B&E 201 Hapke Final Exam

Federal Deposit Insurance Corporation (FDIC)

A government agency created to maintain stability and public confidence in the nation's financial system by insuring deposits and overseeing the soundness of banking institutions

Product line

A group of similar products that are related to each other in the way they work or the audience they target

Job description

A list of the objectives and responsibilities for a particular job

M2

A measure of money supply that consists of M1 plus savings accounts and some other types of time-based deposit accounts

Service

An intangible product that we experience or use

Online-only retailing

An online business model where the company was conceived from the outset to sell online

Development and testing

The third phase of the product development process, when you build prototypes or small production runs of the product to test on a small scale

Maturity stage

The third stage of the product life cycle, when sales peak and profits decline as the market becomes saturated and price competition increases

Maintenance factors

According to Two-Factor Theory, job factors such as job security, pay, and working conditions will merely prevent an employee from being dissatisfied.

Human resources management (HRM)

All the activities involved in acquiring, maintaining, and developing an organization's human resources

Promotion

An element of the marketing mix that focuses on providing information to target markets

Business-to-business (B2B) procurement

An online business model where companies move their supply-chain ordering processes online

Fee-based platform

An online business model where companies offer users functionality or connectivity in exchange for a fee

Advertising based

An online business model where content or functionality is offered to users for free and the company sells advertising to generate revenue

Fee-based content

An online business model where sites charge a fee for access to news, research, entertainment, or other types of content

Click-and-mortar retailing

An online business model where traditional brick-and-mortar retailers sell online as well

Social-media marketing

An online marketing tactic that involves interacting with consumers on social networks such as Facebook, Twitter, Pinterest, and Google+

Content marketing

An online marketing tactic that uses blogs, videos, infographics, and other content to attract and engage customers

Search engine optimization (SEO)

An online marketing tactic to improve search engine ranking by optimizing website structure, use of keywords, number of links from other sites, and a variety of other techniques

Self-managed team

A type of team where members have the skills and ability to manage themselves

Development training

A type of training that focuses on developing an employee's professional and personal skills

Job enlargement

(A form of job enrichment) where an employee is given additional but similar tasks to complete

Job rotation

(A form of job enrichment) where an employee is moved between various jobs for specific periods of time

Job redesign

(A form of job enrichment) where employees are assigned entirely new tasks that fit their skill sets and the organization's needs

Public relations (PR)

A broad set of communication activities used to create and maintain favorable relationships between a company and the public

Deflation

A decrease of prices in an economy over time

Premiums

A form of sales promotion that involves giving free gifts with the purchase of a product

Exchange-traded fund (ETF)

A fund that invests in stocks or other securities to track the movement of an index

Capital preservation

An investment goal aimed at avoiding loss of funds

Integrated marketing communications

Coordinating all aspects of the promotion mix to send clear and consistent messages to customers

Operating expense

Ongoing business expenses such as rent, salaries, utilities, and marketing expenses. Also called fixed costs because they don't change in direct relation to sales volume

Many companies utilize predefined market segmentation systems, such as ___________

PRIZM

Classroom teaching

The advantage of classroom teaching is that it can accommodate many trainees at once, while providing them with personal interaction with the trainer. When you want a large number of individuals to get the same message during training, this is an ideal methodology

Apple has elevated marketing to a level other companies envy by optimizing their marketing mix to stay ahead of competitors. Categorize each of the marketing mix examples below. 1. Apple designs unique products that fulfill a customer need. 2. Apple products are available in retail stores around the world and online. 3. Apple products typically cost more than its competitors. 4. Apple offers its products in several colors. 5. Apple creates television advertisements, billboards, and magazine ads.

1. Product 2. Place 3. Price 4. Product 5. Promotion

Most companies approach product development as an on-going process. Their goal is to have several products in different stages of development so that they can provide a steady stream of new products to the market. The company relies upon this steady stream of innovation to keep revenues healthy. McDonald's used this process when it introduced the McCafe items to their menu. Match the activities below to their phase of the product development process. 1. Test specific coffee products and messaging small, targeted groups customers 2. Develop list of possible coffee products. 3. Launch coffee McCafe products in all stores. Launch nationwide advertising campaign. 4. Eliminate products based on cost, feasibility, or initial feedback.

