Exam 3

Which three characterize the process of standardization?

-faster quality control checks -quicker production times -reduced production costs

By the _____, some businesspeople began to recognize that efficient production and extensive promotion did not guarantee sales and the marketing era was born.

1950s

When does routing take place for operations managers?

After materials have been purchased and their use determined

marketing products to customers who will use the product for resale or in the making of other products

B2B marketing

What is a similarity between manufacturers and service providers?

Both forms of businesses must make design and operating decisions.

What condition must be met in order for an exchange to take place?

Buyers and sellers must be able to communicate about the "something of value" available to each.

Which is a likely result of job enrichment?

Employees will have more control and authority over their job.

In order to implement the marketing concept, which is essential to have?

Good information about consumer desires

Which statement accurately reflects the two strategies used in Skinner's behavior modification theory?

In general, rewarding appropriate behavior is a more effective way to modify behavior than punishing unacceptable behavior.

Services are characterized by which of the following? (Select all that apply)

Intangibility Perishability Customization Inseparability

What is an advantage of job enrichment?

It enhances a worker's feeling of responsibility.

What is an advantage of using a flextime schedule?

It improves the ability to recruit and retain workers who wish to balance work and home life.

Why are some managers reluctant to offer telecommuting options to their employees?

It increases security concerns.

Vince starts his own tutoring business. He wants to write a good mission statement that explains his company's reason for existence. What is one guideline he should follow in writing his mission statement?

It should be clear and concise.

For _____ to be effective, suppliers must be extremely reliable and relatively close to the production facility.

JIT

What inventory method is designed to eliminate inventory waste by using smaller quantities of materials that arrive just prior to needing them for the transformation process?

JIT

A planning system that schedules the precise quantity of materials needed to make the product is the definition of ______.

MRP

What is one difference between manufacturers and service providers?

Manufacturers typically have more control over the amount of variability of the resources they use than do service providers.

Which of the following is true about control over variability of resources between manufacturers and service organizations?

Manufacturers typically have more control over variability of resources than does a service provider.

Which inventory management technique utilizes a master production schedule, a bill of materials, and an inventory status file?

Material-requirements planning

Felicia is the principal of a charter school. She believes that her employees like to work and that under proper conditions, they will seek out responsibility in an attempt to satisfy their social, esteem, and self-actualization needs. What theory of management would Felicia most likely follow?

McGregor's Theory Y

The Coffee Clutch is a small, local company that, in addition to making delicious coffee drinks, offers its customers live music, open microphone nights, free Internet access, and comfortable seating so they can enjoy their coffee with friends or while working. In the case of this company, which statement is most likely true?

The tangible product itself may not be as important as the benefits associated with the product.

Which of the following statements regarding the transformation process is TRUE?

The transformation process occurs in all organizations regardless of what they produce or their objectives.

What is a major difference between the Theory X and Theory Y views of management?

Theory Y takes into account people's needs for companionship, esteem, and personal growth, whereas Theory X does not.

Which of the following describes a manufacturer?

a firm that makes tangible products

A local drug store sent out an advertisement to its customers to let them know that for the month of July, the price for all sunscreen will be sold at 20 percent off the regular price. This is an example of

a promotional discount

What is a social role that a person may have?

a student

According to the market orientation, profits can be obtained through

acquiring new customers.

In the first half of the 20th century, business people who adopted the sales orientation perspective believed the most important marketing activities were personal selling and ______.

advertising

When a company pays a television network to air its commercial, it is using

advertising

Scheduling takes place ______.

after a routing sequence has been determined

For the products launched by companies to succeed, it is important that

all the functional areas of the business are coordinated with marketing decisions.

Martin goes to his favorite local bakery and hands the cashier $2 for a muffin. What has just taken place?

an exchange

Ben is the marketing manager of a large department store that sells a variety of household appliances, including refrigerators, washing machines, and stoves. What might Ben do to help customers finance these large, expensive items?

arrange credit

Pierre is a manager at a women's clothing store. He is very particular about how things are done, right down to how the shirts are folded and the positioning of the mannequins. He uses his authority and economic rewards to get his employees to comply with his directions. What type of manager is Pierre?

autocratic

Why does marketing require creativity and consumer focus?

because environmental forces can change dramatically

Key Builders, an architectural firm, uses an old-fashioned key as a distinctive design that is part of its brand. This key is an example of a

brand mark

The goal of a market orientation is to ______.

build long term customer relationships

The intensity of market coverage depends on

buyer behavior

________ is the full introduction of a complete marketing strategy and the launch of a product.

commercialization

Janie configures a popular brand's computer online with the exact arrangements that fit her needs, from the color to the memory capacity of the computer. At the company's assembly plant, specialized automated systems are employed to guide and control the transformation processes. This is an example of

computer-assisted manufacturing.

