BAD Midterm Final:

Which statement about Enterprise Resource Planning (ERP) is false?

A key advantage of ERP systems is that compared to older systems, they are relatively inexpensive to implement and easy to establish.

Operations management in American business is not what it was two or three decades ago. Describe this.

America's shift away from production of goods to a service-based economy means that operations management is now not focused on the tangible, but on intangible commodities that, in a worst-case scenario, carry little inherent value.

If every piece of inventory in a company's supply chain can be tracked precisely with RFID technology, what is that firm using?

Baldrige National Quality Program

just before launching into the body of the presentation and then once again during the closing segment of the presentation.

C corporations

_____ software takes the electronic design for a product and creates the programmed instructions that robots must follow to produce a product as efficiently as possible.

CAM

If every piece of inventory in a company's supply chain can be tracked precisely with RFID technology, what is that firm using?

ERP

It was during this era that many businesses began to dominate their markets, forcing out competitors, manipulating prices, and exploiting workers, which lead the government to pass laws regulating business.

Entrepreneurship Era

Marcus is a self-employed marketing consultant. He is good at helping his clients with their marketing challenges; however, he is not keeping up with billing his clients regularly or keeping track of his hours. He feels like the time he spends on these functions is taking him away from activities where he has more talent and ability. His small business needs to bill clients quickly to keep the business running. What would you recommend Marcus do?

Outsource the accounting function to another firm.

provides a document to keep employees focused; necessary to seek outside funding.

Public

_____ usually hold large inventories of finished goods, and basic supplies that the business needs.

Retail firms

Which of the following statements about the relationship between efficiency and effectiveness is most accurate?

The relationship between effectiveness and efficiency is subtle and complex. Over the long haul, becoming more effective may also allow a firm to become more efficient.

What is the balance of trade?

a measurement of the difference between exports and imports

The American Marketing Association defines marketing as the

activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value.

Supply refers to the quantity of products that producers are willing to offer for sale

at different market prices.

As the owner of a small manufacturing company that employs several workers, you are considering moving your business to a new area. One major concern you might have is _____ in the new area.

availability of labor

Hair It Is, Inc. is a hair salon that in addition to cuts and styles, also sells a line of celebrity inspired wigs. Their most popular wig is the Thriller which is a spray on wig that will last approximately three months. Based on this information Hair It Is, Inc. is offering:

both tangible and intangible products.

Business ethics and individual ethics differ based on the fact that

business ethics focus on the application of right and wrong in a business setting, while individual ethics are one's personal standards of right and wrong.

The purpose of _____ is to protect creditors by preventing borrowers from pursuing policies that might undermine its ability to repay the loan.

covenants

MicroMaster advertises that its computers are backed by 24/7 toll free technical support. However, in order to meet its goal of keeping costs as low as possible, MicroMaster located its support function in another country and staffed it with a small number of poorly trained employees who had (to American ears) heavy accents. When customers call the support line, they often must wait on hold. Then they find themselves speaking to someone who often can't answer their questions even if the customer could understand what the tech support person was trying to say in the first place. It appears that MicroMaster ______

focused on efficiency at the expense of effectiveness.

A product in the _____ stage is experiencing periods of rising sales and profits.

growth

During a presentation, it is usually a good idea to summarize the key points

just before launching into the body of the presentation and then once again during the closing segment of the presentation.

Jet-Away Airlines keeps things simple by using one type of airplane, which eliminates the need to train mechanics on several different models. It also flies to three specific resort destinations, and all seats are on a first-come, first-served basis. These practices demonstrate Jet-Away's commitment to:

lean production principles.

One drawback to a just-in-time (JIT) production methods is:

not system fails

What is servicescape?

not the servicescape is the

On a financial website such as Yahoo! Finance, you may find all of the following information on a company's stock EXCEPT the

number of stock owners by state.

Operations managers at Marcus Industries agree that the company is trying to handle too many supply chain functions on its own, resulting in the inefficient use of resources. This suggests that the firm may soon embark on a strategy of _____

outsourcing

One of the purposes of the Sarbanes-Oxley Act of 2002 was to

prevent relationships that created conflicts of interest between CPA firms and the firms they audit.

One goal of TQM is to focus on _____ rather than _____ of problems.

prevention; correction

Justin Case is the owner of Case Fire Suppression. After attending a seminar on the benefits of offshoring, he has decided to move his company's production facility to Mexico because of its lower labor cost. After hearing the news you ask him if he considered the following:

problems with infrastructure, including power outages and water shortages.

A(n)_____ measures the extent to which a firm relies on debt to meet its financing needs.

profitability ratio

The business plan has two main purposes

provides a document to keep employees focused; necessary to seek outside funding.

Financial managers use _____ to assess the financial strengths and weaknesses of their firm.

ration analysis

A(n) _____ is an organization that provides a venue for stockbrokers or securities dealers to trade listed stocks and other securities for their clients.

securities exchange

_____ demands that marketers actively contribute to the needs of the broader community.

social responsibility

Expensive products that consumers purchase infrequently and are unwilling to accept substitutes for are _____. On the other hand, _____ are widely distributed and widely promoted by the product producers.

specialty products; convenience products

The _____ shows the cash flowing in and out of a firm through its operating, investing, and financing activities.

statement of cash flows

TQM typically gives _____ the authority and responsibility to make and implement decisions intended to improve product quality.

teams of workers

From an operations management perspective, a manufacturing firm's value chain includes:

the flow of materials and finished goods through all firms involved in production and distribution, plus the corresponding flows of services, financial resources, and information.

A(n) _____ is issued if the external auditor does not find any problems with the way a firm prepares and reports its financial statements.

unqualified opinion

Walmart is a company that doesn't mess around--with suppliers or unions--and they have a reputation for toughness. When VISA changed the terms of use and raised its rates for its transactions with every retailer, including Walmart, the company responded by refusing to accept VISA cards until terms satisfactory to Walmart had been agreed upon. Walmart is strict with a lot of its business partners; it's the Walton Way. In an indirect way, this scenario is both illustrative and instructive. When a firm does these kinds of things, expanding the umbrella of its control of the supply chain, it is called:

vertical integration