1. Product development and testing 2. Idea generation 3. Commercialization 4. Product analysis

Identify which of the following statements represent a production orientation and which represent a customer orientation. 1. A television company sells the same set year-after-year because they are able to sell everything they make without much advertising. 2. A television company engineers a thinner set because of the trend toward hanging TV's on the wall. 3. A shoe manufacturer creates a specialized model for athletes who CrossFit, because CrossFit has specific needs. 4. A shoe manufacturer focuses on increasing efficiency in order to cut the cost of make each pair of shoes.

1. Production Orientation 2. Customer Orientation 3. Production Orientation 4. Customer Orientation

You are looking for new ways to increase sales of tetracycline, a very effective prescription drug for treating acne. Your company has received permission from the Federal Drug Administration (FDA) to offer a lower dosage version of this drug, renamed Acneless , as an over the counter product. Customers can buy the product at major drugstores without a prescription. Which component of the promotion mix does each marketing tactic below represent? 1. Healthy Living magazine prints an interview with your company's chief researchers about the benefits of Acneless. 2. A 30 second television ad during Super Bowl. 3. A $5 off coupon in newspapers in 115 major markets. 4. Representatives who visit dermatologists asking them to sell the medicine in their offices.

1. Public Relations 2. Advertising 3. Sales Promotion 4. Personal Selling

In early 2014, Sony Corporation announced its exit from the PC (personal computer) market and sold off its VAIO assets to another Japanese firm. There are many reasons Sony made this decision. Categorize the reasons below by selecting the category from the drop-down menu that corresponds to the prompt. 1. Sales of personal computers (PC) are dropping 2. New competitors from developing countries are producing less expensive PCs 3. Difficult to streamline manufacturing processes with so many different items 4. The price of the VAIO was higher than other PCs with more features 5. Sony will focus on high end HDTV and UHTV televisions 6. Customers increasingly prefer tablets to PCs 7. VAIO accounted for the majority of the $1.1 Billion dollars that Sony lost in 2013 because the PC category is declining.

1. Stage of product life cycle 2. Challenges from competitors 3. Simplify product mix 4. Challenges from competitors 5. Simplify product mix 6. Changes in customer preferences 7. Stage of product life cycle

1. Employees spend 8 hours together watching films and going through workbooks about the company's products, manufacturing process, and core values. 2. Each employee is given a username and password to access the company's training modules. The HR manager tracks progress on these modules to ensure that employees complete all of them within the first two weeks of employment. 3. Each employee spends time working on scaled-down version of the manufacturing line in the warehouse next door. This training allows the employees to learn - and even make mistakes - without disrupting actual production. 4. Each employee is teamed with an experienced machine operator who mentors them on all aspects of machine management, scheduling, and maintenance.

1. classroom training 2. online training 3. simulations 4. on-the-job training

Demographics

A dimension of market segmentation that includes measurable characteristics such as age, gender, income, education level, etc.

Agent to wholesaler to retailer channel

A distribution channel similar to two-step distribution, but with the addition of sales agents who help connect buyers and sellers

Two-step distribution channel

A distribution channel where goods are first sold to wholesalers, then to retailers

Consumer direct

A distribution channel where the producer sells directly to the consumer, with no marketing intermediaries

Retail channel

A distribution channel where the producer sells to a retail store, then sells to consumers

Debt-to-equity ratio

A financial ratio that measures leverage by dividing total liabilities by owners' equity

Balance sheet

A financial statement that provides a snapshot of a company's financial position by stating assets, liabilities, and owners' equity

Income statement

A financial statement that provides a summary of how much a company earned over a period of time. The income statement summarizes revenue, expenses, and net income (or loss)

Mutual fund

A fund that pools money from many investors to purchase a variety of different securities and is actively managed by a portfolio manager

Target market

A group of individuals for which a firm develops a specific marketing mix

Job specification

A list of the qualifications required to perform a particular job, including any skills or experience that candidates must have in order to be considered

Reinforcement theory

A means of modifying behavior through the systematic use of punishment and rewards. The four methods of reinforcement are positive, negative, punishment, and extinction

Job enrichment

A method for motivating employees by providing them with increased variety, responsibility, and control over their jobs

Pay-per-click (PPC)

A method of online advertising where advertisers only pay when a consumer clicks on an ad