A manufacturer of educational toys for children ages 2 to 4 wants to develop a marketing strategy to focus on just this segment. Which market segmentation approach would the firm most likely use?

concentration approach

TopToBottom.com, a leading online retailer, uses the services of Privacy Pals Inc., a small startup that helps companies manage and keep their electronic data safe. This helps TopToBottom.com keep a backup of its proprietary information in case of virus attacks or any sort of damage to property. This is an example of

contingency planning.

Easy Electronics is a manufacturer of calculators. In its manufacturing units, workers positioned along the assembly line add their respective component parts to a calculator as it moves on the assembly line from one worker to the next. Thus, Easy Electronics is a(n) ________ organization.

continuous manufactoring

Effective promotional positioning uses promotion to

create and maintain an image of a product in buyers' minds.

Warehouses hold some products for lengthy periods in order to

create time utility

What would be considered to be a social variable of buying behavior?

culture

The idea behind the marketing concept is that ______ will lead to a business achieving its goals.

customer satisfaction

If a company wanted to make a unique product or provide a specific service to specific individuals, it would use which manufacturing process?

customization

If a product is unique--like a piece of artwork or jewelry--and was made to satisfy a particular customer's needs, it most likely was made using _______.

customization

Making products to meet a particular customer's needs or wants

customization

Standardization, modular design, and _______ are the three types of manufacturing processes used by organizations.

customization

If a company is eliminating certain models of a product and cutting back on expenditures, the product is most likely in the ________ stage of the product life cycle.

decline

Jolene markets kitchen accessories, such as can openers, garlic presses, and apple corers and slicers, by going to people's homes and giving face-to-face sales presentations. This is known as

direct selling

Providing incentives to employees to motivate them toward achieving organizational objectives relates to the management function of

directing

Which activity is most closely associated with warehousing?

distributing

A fashion clothier is contemplating whether to sell its products in brick and mortar stores or to sell them at its online store. What element of the marketing mix does this decision most closely relate?

distribution

Matrix Clothing Inc. decides to launch its premium line of clothing and bags in a country that is experiencing increasing purchasing power and per capita income by its residents. Which environmental force primarily influenced Matrix Clothing Inc.'s decision?

economic

The ______ ________quantity (EOQ) model identifies the optimum number of items to order to minimize costs of managing, ordering, storing, and using those items.

economic order

Grace manages a beach rental kiosk. Her goal is to run this business in such a way that she achieves the desired result, making a profit and providing her customers with the items they need to enjoy their vacation. Thus, her primary managerial concern is

effectiveness

Which of the following is least likely a sustainability-related issue for businesses?

employee benefits

At the heart of all business is the _____, the act of giving up one thing (money, credit, labor, goods) in return for something else (goods, services, or ideas).

exchange

In marketing terms, when you pay the cashier money for the items you purchase at a store, it is an example of a(n) _____.

exchange

High-quality items such as hand-crafted musical instruments, sailboats, and designer high-fashion handbags will most likely use ________ distribution.

exclusive

Javier works as an assistant manager at a home improvement center. He wants to be promoted to the position of manager but feels that it is unlikely to happen. As a result, Javier is not motivated to achieve this goal. Which theory best explains Javier's situation?

expectancy theory

Which term refers to a company deciding where to establish its operations?

facility location

Sean is a marketer at Second Chance Car Company, and he wants to inform the market of the benefits of buying used cars over expensive new cars. He invests his efforts in creating advertisements that emphasize the company's low prices and service guarantee to reach the company's target market and compete with the large car dealerships in the area. This scenario relates most directly to

goal-setting theory

Select from the following the resulting outputs in the transformation process.

goods services ideas

When men's dress shirts are divided and separated by size as well as color and brand name, it can be said that they are being ______.

graded

_____ is the standardizing of products by dividing them into subgroups and displaying and labeling them.

grading

________ refers to standardizing products by dividing them into subgroups and displaying and labeling them so that consumers clearly understand their nature and quality.

grading

During the ________ stage of the product cycle, a firm tries to strengthen its position in the market by emphasizing the product's benefits and identifying market segments that want these benefits.

growth

What service characteristic is best exemplified by the fact that a stylist gives a different haircut to each customer?

high customization

Standardization focuses on producing ______.

identical, interchangeable components or complete products

State governments offer businesses ______ in exchange for the businesses locating operations in their states.

inducements and tax reductions

Dave creates custom guitars. Dave's labor, the wood and metal he uses in his guitars, and the electricity he uses to power the equipment that sands and shapes the wood are referred to as

inputs

In the transformation process, ____________ are the resources---such as labor, money, materials, and energy---that are converted into goods, services, or ideas.

inputs

What takes place in the transformation process?

inputs are converted to outputs

Only a few services can be saved, stored, resold, or returned. An implication of this is that

it can be extremely difficult for service providers to accurately estimate the demand for their services.

