Business Exam Final
Mobile devices make up _____ of all local search traffic.
26%
Which of the following union organizations represents public-school educators?
NEA
Home Depot sells goods at its stores and on its website, where customers can choose to have the goods delivered to the store for pickup or directly to their homes. Which of the following best describes this business model?
Click-and-mortar retailing
Which of the following best describes multichannel marketing?
Combining traditional offline marketing tactics with online marketing tactics
In which online business model does a company charge a fee for access to news, research, entertainment, or other types of content?
Fee-based content
Jane.com is a boutique marketplace that brings together individual sellers or small businesses to sell women and children 's clothing and home decor online. This is an example of which business model?
Fee-based platform
Tutor.com is an online tutoring service that provides 24/7 access to tutors in over 40 subjects in its online classroom. Students can choose a variety of plans, beginning at $39.99 per month. What type of online business model does this represent?
Fee-based platform
In which type of MIS would you expect to see data on recruiting and applicant management, attendance, succession planning, benefits administration, and tracking of employee training?
Human Resources MIS
A union urges consumers to stop buying goods from a local retailer because of its anti-union stance. This is an example of:
a boycott.
A technology system that provides managers and employees with the information they need to perform their jobs as effectively as possible is known as:
a management information system (MIS).
The process of systematically collecting, analyzing, and reporting financial information is called:
accounting
A cut-flower exporter in Holland needs to ship its fresh cut flowers to florist shops in the United States as fast as possible. Which type of transportation would be most appropriate for this exporter?
airlines
After negotiations between the union and the company break down, they agree to bring in a neutral third party who will conduct a formal hearing and decide on a solution. This third party is known as a(n):
arbitrator
An airplane that FedEx owns and uses to deliver packages is a(n) _____ of FedEx.
asset
Resources that a firm owns are called:
assets
Because they were involved in a labor dispute with the company, employees refused to buy its products and encouraged their friends, families and members of the public to do the same. This action is called a:
boycott
The most liquid asset is:
cash
The addition of smartphones and apps in recent years has given advertisers more options on using the most effective medium for their product and message. This is an example of which advantage to using advertising as a promotional tool?
choice
Microsoft's OneDrive offers users a simple way to store, sync, and share all kinds of files with other people and devices on the web. This is an example of:
cloud computing.
A hair products manufacturer asked professional hair stylists to upload a photo of their best look using the company's products, and the winner got an all-expenses-paid trip to Orlando. What type of sales promotion is this?
contest
The marketing manager for a plumbing supply wholesaler sorts information in the database on the purchase history for each customer in order to determine which parts they purchase most frequently. What function of the management information system (MIS) does this illustrate?
Process data
While watching television late one evening, you see an advertisement for a microwave pasta cooker. You're interested but are sure it is going to be too expensive, and you wouldn't pay over $20 for it. To your surprise, the pasta cooker is being offered for the low price of $19.99! This is an example of what type of pricing strategy?
Psychological pricing
Which of the following is not a disadvantage of newspaper advertising?
Local market coverage
Which of the following would be forms of external data collected by a management information system (MIS)?
Market research reports
Target interacts with consumers by uploading a pin on Pinterest that shares how to choose jeans that will elongate your legs. This is an example of which online marketing tactic?
SEO
Flip phones would likely be characterized as being in which stage of the product life cycle?
decline
Which of the following is not considered a function of a management information system (MIS)?
encryption of files
During the ________ stage of the product life cycle, sales and profits increase rapidly.
growth
Products that are designed to be similar to and compete with existing products of other firms are called:
imitations
The first stage of the product life cycle is the _____ stage.
introduction
One of the long-standing, major reasons for employees considering joining a union is:
job security
A written agreement setting forth issues between labor and management is called a:
labor contract
Although advertising _________ provides real-time, measurable feedback, there is some uncertainty about how to evaluate the return on investment.
online
_____ is defined as time worked in excess of 40 hours in one week.
overtime
All of the activities involved in developing and providing a container for a product are called:
packaging
BMW advertises using television advertisements, direct mail, and billboards. BMW is able to deliver value through which marketing mix element?