Quantitative easing (QE)

A monetary policy designed to stimulate the economy by purchasing government and nongovernment securities to increase money supply

Herzberg's Two-Factor Theory

A motivation theory that suggests certain higher-level job factors will satisfy employees, while certain lower-level job factors will merely prevent them from becoming dissatisfied

Expectancy theory

A motivation theory that suggests our motivation depends on how much we want a certain outcome, and our perception of whether we'll accomplish the outcome

Maslow's Hierarchy of Needs

A motivation theory that suggests we seek to fulfill a variety of needs in a particular order, from physiological needs to self-actualization needs

Equity theory

A motivation theorybased on the premise that people are motivated to obtain and preserve equitable treatment for themselves

Financial ratio

A number that shows the relationship between two elements of a company's financial statements. Financial ratios allow for a fair and accurate comparison between current financial results and results from previous periods or industry competitors

Advertising

A paid message communicated to a select audience through a mass medium such as television, radio or online

Prospecting

A part of the personal-selling process where you research potential buyers and choose the most likely customers or prospects

Production orientation

A past era in marketing that placed emphasis on increased output and production efficiency

Good

A physical, tangible product that we can see and touch

Emergency fund

A savings account containing enough money to help you pay for unexpected expenses without going into debt

Index

A select list of securities that generally reflects the performance of a particular type of investment. The most famous index is the Dow Jones Industrial Average, a basket of 30 blue-chip stocks that usually tracks closely with the performance of the overall stock market

Blue-chip stocks

A select number of large-cap stocks of industry leaders that have provided their shareholders with stable earnings over a number of years

Fractional-reserve

A system of banking where a portion of customer deposits are kept in reserve and the remainder is lent out to customers

Management information system (MIS)

A technology system that provides managers and employees with the information they need to perform their jobs as effectively as possible

Virtual team

A type of team where members are geographically dispersed but communicate electronically

Placement (or distribution)

An element of the marketing mix that involves not only transportation and storage, but also the selection of wholesale and retail intermediaries

Inflation

An increase of prices in an economy over time

Speculative investment

An investment where an investor hopes to earn a large profit in a relatively short period of time

Lead generation

An online marketing tactic that often involves creating a webpage whose sole purpose is to incentivize customers to provide their email address or other contact information

Even retailers that sell many similar products are often different from each other in several key ways. Consider the following descriptions and specify which one best describes each retailer by selecting the correct option from the drop down menu. Vons, QFC, and Safeway are traditional grocery stores that can be found in just about every town. These large stores carry a wide selection of foods and household products. They also often carry an assortment of books, magazines, DVDs, and many stores have pharmacies. Prices are very competitive.

Assortment of product categories, large scale, intensive distribution, discount prices

Even retailers that sell many similar products are often different from each other in several key ways. Consider the following descriptions and specify which one best describes each retailer by selecting the correct option from the drop down menu. Need a soda and a lottery ticket? How about batteries for your headphones before heading to the airport? Maybe you need some snacks for your road trip. 7-Eleven stores are in almost every town and near every major highway, in addition, they are small to facilitate purchasing what you need so you can rapidly return to the road.

Assortment of product categories, small scale, intensive distribution, discount prices

On-the-job training

In on-the-job training, the trainee learns by doing the work under the supervision of an experienced employee or peer mentor. This type of training is ideal when teaching new employees the individual nuances of pieces of equipment that they will be operating in their jobs

Money multiplier effect

The effect of a fractional-reserve banking system that allows deposits to expand multiple times. The size of the money multiplier depends on the reserve percentage

Marketing

The entire processor creating relationships with customers by offering goods, services, and experiences that they value

Performance appraisal

The evaluation of how well an employee is performing his or her job

Commercialization

The final phase of the product development process, when you take all you have learned from previous phases and make final improvements to the product, and launch it to the market

Acquisition phase

The first phase of human resources management, which involves recruiting and hiring new personnel

Idea generation

The first phase of the product development process, when you generate as many ideas as possible

Introduction stage

The first stage of the product life cycle, when there are few competitors. Sales and profits are typically low in this stage

Decline stage

The fourth stage of the product life cycle, when sales and profits decline as consumer needs move away from product category. Ability to produce at low cost usually determines which competitors remain in market

