BUS 101 Chapters 10-13

Which of the following are principles used by major retail chains in designing their layouts?

- Use U-shapes - Create breaks - Make an arresting first impression

Examples of secured loans:

- Provides a back-up means of payment for lender - Most car loans - Assets pledged as collateral

Which of the following are types of variability that can be monitored in a process using control charts?

- Random variability - Non-random variability

Traditional definition

- Any feature that distinguishes one seller's good or service - Brand name - Band mark or logo - Slogan or tagline

In the context of marketing, buyer behavior includes:

- Buyers purchasing for an organization - Buyers purchasing for their own use

Which of the following are elements of total quality management?

- Designing processes that can produce the products that customers want - Designing the products that customers demand - Developing lasting relationships with suppliers - Providing a culture that values the contributions of employees

Internal search

- Remember the competitors you're already aware of - Think about what you already know

STP

- Segmentation - Targeting - Positioning

Which of the following statements are applicable to debt financing?

- Interest payments are tax deductible - Funds must be repaid, even if the firm is not profitable - Ownership control is not given up

The three sequential steps of the financial planning process are (in order):

1. Forecast 2. Budget 3. Control

The Marketing Mix is also called the _____.

4P's

Corporate bonds

A form of debt in which the borrowing firm agrees to pay the purchaser of the bond (i.e., the lender) a specified amount of money according to some specified schedule of payments (or a single payment) in the future

Unsecured loan

A loan that is issued and supported only by the borrower's creditworthiness, rather than by any type of collateral

Cash flow forecast

A prediction of the amount of money that is expected to be coming into the company and the amount of money that the company expects to have to pay out

Which of the following types of layouts would be most appropriate for a manufacturing facility producing make-to-order items?

Process layout

Capital budgets

Aid in decisions related to the purchase of long-term assets that usually involve high-dollar expenditures.

Master budgets

Bring all of the information from the other budgets together and serve as a master financial plan for the firm over a given planning horizon.

If a company decides to locate close to one or more competitors, it is using a strategy known as

Clustering

What arm of marketing is promotion?

Communications

Controls

Compare how the firm is performing relative to the budget plan

A business buy is considered to be _____ due to the interactions of the various buying center members.

Complex

Business buyers

Customers who purchase products with the intention of either using that product in the production of another product or reselling it for a profit

What is a true statement that relates to the advantages and disadvantages of raising funds via debt or equity?

Debt will need to be paid back, but equity investments do not need to be repaid

A marketing channel is what kind of channel?

Distribution

Cannibalization

Diverting sales from an existing product

Cash flow budget

Focused on the plan to cover any shortfalls in the cash accounts or identify times of surplus in those accounts

Operating budgets

Focuses on the expected revenue and expenses related to the firm's predicted sales forecasts.

Venture capital

Funds from wealthy investors in exchange for some percentage of ownership in the company

Letters of credit

Guarantees that banks issue on behalf of the customer wherein if the buyer doesn't pay on time, the bank will pay and then collect from the buyer

Which of the following statements best describes what operations management does?

It manages the transformation of inputs into outputs that customers demand

Which of the following are types of variability that can be monitored in a process using control charts?

Non-random variability Random variability

Haley Martin was preparing a budget related to expected purchases of long-term assets (such as manufacturing equipment and warehouse facilities) for her employer. She was most likely working on a ______ budget.

Operating

______ is a technique that allows a business to produce a product to near-completion and delay final completion until the customer specifies the features he wants in the finished product.

Postponement

Outsourcing

Purchasing of business services by institutions or any other business buyer.

If lenders require borrowers to pledge assets as collateral as part of a loan agreement, they are offering a ______ loan.

Secured

Factoring

Selling their accounts receivables to a specialized lender (at a discount) that is then responsible for collecting on those accounts

Short-term vs long term cash flows

Short-term - Cash flows based on expectations within the next 12 months Long-term - Based on expectations of net cash flows for one year or more

Commercial paper

Short-term, unsecured promissory notes that are issued in demonstrations in excess of $100,000

The first effort potential buyers make when considering a purchase is:

To consider what they already know

______ is a quality improvement technique that uses control charts to monitor the variability in processes over a period of time.

Statistical process control

One of the major factors that differentiates service and manufacturing layouts is that ______ is part of the service process but not manufacturing processes.

The customer

Problem recognition stage

The first stage in the Consumer Buying Decision process. Results when a consumer recognizes a substantial difference between what is perceived as the actual product and the product he/she wants to purchase, which directly impacts the decision making of the customer in the buying process.

Working capital

The funds that firms use to meet their day-to-day operational cash flows and needs

Retained earnings

The profits that are owed to the owners of the company, but instead of returning the profits directly to the owners, it is reinvested into the company for projects such as building a new store or expanding warehouse capabilities

Strategic definition

The totality of what an organization delivers to customers

Business buyers purchase products to be used in carrying out their business functions while consumers purchase product for

Themselves

______ is a management system for a customer-focused organization that involves all employees in continual improvement.

Total quality management

A form of debt financing

Venture capital

Trade credit

When a seller allows the purchaser to pay for the product at some point in the near future yet take delivery of the product or service immediately

Which of the following statements best describes how a process layout is designed?

Workstations group similar types of equipment together