Business Test Study Guide 11/4

In which of the following industries are you most likely to find a broker?

Real Estate

In new-product development, _____ is the stage at which products that do not meet new-product goals are rejected.

Screening

The _____ style of management is based on a pessimistic view of human nature and assumes that the average person dislikes work, will try to avoid work, prefers to be directed, avoids responsibility, and wants security above all else.

A theory X

Which of the following is a type of retailer?

A. factory outlets B. discount stores C. supermarkets E. department stores

A person who works as a sales representative for a manufacturer or wholesaler and gets paid a commission on any sales is classified a(n):

Agent

Public relations is the term used for any communication or activity designed to win goodwill or prestige for a company or person.

true

During the growth stage of the product life cycle

sales grow at an increasing rate

The marketing concept:

satisfies customer wants and needs legally and responsibly

Many rock and roll fans believe that Jimi Hendrix was the best guitarist ever and that he stretched his ability to the utmost. According to Maslow's theory of hierarchy of needs, Hendrix more than likely satisfied his _____ need.

self actualization know the five levels

Products that are bought after comparing price, suitability, quality, and style are called _____ products.

shopping

Which of the following is the BEST example of the result of process manufacturing?

steel bars

A process facility layout is best for a company that has:

a wide variety of products

Which of the following is a current trend in production and operations management?

business process management (BPM)

the following is true about the use of social media:

Some tools like blogs can maintain an online journal with regular content updates Allows some creative approaches to advertising such as placing ads in a You Tube Video It is very effective for defending the image of the firm and helping retain market share Common tools used to provide information on a company include Facebook and Linked-In

According to Herzberg, which of the following is an example of a hygiene factor?

-company policy -fringe benefits -working conditions - salary

As a believer in the Theory Y style of management, Stacey Lovett believes in all of the following

-giving employees more responsibility -that workers are positively motivated -freedom of workers to come and go at will - trusting workers to work hard on their own

Which of the following is a characteristic of intermittent production timing?

A. SHORT PRODUCTION RUNS ( interment and conscious run )

A relatively inexpensive item that requires very little shopping effort is called a _____ product.

E. convenience (11.4 ) is the other ones look at the table

is the process in which a firm continuously collects and evaluates information about its external environment.

Environmental scanning

. One-to-one marketing is based on information on a person's previous purchase and does not require additional information.

False

What is the final step in the selling process?

Following up on orders

The _____ is a specific group of consumers toward which a firm directs its marketing efforts.

Target market

Which of the following statements describes an advantage that personal selling has over other forms of promotion?

The sales message can be varied according to the motivations and interests of each prospect. B. Personal selling can be directed only to qualified prospects. C. Personal selling costs can be adjusted by controlling the size of the sales force. D. Personal selling is considerably more effective at creating a satisfied customer than other forms of promotion.

Which of the following statements about Theory Z style of management is true

Theory Z contains many elements from Japanese management practices

The rewarding of a bonus for finishing a job proposal in a timely fashion would demonstrate how reinforcement theory can be used to motivate employees.

True

The owner of Mercury Appraisal Company held a ribbon-cutting event when he opened his new business. He invited city dignitaries, representatives from all the news media, and anyone who might have need of his services to the event. The goal of his promotion was most likely to:

create awareness ( 7 promotion campaign objectives look at them )

The _____ is an important scheduling tool for large projects. It breaks the projects into a sequence of events and smaller tasks.

critical path method know other methods

Hans Guten makes furniture according to the specifications of the customer who ordered it. Each piece of furniture he makes is unique. He only makes one piece of furniture at a time. Guten uses what kind of production process:

customization

A basic form of market segmentation that uses such variables as age, education, and income is called:

demographics ( 11.2 table ) will ask about other basic segmentation categories

Cost and Target Market are the two most factors when selecting a advertising media.

false

Declining global competition, particularly from Asia, is a current trend.

false

Which of the following is a type of sales promotion?

loyalty marketing programs B. sweepstakes and contests C. bonus packs D. product sampling

The _____ is based on the five P's.

marketing mix

When compared to the consumer market, the business-to-business market:

normally has fewer customers

Which of the following is an element of the promotional mix?

advertising B. personal selling C. sales promotion E. public relations

How is Frederic Taylor's concept of scientific management in use in current management practices?

his industrial engineering process of breaking down a task into separate steps and documenting the best method is used

Two approaches to making sure a company has adequate inventory are maintaining a strong supply chain and the virtual inventory program.

true

is the streamlining of production by eliminating steps in the production process that do not add benefits that customers are willing to pay for.

Lean manufacturing

is the process of separating, identifying, and evaluating the layers of a market to design a marketing mix.

Marketing Segmentation

According to the Elton Mayo's Hawthorne effect, the following is true

employees respond well when management is concerned about their welfare E. employees have pride when they have some control over their work social needs are important in influencing work related behavior B. employees will perform better when singled out for special attention

The five P's are product, promotion, price, people and position false

place

When Top-Flite introduced its Strata golf balls with a new design for better flight when hit by metal clubs, it charged three times the price of golf balls currently on the market. This high introductory pricing is an example of:

price skimming

A retailer owner is showing concern for important factors impacting a store's atmosphere when he considers the type of store fixtures to have, merchandise density, the type of background music to play, and the number and type of employees to hire.

true

Improving production and operations is one of three decisions that must be made in production planning.

true

In a survey of middle-level managers in service industries, a majority stated that employees have an inherent distrust of managers and will respond to instructions only if they perceive their treatment to be fair. This statement indicates the managers would be most successful using the _____ to motivate their employees.

equity theory

Total quality management says that quality is the responsibility solely of the production and shipping departments.

false