Inventory management

The function of physical distribution that involves managing inventories in a way that maximizes profit and cash flow

Warehousing

The function of physical distribution that involves receiving and storing goods, then preparing them for shipment

Transportation

The function of physical distribution that involves the shipment of products through the distribution channel to the customer

Rate of return

The performance of an investment that is measured by taking the dollar amount of your investment gains and dividing it by the original amount invested. Expressed as a percentage

Recruiting

The process of attracting qualified job applicants

Market segmentation

The process of breaking down the overall market into smaller groups of people who share common characteristics and needs

Asset allocation

The process of spreading money across several different types of investments to reduce risk

Accounting

The process of systematically collecting, analyzing, and reporting financial information

Market research

The process of systematically gathering and analyzing data concerning a particular marketing program

Training

The process of teaching new employees how to do their jobs, or teaching existing employees how to do their jobs more effectively or efficiently

Contribution margin

The profit margin on a unit of sale. Calculated as sales revenue minus variable costs

Branding

The relationship between a company and their customers that is built on trust

Maintenance phase

The second phase of human resources management, which involves encouraging employees to remain with the firm and work effectively

Product analysis

The second phase of the product development process, when you screen ideas to select the best one

Growth stage

The second stage of the product life cycle, when sales and profits increase, and competitors take notice and decide to enter the product category

Goal-setting theory

The theory that employees are motivated to achieve specific and moderately challenging goals

Development phase

The third phase of human resources management, which involves improving employees' skills and expanding their capabilities

Market capitalization

The total value of a company as measured by multiplying its share price by the number of shares outstanding

Sales promotion

The use of incentives to encourage purchase of a product

Hoffman LaRoche, the parent company of Pantene hair products, reconfigured their product lines into customized solutions based on hair structure; for example, if you have dull hair, they have a specific line of Pantene hair products to make your hair shinier.. From the list below, select the two primary benefits of grouping product lines like this. a. Creates products targeted at specific consumer needs. b. Simplifies branding. c. Makes it easier for the company to manage their brands by assigning a product manager to each line.

a, b

There are four primary steps in the market research process, including which of the following steps: a. Gather information b. Make marketing decisions c. Estimate cost d. Utilize only primary information

a, b

The smartphone wars are as fierce a competition as consumers have seen in recent years. In September of 2014, Apple added the iPhone 6 to its product line and promptly sold 10 million phones in one weekend. It features a 5.5" display screen, which is a response to Samsung's larger smartphones screens - which have sold extremely well. Other companies, such as Amazon, had also been offering larger screen phones of their own. This scenario best illustrate which three reasons for updating a product mix? a. Changes in customer preferences b. Challenges from competitors c. Simplify product mix d. Stage of product life cycle

a, b, d

One of your favorite programs is a show in which wealthy investors listen to sales pitches from entrepreneurs looking for an investment in their new company. Some entrepreneurs are lucky enough to have all four investors make offers, while most are happy if just one of the investors is interested. You now realize that companies with a fully developed marketing mix garner more interest from investors. What elements of the marketing mix are missing from this entrepreneur's pitch? "We have created a new kind of waffle mix that is gluten free, grain free, dairy free, and high in protein - but it tastes as good or better than the leading waffle mix. We're targeting customers who want delicious options for breakfast, without having to worry about food allergies or empty calories. The best part is that our product will sell for only 20% more than the leading waffle mix, which is highly-processed and grain-based." a. Promotion b. Product c. Place d. Price

a, c

You are the manager of a large, upscale restaurant that has been in operation for many years. Your service team includes food servers, wine experts, and tableside pastry preparers. You have decided to change the format of your restaurant so that all wait staff are able to serve a meal, recommend a wine to accompany the meal, and prepare a dessert tableside. This change in job scope will require two changes in the human relations process. Select the two parts of the process that would be required to change. a. Job description b. Nonmonetary compensation c. Job specification d. Human resources management e. Job analysis

a, c

You are shopping with a friend and see a pair of FRYE boots that you really like. Your friend really likes them too and mentions a famous singer who wears those boots in her latest video. You examine the boots and see they are made in Massachusetts. Still, the cost is pretty high and you aren't sure whether to buy them. You decide to think it over for a few days. Later that evening you are surfing online for boots and see the same pair. You read the reviews and see that 80% are 5 stars - the highest rating. You order the boots immediately and hope they arrive in time for a party you are attending with friends. From the list below, select the items that were a social influence in your purchase decision: a. A famous singer wears the same boots in her video. b. The cost seems reasonable to you. c. 80% of customer reviews were 5 stars - the highest rating. d. You believe it's important to support American made goods. e. Your friend likes the boots.