packaging
The most expensive but most adaptable method of the promotion mix is:
personal selling
Which element of the marketing mix involves transportation, storage, and the selection of intermediaries?
placement
Everything that one receives in an exchange, including all tangible and intangible attributes and expected benefits, is called a:
product
Which is the first step in the personal-selling process?
prospecting
Frito Lay holds a contest for customers to submit ideas for new flavors of Lays potato chips. Which phase of product development does this represent?
prototyping
Although _________ has a short lead team and is relatively inexpensive, the intended audience's attention is limited.
radio
A retailer increases its hours of operation so that customers can shop for goods when it is convenient for them. What value does this represent?
right time
Shimano, which produces high-end performance fishing reels, can advertise in Field & Stream and American Angler magazines and feel confident that they are reaching the likely consumers of their product. This is an example of which advantage to using advertising as a promotional tool?
scale
Whirlpool Appliances would most likely use _____ distribution to sell washers, dryers, refrigerators, and other major appliances to consumers.
selective
All of the following are components of the promotion mix except:
social media
An online marketing tactic that involves interacting with consumers on social networks such as Facebook, Twitter, and Google+ is referred to as:
social media marketing.
To increase its bargaining power and add force to its demands, a union may engage in a temporary work stoppage or:
strike
Which report is not a financial statement?
tax return
The first Blu-ray player released by Samsung in 2006 cost $1000. Samsung, the only producer of Blu-ray players at the time, was able to set the price high because:
the Blu-ray was in the beginning stages of the product life cycle.
When a product experiences growth in sales revenue and profits, reaches a peak, and then declines, it goes through what is called:
the product life cycle.
This step in the collective-bargaining process involves proposals and counterproposals.
voting
Mullin, Inc., purchases supplies such as paper towels, soap, toilet paper, and toilet seat covers directly from manufacturers and then sells them to other firms. Mullin, Inc., is a(n):
wholesaler
Suppose Chiquita's liabilities total $448,000 and its owner's equity totals $1,542,000. What do Chiquita's assets total?
$1,094,000
If the assets for your small business are $22,349 and your liabilities are $6,825, what is the owner's equity?
$15,524
Advertising on social media is ideal for small companies and start-ups that do not have a large budget. This is an example of which advantage to using advertising as a promotional tool?
Accessibility
Pandora is a free online music streaming and music recommendation service. Pandora utilizes which business model?
Advertising based
Suppose you have been making your own soaps and lotions and selling them to friends and family. You would really like to expand your company and be able to sell your items in retail stores across the United States. Which is likely the best distribution channel for you to pursue?
Agent to wholesaler to retail channel
The merger of the _______ and the _______ in 1955 resulted in a labor organization of as many as 16 million members, making it the largest labor organization of its kind in the world.
American Federation of Labor; Congress of Industrial Organizations
What is the correct order for the balance sheet?
Assets, liabilities, owners' equity
During this stage of the unionization process, employees are asked to sign to indicate their support for the union.
Authorization cards
On the statement of cash flows, how would the payment of cash dividends to company shareholders be characterized?
Cash flows from financing activities
You can shop for Gap clothes at any of their thousands of company-owned and franchise stores or online at Gap.com. Which business model does this illustrate?
Click-and-mortar retailing
Apple products are sold in Apple's retail stores and in other retail stores such as Best Buy and Target. Which types of distribution channels to Apple use?
Consumer direct and retail distribution
Method cleaning products hosts a Soap Dish blog where they provide tips and tricks for cooking, cleaning, and eco-friendly living. What online marketing tactic does this illustrate?
Content marketing
Simon is glad he is part of a union. His cousin Ethan was recently complaining about his manufacturing job. Ethan said he had been written up three times for reporting to work late, but several of his coworkers show up later than he does and haven't been disciplined. A union at Ethan's company would help in which area?
Defined grievance procedures
Which of the following suggests a customer orientation?
Developing products that fulfill customers' needs
The manufacturer of hair care products bundles a sample-sized bottle of its new hair conditioner with bottles of its popular shampoo. Which promotional objective does this best reflect?
Encourage trial of a product
Enterprise Rent-A-Car is a proud partner of the NCAA and "its mission to support and help student-athletes succeed both on and off the field." This is an example of which public relations tool?
