MGMT 1010

The acquired-needs theory ________ claim that people can be neatly categorized into one of three types. It asserts that all people are motivated by ________ of these needs

Does not, all

Joe went into the store to purchase a pair of shoes. The shoes cost $50. $50 is an example of:

Price

Which competitive practices are prohibited by the Sherman Act?

Price-fixing, bid-rigging

Which of the following describes the movement of physical product from the manufacturer through all the parties who take physical possession of the product until it reaches the ultimate consumer?

Product flow.

Motorola recruited a variety of employees to design its new cell phone, the RAZR. The team needed engineers with different specialties, marketing expertise, legal advice, manufacturing know-how, and artistic design. The team had an 18 month deadline. Afterward, team members returned to their original departments. This team is an example of what kind of team?

Project team

As a marketing professional, you are trying to decide how best to communicate with the customer. You are thinking about which aspect of the Marketing Mix?

Promotion

You start to write an end-of-week email progress report to your manager. It has been a very busy week and your manager has been out of the office. Therefore, there is a lot of ground to cover. Which of the following approaches is most likely to make this an effective business communication?

Provide a brief overview of key milestones from the week, and offer to provide more detail upon request.

What is one of the key parts of the definition of a small business?

The business has less than 500 employees

Which of the following statement is FALSE?

The centerpiece of the marketing strategy is product innovation.

Employees of Fannie Mae, a financial company, are complaining that the pay is unfair and gossiping with each other about it, hurting morale and productivity.

The company should survey the market value of each job and show employees the results, demonstrating that the pay is market-based.

When companies adjust their processes to be sure they offer high-quality products and good service at competitive prices they are responding to which external force?

The competitive environment.

A ________ is a set of attributes or features (e.g. name, term, design, symbol, reputation, etc.) that distinguishes the goods and services of one seller from another.

brand

This strategy uses a strong brand—typically the company name—as the identifying brand name for a range of products

branded house

Which of the following is an example of the "value-added element"?

broad selection of sizes

David is looking to buy a used kayak through an online auction. He wants some type of protection, however this sale would be covered by the principle of ________ ________,

caveat emptor ("buyer beware")

In a ________, a small team of workers handle all aspects of building a component, a "family" of components, or a finished product.

cellular layout

In the evaluation portion of the hiring process:

companies assess the effectiveness of their selective hiring process.

Payment for damaged property and/or mental suffering are usually considered:

compensatory damages

Marketing is best defined as the activities, organizations, and processes for ________.

creating, communicating, delivering, and exchanging offerings that customers value.

Proctor and Gamble is the master of forming and re-forming teams for new product launches. The teams pull expertise from various departments. When the product launches, one person becomes the product manager and most of the team members move on to another new product. These teams are both:

cross-functional and project teams.

Employees are most likely to change a job because of:

downsizing or the restructuring of an organization.

Many companies will use 3D printers in the production process. A 3D printer is a type of:

industrial robot

When a customer is given a reduction in base price as the result of purchasing some predetermined amount of merchandise, the reduction is called a ________.

quantity discount

According to the Small Business Administration, a small business is one that:

takes in less than $7.5 million in annual average receipts

Key characteristics of work teams include:

teams have authority and decision-making power to pursue their goals and complete assignments.

Key characteristics of work teams include:

teams have collective accountability for achieving specific common goals.

Which government entity insures loans for small businesses?

the SBA (Small Business Administration)

Conceptual skills are most essential for:

top-level managers.

Guillerma wants to start a business after this class. His first step, as described in our textbook, is to

write a business plan.

Paul would like to buy his first home (an awesome 3 bedroom on a quiet street with a beautiful tree in the front!). The home is listed for $200,000 and he needs to come up with a down payment of $40,000. Paul starts by looking at his most liquid assets to come up with the necessary down payment. Which of the following are the most "liquid" of Paul's options:

$5,000 in his checking account.

________ is a form of computer-aided production that builds a three-dimensional object by adding layers of material, one upon the other until an object is created.

3D printing

Which functional area is charged with the responsibility of preparing budgets and information about costs and asset allocation to be used by the managers of a business?

Accounting.

America has forged this success while utilizing, in large part, only half of the country's talent. For most of our history, women — whatever their abilities — have been relegated to the sidelines. Only in recent years have we begun to correct that problem. - Warren Buffett The Warren Buffett quote illustrates the concept that a company willing to diversify draws from a larger talent pool and which leads to hiring people with diverse skills sets. This is an example of what positive benefit of diversity?

