Business Integration and Application Final
Market segments differ in what they want and how much they want. This marketing fundamental is called:
Market opportunity analysis
Marketing tactics follow?
Marketing research and a strategy
Senior and junior management apply the same mental discipline of strategy and follow the OST format. The differences revolve around:
Time scale, scope and stakes
They are many different beliefs concerning the stages through which teams pass through in their development. The textbook discusses Tuckman's model. Which of the following is the typical order in which a group passes through the stages?
forming, storming, norming, performing
The term used for financial reporting standards is:
generally accepted accounting principles
According to Lundborg, a leader
gets the job done while building morale
The earnings of a firm that have been reinvested since the firm's inception are called
retained earnings
_______________ are earned by a firm for providing goods and services to customers.
revenues
Smaller subsets of customers that are homogeneous within and heterogeneous between groups that interest a company are called?
segments
The textbook uses stories of Winston Churchill, Abraham Lincoln, and Colonel Sanders to illustrate which qualities of leadership?
stamina and persistence
Which of the following financial statements measures change in cash of a firm?
statement of cash flow
Which component of the OST format deals primarily with a set of carefully selected and integrated business priorities to achieve objectives?
strategies
Which component of the OST format deals primarily with the actual actions that are necessary to execute strategy?
tactics
The 2 kinds of roles which must be performed by team members are:
task and maintenance
The Pareto Principle is also known as the __________ rule. Meaning that _____ percent of all losses are caused by just ________ percent of all categories.
80/20, 80, 20
The Pareto Principle is also known as the __________ rule. Meaning that _____ percent of all losses are caused by just ________ percent of all categories.
80/20, 80,20
Which of the following statements is false regarding customer satisfaction?
Adding more of a desired feature will always add increased value to the customer.
Integrated Marketing Communication (IMC) stresses that:
All forms of communication to your target should have a common message Correct
One reason a firm might consider modifying its strategy is because:
All the above are reasons for strategy modification.
A firm's objectives:
Are results to be attained on or before a certain date.
Leadership is practiced:
At the top levels of a corporation b. Throughout all the ranks of an organization a and b
Stamina and perseverance are critical characteristics to effective leadership. What is the difference between the two?
Both refer to an individual's ability to "keep going," but stamina refers to a physical attribute while perseverance to a mental attribute.
The preference a person has for team-based activities can be influenced by whether or not they come from a ___________________ (characterized by an orientation toward group goals, attachments to and identification with the groups, and concern for group members) or _____________________ (characterized by a preference for autonomous work and working alone) orientation.
Collectivism, individualism
ABC Company is a great believer in teamwork. They currently have a team examining different methods that may be employed to improve quality in their manufacturing plants. After extensive discussion, a decision is made that the entire group is committed to supporting. What type of decision-making was employed?
Consensus
Which of the following is not an activity that is associated with a self-managed team?
Consulting with a superior to discipline and fire a team member
Cost of goods sold for a manufacturer is accumulated cost to make a product for sale. These costs include:
Direct materials, direct labor, factory overhead
In today's more competitive marketplace, the manager's essential responsibility to manage strategically is intended to allow the firm to:
Do better than competitors.
Which of the following men introduced a philosophy of quality improvement, statistical quality control, aimed at reducing variation in processes, thus leading to improved product quality?
Dr. W.E Demming
Which of the following men introduced a philosophy of quality improvement, statistical quality control, aimed at reducing variation in processes, thus leading to improved product quality?
Dr. W.E. Demming
The four perspectives used in the measurement applied to the balanced scorecard include which of the following?
Financial, customer, internal business, and learning and growing.
Which of the following is not a common team problem?
Full agreement on all decisions
Which of the following is the inherent difference between a work group and a team?
In a work group, real work is done together, as opposed to a team where work is delegated to members.
Which of the following is an example of positive financial leverage?
Management uses the money borrowed from long-term debt to make investments that will provide a return that exceeds the interest expenses. Correct
Which of the following statements about marketing tactics is false?
Individual tactics can not be measured.
A Pareto chart is often used in the monitoring of a process. What specific information does it provide to us?
Information on both the frequency and nature of the defects
A high inventory turnover ratio indicates that
Inventory is being turned into sales quickly
At the conclusion of WWII, which country became the leader of the statistical quality control movement?
Japan
Which component of the OST format deals primarily with the results to be attained on or before a certain date?
Objectives
The 5 P's of Strategy are:
Plan, pattern, position, perspective and ploy Correct
In the mature stage of a product life cycle, one might anticipate which of the following sets of tactics would have the most impact?
Price, features, assortment, and trade deals.