Event sponsorship
Which of the following is not an online marketing tactic?
Fee-based content
Generally accepted accounting principles are defined by the:
Financial Accounting Standards Board.
A few days after you purchased an in-home entertainment system, you receive a call from the installer, asking if you have any questions and if the system is working as expected. Which step in the personal-selling process does this represent?
Follow-up
The telemarketer explains that she is calling as a representative for the local animal shelter and that they are seeking donations. "Can I go ahead and put you down for a $25 donation?" she asks. Which step of the personal-selling process does this represent?
Follow-up
Wondering why only 9% of primary users of their product were female, Lego set out to study girls ' playing habits. They conducted extensive surveys and spent hours observing how girls played. This is an example of what step in the market research process?
Gathering information
Coca-Cola crowdsourced ideas on its Facebook page, asking consumers to suggest an invention, cause, or social app that could "spread happiness." This is an example of which goal for using online tools to interact with company stakeholders?
Gathering product and marketing insight
Which financial statement would indicate whether a company has made a profit or loss during the reporting period?
Income statement
Betsy works as a housekeeper for a large hotel chain. She would like the housekeepers to form a union because she heard that a Hyatt hotel in Boston recently replaced their entire housekeeping staff with temporary workers from a staffing agency. The formation of a union in this case would provide which objective of unionization?
Increased job security
A company that is starting out depends on wholesalers to call on retail stores to promote their product. What benefit of intermediaries is illustrated in this example?
Instant sales infrastructure
How would trademarks and copyrights be listed on a company's balance sheet?
Intangible assets
The _____ created the IFRS, accounting standards used in more than 100 countries.
International Accounting Standards Board
In which order do the stages of the product life cycle occur?
Introduction, growth, maturity, decline
Which of the following are measurements used by a company to track its progress toward achieving an objective?
Key performance indicators (KPIs)
A financial advisor posts a video on his website in which he shares his "best-bet" stocks for the coming year. In order to view the video, you must enter your email address. This is an example of which online marketing tactic?
Lead generation
Which of the following is a goal of inventory management?
Maintaining low inventory while minimizing stock-outs
Unilever used eye tracking marketing research to determine what draws a consumer to product packaging. As a result of their research, Unilever added the color yellow to laundry detergent packaging to grab and hold consumers ' attention. This is an example of what step in the market research process?
Making marketing decisions
Which of the following management information systems (MIS) would provide data on sales volume by sales representative, customer, and/or geographic area, customer profiles, and customer service reports?
Marketing MIS
The union can immediately begin the process of negotiating a labor contract with management after which step of the unionization process?
NLRB certification
Blue Apron and HelloFresh ship recipes and fresh ingredients straight to customers ' doors, allowing them to cook a meal without a visit to the grocery store. These companies are utilizing which business model?
Online-only retailing
When Estée Lauder offers a free gift with a $15 purchase of its product from a retail outlet, it is specifically using what type of promotional technique?
Premium
Union members at Whirlpool are meeting today to determine how to prioritize the issues they are bringing to management. They are in which stage of the collective-bargaining process?
Preparing for negotiation
At the most recent Sony Consumer Electronics Show, Sony announced its new products, including a glass sound speaker and a Handycam digital recorder. This is an example of which public relations tool?
Press conference
When Google created a new company, Alphabet, Larry Page wrote a letter to Google staff which was then shared with the media. This is an example of which public relations tool?
Press release
CVS Pharmacy uses data from its customers' loyalty cards to search for correlations in products customers purchase to determine how to better serve customers. Which function of the management information system (MIS) illustrate?
Process data
When companies offer discounted pricing or special offers on Independence Day and Labor Day, they are employing which pricing strategy?
Promotional pricing
Which element of the promotion mix involves the use of direct incentives for customers to purchase or try a product?
Sales promotion
Which of the following is a description of a company that has a production orientation?
Smith Company manufactures standard yellow no. 2 pencils, which are sold in retail stores and in bulk to schools and testing centers.
At the end of a program broadcast on PBS about rescuing marine wildlife, the credits read: "Major funding for this program was provided by Procter & Gamble, the makers of Dawn Dishwashing Soap." Which form of public relations does this best illustrate?