a, c, e

You are a manager at a large corporation. Your HR manager calls to inform you that a former employee on your team has just sued the company, saying that you violated two laws meant to eliminate workplace discrimination. What two laws is the employee likely referring to? a. Americans with Disabilities Act (1990) b. Fair Labor Standards Act (1938) c. Employment Retirement Income Security Act (1974) d. Civil Rights Act (1991) e. Labor-Management Relations Act (1947)

a, d

Your office supply business has been open for three weeks and you are disappointed in how few sales you've had. The store is located on the perimeter of a new office park that is about 40% occupied. You were hoping that sales would be brisk because the nearest Office Max is at least 10 minutes away. Since you opened, many customers have stopped in to buy supplies, but at that time you did not carry what they needed; however, you have since ordered the supplies these customers want and have them in stock. While your prices are about 25% higher than Office Max, you figured that since your store is much more convenient, customer will pay more. So far this has not been the case. Marketing brings value to customers in four primary ways. In what two ways are you failing to provide that value? a. Right time b. Right place c. Right product d. Right price

a, d

You were recently hired as an Assistant Buyer at the headquarters of Abercrombie & Fitch. You have been assigned to women's wear - a new category for A&F. The Senior Buyer has called for a meeting this afternoon to decide which new ideas from last month's brainstorming session are worthy of further research. Deciding to introduce the women's wear line was the outcome of a previous meeting (before you were hired), so today's meeting represents the product analysis phase of this development process. Which of the following six activities should you expect to do in this meeting? a. Compare pricing of Chico's clothing to estimated costs of new category. b. Create clothing prototypes for testing with focus groups. c. Brainstorm what new market should Abercrombie enter. d. Conduct a focus group of women to gather feedback on proposed wardrobe. e. Research favorite color families for the women's market. f. Calculate profitability of new clothing line. g. Review results of focus groups of women to understand their preferences. h. Eliminate faux fur accessories in the product mix per focus group feedback.

a, d, e, f, g, h

The Bouqs is an online florist that delivers flower arrangement by mail order. You select the arrangements online, then the package of flowers arrive within a few days. If you were the product manager for The Bouqs, what is your highest priority when designing the package that flowers will arrive in? a. Protect the flowers from damage. b. Make package colorful and attractive so that the recipient will want to open it before the flowers die. c. Provide details about the flowers that are inside, including care instructions. d. Make the box easy to break down for recycling.

a. Protect the flowers from damage

Screening candidates is an important step in the recruiting process. What are some possible problems that could arise during this step in the process? a. You find that you have not attracted enough qualified candidates. b. A candidate performs poorly during the interview. c. You find that a candidate has an undisclosed criminal record. d. A candidate does not accept your offer. e. The hiring team can't agree on which five candidates to interview.

a. you find that you have not attracted enough qualified candidates & e. the hiring team can't agree on which five candidates to interview

Your Human Resources Manager has requested that you create an orientation program for new employees on the sales team. You submit a list of managers who should speak at the orientation session. Your HR manager says there is only room on the orientation agenda for three speakers. To ensure the most relevant orientation possible, you choose which three? a. The finance manager who creates annual budgets for the business. b. The manager in charge of the department where the employee will work. c. The HR manager who coordinates benefits. d. The IT professional who configures computer and network access for employees. e. The chief engineer who purchases equipment for the facility.

b, c, d

Marketing strategies are tailored to the phase of a product's life cycle, for example, Frito-Lay competes in the very mature, but still profitable, food chip category. From the list below, select marketing strategies that would be appropriate at this stage. Check all that apply. a. Begin phasing out chip products, shift production to other food snacks. b. Introduce Cheddar Bacon Mac and Cheese flavor. c. Run aggressive ad campaign to appeal to "early adopters". d. Offer $1 off coupons to remain price competitive.