Frederic is the inventory-control manager at Iron Works. He usually places an order for steel rods based on the firm's daily requirements rather than procuring a massive quantity of steel rods once a month from the supplier. Which approach to inventory control is Frederic using?

just-in-time inventory management

Service providers are usually more _____-intensive due to the high level of customer contact, perishability of the output (must be consumed immediately), and high degree of variation of inputs and outputs (customization)

labor

Service providers are usually more _____-intensive due to the high level of customer contact, perishability of the output (must be consumed immediately), and high degree of variation of inputs and outputs (customization).

labor

Which product is most likely to be manufactured through the process of modular design?

manufactured homes

The term "_____" implies a firm that makes tangible products.

manufacturer

A ______ orientation requires organizations to gather information about customers in order to build long-term relationships with them.

market

A(n) _____ strategy is a plan of action for developing, pricing, distributing, and promoting products.

marketing

Functions of _____ include buying, selling, transporting, and storing goods for an organization in order to accomplish objectives and generate exchanges.

marketing

The group of activities that includes creating, distributing, pricing, and promoting a good or a service is referred to as ______.

marketing

A group of organizations that moves products from their producer to customers is called a

marketing channel

Tyrone is a manager of a bicycle parts factory. He oversees the process of transforming the raw materials into bicycle parts that are ready to be assembled into bikes. He also plans and designs the factory's operations systems and manages the logistics, quality, and productivity. What type of manager is Tyrone?

operations manager

Deciding what product a firm will produce, what group of customers it will produce it for, how the product will be made, and what facilities are necessary to produce the product are all decisions that fall under the realm of ______.

operations planning

Mitch owns a large moving company. Over the years, the market has changed, and Mitch has had to adapt how he structures his resources and activities to continue to accomplish his business objectives efficiently and effectively. What does this scenario demonstrate?

organizing occurs continuously

The goods, services, and ideas that result from the conversion of inputs are called ___________.

outputs

Private distributor brands are

owned and controlled by a wholesaler or retailer.

When a company sets a low price for a new product to discourage competition from entering the market, it is using the ________ strategy.

penetration pricing

Paul's Custom Homes builds homes and townhomes. Paint is an example of ________ for this house building company.

processed material

Christy sells her handmade jewelry to customers at craft fairs. This is an example of the ________ marketing channel.

producer-to-consumer

________ encourages consumers to make purchases based on emotion rather than rational considerations about the price.

psychological pricing

Lloyd is the manager of the marketing department for a large firm. His department was given 3 new computer systems. Lloyd must determine which of his employees should get the new equipment. By doing so, Lloyd is acting as a

resource allocator.

The Hawthorne studies were important because they

revealed the significance of social and psychological factors on productivity.

_____ is the sequencing of operations through which a product must pass.

routing

After a period of intense demand and production of goods, supply began to exceed demand. Businesspeople realized that they would have to make a concerted effort to sell products and began advertising. This describes the ______ orientation.

sales

During the first half of the 20th century, businesspeople viewed ________ as the primary means of increasing profits.

sales

Michael worked for a textile manufacturer during the first half of the 20th century. When the supply of his company's textiles exceeded customer demand, he realized that he would have to invest more money in advertising his products and go directly to his customers to convince them to purchase his products. Based on this scenario, Michael has most likely adopted the ________ orientation.

sales

Which product is most suitable for selling through a total-market approach?

salt and sugar

The assignment of required tasks to departments or even specific machines, workers, or teams is the definition of ______.

scheduling

The process of dividing the total market into groups whose members have similar characteristics is market _____________

segmentation

To maintain customer satisfaction in selling its luxury cars, Upscale Motors provides salesperson assistance, technical advice, warranties, and repair services. Most of its customers buy these cars after shopping and comparing price, quality, and style. Upscale Motors uses ________ distribution.

selective

Marketers expedite the exchange process by using promotion activities to persuade a customer to purchase a product. This is the essence of which function of marketing?