Adaptability

The travel luggage company, Travelpro, had an extremely competitive culture. Each of the departments were given goals to hit and competed with other internal departments. This created a situation where information was not being shared between departments and occasionally false information was being shared in order to get the competitive edge. If you were to advise Travelpro, what would you suggest it do?

Address the lack trust, create ways of sharing information to foster open communication.

Trade shows, conventions, and advertising allowances are examples of ________.

B2B sales promotions

Which method of production describes the process of inputs going through stages of production until finished?

Batch Production

When creating a value proposition, the statement should be:

Clear, compelling and differentiating

As a Business student, you are asked to give a small business owner some advice on how to avoid failure. Which of the following would you provide?

Closely monitor the company's cash flow and stay on the right financial track.

Unwritten law is also known as:

Common law

Damages intended to compensate a victim are:

Compensatory

Which of the following are the primary social media marketing objectives?

Creating buzz, fostering community, and facilitating two-way communications

Auto manufacturing workers typically perform tasks that are overseen by their managers. This arrangement is which one of Taylor's scientific management principles?

Divide work nearly equally between managers and workers, so that the managers apply scientific management principles to planning the work and the workers actually perform the tasks.

Adjusting the height of conveyors to match the height of manufacturing workers is an outcome that could be attributed to which one of Frank and Lillian Gilbreth's philosophies?

Efficiency by reducing motions involved.

What is the description used for professional development with regards to employment training?

Employees participating either inside the organization or outside of the organization, in any formal types of vocational education or technical training leading to a qualification or credential required to obtain or retain employment.

The "price" component of the marketing mix is defined as:

Ensuring fair value in the transaction

The Queen of England says by royal decree that the British Pound will be the currency of the land and it will be backed by the government as legal tender for all debts public and private. The British Pound is an example of:

Fiat money

InfoTech is a computer application firm based in Silicon Valley and has been responsible for introducing some of the highest rated applications available for personal productivity. Two brothers originally founded the company, but they quickly realized they needed to convert the business into a corporation and establish functional areas within the company to handle various aspects of operations. The company is now considering expanding operations by building a production facility in another country. The Board of Directors has approved this move, and now it will become the responsibility of which functional area to secure the necessary funding for the expansion?

Finance.

What is the business function accountable for raising funds to grow a business?

Finance.

________ is a relatively new marketing strategy, coined by Jay Conrad Levinson, that relies on unconventional, often low-cost tactics to create awareness of and goodwill toward a brand, product, service, or even a company.

Guerrilla marketing

Heather's company has super-fast internet access. She likes to do his internet shopping at work to get it finished in half the time. What advice would you give her?

Her activity is not private, so her employer can see what she is doing. And she may be violating company policy on internet use.

Ethan worked as a salesperson for a pharmaceutical company. For the past year he missed every sales quota and stretch goal originally set at the beginning of the year. Even though his boss worked with him and sent him to receive additional training, Ethan improved only slightly. In addition, Ethan was not a team player and often upset other employees. His boss has decided to let him go and is now considering what type of termination to use. Which of the following would be a reason for a mutual-agreement termination?

His boss wants Ethan to quit but decides to soften blow of the firing (as in a forced resignation).

quity theory assumes that

Individuals will try to maximize their outcomes.

How does effective branding typically benefit businesses?

It builds customer loyalty.

What is an LLC?

Limited Liability Company - a business structure that is attractive to small business owners because they provide the limited liability features of a corporation and the tax efficiencies and operational flexibility of a partnership.

The credits and deductions of the company are passed through to partners to file on their individual tax returns. Credits and deductions are divided by the percentage of individual interest each partner has in the company. This is an example of a benefit enjoyed by which type of organization?

Limited Liability Partnerships

A heavy investment in machinery and equipment is generally required for:

Mass production

What will we never do in a world of scarcity?

Meet all of society's wants.

According to Maslow, managers can focus on ________ need/s at any one time.

One

Ahmed is a doctor who works at both a hospital and is in private practice. He recently heard about a new technology that would allow him to improve on the medical record keeping for his patients and to better track the medication that they are taking. He doesn't know that much about this technology yet. He wants to learn more! What could Ahmed do to learn more?

Participate in a professional development opportunity - he did hear about a conference coming up about technologies in the medical field.

The internet, catalogue, kiosk at the mall, the corner store, a mobile app are all examples of:

Place

Which of the following is an example of applied worker efficiency by reducing motions involved?

Placing tools within easy arm's reach.

Data on every item sold is collected in a:

Point of Sale (POS) system

________ is a system of laws under which the people and the government are bound, which allows predictability and restraint of government action.

Rule of law

You are forming a new company that delivers food to students across college campuses. You have a number of partners, but your primary goals are to avoid personal liability and double taxation. You want to pay each of the partners based on the percentage of the company that they own. You could accomplish this by forming a(n):

S corporation.

