings. This may sometimes need to comply with government regulation and may receive considerable public criticism. This component may also represent a powerful competitive strategy, as pricing strategy often leads to responses by competing firms. This component is one of the most difficult areas of marketing decision making.

What steps can managers take to manage team conflict?

Managers can facilitate good communication so that teammates respect each other and are free to disagree with each other, evaluate situations or conditions in the workplace that might be causing conflict, and engage the staff in team-building exercises and role-playing.

What are some solutions companies can incorporate to improve their multi-generational workforce?

Millennials and Gen X both think differently; however, they both of them can learn from one another. Millennials are very forward, go-get-her thinking individuals, they bring technological knowledge and new ideas to the workplace. Gen X provide the wisdom and the experience. Companies need to create environments that are inclusive and collaborative so individuals can bring more of their hearts and mind to the work place. They can improve employee engagement by collaborate projects. This would allow people with different skills to work together and teach one another important lessons and skills. Cross training staff would also allow individuals who differ to learn and understand one another and find things to take away from one another to create a sustainable workplace.

What are the characteristics of an effective team? Why are these features so significant?

Size is important because different tasks require greater or fewer participants, and a team's number can determine success or failure. Six or seven members often are ideal. Very small groups have a stronger need to get along, favor informal interaction, may end up discussing personal topics, and make few demands on members. Very large groups may see slower decision making, less participation or commitment, higher absenteeism and turnover, more disagreement and conflict, or the formation of subgroups. Level is important because it helps judge the overall ability, experience, and personality within a group, and it determines how much a team can handle. Diversity helps determine the differences among members in terms of their own ability, experience, and personality, so it measures how well the group represents a wider population and a broad range of views.

According to Dan, what is the risk related to offering rewards?

Sometimes having a reward actually at the end of task actually affects the performance and blocks creativity. If-then rewards don't work and individuals often struggle with focusing. The size of the reward often affects the performance. For example with the larger reward, require rudimentary cognitive skills, this led to poor performance. The size of the reward often to better people.

A cross-functional team blends people from different areas of the organization to solve a problem or take advantage of a new business opportunity. TRUE OR FALSE

TRUE

A presence on the Internet can help a firm create utility. TRUE OR FALSE

TRUE

Communication takes place within the business itself and also between the business and outside audiences. TRUE OR FALSE

TRUE

Getting a product to market when the customer wants it creates time utility. TRUE OR FALSE

TRUE

In low-context cultures, the meaning of a message is less dependent on the situation than in high-context cultures. TRUE OR FALSE

TRUE

Information technologies are used to enhance one-on-one marketing. TRUE OR FALSE

TRUE

Information technologies such as computers, databases, and the Internet provide critical support in relationship marketing. TRUE OR FALSE

TRUE

Information technology has greatly aided the development of responsive marketing strategies by improving the quantity, quality, and accuracy of marketing data. TRUE OR FALSE

TRUE

Marketing campaigns can focus on people, places, causes, events, and organizations. TRUE OR FALSE

TRUE

Marketing research requires the collection and interpretation of data for use in marketing decisions. TRUE OR FALSE

TRUE

Most managers spend 80 percent of their time in direct communication with others. TRUE OR FALSE

TRUE

Observational studies and surveys are means of collecting primary data. TRUE OR FALSE

TRUE

Problem-solving teams are temporarily assembled to solve specific problems and then disbanded. TRUE OR FALSE

TRUE

Retailers create ownership utility when they accept credit cards as a method of payment. TRUE OR FALSE

TRUE

Retaining customers is important in a successful marketing strategy. TRUE OR FASLE

TRUE

Studying current customers' buying habits and preferences can help marketers target their best customers. TRUE OR FALSE

TRUE

Team cohesiveness is improved when members interact frequently and enjoy being together. TRUE OR FALSE

TRUE

Team members hold themselves mutually accountable to achieve common performance goals. TRUE OR FALSE