selling

What do marketers usually view as a persuasive marketing activity accomplished through promotion?

selling

According to Maslow's hierarchy of needs, a person's desire for acceptance by others is a reflection of their ________ needs.

social

Farm Fresh, a supermarket in Oregon, was criticized by the community for its use of plastic bags. In view of the concerns raised by the members of the community, the supermarket's management made the decision to start using biodegradable bags. This decision has been influenced by ________ forces.

social

Micah, Felicity, and Jasmine have developed a common pattern of behavior. They all own large houses, drive fancy cars, and belong to an elite country club. Micah, Felicity, and Jasmine most likely belong to the same

social class

A more specific group of consumers on whose needs and wants a company focuses its marketing efforts is referred to as a(n) ________ market.

target

A group of high school soccer girls with the need, desire, ability, and authority to purchase soccer gear can be referred to as a ______.

target market

Aiden's music store developed a smartphone application to improve its distribution, promotion, and new-product development. In this scenario, Aiden's store is using ________ forces.

technological

Which example is best described as production?

the process involved in manufacturing fire hydrants

Due in part to the Industrial Revolution and the demand for manufactured goods, this orientation was prominent in the second half of the 19th century.

the production orientation

Which factor is a social force that influences the marketing environment?

the public's opinions about the environment

Diego works for a large sporting goods company. His department is charged with turning an idea to create a new movable basketball net into a workable design that can be economically produced. What department does Diego most likely work in?

the research and development department

Preston decides to buy a new car. He does a lot of research online and goes to several car dealerships to test drive cars. He finally decides on a car to purchase, but, in order to buy it, Preston must take out a loan. He also must get the car inspected and registered before he can start driving it. In this scenario, which is a nonmonetary cost associated with Preston's car purchase?

the time taken to test drive various car models

Larry has a farm where he grows fresh vegetables and fruit. The process he uses to move the produce to the local farmer's market where he will sell them to customers is the marketing activity known as

transporting

The process of moving strawberries, blackberries, and raspberries from Portland Fresh and Ready Farms to the farmer's market where customers will purchase them, is a marketing activity called ______.

transporting

_____ is the process of moving products from a seller to a buyer.

transporting

True or false: A marketer must understand the needs of the buyer in order to determine what products to make available.

true

True or false: Time utility has to do with selling an item or service in a timely manner and relates to the storing function of marketing.

true

True or false: Transformation processes occur in all organizations, regardless of what the organization produces.

true

United Mechanics sells nuts, bolts, and other fittings to companies that manufacture lawn mowers and tractors that are ultimately sold to consumers. This is an example of ______ marketing.

B2B

marketing products directly to the end consumer

B2C marketing

Which statement is true of the marketing environment?

A marketing manager can influence some environmental variables.

Which statement is true of employee empowerment?

Employee empowerment does not mean that managers are not needed.

Marketing focuses on a complex set of activities that must be performed to accomplish objectives and generate exchanges. These activities include ______. (select all that apply)

Selling Researching Risk taking

Juanita manages a large boarding stable that employs several people who clean stalls, feed the horses, teach riding lessons, and do training rides on boarders' horses. According to Herzberg's theory, what can Juanita do to motivate her employees to work harder, in terms of content of the work itself?

She can involve them in the stable's processes and decisions.

Tahlia manages a grocery store, which employs several baggers, cashiers, floor managers, and stockroom workers. According to Herzberg's theory, what can Tahlia do to ensure that her employees are satisfied with their work setting?

She can provide adequate wages.

Taryn, Kate, and Jillian all work at a department store in the mall. They have been working there for the same amount of time, and they all have similar educational and employment backgrounds. Jillian has just discovered that Taryn and Kate both make more money than her. What is an unethical or illegal behavior Jillian may exhibit to equalize the situation?

She may equalize the situation by stealing items from the store.

Joey's jewelry business has grown from a small startup in his basement to a chain of outlets all over the state. His business has the potential to expand further, provided he has the resources. To attract investors and other resources, he creates a mission statement for his company. He highlights that his gems come from countries with fair labor practices. Which basic question of a well-developed mission statement is he addressing?

What are our responsibilities with respect to being a good steward of environmental, financial, and human resources?