If you were given the task of totalling all the M2 money in circulation in the US, which of the following would you include in your calculations?

Savings accounts

________ pertain to the consumer's level of involvement in a buying task and the market offerings that are available.

Situational Factors

Celebrity chef Jamie Oliver started a company called Fifteen to help disadvantaged youth to create a better future for themselves. If other celebrities or individuals wanted to start a similar company with the sole purpose of helping others and giving back to society, these individuals would be known as:

Social entrepreneurs

________ is a technique used by many companies to identify areas for improvement.

Statistical process control

After a kick-off session and six contentious weekly team meetings, Lola is struggling to align her team around common expectations. These expectations are: how to work together, communicate effectively, and identify appropriate hand-off points as her team provides customer service and technical support for a new product line. Two team members in particular keep butting heads on every issue and Lola is losing patience with their inability to work together. Based on Bruce Tuckman's theory of team development, where is Lola's team currently in the evolution process?

Storming

You have some news to share with your manager. You've decided to take a new job, and you're giving your two weeks' notice. It's bad news for him but good news for you. What is the best way to communicate this information to your manager?

Talk to your manager first and follow up in written form if necessary.

Heather is the president of a small company, BrainZ, consisting of 20 highly skilled software engineers. BrainZ takes on projects for other companies who do not have the expertise to create internal programs to help run their businesses. What style of management would be an effective management style for Heather to use in this situation?

The laissez-faire management style.

What is a reason you might be hesitant to use Bitcoin?

The value of my Bitcoins can vary widely based on supply and demand.

________ assumes that the primary source of most employee motivation is monetary, with security as a strong second.

Theory X

In addition to undertaking risks, entrepreneurs often work long hours and make a lot of sacrifices. They are usually very independent people who are creative and often object to the systems of rewards and promotions used by most corporations. This is because

They often don't fit in with the corporate culture and prefer not work for someone else

Sanjay has three children and is starting a new company. He is looking down the road to a future time when his children are grown and could take over the business. Given his future wishes, what question is most important for him to consider when establishing his new business?

What is the best business entity and structure setup for continuity and transferability?

A company carefully defines its target market. Now the company will be able to focus on people with a preexisting need or interest in what it offers. Therefore resulting in higher sales and less wasted time and effort on potential customers that are not interested in what the company has to offer. This is an example of:

Why a company would seek to define its target market as a component in creating the company's marketing strategy.

Your company decides to hire a new employee named Philip. Philip makes $40,000 salary for the year. The $40,000 Philip earns is

a measurement of his work's value to the company.

The American Red Cross raises money by asking for donations and selling t-shirts and other merchandise. The American Red Cross does not return its profits to the owners, but uses them to provide a public service. For this reason, the American Red Cross is ________.

a nonprofit business

In the Hawthorne studies, Mayo discovered that workers were highly responsive to additional

attention from their managers.

Strict liability:

acknowledges that some products are inherently dangerous.

In 2014 Microsoft purchased the popular game Minecraft for $2.5B. This is an example of a(n):

acquisition.

Which of the following items is not scarce?

air

According to the law of supply, assuming other factors are held constant:

as the price of milk decreases, the quantity of milk supplied will decrease.

Alderfer's "Relatedness" needs have to do with the importance of maintaining interpersonal relationships. These needs are

based in social interactions with others such as friendship, family, and sexual intimacy.

The software system that determines the steps needed to produce a component and instructs the machines that do the work is called ________.

computer-aided manufacturing (CAM)

Maria is considering various business entity types in order to set up her new business. She wants to know which entities are subject to double taxation. You tell her that the entities subject to double taxation are:

corporations.

What is the term for an extended period of economic decline with no improving indicators?

depression

Bank Of The North issued many large loans to their customers. An audit of the bank's records shows that the bank is now below the Federal Reserve's minimum reserve requirement. The Fed lends the bank the amount necessary to bring its reserves up to the required level. Bank Of The North will have to pay interest on the money that it borrowed from the Fed. The interest rate that is paid to the Fed on this loan is called the

discount rate

Hometown Bank has made a significant number of loans to their customers, some of which have been very large. An audit of the bank's records shows that as a result of this increased lending activity, the bank is now below the Federal Reserve's minimum reserve requirement. The Fed lends the bank the amount necessary to bring its reserves up to the required level. Even though Hometown Bank is borrowing the money from the Fed, it will still have to pay interest on this money. The interest rate that is paid to the Fed on this loan is the

discount rate

Both for-profit and nonprofit organizations can ________.

earn revenues

A person who seeks to earn profits by assuming the risk of owning and running a business is a(n)________.

entrepreneur

When the actual price in some market is above the equilibrium price, the resulting market condition is known as:

excess supply.

