BA Strategic Management Topic 1 quiz

Determine the mean for the third quarter's sales using the following data: July sales = $895,278; August sales = $875,439; and September sales = $854,262.

$874,993

Which of the following statements is true about customer relationship management (CRM):

A primary goal of CRM is to maximize the long-term value of customer relationships

What is the foundation of knowledge management?

A willingness to share expertise

How does the fragmentation of processes help to protect a company's trade secret?

Employees' knowledge is limited to a specific part of the process.

the gathering of customer data so that you can create a profile and work more efficiently with the client

client intelligence

trade secrets; privileged communication

confidential information

the process of using organizational resources to achieve organizational objectives through the functions of planning, organizing and staffing, leading, and controlling

management

Which of the following is an example of tacit knowledge:

Riding a bicycle

refers to the different levels of interaction a consumer can have with a brand. For example, television, direct marketing, sampling and point of sale

touch points

type of intellectual property protection - Refers to formulas, practices, and designs that are central to a firms' business and that remain unknown by competitors

trade secrets

a positive expectation that another will not act opportunistically

trust

Unfair employee reward systems and favoritism are human resources activities that are considered

unethical

a sales strategy where the seller will provide opportunities to purchase related products or services, often for the sole purpose of making a larger sale

up-selling

Which of the following management functions evaluates an organization's performance and corrects any problems that may exist:

Controlling

table used in project management to ensure that each element is properly assigned

accountability matrix

Which of the following is an ethical issue that relates to knowledge management in the workplace:

An employee deliberately doesn't share information with management that will help the company meet its goals.

Which of the following is an activity performed during the planning phase of a project:

Budget development

Which of the following is a benefit of customer relationship management:

The opportunity to create targeted marketing campaigns

Which of the following types of customer relationship management software would be most appropriate for a company that is looking for a more efficient way to track leads, prospects, and customers:

Campaign management software

Which of the following is an example of an ethical dilemma that human resources managers may encounter:

Hiring a friend or family member

looking at an enterprise from the outside-in rather than the inside-out—that is, through the lens of the customer rather than the producer

customer-centric strategy

One action that an ethical business can take to help build the long-term trust and loyalty of its customers is to

implement a comprehensive customer privacy policy

a network designed for the exclusive use of computer users within an organization that cannot be accessed by users outside the organization

intranet

Customer relationship management can help a business to identify its

most valuable customers

One form of technology that businesses use to personalize their ongoing communication with customers is

opt-in e-mail

the process of making sure the necessary human and physical resources are available to carry out a plan and achieve organizational goals; assigning activities, dividing work into specific jobs and tasks and specifying who has authority to accomplish certain tasks

organizing

involves setting goals and figuring out ways of reaching them; considered the central function of management; looks to the future; decision-making

planning

an individual's right to prohibit personal information from being divulged to the public

privacy rights

the person who fully understands, believes in, and espouses the benefits of the project to the organization. This is the cheerleader for the project

project champion

store data in separate files that can be linked by common elements

relational databases

To reduce the risk of employees sharing trade secrets with industry rivals, businesses might require their employees to

sign a nondisclosure agreement

the illegal copying or use of computer programs

software piracy

a group of interacting, interrelated, or interdependent elements forming a complex whole

system

a rational, systematic, and precise form of organization in which rules, regulations, and techniques of control are specifically defined

bureaucracy

to raise the performance of an organization through a never-ending process of choosing and adjusting missions, goals, objectives, and action strategies

continuous improvement

a mapping that describes how to persist a relationship (association, aggregation, or composition) between two or more objects

relationship mapping

Which of the following would be part of the management function of organizing:

Assigning individual workers to specific jobs

A furniture store manager who helps an employee decide when and where products should be delivered performs which management function?

Directing

During what phase of the project life cycle does the project manager activate project controls?

Execution

The Page-Turner Online Bookstore sent a questionnaire to its customers to determine how happy its customers are with its services. Customers' general responses indicated that the bookstore's lead and delivery times have improved a lot in the past three months. What aspect of quality has the bookstore evaluated?

Satisfaction

An apparel company's target market is 18- to 34-year-old females. What form of technology can the company use to communicate on an ongoing basis with its customers at their convenience?

Social Media

Which of the following is the main purpose of management:

To accomplish the business's goals

Why is it important for businesses to interpret statistical findings?

To obtain useful information

What is a Web-based tool that a business can use that provides its employees with the ability to share tacit knowledge from remote locations?

Wiki

a statistical method of forming natural groupings in which a number of important characteristics of a large diverse group is identified in order to define target market

clustering

An important part of the planning function of management is to determine the business's

goals

a product of the intellect, such as an expressed idea or concept, that has commercial value

intellectual property

process that connects information, education, expertise, practical application and people for the purpose of sharing

knowledge mapping

inclusion of personal references in a direct mail offer; imprinting the name of the recipient of a gift on the gift itself; Creation of custom tailored service that meet the individual customer's particular needs or preferences

personalization

Which of the following is an example of a business managing its information in an ethical manner:

The XPB Company takes precautions to maintain the privacy of its clients' information.