________ refers to the decision processes and actions of people who purchase and use products.

buying behavior

Julie just invested in a new, high-quality elevator for her apartment construction project. She chose an elevator that could carry a maximum load of 1,400 pounds per trip. This measurement refers to the elevator's ______.

capacity

Tahir manages a movie theater with 5 viewing rooms. At any particular time, the theater can effectively serve up to 625 customers. This describes the theater's

capacity

A manufacturer is typically more _____-intensive because of the machinery and technology used in mass production of highly similar goods.

capital

What step in the personal selling process is associated with asking a prospect to buy a product?

closing

A company using the Program Evaluation and Review Technique (PERT), identifies all the activities required to complete a task. In addition, it identifies the path that requires the longest time from start to finish. This is referred to as the _______ path

critical

A , is anyone who shops for products and decides whether and what to buy.

customer

What type of cost includes anything a buyer must give up to obtain the benefits a product provides?

customer costs

The goal of JIT is to ______.

deliver the minimum amount of inventory at the proper time for the transformation process

A golf club manufacturer has separate product lines for male and female golfers. It manufactures several types of golf clubs geared to each segment. Which basis of market segmentation is this company using?

demographic

Which product is most likely to be manufactured through the process of customization?

designer jewelry

The market orientation approach emphasizes

determining what customers want first and then producing it.

A marketing strategy has two major components: selecting a target market, and ______.

developing an appropriate marketing mix

Fabulous Fixtures manufactures custom lighting for its clients. Along with finished pieces, the company's warehouse houses tools, electrical components, glass and metal housings, and a wide array of decorative materials. All of these items are part of Fabulous Fixtures' ______.

inventory

Joleen works in a warehouse. Among her duties, she must keep track of how many supplies and goods are on hand in the warehouse as well as a listing of where each item is located and who is responsible for each item. Joleen is responsible for ______.

inventory control

The process of determining how many supplies and goods are needed and keeping track of quantities on hand, where each item is, and who is responsible for it is referred to as _______.

inventory control

Pete's Popcorn tries to make its popcorn available at all locations where a consumer might desire to purchase it, including grocery stores, gas stations, office vending machines, and transportation hubs. Thus, Pete's Popcorn is distributing its popcorn

intensively

Kelli's kitchen appliance company is reorganizing for greater efficiency. How would this company most likely organize the work?

into teams

Ear Check Inc. develops a new ear examination kit that allows customers to check their children for ear infections at home, rather than go to the doctor. Currently, this product is experiencing negative profits, and the company is spending a great deal of money on advertising to make consumers aware of the product. As a result, this product is most likely in the ________ stage of the product life cycle.

introductory

All raw materials, components, completed or partially completed products, and pieces of equipment a firm uses is the definition of ______

inventory

A is a group of people who have a need, purchasing power, and the desire and authority to spend money on goods, services, and ideas.

market

Which orientation is best described as first determining what customers want and then produce it, rather than making the products first and then trying to persuade customers that they need them.

market orientation

A group of activities designed to expedite transactions by creating, distributing, pricing, and promoting goods, services, and ideas is referred to as

marketing

Political, legal, regulatory, social, competitive, economic, and technological forces comprise the

marketing environment.

Tiana has a job as a lab technician. She makes a good annual salary and her job is secure. Which of Maslow's needs would these hygiene factors help Tiana satisfy?

physiological and security

According to Maslow, which need do people strive to satisfy first?

physiological needs

Kishan is a top-level manager at an accounting firm. He has many years of varied experience and he spends most of his time making strategic decisions about how to use the company's resources. On which management function does he spend most of his time?

planning

A difference between advertising and publicity is that advertising

provides specific information to persuade a person to act, while publicity seldom calls for action.

What is an element of the promotion mix?

publicity

Trying to obtain quality items in the right quantities at the lowest possible cost is the aim of ______.

purchasing

Which of the following is not a typical marketing task of an organization?

purchasing

Which term describes the act of buying of all materials needed by the organization?

purchasing

Personal selling to marketing channel members indicates a ________ strategy.

push

When a ________ strategy is used, a company attempts to motivate wholesalers and retailers to make the product available to their customers.

push

When Close Shave, a company producing razors and shaving accessories, asks supermarkets to give its new razors shelf space and special displays, it is using a

push strategy

A product's ________ reflects the degree to which a good, service, or idea meets the demands and requirements of customers.

quality

The groups with whom buyers identify and whose values or attitudes they adopt are referred to as

reference groups.

Furry Paws, a local pet store, places its own brand of dog food next to the more established brands. Doing so makes it obvious that Furry Paw's dog food is less expensive than the other brands, thus making it look like a better deal to customers. This is an example of

reference pricing

The approach that suggests that imagination, ingenuity, and creativity can help solve organizational problems, but most organizations do not make adequate use of these characteristics in their employees is

theory Y

Soumya manages a small diner. She notices some of her employees stealing fries and other food off patron's plates before bringing the food out to the tables. When she sees employees doing this, she punishes them by taking a portion of their tips and distributing that money to the employees who don't steal food from plates. What is an undesirable long-term side effect that may result from such punishments?

there may be increased turnover

What is important for marketers to know regarding a product's progression through the product life cycle?

