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.