b, d

Not every new item that McDonald's rolls out is an instant success. Periodically during the past 50 years, McDonald's has offered some products that just didn't catch on with customers. One example is McWings, which was rolled out to stores for a short time in 2013 and then disappeared from the menu. The company did not give a reason for discontinuing the product and there were no known supply or production problems associated with McWings, but many observers noted that the cost of the McWings ($2.99 for 3 wings) did not offer the value that McDonald's customers expected.Based on the information above, what two phases of product development did McDonald's likely misjudge? a. Idea generation b. Product analysis c. Commercialization d. Product development and testing

b, d

Your company just completed performance appraisals for the marketing team. The outcomes of the performance appraisals were as follows: 1. It was determined that three out of five team members received excellent scores in terms of teamwork, meeting marketing deadlines, and vendor relations. Two team members received the lowest scores possible for these areas. 2. Salary increases were awarded to the three members who scored well. The two members who scored poorly were put on probation. 3. HR met to discuss whether lack of training or employee development was the cause of poor performance among some members of the marketing team. Based on these outcomes, which objectives of performance appraisal were met? a. Implement training programs b. Make personnel decisions c. Minimize monetary compensation d. Assess HRM practices e. Measure against standards

b, d, e

You are VP of Human Resources for a large software company. Your executive team has asked you to make the compensation plan more competitive by offering better benefits. This will attract candidates that are coming out of top computer science programs. Your HR team brainstorms the following list of ideas. Which of these ideas are improvements to benefits versus other types of compensation. a. Increase profit sharing plan by 5%. b. Raise salary for all starting employees by $10,000 c. Reduce premiums paid for company health plan. d. Increase vacation plan from 3 to 4 weeks per year. e. Allow telecommuting up to 3 days per week. f. Build gym and daycare center on company campus.

c, d, e, and f

You have been hired for a new position. The hiring manager says your total compensation package is $80,000 per year. She also mentions that the cost of your benefit package is consistent with the national average of 30% for full-time employees. As a result, what would the correct value of your salary be per year? a. $104,000 b. $80,000 c. $56,000 d. $50,000

c. $56,000

You are hiring a new account manager in an industry in which account managers are in high demand and short supply, but your company must keep monetary compensation costs under control. You recently intereviewed a great candidate and would like to make an offer. Which of these offers best addresses the needs of your company while still remaining competitive? a. A competitive salary of $75,000 plus a 10% commission on revenue. b. 100% commission on all sales (which would equate to $150,000 using last year's sales results). c. A competitive salary of $75,000 plus 4 weeks paid vacation and flex work arrangement. d. A competitive salary of $75,000 plus a bonus of $30,000 if certain goals are met. e. A competitive salary of $150,000 plus 8 weeks paid vacation and flex work arrangement.

c. A competitive salary of $75,000 plus 4 weeks paid vacation and flex work arrangement

For the past twenty years, you have managed a family business that manufacturers paper cups. The company has been successful because it has designed a lean and efficient manufacturing process. Now it is time to expand your business overseas. You will soon open a facility in India so you can penetrate that market. It is important that you hire the top talent that India has to offer. In order to do your best recruiting, you should choose one of the following: a. Hire domestic employees for the new factory, then relocate them to India. b. Use your marketing team to conduct a social media blitz to disseminate the message that a successful American company is looking for qualified employees. c. Have your HR team work with recruiters in India to identify qualified individuals.

c. Have your HR team work with recruiters in India to identify qualified individuals

Which of the following is an advantage of recruiting candidates internally? a. It makes interviews unnecessary. b. It eliminates the need to fill other positions. c. The knowledge, skills and abilities of the candidate are already known. d. It makes screening unnecessary. e. Internal candidates require lower compensation.

c. The knowledge, skills and abilities of the candidate are already known

If you can find a group of people who share a set of characteristics, you could define them as a ______________ _______________

market segment

Discount rate

The interest rate the Federal Reserve charges for loans to member banks. Used as a means to regulate the money supply

Distribution intensity

The level of market coverage for a product, usually measured by the number of outlets where it is sold. Ranges from intensive distribution, where all available outlets are utilized, to exclusive distribution, where only a few retail outlets are utilized