Some products that have moved to the maturity stage or to the decline stage can still rebound through redesign or new uses for the product.

Materials handling, transportation, and warehousing are all examples of activities of

physical distribution

Which of the following characteristics are essential for a JIT system to function properly? (Select three answers)

-An almost continuous flow of items from suppliers must be managed. -Suppliers must be extremely reliable. -Suppliers must be located relatively near the production facility.

Sustainability issues include ______. (select all that apply)

-urban sprawl -climate change -pollution of land and air

_____ is an inventory approach that identifies the optimum number of items to be ordered to minimize the costs of managing them.

EOQ

Glowing Scents Candle Company has employed a quantity discount. Which statement describes how Glowing Scents might do this?

Glowing Scents offers customers one free candle for every three candles they buy.

The managers of a meat packing plant believe that the average person dislikes work and will avoid it when possible. As a result, they focus on coercing, controlling, directing, and threatening their workers with punishment to get them to work toward achieving the company's objectives. One method they initiated was an employee ranking system that ranked 50 percent of employees as below expectations. This company has adopted

McGregor's Theory X perspective.

Which is an example of how a person's social role can influence his or her buying behavior?

Monica has five children, so she bought a station wagon.

Samantha and Geri both work as receptionists at a medical office. Samantha works from 8:00 a.m. to 12:30 p.m., so she can be home when her daughter gets home from school. Geri works from 12:30 p.m. to 5:00 p.m., so she can attend graduate school classes in the morning. How does this arrangement benefit the company?

The company has the skills of two people for one job.

Victoria is a marketing manager. A large part of her role is trying to assess what customers want and building long-term relationships with customers. What would likely complicate Victoria's job?

Trends, fashions, and tastes can change quickly.

A market is defined as ______.

a group of people who have a need, purchasing power, and the desire and authority to spend money on goods, services, and ideas

A state or municipality may offer an established corporation a tax incentive to move to the area in anticipation that the lost tax revenue will be offset by ______.

an increase in job growth

Johanna manages a custom cabinet business. She partners with several house construction companies, and when they build new homes for customers, they refer customers to her for their cabinet needs. For each house, she creates kitchen and bathroom cabinets to the customer's specifications and thus she produces relatively few units of each product. What type of organization does this describe?

an intermittent organization

Special Moments Inc. markets its themed wedding favors, table numbers, and decor via its catalog and website. This is an example of

direct marketing

Since many services require the customer's presence and participation, they are usually distributed through

direct marketing channels

An employee who is emotionally involved and committed to his or her work is said to be

engaged

True or false: In a manufacturing process, capacity is always measured in outputs, never in inputs.

false

True or false: Quality of life is never a reason for a facility location decision.

false

When a manager makes sure there is adequate funding to pay for essential activities, he or she is managing ________ resources.

financial

Roger and his team members are primarily responsible for procuring the funds needed for the successful operation of the organization and investing that money to pursue organizational goals. Thus, Roger is a

financial manager

For which function of marketing does this statement describe: For many products, especially large items such as automobiles, refrigerators, and new homes, the marketer arranges credit to expedite the purchase.

financing

Westwood Furniture Store realizes that many of its customers buy several pieces of furniture at one time and may not have immediate cash to pay for the purchase. Therefore, Westwood offers credit services where customers can pay for their purchase over time. To entice customers to shop Westwood also offers "no money down" and "no interest" options. This relates to the ______ function of marketing.

financing

In the context of the marketing concept, which is the first step that a business must take?

find out what the customer wants

Oliver is a manager at a clothing store. He spends most of his time in the store with his employees, making sure they work their scheduled hours, watching them interact with customers, and ensuring all the daily tasks are completed sufficiently. Oliver is a

first-line manager

In ________, computers can direct machinery to adapt to different versions of similar operations.

flexible manufactoring

A work program that allows employees to choose their starting and ending times, as long as they are at work during a specified core period is called

flextime

What strategy benefits both companies and employees since it increases a company's ability to recruit and retain workers and allows employees to balance work and home life by allowing them to choose their starting and ending times, as long as they are there during a specified core period?

flextime

A business is least likely to survive when it

focuses only on customer satisfaction and not on its own objectives such as boosting productivity.

