Marketing
It is usually most effective for goals to be phrased in __________ terms.
A. complex
B. simple
C. general
D. specific
D Specific.
Goals should be as specific as possible, not stated in general terms. A time limit should be set for achieving the goals. These guidelines apply to both simple and complex goals.
Statements about a present or desired strength are called
A. roles.
B. images.
C. visualizations.
D. affirmations.
D Affirmations.
Affirmations are positive statements about something you want to accept, incorporate, or develop. Roles are parts or positions that one plays in life in response to the various demands of society (e.g., student, parent). Images are mental pictures. Visualization is the practice of imagining yourself in possession of a present or desired strength.
An advertisement for a spa promotes its clean facility, gentle massage therapists, and peaceful atmosphere. The spa is communicating the core customer value of
A. relaxation.
B. sociability.
C. adventure.
D. knowledge.
A Relaxation.
A core customer value is the basic need addressed by a product. For example, spa visitors often seek (or need) relaxation. The spa is responding to this need by promoting its clean facility, gentle staff, and peaceful atmosphere, which are not elements typically needed by those seeking adventure, sociability, or knowledge.
Which of the following gives project teams the opportunity to identify areas of inefficiency, record their processes, and document knowledge gained from experience:
A. Lessons-learned document
B. Project charter
C. Scope statement
D. Work breakdown structure
A Lessons-learned document.
The lessons-learned document is a project-end summary of what went well, what didn't go well, and how to improve in the future. It gives project teams the opportunity to identify areas of inefficiency, record their processes, and document knowledge gained from experience. The project charter is a formal document that officially authorizes a project to get underway. The scope statement is a description of the project and the work to be done within established deadlines and the allotted budget. The work breakdown structure is a document that details the division of a project workload into smaller, more manageable parts.
Which of the following is an example of a personal liability:
A. Mutual funds
B. Mortgage
C. Treasury bills
D. Vacation home
B Mortgage.
Personal liabilities are any debts that an individual owes. A mortgage is a loan used to purchase real estate. A person who takes out a mortgage owes a certain amount to the lender that must be paid back over time. Therefore, a mortgage is a personal liability. A vacation home, mutual funds, and treasury bills are all examples of personal assets, which are anything of value that a person owns that can be converted into cash.
Which of the following is a stage of a product's life cycle:
A. Adolescence
B. Death
C. Birth
D. Maturity
D Maturity.
A product life cycle is the course that a product follows in the market. It includes the stages of introduction, growth, maturity, and decline. Introduction is the stage of the product life cycle when the product first appears in the marketplace. Growth is the stage in the product life cycle in which sales rise rapidly. Maturity is the stage in the product life cycle in which sales peak and then increase at a slower rate or start to decline. Decline is the final stage of the product life cycle. During this stage, sales and profits fall rapidly. Birth, adolescence, and death are stages of the human life cycle.
How can a company limit the chance that it will face lawsuits for negligence?
A. Purchase captive insurance
B. Implement risk management strategies
C. Hire lawyers to find loopholes in regulations
D. Limit its interaction with customers
B Implement risk management strategies.
Risk management is the planning, controlling, preventing, and limiting of business losses and enhancing possibilities for gain. It involves preparing for risks including those that might result in a lawsuit. If a business implements risk management strategies ahead of time, it will be less likely to face a lawsuit for negligence. Limiting interactions with customers is not realistic for a business. Hiring lawyers to find loopholes in regulations is not ethical and will not limit the chance that the company will face lawsuits. Finally, purchasing captive insurance can assist a company when it does face lawsuits, but it does not limit the chance of lawsuits occurring in the first place.
Which of the following statements is true of product/service management:
A. It is only useful for small businesses.
B. It is only necessary for large businesses.
C. It involves continuing to sell unsuccessful products.
D. It involves discovering new-product opportunities.
D It involves discovering new-product opportunities.