Sponsorship
___________ offers the largest reach of major advertising media, but the message may be quickly forgotten.
Television
Raina and James run a small running apparel company that is gaining steam with customers. They currently sell their items at a few specialty running stores in town and at two regional locations of Dunahm's Sports, a large sporting goods chain. They have an opportunity to get their products sold in other Dunham's locations, but they've encountered a few stock-outs. They've been told by Dunham's that they won't secure a larger distribution deal until they've sorted out their stock-out problem. Where should Raina and James focus their attention?
They should implement a new inventory management system to maintain low levels of inventory but also minimize running out.
Which of the following is not a reason for workers to start or join a union?
When one worker feels he or she is being unfairly paid.
Suppose you are the marketing manager for a furniture company. The company is getting ready to release a new line of dining tables and china cabinets that feature hand carving. This requires approximately 10 hours of additional labor than tables and cabinets that do not have hand carving. As a result, you decide that your company must price these items higher. Your pricing decision is based on which of the following considerations?
Your cost to produce the product
Buster's Hot Dogs bought supplies on credit from a supplier. The amount the firm owes to the supplier is known as:
accounts payable.
Axe just announced a new line of shaving creams and aftershave lotions. They need to build awareness of the brand on a national scale. Axe should:
advertise in men's magazines and create point-of-purchase displays.
Any nonpersonal promotional message that is paid for by an identified sponsor and directed to a selected audience is called:
advertising.
Looking at their _____________, Keurig can see their assets, liabilities, and net worth.
balance sheet
Another name for the statement of financial position is the:
balance sheet.
If you buy your vehicle at Kelley Automotive, you get free car washes for as long as you own the car. This would be characterized as:
both a good and a service.
Whirlpool purchases land in Tennessee to build a new factory. This is listed as ____________ on the statement of cash flows.
cash flows from investing activities
Cash and payments received from customers would be classified on the statement of cash flows as:
cash flows from operating activities.
In 2008 KFC, famous for fried chicken, introduced grilled chicken in an effort to offer healthier menu options. This product mix change can be attributed to:
changes in customer preferences.
The process of negotiating a labor contract with management is known as:
collective bargaining.
A labor contract is negotiated through the process known as:
collective bargaining.
All of the following are steps in forming a union except:
conducting a show-of-hands vote of employees to see if there is interest in continuing the organization.
Variable expenses directly related to the production or purchase of a product are known as:
cost of goods sold.
The term _____ describe assets that can be quickly converted into cash or consumed in one year or less.
current assets
Cash, marketable securities, notes receivable, and merchandise inventory are examples of:
current assets.
The debts of a business that will be paid in one year or less are called its:
current liabilities.
With the growth of service industries in the last decade, you would expect that union membership would:
decrease as service industries are typically non-unionized.
Over the last 30 years, union membership has:
decreased with the growth of high-tech and service industries.
During the product analysis stage of product development, all of the following occur except:
developing a prototype.
Tech-savvy people born after 1990 are known as:
digital natives.
As part of the consumer buying decision-making process, Wanda ___________ by reading through product reviews on Amazon 's website once she has narrowed her options to four choices.
evaluates alternatives
Assets that are not easily converted into cash or are expected to be held for longer than a year are called:
fixed assets.
A formally established course of action for resolving employee complaints against management is called a:
grievance procedure.
Teanna sells hand-painted wood signs for $30 each. Her cost of producing each sign is $7. Teanna's ___________ is $23.
gross profit
A(n) _____ is a summary of a firm's revenues and expenses during a specified accounting period, such as a year.
income statement
Entirely new products are called:
innovations.
Sales and profits grow slowly during the _________ stage of the product life cycle.
introduction
The online marketing tactic known as _______ involves creating landing pages offering incentives for customers to provide their email address or other contact information.
lead generation
Debts owed by a business are called:
liabilities.
The ease with which an asset can be converted into cash is referred to as its:
liquidity.
During the product development and testing phase, all of the following occur except:
making product changes or improvements.
The process of dividing a market into smaller groups of consumers who share common characteristics and needs is called:
market segmentation.