The ________ style of leadership can be a powerful motivator because it demonstrates a great deal of trust and confidence in an employee and allows employees to meet their work demands with little or no interference.

free-rein

A beverage manufacturing company has placed its products strategically in areas where the population density is high. This is an example of ________ segmentation.

geographic

An automobile company manufactures different cars for different market segments. It markets its SUVs for customers who live in the mountains, sedans for customers in the coastal plains, and smaller hatchback cars for those in big cities. In this scenario, the company is primarily using ________ variables of market segmentation.

geographic

The process of coordinating the promotion mix elements and synchronizing promotion as a unified effort is known as

integrated marketing communications.

________ distribution makes a product available in as many outlets as possible.

intensive

________ is the most flexible of the promotional methods.

personal selling

Lawn Innovation is a company that designs and manufactures lawn equipment. The company wants to create a new multipurpose tool that can perform three lawn tasks: trim brushes, edge lawns, and cut branches. Before making such a product, the company should use ________ to determine whether customers would buy this product and how much they would pay for it.

marketing research

A ________ is a plan of action for developing, pricing, distributing, and promoting products that meet the needs of specific customers.

marketing strategy

Select from the following the items that are considered inputs to the transformation process.

materials energy labor

Sven manages the computer department at his company. He helps the organization implement its general guidelines by managing the specific operations related to his department. Sven is a

middle manager

A product ________ is all the products offered by an organization.

mix

A & M Manufactured Home Styles, Inc. builds prefabricated modules that can be combined to build homes quickly and efficiently. In this way, A & M is using a(n) _____ design production process that allows the company to build a home for approximately 25 percent less than the cost of a traditional home.

modular

Making an item in self-contained units that can be combined or interchanged to create different products

modular

Lilly Ann went to the pet store with her mother to buy a gerbil. After choosing her gerbil, she and her mother went to look at cages and found that one of the brands makes several self-contained cage pieces that can be combined or interchanged by snapping them together. Lilly Ann chose a sleep component with a built-in hut, a play component with a built-in wheel, a food component with a built-in food dish and water bottle, and several tubes to connect all the components together. This type of cage is an example of

modular design

Producing different components that can later be installed into a wide array of configurations is a description of _____ production.

modular design

When a UPS store targets consumers for shipping products around the holidays, but targets businesses for everyday shipping needs, it is using a(n) ______ approach.

multisegment

In ________ marketing, all marketing efforts focus on one small, well-defined market segment that has a unique, specific set of needs.

niche

The principal difference between objectives and goals is that

objectives are measurable, while goals need not be measurable.

Jon is a salesman for a security company and has been working in his field for over 20 years. Recently, he noticed that his sales haven't been as high as the sales of some of his younger co-workers. He recognizes the need to increase his sales. What is something he might do to satisfy this need and achieve success?

obtain additional training to improve his sales skills

Although planning was once the sole realm of the _____ department, today's successful companies involve all departments within an organization, particularly marketing and research and development, in these decisions.

operations

A manufacturing business must take resources and transform them into goods and services. The development and administration of the activities involved in this process is referred to as ______.

operations management

A specialized area of management that oversees the process of transforming resources into goods and services is called ______.

operations management

Which promotion mix variable is best for promoting large, expensive products with specialized uses, such as houses and cars?

personal selling

Which management function is crucial because it lays the foundation for all other management functions?

planning

If a foreign trade policy of a country states that multinational companies can enter its market only by merging with a local business partner, this would represent which environmental force?

political

What would be considered as regulatory forces in a marketing environment?

political actions of interest groups

If a company's goal is to develop an image of having high-quality luxury products, it should employ a(n)

prestige pricing strategy

It took Time Out Video years to develop its new videogame, establish channels through which to distribute this game, and design and implement its advertising campaign for the game. However, the game's price can be set or changed in a few minutes. This reflects the fact that

price is the most flexible variable in the marketing mix.