Product/Service management involves discovering newproduct opportunities. Product/Service management is important for all businesses, not just small or large ones. Product/Service management involves eliminating unsuccessful products, not continuing to sell them.
When a company uses process thinking to design a process, it should make sure that the process has
A. an unlimited scope.
B. multiple process owners.
C. a goal.
D. a deadline.
C A goal.
Businesses use process thinking to define and develop a system to accomplish a specific goal or task. Every process should have a goal, and its outputs should be measured against that goal. Each individual process should also support the overall goals of an organization. A process doesn't have a specific deadline, since it is a technique used to achieve goals and meet deadlines. Each business process should have a single owner who is responsible for the output and functionality of the process. A business process should have a clearly defined, limited scope.
Which type of customer can best be described as being shy, insecure, and sensitive?
A. Domineering/Superior
B. Dishonest
C. Suspicious
D. Slow/Methodical
D Slow/Methodical.
These customers require a lot of time to make buying decisions because of shyness or indecisiveness. These customers tend to be silent, or they don't clearly convey their needs or wants. Domineering/Superior customers are overly confident customers who feel they know more and are better than the average person. Suspicious customers question everything and usually want proof before being convinced that something is true. Dishonest customers intentionally attempt to avoid paying part or all of the price for a good or service.
Being able to put yourself in another person's place means that you have
A. perspective.
B. respect.
C. understanding.
D. empathy.
D Empathy.
Empathy is the ability to put yourself in another person's place or to relate to the feelings, thoughts, and experiences of other people. Respect is honor and esteem. Perspective is the way in which people view life. Understanding is the ability to comprehend or to think and learn.
Good governance is most likely to make a company's investment decisions
A. more vulnerable to outside risk.
B. subject to individuals' influence.
C. more ethical.
. less regulated.
C More ethical.
Governance objectives are often based on integrity and ethical principles. Therefore, if a company has strong governance practices, it is likely to be ethical in its investment decisions. Good governance should not make investment decisions subject to the influence of individuals. Rather, it should remove interference from individuals by giving the board independence to make decisions free of influence. Good governance does not necessarily make investment decisions less regulated; in fact, it gives the board of directors the power to enact financial controls and monitor reporting. Finally, governance makes a company's investment decisions less vulnerable to risk because the governance objectives and policies should preemptively lessen the potential for risks.
What do business owners consider when they select a business ownership structure?
A. Product versatility, advertising strategies, and personal circumstances
B. Personal circumstances, type of business, and product mix
C. Personal circumstances, financial needs, and type of business
D. Product versatility, financial needs, and advertising strategies
C Personal circumstances, financial needs, and type of business.
Because each business owner's situation is unique, the owner must consider the type of business being operated, the amount of capital needed to start the business, and the owner's personal circumstances. For example, an independently wealthy, single person who starts a consulting business has different needs than a chef who has little capital and wants to open a fullservice restaurant. Product versatility, advertising strategies, and product mix are not generally considered when determining the appropriate business ownership structure.
A business analysis indicates that the TWB Corporation could save $125,675 a year in paper purchases if all its employees decreased photocopying activities by 15%. The analysis provides TWB with important information related to
A. return on investment.
B. resale goods.
C. waste reduction.
D. efficiency levels.
C Waste reduction.
Businesses often collect and analyze information to reduce waste throughout their organizations. In the example, the waste involved the use of paper. By reducing waste, a business can save money, increase its profits, and often protect the environment. The analysis does not provide insight about the business's return on investment, efficiency levels, or resale goods.
Mitali always does what she says she's going to do. Her coachees can count on her because she is
A. dependable.
B. flexible.
C. enthusiastic.
D. humble.
A Dependable.
Dependability means you're reliable. In other words, you do what you say you will do. Humility is a lack of pride. Flexibility is the ability to adapt to changes as they occur. Enthusiasm is intense interest or excitement.