The process of systematically gathering, recording, and analyzing data concerning a particular marketing problem is called:
marketing research.
The grocery store that you frequent is concerned by a competitor moving into the area. To boost customer loyalty, the grocery store should:
offer frequent-user incentives.
The owner of a jewelry store calculates her _________ by adding her rent, salary, electricity and phone payments.
operating expenses
The goal of the Industrial Workers of the World was to:
overthrow capitalism.
The components of the balance sheet are:
owners' equity, assets, and liabilities.
If total liabilities were subtracted from total assets, the residual value would be:
owners' equity.
The component of the promotion mix that allows for immediate feedback is:
personal selling.
During the commercialization phase of product development, all of the following occur except:
presenting ideas to potential customers for feedback.
The stage in the development of new products in which the product is introduced in a limited way to determine buyers' reactions is called:
product development and testing.
The elements of the marketing mix are:
product, price, distribution, and promotion.
Coca Cola uses television and print advertising, event sponsorship, and point-of-purchase displays. This combination of promotional tactics is Coca Cola's __________.
promotion mix
The personal-selling process includes all of the following except:
providing a product sample.
A broad set of communication activities used to build favorable relations with customers, investors, the media, government officials, and society in general is known as:
public relations.
Drake United released a statement saying, "The production and supply of the medical supplies that we produce have been severely disrupted due to an illegal strike and the actions of the union. We had no other option but to issue a lockout. We appeal to union leaders to reach an agreement so that we may continue producing medical supplies that so many in our community need. " This is an example of:
publicity; a management negotiation tactic.
A retailer is a marketing intermediary who:
purchases products from the manufacturer or middlemen and then sells them to consumers.
One reason that contributed to the poor working conditions during the Industrial Revolution was:
rapid growth in the American economy, which spurred demand for more workers.
Although Keith was getting a college degree, he planned to pursue the same occupation as his father after graduation. As a shop steward, his father made numerous contributions to other workers' situations in a Detroit plant and is now a leader in a national union. Keith wants to follow the same career path. Keith's reason for joining a union is to:
reinforce his family's support for the union.
Alberto buys a hot dog from a food truck for $5. This amount is the food truck's _______.
revenue
Contribution margin is calculated as _______ less _______.
sales revenue; variable costs
Aveeno is releasing a new product to help moisturize skin in extremely cold environments. Aveeno needs to encourage trial and build awareness for the product, so they should focus on __________ for sales promotion. Additionally, because this target market is limited to just a few geographic areas in the United States, Aveeno should utilize _________ for advertising.
samples; newspapers and radio.
The elements of the marketing mix are combined to:
satisfy the target market.
The main differentiation between a category killer like Home Depot and a small, family-owned hardware store like Hader Hardware is:
size and selection.
Lamps Plus is a retailer of lamps, chandeliers, ceiling fans, and outdoor lighting, with over 30 stores nationwide. Based on this description, Lamps Plus would likely be categorized as a:
specialty store.
A market segment toward which a company directs its marketing effort is called a:
target market.
In choosing the right retailer for its products, the manufacturer must consider all of the following except:
the number of retail salespersons available to service customers.
One reason that has attributed to the decline of union membership is:
the relocation of factories and production facilities to unionized areas.
You are planning a trip to Florida and notice that most of the hotels in the Orlando area are priced similarly. You know from class that the pricing objective for these hotels is:
to communicate brand value.
Knowing that many people hold parties for Independence Day, Pepsi would like to stand out among competitors and gain the attention of consumers. The best promotion method for Pepsi would be:
to create an eye-catching point-of-purchase display at grocery stores.
The truth about unions today is that they:
will remain a powerful force in particular industries, regardless of their loss of prominence.
You decide to host a Super Bowl party for your friends. You go to the nearest supermarket, where you buy frozen pizza, chips, salsa, beer, wine, paper plates and napkins, and even plastic tableware, all in one place. What benefit of intermediaries is illustrated in this example?
Efficiency and assortment of goods
The humane society provides a document to the media touting how much adoptions have increased over the past six months as a result of its reduced adoption fees. What type of public relations tool does this represent?
Press release