Breakeven point

The number of units that must be sold for total revenue to equal total costs

Investment horizon

The number of years until you need to use the money that you have invested

Fixed costs

The operating costs of a company, such as rent, salaries, and marketing expenses

Orientation

The process of acquainting new employees with an organization

Your VP of HR has asked you to work solely on all functions related to the development phase of HR. Which of the following activities are now part of your job? Select all that apply. a. Helping managers complete job analysis for new positions in their departments. b. Revising the compensation plan for all employees at the new manufacturing facility. c. Creating an email "suggestion box" so that employees can provide the executive team feedback about the company and ideas for new products. d. All of the above e. None of the above

e. none of the above

Job analysis

A systematic procedure for studying jobs to determine their various elements and requirements

Promotional campaign

A plan for combining the four components of the promotion mix--advertising, personal selling, sales promotion, and public relations--to achieve one more marketing goals

Each phase of the product life cycle is characterized by an industry-wide pattern of revenue and profits for a particular product category.Review the revenue and profit descriptions below, then identify each description with the correct life cycle stage. 1. Sales peak and profits decline 2. Rapidly increasing sales and profits 3. Sales decline, as do profits. 4. Substitutes enter the market Low sales and profits

1. Maturity 2. Growth 3. Decline 4. Introduction

As companies grow and acquire more products, often through mergers and acquisitions, they find that organizing products into product lines has certain benefits; for example, Nike makes many different kinds of shoes. To make this large product mix more manageable, they group shoes into product lines based on sport, key features, or other criteria. From the list below, match the product line grouping with the key benefit it provides. 1. All gear related to training triathletes is grouped into a line. 2. All golf gear overseen is by marketers and product developers specific to that category. 3. Women's golf shoes launched under existing Nike Golf name.

1. Clarity for consumers 2. Better management of product mix 3. Simplifying branding decisions

You are opening a new restaurant and bar downtown. You create a detailed description of your target market profile using the three primary dimensions of market segmentation. Identify each portion of your description by its dimension of segmentation. 1. Between 18-22 2. Enjoy trendy clubs and restaurants 3. Are attending college 4. Live in the downtown area 5. Are socially conscious 6. Watch Big Bang Theory and Girls 7. Don't watch news programs very often

1. Demographic 2. Psychographic 3. Demographic 4. Geographic 5. Psychographic 6. Psychographic 7. Psychographic

You are General Manager for a luxury resort hotel. You have a full slate of staff-related activities to complete this month. For each of the following activities, categorize its phase in HRM 1. Build a new training program to teach the shift supervisors about proper scheduling. 2. Revise the pay scale for the maintenance staff because of the short supply of qualified candidates. 3. Interview candidates for the new Head of Catering position. 4. Post the job description for new pool attendants, since several of your existing attendants are headed back to college for the year. 5. Conduct performance appraisals for all of your senior managers.

1. Development 2. Maintenance 3. Acquisition 4. Acquisition 5. Development

Press release

A publicity tool that is generally a one-page document of about 300-500 words that the organization provides to the media to promote their company or a product

Press conference

A publicity tool where media members are invited by a company to hear news or product announcements

Barter

A system of exchange in which goods or services are traded directly for other goods or services

Current ratio

A financial ratio that measures liquidity by dividing current assets by current liabilities

Return on sales

A financial ration that measures profitability by dividing net income after taxes by revenue

Statement of cash flows

A financial statement that illustrates how the company's operating, investing, and financing activities affect cash over a period of time

M1

A measure of money supply that essentially consists of currency and checking accounts

Innovation

Any product improvement that customers value over existing choices. This includes entirely new products that didn't previously exist and adaptations to existing products

Money

Anything a society uses to purchase products or resources

Even retailers that sell many similar products are often different from each other in several key ways. Consider the following descriptions and specify which one best describes each retailer by selecting the correct option from the drop down menu. Sam's Club has stores primarily in major markets. While they are owned by Walmart, there are far fewer Sam's Clubs than Walmarts. Pricing is low because product is sold in bulk. If you can't use 24 hot dog buns before they go stale, this isn't the store for you. Stores are huge and not only sell groceries, but refrigerators, televisions, and more.