TRUE

Team norms are shared values and expectations of team members. TRUE OR FALSE

TRUE

The goal of relationship marketing is to achieve customer satisfaction that creates repeat business. TRUE OR FALSE

TRUE

The marketing concept requires organizations to take a customer orientation in all the organization's activities to achieve long-term success. TRUE OR FALSE

TRUE

Work teams are permanent small groups of people with complementary skills who handle the ongoing, day-to-day operations of the organization. TRUE OR FALSE

TRUE

_Team cohesiveness is high when members are attracted to the team and motivated to remain in it. TRUE OR FALSE

TRUE

What are the key factors that can cause conflict within a team?

Team conflict can be caused by competition for scarce resources, personality clashes among members, poor communication, unclear job responsibilities, or ambiguous team roles.

How do team level and team diversity affect team performance?

Team level is a measurement that weighs the talent and background of the group as a whole, so it affects performance by setting certain standards for members' skill sets or expertise. Team diversity is a measurement that looks at how wide the range is and how different the traits are among team members, so it affects performance by drawing individuals with varied talents, backgrounds, and viewpoints.

Describe the two types of conflict and how a team leader can overcome them.

The key to dealing with team conflict is not avoiding it, but making sure that the team experiences the right kind of conflict. Cognitive conflict focuses on problem-related differences of opinion and, when reconciled, strongly improves team performance. By contrast, affective conflict refers to the emotional reactions that can occur when disagreements become personal rather than professional, and these differences strongly decrease team performance. A team leader can manage team conflict by fostering good communication so that team members perceive each other accurately, understand what is expected of them, and obtain the information they need.

What is the marketing concept? How did this approach to marketing arise? What difference does the marketing concept make to producers? To customers?

The marketing concept is the concept that marketplace success begins with the customer—that is, a firm should analyze its customers' needs and then work backward to offer products that fulfill those needs. The emergence of the marketing concept can be explained best by the shift from a seller's market, a market with a shortage of goods and services, to a buyer's market, a market with too many goods and services. During the 1950s, North America became a strong buyer's market. As a result, companies were forced to satisfy customers rather than just producing and selling goods and services. This means that much competition among producers centers on the effort to satisfy customers—producers have had to offer more to customers to stay competitive and customers have more products and offerings.

Tony Tavernelli is a product development engineer at an electronics company. He has come up with a new idea that top management believes could be the company's next big winner, but he is meeting resistance from marketing, production, and finance department folks within his company. Some of their concerns are legitimate, and Tony feels unqualified to make recommendations in areas outside his engineering expertise. Do you think Tony's firm might benefit from the team approach in this situation? If so, what sort of team would you recommend and why?

The team approach, especially a problem-solving or cross-functional team, would probably be very helpful here. New product development is a natural place to bring people from different areas of the organization together so that the expertise of each can be applied to solving problems.

By utilizing teamwork: a. a firm's response time and flexibility in meeting customer needs can be improved. b. people work independently rather than collectively. c. employees generally experience lower levels of productivity. d. everyone follows the creative lead of a single person.

a. a firm's response time and flexibility in meeting customer needs can be improved.

Segmenting markets on the basis of age, race, gender, occupation, household type, or ethnic group is called: a. demographic segmentation. c. psychographic segmentation. b. geographic segmentation. d. product-related segmentation.

a. demographic segmentation.

Marketing a politician is an example of: a. person marketing. d. event marketing. b. place marketing. e. organization marketing. c. cause marketing.

a. person marketing.

Package design, branding and labelling, and customer service are all components of: a. product strategy. d. promotional strategy. b. price strategy. e. all of the above c. distribution strategy.

a. product strategy.

What needed to be overcome to attach the candle to the wall? A) Thinking inside the box B) Functional fixedness C) Thinking outside the box D) Dysfunctional behavior

b) Functional fixedness

Psychographic segmentation divides markets on the basis of: a. socioeconomic characteristics. c. where people live or buy. b. behavioral and lifestyle profiles. d. perceived product benefits.

b. behavioral and lifestyle profiles.

