BUS 101 Chapters 10-13
Which of the following are principles used by major retail chains in designing their layouts?
- Use U-shapes - Create breaks - Make an arresting first impression
Examples of secured loans:
- Provides a back-up means of payment for lender - Most car loans - Assets pledged as collateral
Which of the following are types of variability that can be monitored in a process using control charts?
- Random variability - Non-random variability
Traditional definition
- Any feature that distinguishes one seller's good or service - Brand name - Band mark or logo - Slogan or tagline
In the context of marketing, buyer behavior includes:
- Buyers purchasing for an organization - Buyers purchasing for their own use
Which of the following are elements of total quality management?
- Designing processes that can produce the products that customers want - Designing the products that customers demand - Developing lasting relationships with suppliers - Providing a culture that values the contributions of employees
Internal search
- Remember the competitors you're already aware of - Think about what you already know
STP
- Segmentation - Targeting - Positioning
Which of the following statements are applicable to debt financing?
- Interest payments are tax deductible - Funds must be repaid, even if the firm is not profitable - Ownership control is not given up
The three sequential steps of the financial planning process are (in order):
1. Forecast 2. Budget 3. Control
The Marketing Mix is also called the _____.
4P's
Corporate bonds
A form of debt in which the borrowing firm agrees to pay the purchaser of the bond (i.e., the lender) a specified amount of money according to some specified schedule of payments (or a single payment) in the future
Unsecured loan
A loan that is issued and supported only by the borrower's creditworthiness, rather than by any type of collateral
Cash flow forecast
A prediction of the amount of money that is expected to be coming into the company and the amount of money that the company expects to have to pay out
Which of the following types of layouts would be most appropriate for a manufacturing facility producing make-to-order items?
Process layout
Capital budgets
Aid in decisions related to the purchase of long-term assets that usually involve high-dollar expenditures.
Master budgets
Bring all of the information from the other budgets together and serve as a master financial plan for the firm over a given planning horizon.
If a company decides to locate close to one or more competitors, it is using a strategy known as
Clustering
What arm of marketing is promotion?
Communications
Controls
Compare how the firm is performing relative to the budget plan
A business buy is considered to be _____ due to the interactions of the various buying center members.
Complex
Business buyers
Customers who purchase products with the intention of either using that product in the production of another product or reselling it for a profit
What is a true statement that relates to the advantages and disadvantages of raising funds via debt or equity?
Debt will need to be paid back, but equity investments do not need to be repaid
A marketing channel is what kind of channel?
Distribution
Cannibalization
Diverting sales from an existing product
Cash flow budget
Focused on the plan to cover any shortfalls in the cash accounts or identify times of surplus in those accounts
Operating budgets
Focuses on the expected revenue and expenses related to the firm's predicted sales forecasts.
Venture capital
Funds from wealthy investors in exchange for some percentage of ownership in the company
Letters of credit
Guarantees that banks issue on behalf of the customer wherein if the buyer doesn't pay on time, the bank will pay and then collect from the buyer
Which of the following statements best describes what operations management does?
It manages the transformation of inputs into outputs that customers demand
Which of the following are types of variability that can be monitored in a process using control charts?
Non-random variability Random variability
Haley Martin was preparing a budget related to expected purchases of long-term assets (such as manufacturing equipment and warehouse facilities) for her employer. She was most likely working on a ______ budget.
Operating
______ is a technique that allows a business to produce a product to near-completion and delay final completion until the customer specifies the features he wants in the finished product.
Postponement
Outsourcing
Purchasing of business services by institutions or any other business buyer.
If lenders require borrowers to pledge assets as collateral as part of a loan agreement, they are offering a ______ loan.
Secured
Factoring
Selling their accounts receivables to a specialized lender (at a discount) that is then responsible for collecting on those accounts
Short-term vs long term cash flows
Short-term - Cash flows based on expectations within the next 12 months Long-term - Based on expectations of net cash flows for one year or more
Commercial paper
Short-term, unsecured promissory notes that are issued in demonstrations in excess of $100,000
The first effort potential buyers make when considering a purchase is:
To consider what they already know
______ is a quality improvement technique that uses control charts to monitor the variability in processes over a period of time.
Statistical process control
One of the major factors that differentiates service and manufacturing layouts is that ______ is part of the service process but not manufacturing processes.
The customer
Problem recognition stage
The first stage in the Consumer Buying Decision process. Results when a consumer recognizes a substantial difference between what is perceived as the actual product and the product he/she wants to purchase, which directly impacts the decision making of the customer in the buying process.
Working capital
The funds that firms use to meet their day-to-day operational cash flows and needs
Retained earnings
The profits that are owed to the owners of the company, but instead of returning the profits directly to the owners, it is reinvested into the company for projects such as building a new store or expanding warehouse capabilities
Strategic definition
The totality of what an organization delivers to customers
Business buyers purchase products to be used in carrying out their business functions while consumers purchase product for
Themselves
______ is a management system for a customer-focused organization that involves all employees in continual improvement.
Total quality management
A form of debt financing
Venture capital
Trade credit
When a seller allows the purchaser to pay for the product at some point in the near future yet take delivery of the product or service immediately
Which of the following statements best describes how a process layout is designed?
Workstations group similar types of equipment together