business process management (BPM) is a management approach focused on aligning all aspects of an organization with the wants and needs of clients

business process management (BPM)

a process that evaluates output relative to a standard and takes corrective action when output doesn't meet standards

quality control

A water-filtering company made some changes to its processes that resulted in better tasting water. This is an example of

quality improvement

a means by which an organization's resources are directed, monitored, and measured; at the organizational level, internal control objectives relate to the reliability of financial reporting, timely feedback on the achievement of operational or strategic goals, and compliance with laws and regulations

internal controls

A business report provides statistical data indicating that the demand for a specific type of product has been increasing between three and six percent over the past several months. This information is useful to companies to

identify trends

Shannon has worked at the XBO Company for two years in the production department. During a weekly meeting, the staff was brainstorming ideas to resolve a problem the department has been experiencing on the production line. During the meeting, Shannon told the staff about some changes that her previous company made to its production process, which increased its efficiency and outputs. Shannon's manager liked the idea, and thought that it might work at XBO. This situation illustrates the concept of

inevitable disclosure

enables an employer to prevent an employee from taking employment with a competitor when the current employer's trade secrets might "inevitably" be disclosed

inevitable disclosure

consent given with the full knowledge of the risks involved, probable consequences, and the alternatives

informed consent

strict adherence to a moral code, reflected in transparent honesty and complete harmony in what one thinks, says, and does

integrity

the total sum of a workforce's knowledge and ability that can be used for the organization's benefit

intellectual capital

One tool that businesses can use to allow employees and customers to share knowledge through their web sites is by posting

message boards

plan or proposal; a scheme; an undertaking requiring concerted effort

plan

An automobile manufacturer initiates a product recall for a group of new sedans that have defective brake pads. This is an example of a quality-management issue related to

product safety

the discipline of planning, organizing, and managing resources to bring about the successful completion of project goals and objectives

project management

activities performed to ensure that a process will deliver products that meet an appropriate level of quality

quality assurance

can be considered to have three main components: quality control, quality assurance and quality improvement. Quality management is focused not only on product quality, but also the means to achieve it. Quality management therefore uses quality assurance and control of processes as well as products to achieve more consistent quality

quality management

Tacit knowledge is often based on experiences and personal expertise, while explicit knowledge is

based on opinions

What is the essential component for effective knowledge management in business?

Communication

The FMT Company wants to implement a software program to capture and communicate tacit knowledge. Which of the following software applications is best suited to fulfill the company's needs:

Groupware

What is an important question that all businesses should answer about their ethical behavior in managing their customers' information?

How do we obtain information about our customers in ways that do not violate their privacy?

A furniture manufacturer has been receiving complaints about the safety of its Model BA2X baby crib. What is the first thing the manufacturer should do?

Initiate a product recall

What type of software program allows a business employee and a customer to communicate in real time from a computer by typing text?

Instant messaging

Katrina is using a special software program to develop a business chart that shows the employees' expertise and skills and how they access different types of information throughout the organization. What type of software is Katrina using to document the information?

Knowledge mapping

Which of the following is an example of a business violating copyright laws in the process of using another organization's information:

Making unauthorized copies of software

Which of the following statements best describes the concept of customer relationship management (CRM) in business:

Obtaining and applying information about a customer's preferences and needs in ways that will build an ongoing buyer/seller relationship

Which of the following situations is an unethical action associated with customer relationship management:

Selling customer lists without the customers' consent to third parties

Which of the following is a form of web-based technology that business professionals use to share their expertise and to solve problems on an ongoing basis:

Online communities

How can a business build its customers' trust and communicate its commitment to ethical practices?

Publish its confidentiality statement

By searching the company's computer records, an employee obtained confidential information about a well-known client, which s/he discussed with a friend. Eventually, the information was leaked to the media, which embarrassed the client and the business. What action could the company have taken to prevent this unethical behavior?

Use computer passwords to limit access to certain data

Zoe noticed that her coworker Tom has been performing a work activity incorrectly. Zoe hasn't corrected Tom because she wants her manager to think she is more competent than Tom. Can Zoe's behavior negatively impact her employer?

Yes. Tom's errors could be costly to the company.

Which of the following help-wanted ads is an example of a discriminatory hiring practice:

Young woman needed to answer phones

At Company ABC, managers believe that an onsite gym, monthly office parties, and break rooms that include darts and foosball tables are essential to worker productivity. The managers are using the __________ theory.

behavioral management

involves comparing actual performance to a predetermined standard; to determine whether the original plan needs revision, given the realities of the day; may return to the planning function temporarily to fine-tune the original plan

controlling

When a business communicates customer-centric values and ideals to its employees on a consistent basis, it is developing its

corporate culture

encouraging a customer who buys a product (gasoline, for example) to buy a related or complementary product (engine oil, for example)

cross-selling

a customer journey which makes the customer feel happy, satisfy, justify, with a sense of being respected, served and cared, according to his/her expectation or standard, start from first contact and through the whole relationship

customer experience management (CEM)

information about age, income, address, occupation, purchase frequency, brand preferences, etc. for an organization's customers that marketers use in making marketing decisions

customer information

tracking and acting upon everything you need to know about your customers...their buying history, budget, timeline, areas of interest, and their future requirements. Ensuring that customers have exactly the right information at exactly the right time and in exactly the right form

customer relationship management (CRM)

influencing others to achieve organizational objectives; involves energizing, persuading others, creating a vision; leadership is a key component

directing/leading

The Fisher Manufacturing Company has been receiving a lot of complaints about product breakage problems with the model 2YZ. Fisher has been working with its parts vendors and production-line personnel to try to determine why the problems are occurring. This is an example of a product-quality issue related to

durability

At Company X, employees each put together a small part as it passes them on the assembly line. Rewards are given to employees who work the fastest. Managers frequently observe employees to determine how each job can be done faster. The managers are using the __________ theory.

scientific management

an aggregation process which clusters people with similar needs into market segments

segmentation

closely related to organizing; ensures the availability of necessary human resources to achieve organizational goals

staffing

During the busy tourist season, a coastal surf shop sold 398 beach balls in June, 924 beach balls in July, and 537 beach balls in August. This information reveals that

the demand for beach balls peaked during July.