Business market segmentation: a. uses the identical segmentation criteria used in consumer markets. b. can rely on geographic, demographic, or end-use segmentation. c. avoids having to use the North American Industry Classification System (NAICS) system of business classification. d. all of the above

b. can rely on geographic, demographic, or end-use segmentation.

Personal influences on consumer behavior include all of the following EXCEPT: a. self-concept. c. attitudes. b. cultural influence. d. need and motives.

b. cultural influence.

Market segmentation: a. combines differing groups into one mass market. b. divides the varied total market into groups with similar characteristics. c. has little application in defining target markets. d. is done for the consumer market but not for the business market.

b. divides the varied total market into groups with similar characteristics.

Teamwork: a. has no bearing on employee empowerment. b. empowers employees while ensuring controls through mutual responsibility and accountability. c. works best when there is a high degree of team conflict. d. works best when there is a low degree of team diversity.

b. empowers employees while ensuring controls through mutual responsibility and accountability.

Perception is an example of: a. social influence. c. interpersonal determinant. b. personal determinant. d. seller determinant.

b. personal determinant.

Marketing a destination for tourists is an example of: a. person marketing. d. event marketing. b. place marketing. e. organization marketing. c. cause marketing.

b. place marketing.

The first step in developing a marketing strategy is: a. creating a product to sell. b. selecting a target market. c. developing a price strategy. d. developing a distribution strategy. e. planning a promotional campaign.

b. selecting a target market.

Effective teams: a. generally have 30 or more members. b. typically have between 5 and 12 members. c. work best if team member roles are ambiguous. d. are more innovative if everyone has a common background.

b. typically have between 5 and 12 members.

Marketing to create awareness of disease prevention programs is an example of: a. person marketing. d. event marketing. b. place marketing. e. organization marketing. c. cause marketing.

c. cause marketing.

Interpersonal determinants include all of the following EXCEPT: a. social influence. c. motivational influence. b. cultural influence. d. family influence.

c. motivational influence.

Advertising, personal sales, sales promotion, and public relations comprise: a. product strategy. c. promotional strategy. b. price strategy. d. all of the above

c. promotional strategy.

Employers that empower workers a. should avoid incentive pay programs. b. needn't give employees the respect that would be given to a partner. c. should link employee rewards to company performance. d. all of the above

c. should link employee rewards to company performance.

An employee share ownership plan (ESOP): a. means workers work harder and smarter because they are part owners. b. requires employers to share financial information about company assets, performance, and executive salaries with employees. c. holds shares of the company's share paid for by the employer in a trust fund for the employees. d. all of the above

d. all of the above

Diverse teams: a. allow a broader perspective in finding creative solutions. b. are more innovative than homogeneous teams. c. require special attention to the socio-emotional roles so everyone feels at home. d. all of the above

d. all of the above

Modern organizations enhance performance through employee involvement using a. employee empowerment. b. information sharing. c. teamwork. d. all of the above

d. all of the above

Not-for-profit organizations operate in both the public and private sectors, and use marketing to: a. obtain volunteers and donations. b. make people aware of their existence. c. achieve certain goals for society. d. all of the above

d. all of the above

Product-related segmentation divides markets on the basis of: a. customer usage rates. c. perceived product benefits. b. brand loyalty levels. d. all of the above

d. all of the above

Marketing an art festival is an example of: a. person marketing. d. event marketing. b. place marketing. e. organization marketing. c. cause marketing.

d. event marketing.

Effective teams require their members to fill all of the following roles, EXCEPT: EXCEPT: a. task specialist roles. c. dual roles. b. socio-emotional roles. d. non-participative roles.

d. non-participative roles.

Deciding which wholesalers and retailers to use to bring a product to market is part of: a. product strategy. d. promotional strategy. b. price strategy. e. all of the above c. distribution strategy.

d. promotional strategy.