An apparel company has a weaving department, a dyeing department, and a stitching department. Thus, it is using a ________ layout to organize its transformation process.

process

3D White Wild Mint toothpaste, 3D White Brilliance toothpaste, and 3D White Whitening Therapy Enamel Care toothpaste are all products in Crest's

product line

New technologies such as electricity and railroads allowed the ______ orientation to flourish by allowing goods to be manufactured with increased efficiency.

production

Bradley is a manager at a company that has made the difficult decision to downsize. After his company eliminated 50 employees, what must Bradley do to effectively manage his remaining employees and help them through the situation?

promote optimism and positive thinking

Millennial Phones wants to target college students and young professionals. The company has therefore decided to advertise its cell phones over social networking and other popular websites. Relative to television advertising, this strategy will help Millennial Phones save costs and thus allow the firm to sell its phones at more competitive prices. Millennial Phones' decision to advertise through different media than the ones adopted by other firms illustrates the ________ activities of the marketing mix.

promotion

Slim Spirits targets its reduced calorie alcoholic beverages toward those who want to drink alcohol without consuming too many calories. This best exemplifies

promotional positioning

Sarah has produced 1,000 jars of raspberry jam, using the homegrown raspberries from her field. By concentrating her efforts on advertising and publicity, she is trying to encourage people to notice and buy her product. Through her promotional activities, Sarah is primarily engaging in the marketing function of

selling

Each customer calling Fidelity Investments is likely to require different services due to differing needs, whereas many of the tasks required to manufacture a Ford Focus are the same across each unit of output. Consequently, the products of _____ tend to create more "customized" products or services for clients or customers.

service organizations

The uniformity of output (or the final product) is more difficult for ______.

service providers

Wes is a manager at a large investment banking firm. The firm is expanding, and he is tasked with hiring more people to carry out the organization's increased workload. Wes must also determine what to pay the new hires and develop a plan to train them. Wes is engaged in

staffing

Making identical, interchangeable components or products

standardization

The manufacturing process that makes identical interchangeable components or products is called ______.

standardization

Potato Hut, a popular fast-food chain, is famous for its fries and hash browns. It is one of the few fast-food chains to exclusively use the potatoes from its own farms. However, its potatoes can be harvested for only three months of the year. Which marketing function can Potato Hut employ to achieve time utility and satisfy year-round demand for its exclusive fries and hash browns?

storing

Which marketing function takes on significant importance when dealing with seasonal fruits and vegetables that offer a short shelf life and selling opportunity?

storing

The Electronics Warehouse wants to make sure its products are always available to customers. Since the company sells many electronic products, including computers, televisions, printers, and gaming equipment, it will need many diverse ________ to maximize efficiencies and provide creative solutions to help the company reduce expenses and reach its objectives.

suppliers

In a survey of business managers, a disruption in the ________ was viewed as the number-one crisis that could decrease revenue.

supply chain

The ________________ integrates firms such as raw material suppliers, manufacturers, retailers to serve customers and generate a competitive advantage.

supply chain

A major function of operations is _____, which refers to connecting and integrating all parties or members of the distribution system in order to satisfy customers.

supply chain management

Daniel is a first-line manager at a heating and cooling company. Because Daniel has worked in the field for over 20 years, he is able to train employees, answer questions, provide guidance, and solve problems. These abilities most closely describe his

technical expertise

Which product is most likely to be manufactured through the process of standardization?

television sets

Which trait would be part of a person's human relations skills?

the ability to understand the needs of others

Which factor is least likely to be a competitive or economic force in the marketing environment?

the laws related to employment in a country

The birth of the study of human relations within business organizations can be traced to

time and motion studies by Frederick W. Taylor and Frank and Lillian Gilbreth.

What is a reason a company would want its own warehouse?

to provide customers with more control over their goods

In an organization, decisions regarding adding new products, acquiring companies, and moving into foreign markets would most typically be made by

top management

If you open a pizza restaurant and assume that all potential customers have similar needs and wants, you are using a _______ ________ approach to define your target market.

total market

In defining its target market, sellers of salt, sugar, and flour most likely use a _____.

total-market approach

Precision Prescriptions manufactures and sells a variety of drugs for a large market consisting of people of different genders, ages, educational backgrounds, lifestyles, geographic locations, and income levels. It assumes that all buyers have similar medical needs and wants. In this scenario, Precision Prescriptions is most likely demonstrating a ________ to marketing.

total-market approach

At the heart of operations management is the _____ process through which resources such as labor, money, materials, and energy are converted into goods, services, and ideas

transformation

Production and operations managers are concerned with

transforming resources into goods and services.

The _____ is typically more challenging for service organizations since the human element is inherent and each service tends to be performed differently.

uniformity of outputs

A customer's subjective assessment of benefits relative to costs in determining the worth of a product is known as

value

A customer's subjective assessment of what they receive relative to costs in determining the worth of an item is referred to as ______.

value

Customer benefits subtracted by customer costs = customer _____.

value

Marshall Entertainment buys televisions from a manufacturer and then sells them to department stores. Marshall Entertainment is most likely a

wholesaler

In the United States ______ are the largest market segment.

women