Quality improvement teams are also known as
Quality Circles
Bruce presents a simplified leadership scheme - the Rule of Three. Which is not a component of his scheme?
Revitalize - encourage and motivate others
Financial statements of publicly traded US companies must be submitted to the:
Securities & Exchange Commission
Which type of team decision is illustrated by a situation where everyone on the team agrees that the best possible decision has been made?
Unanimous
A firm's strategic planning process would always include:
a consideration of alternative options
Which of the following statements is true regarding brand loyalty?
a. Talk to customers about how they use products, visit them at work, at home b. Use scanner data revealing what customers spend their money on c. Review industry and popular press for editorial articles, news, advertisements about product benefits, features and applications Incorrect d. Only a and b
The community of Knoxville is seeking to increase tourism in the area. As a result, the city government decides to form a team to explore the different alternatives and provide more information on their benefits and potential downfalls. Which type of team is this?
advice team
n resolving dysfunctional conflict within a team, which of the methods below is not an important practice to engage in?
attack the people, not the issues
Which of the following financial statements measures the wealth of a firm at a point in time?
balance sheet
The concept of strategy means to:
be better than your opponent in a competitive environment.
Customers buy ____________________, not __________________.
benefits, features
Fixed assets (Property, Plant, and Equipment) are reported on the balance sheet at
book value
A core competency is (a) knowledge of a particular discipline (b) not needed by a good leader (c) important to effective leadership
both (a) and (c)
A strong preference for a particular product or company that earns repeat purchases from consumers is known as:
brand loyalty
The Pareto Principle is also known as the __________ rule. Meaning that _____ percent of all losses are caused by just ________ percent of all categories.
c. 80/20, 80, 20
Cash and marketable securities, accounts receivable and inventory are known as a business enterprise's:
current assets
Which of the following is not an associated benefit of working in teams?
decreased creativity
Investments in R&D are reported as ___________ in the financial statements.
expenses
According to General Dwight Eisenhower-"plans are everything."
false
True or false: There is only 1 solution to a given business problem.
false
Which of the following financial statements measures a firm's change in wealth?
income statement
A Pareto chart is often used in the monitoring of a process. What specific information does it provide to us?
information on the frequency and nature of defects
According to Bennis, the fourth leadership competency is management of self. Numerous researchers include similar components in their conceptualizations of leadership. This refers to a leader's need to
know their own ability
The ____________ of a business enterprise are defined much like assets except that they represent future cash outflows.
liabilites
Leadership can be exercised by any number and type of individual. Someone exercising leadership without portfolio is an individual with
little or no formal authority
Sales, general and administrative expenses (SG&A expenses) are costs from __________________ purchased by a firm.
non-manufacturing services
A firm's strategy should be determined by its:
objectives
Typically for a strategy to be executed effectively:
objectives at lower hierarchical levels need to be met.
In the OST strategy development process, what do the letters O-S-T stand for?
objectives-strategy-tactics
The difference between SG&A expenses and gross margin are known as:
operating profit
When investment return exceeds the cost of the debt, it is known as:
positive financial leverage
Covey's 7 Habits of Highly Effective People are broken down into 3 chronological stages. What is the correct order?
private victories, public victories, continuing education
Traditionally, quality activities were oriented toward ____________, today the orientation is more toward the ______________.
product, process
Which of the following is most likely to have the greatest positive effect regarding increasing sales over an extended period of time?
professional training
Quality improvement teams are also known as
quality circles
When considering strategic options:
the financial impact of these alternative plans should always be considered.
Tactics are:
the smaller, short-term, building blocks used to enact the strategy
When using a strategic approach to resolve a marketing problem, which of the following is true?
there may not be a solution to the problem
What is the name of the philosophy that focuses on all levels of an organizations and their commitment to the activities necessary for quality improvement to occur?
total quality management
Stock that has been repurchased by the firm is known as:
treasury stock
Financial statements reflect the business events of organizations.
true
Strategy as a word and concept has been around since ancient Greece.
true
The U.S. Military has been able to teach leadership to people in their teens and young twenties by:
tudying theories of leadership in textbooks and discussing leadership in class. b. reading, analyzing and discussing biographies of well-known leaders. c. undergoing repeated psychological testing to identify leadership potential and track its development. d. undergoing practical training designed to develop leadership attitudes and skills. e. all of the above Correct
XYZ corporation is an international firm with management offices all throughout the world. The firm is committed to maintaining consistency in their policies and actions across continents. In order to do this, the company wishes to form a team including members from all offices. Which team type below will be the most effective economically for the company?
virtual team
