Quizzes 1A-E; Exam 1

Determine the mean for the third quarter's sales using the following data: July sales = $895,278; August sales = $875,439; and September sales = $854,262.

$874,993

Which of the following statements is true about customer relationship management (CRM):

A primary goal of CRM is to maximize the long-term value of customer relationships.

Example of the management function of organizing:

Assigning individual workers to specific jobs

At Company ABC, managers believe that an onsite gym, monthly office parties, and break rooms that include darts and foosball tables are essential to worker productivity. The managers are using the __________ theory.

Behavioral management

An activity performed during the planning phase of a project

Budget development

What is the essential component for effective knowledge management in business?

Communication

To reduce the risk of employees sharing trade secrets with industry rivals, businesses might require their employees to

Complete standard personnel forms

The management function that evaluates an organization's performance and corrects any problems that may exist:

Controlling

When a business communicates customer-centric values and ideals to its employees on a consistent basis, it is developing its

Corporate culture.

A furniture store manager who helps an employee decide when and where products should be delivered performs which management function?

Directing

When products break early in their lives, this a product-quality issue related to

Durability

Tacit knowledge is often based on experiences and personal expertise, while explicit knowledge is

Easy to communicate and quantify.

How does the fragmentation of processes help to protect a company's trade secret?

Employees' knowledge is limited to a specific part of the process

During what phase of the project life cycle does the project manager activate project controls?

Execution

An important part of the planning function of management is to determine the business's:

Goals

The FMT Company wants to implement a software program to capture and communicate tacit knowledge. Which of the following software applications is best suited to fulfill the company's needs:

Groupware

An example of an ethical dilemma that human resources managers may encounter:

Hiring a friend or family member

What is an important question that all businesses should answer about their ethical behavior in managing their customers' information?

How do we obtain information about our customers in ways that do not violate their privacy?

A business report provides statistical data indicating that the demand for a specific type of product has been increasing between three and six percent over the past several months. This information is useful to companies to

Identify trends

Shannon has worked at the XBO Company for two years in the production department. During a weekly meeting, the staff was brainstorming ideas to resolve a problem the department has been experiencing on the production line. During the meeting, Shannon told the staff about some changes that her previous company made to its production process, which increased its efficiency and outputs. Shannon's manager liked the idea, and thought that it might work at XBO. This situation illustrates the concept of

Inevitable disclosure

A furniture manufacturer has been receiving complaints about the safety of its Model BA2X baby crib. What is the first thing the manufacturer should do?

Initiate a product recall.

What type of software program allows a business employee and a customer to communicate in real time from a computer by typing text?

Instant messaging

One tool that businesses can use to allow employees and customers to share knowledge through their web sites is by posting

Message boards

A form of web-based technology that business professionals use to share their expertise and to solve problems on an ongoing basis

Online communities

An automobile manufacturer initiates a product recall for a group of new sedans that have defective brake pads. This is an example of a quality-management issue related to

Product safety

How can a business build its customers' trust and communicate its commitment to ethical practices?

Publish its confidentiality statement

A water-filtering company made some changes to its processes that resulted in better tasting water. This is an example of

Quality improvement

Which of the following is an example of tacit knowledge

Riding a bicycle

The Page-Turner Online Bookstore sent a questionnaire to its customers to determine how happy its customers are with its services. Customers' general responses indicated that the bookstore's lead and delivery times have improved a lot in the past three months. What aspect of quality has the bookstore evaluated?

Satisfaction

At Company X, employees each put together a small part as it passes them on the assembly line. Rewards are given to employees who work the fastest. Managers frequently observe employees to determine how each job can be done faster. The managers are using the __________ theory.

Scientific management

An unethical action associated with customer relationship management is

Selling customer lists without the customers' consent to third parties

An apparel company's target market is 18- to 34-year-old females. What form of technology can the company use to communicate on an ongoing basis with its customers at their convenience?

Social media

An example of a business managing its information in an ethical manner:

The XPB Company takes precautions to maintain the privacy of its clients' information.

Why is it important for businesses to interpret statistical findings?

To obtain useful information

Unfair employee reward systems and favoritism are human resources activities that are considered

Unethical

By searching the company's computer records, an employee obtained confidential information about a well-known client, which s/he discussed with a friend. Eventually, the information was leaked to the media, which embarrassed the client and the business. What action could the company have taken to prevent this unethical behavior?

Use computer passwords to limit access to certain data

An example of a help-wanted ad that is a discriminatory hiring practice

Young woman needed to answer phones

Customer relationship management can help a business to identify its

most valuable customers.

A benefit of customer relationship management is

The opportunity to create targeted marketing campaigns

What is the foundation of knowledge management?

A willingness to share expertise

What is a Web-based tool that a business can use that provides its employees with the ability to share tacit knowledge from remote locations?

Wiki

One form of technology that businesses use to personalize their ongoing communication with customers is

opt-in e-mail

An ethical issue that relates to knowledge management in the workplace is

An employee deliberately doesn't share information with management that will help the company meet its goals

When interviewing potential employees, businesses should avoid asking the applicants about their

Medical conditions

During the busy tourist season, a coastal surf shop sold 398 beach balls in June, 924 beach balls in July, and 537 beach balls in August. This information reveals that

The demand for beach balls peaked during July.

The main purpose of management

To accomplish the business's goals

One action that an ethical business can take to help build the long-term trust and loyalty of its customers is to

Implement a comprehensive customer privacy policy.

Katrina is using a special software program to develop a business chart that shows the employees' expertise and skills and how they access different types of information throughout the organization. What type of software is Katrina using to document the information?

Knowledge mapping

Which of the following types of customer relationship management software would be most appropriate for a company that is looking for a more efficient way to track leads, prospects, and customers:

Sales force automation technology

Zoe noticed that her coworker Tom has been performing a work activity incorrectly. Zoe hasn't corrected Tom because she wants her manager to think she is more competent than Tom. Can Zoe's behavior negatively impact her employer?

Yes. Tom's errors could be costly to the company

Which of the following is an example of a business violating copyright laws in the process of using another organization's information:

Making unauthorized copies of software

Which of the following statements best describes the concept of customer relationship management (CRM) in business:

Obtaining and applying information about a customer's preferences and needs in ways that will build an ongoing buyer/seller relationship