Rising economic indicators typically signal ________ in the economy.

expansion

Opportunities and threats that are outside of the organization are considered:

external factors.

The proximity to customers, suppliers and skilled labor are one of the key factors that influence:

facility location

Bank Of The North (B of N) gave out large loans to many of their customers. After reviewing the bank's records, B of N sees that the bank is now below the Federal Reserve's minimum reserve requirement. A member bank, Helper Bank, has excess reserves. B Of N borrows enough money from Helper Bank to reach their reserve requirement. The rate of interest that B of N will pay to Helper Bank for the loan is the ________ rate.

federal funds

Customers tastes change and some things are beyond a company's control. Entrepreneurs must be

flexible and respond to changes.

The management control function is essential to:

helping organizations and people achieve their goals.

Han Cho has served in the US Army Reserves for two years. He is currently on active duty, stationed outside of the U.S. and is getting ready to come home. Under US law:

his employer is required to reemploy Han in his civilian job.

Charter Communications is seeking to purchase and bring together Time Warner Cable and Bright House Networks, creating a company that will serve a collective 18.8 million Internet broadband subscribers and 17 million TV subscribers. Charter has specifically cited a desire to have greater bargaining power in negotiating with channel owners like Disney. This is an example of a:

horizontal merger.

You have just been promoted from a supervisory role to a mid-level management position overseeing several work teams. You are eager to strengthen your managerial skill set to meet the challenges of your new role. What skill set should be your particular focus in this role as you foster teamwork, manage conflict and encourage improvement?

human interpersonal skills

When a business does not generate enough revenue to cover salaries, rent, and other expenses, it incurs a ________.

loss

A major disadvantage of cost-plus pricing strategy is its inherent ________.

inflexibility

The belief that a person will receive a desired outcome if he meets the performance goal is called ________ in Vroom's Expectancy theory.

instrumentality

Shannon went to the pet store and bought a dog bowl. The bowl cost $15 and Shannon used a $20 bill to pay for the bowl. She received $5 back in change during this transaction. The $15 price of the dog bowl

is a precise measurement of the value of the dog bowl.

When a need is met, Maslow argues that

it will no longer serve a motivating function.

________ must be obeyed and followed by citizens, subject to sanctions or legal consequences.

law

To make your business plan stand out you must:

learn to strategize

Glenda opened a tax accounting business where she works with small businesses to manage their finances and prepare their records for tax season. Glenda's primary objective when she opened her business was ________.

making a profit

The ________ strategy defines how the marketing mix can best be used to achieve the corporate strategy and objective.

marketing

Operation managers still need to plan for and control inventory by using:

material-requirements planning system

An acquisition is when:

one company purchases and absorbs another company.

The downward slope of a demand curve illustrates the pattern that as ________ decreases, ________ increases.

price : quantity demanded

A ________ ________ is an example of when a programmer hacks software code to understand how it works and then writes a program that replicates it.

patent violation

Falling economic indicators typically signal ________ in the economy.

recession

An architectural firm fired an architect after she was injured in a fall and filed a workers' compensation claim. This is an example of a ________ and is illegal.

retaliatory discharge

Andy has started a garage. Two of the negative elements are

risk and uncertainty.

The most common form of business ownership in the U.S. is a:

sole proprietorship

The process of establishing an overall course of action for the company and aligning it to the company's mission and values is known as:

strategic planning.

Interpersonal conflict between team members is most likely to surface and become contentious during the ________ phase of team development.

storming

Talent management, industrial and labor relations, and diversity and inclusion are part of the:

strategic initiatives in HR.

After hiring staff, companies should use pre-determined metrics to evaluate:

the effectiveness of their hiring process.

When higher prices result in higher quantity supplied, economists call this relationship:

the law of supply.

When a company tells employees what to do, how to do it and when things are due, they are practicing:

the process of control.

The Hawthorne studies focused management attention on

the socio-psychological aspects of human behavior in organizations

Important characteristics of law are:

they are written, accessible and don't change on a whim.

The point of a business cycle fluctuation during which growth ceases and the economy has hit a bottom is called a(n):

trough.

The primary goal of a nonprofit business is to ________.

use its revenues to provide a public service

Beverly's new fusion restaurant has been in business for 6 months. It is doing great! Each weekend she has more reservation requests than the restaurant can handle. Beverly decides she would like to raise some capital to help the restaurant grow to keep up with the demand. What would be an appropriate choice for Beverly to consider in order to raise that capital?

venture capital firm