Assortment of product categories, large scale, exclusive distribution, discount prices

Even retailers that sell many similar products are often different from each other in several key ways. Consider the following descriptions and specify which one best describes each retailer by selecting the correct option from the drop down menu. Trader Joe's offers many organic food choices, healthy food prepared on site, a high quality fresh meat market, and extensive wine selections.It has smaller, upscale stores in major U.S. markets, but is not likely to be found in rural areas of the country. It costs more than major grocery stores and primarily sells food-related items.

Limited product categories, small scale, exclusive distribution, premium prices

Secondary research

Market research information that has already been gathered and published by someone outside the company

Primary research

Market research information that is collected by the company using methods such as surveys, focus groups, and customer interviews

Online training

Online training is a flexible option because it can allow individuals to access their training session on an as-needed basis. Quizzes can be used to validate that employees have successfully completed their training modules

Marketing intermediaries

Organizations that help move products from producers to consumers

Personal selling

Personal communication aimed at informing and persuading customers to buy a company's products

Managerial accounting

Provides information for managers inside an organization to make decisions about a company's financing, investing, marketing, and operating activities

Financial accounting

Provides information for people outside an organization through the generation of standardized financial statements

Customer orientation

The current era in marketing where an organization first determines what customers need and then develop products to fill those needs

Cultural (or workplace) diversity

The differences among people in the workforce in terms of ethnicity, gender, religion, age, and physical or learning abilities

Liquidity

The ease of converting an investment to cash. The easier to convert, the more liquid the investment

Simulations

Simulations provide practical, interactive training for individuals without disrupting daily operations

Large-cap stocks

Stocks of companies with a market capitalization (i.e., overall value) of over $10 billion

Open-market operations

The buying and selling of U.S. government securities by the Federal Reserve for the purpose of regulating the money supply

Federal Reserve

The central bank of the United States that is responsible for regulating the banking industry and the money supply

Web analytics

The collection and analysis of data related to a website or other online marketing activities

Product mix

The collection of all a company's products

Marketing mix

The combination of the marketing activities that deliver this value to customers. Typically divided into four elements: product, price placement and promotion

Variable cost

The cost of producing or purchasing product. Increases as the volume of production increases

Cost of goods sold (COGS)

The cost of producing or purchasing products for sale. Varies directly with sales volume or production volume

You are making a list of things that you want to accomplish when conducting a performance appraisal of your assistant. His is the first of many that you will be completing in the next week. From the list below, select the three most important things you should accomplish when conducting his performance appraisal: a. Coach him on how to handle issues that he had difficulty with in the past year. b. Discuss possible criteria against which his performance could be measured. c. Provide him with feedback on how he performed throughout the evaluation period. d. Ask his opinion of others on your staff to assist you in completing other evaluations more accurately. e. Review performance expectations assigned to his position.

a, c, e

"There are a bunch of burger places in our town that my friends and I really like, but I usually go to Burger Country because it's on my way home from work." This purchase is primarily driven by which purchase influence? a. Psychological b. Situational c. Social

b. Situational

Your washing machine no longer gets your clothes clean. Often it leaves soapsuds in your clothes, and the spin cycle hardly removes any water - requiring you to leave clothes in the dryer for twice as long. You walk in the door at your local hardware store and immediately see a sign that says, "Top rated washing machine. $899" You buy it right there. After a few months, you realize this expensive machine doesn't get your clothes as clean as the old machine you had for years. You are dissatisfied with this purchase. What steps in the consumer decision process did you skip? a. Recognize the problem b. Evaluate after the purchase c. Purchase d. Search information e. Evaluate alternatives

d, e

You manufacture an array of watches in fun, bright colors. The watches have a choice of characters on them such as Hello Kitty, Sponge Bob, Po from Kung Fu Panda, and others. The watches are mass-produced and are on the low end of the price scale compared to other watches made for kids and young adults. When selecting your target audience and other elements of the marketing mix, which of the following combinations represents the best marketing strategy? a. Sell to college-educated women ages 24-30 and sell at Nordstrom department stores. b. Sell at Target stores and advertise in Car and Driver Magazine. c. Sell to kids ages 9-15 and sell at Nordstrom department stores. d. Sell to kids ages 9-15 and sell at 7-11 convenience stores. e. Sell at Target stores and advertise on Nick Jr. television channel.

e. Sell at Target stores and advertise on Nick Jr. television channel

Income is

one of the demographic factors marketers consider when defining a target market