Telling a brand story is important because it
A. is a fun activity for the company.
B. is entertaining for customers.
C. connects the brand with customers.
D. eliminates the need for a corporate brand
C Connects the brand with customers.
A corporate brand's story is all about communicating the company's image and connecting with customers. Entertaining customers and having fun as a company are not the main reasons for telling a brand story. Telling the brand's story is a way to communicate the corporate brand; it does not eliminate the need for a corporate brand.
The largest, most liquid financial market in the world is the __________ market.
A. commodity
B. foreign exchange
C. equity
D. debt
B Foreign exchange.
The largest, most liquid financial market in the world is the foreign exchange market. There are typically more active traders and a higher volume of trading on the foreign exchange market than any of the other markets. Very liquid markets such as the foreign exchange market experience very gradual, small price changes, while markets with low liquidity often experience volatile changes in price, meaning that prices change abruptly and in larger increments than in highly liquid markets. The debt market is also known as the bond market, and the equity market is also called the stock market. A commodity market deals with raw, primary products such as oil, silver, gold, etc.
Reinhart's Bakery purchases thousands of pounds of flour each year from a local mill. Reinhart's Bakery is considered a(n) __________ customer.
A. personal
B. industrial
C. individual
D. group
B Industrial.
Businesses that buy from other businesses are called industrial customers. They often buy thousands of dollars' worth of equipment or materials. Individual customers, on the other hand, buy goods such as clothing and food, and services like insurance or car washes. Individual customers are individual people, whereas industrial customers are companies and organizations. “Group” and “personal” are not terms used to describe types of business customers.
For successful innovation in the workplace, employees should have a desire to learn and be willing to
A. suppress ideas.
B. follow procedures.
C. exhibit bias.
D. accept change.
D Accept change.
Innovation is the process of creating new or more effective products, processes, services, technologies, or ideas. Creating something new requires change. When a business encourages its employees to learn about new processes, customer wants, market needs, and trends, innovation is more likely to occur. Exhibiting bias and suppressing ideas may have a negative effect on innovation. Following certain types of business procedures is important for creating a safe and fair work environment and does not necessarily affect innovative processes.
What is needed to effectively handle situations such as fire, injury, bomb threats, and robbery that might occur on the business's property?
A. An operating strategy
B. A surveillance system
C. An evacuation map
D. An emergency plan
D An emergency plan.
Comprehensive emergency plans contain policies and procedures for many types of situations that the business might experience. The plan might address issues such as evacuation plans for fire, bomb threats, and weather-related incidents. The emergency plan might include policies for handling injuries, illnesses, and robberies. The business needs to ensure that employees know what to do in these situations by providing ongoing training.
68. A sample indicates that the average income in the northwest region is $31,257. This is an example of __________ statistical information.
A. descriptive
B. unilateral
C. multivariate
D. sequential
A Descriptive.
Descriptive statistics are derived by summarizing information gathered from a sample of a population. Multivariate statistics are derived by analyzing two variables at the same time. Sequential and unilateral are not common terms used to define types of statistical information collected and analyzed by market researchers.
87. What is typically an advantage of holding investments longer than a year?
A. Guaranteed dividends
B. Lower taxes
C. No need for a stockbroker
D. Vulnerability to market fluctuations
B Lower taxes.
Short-term capital gains on investments that are held for less than a year are typically taxed as ordinary income, whereas long-term capital gains on investments that are held for over a year are taxed at a lower rate. Holding investments longer than a year does not guarantee dividends, nor does it necessarily eliminate the need for stockbrokers. Short-term investments are more vulnerable to market fluctuations than long-term investments.
Appropriate information management can
A. create more jobs.
B. save time and money.
C. create more difficult decisions.
D. result in audits.
B Save time and money.
Appropriate information management has many benefits for a business, including saving time and money by making operations run more smoothly. Appropriate information management should make decisions easier and should reduce a business's risk of undergoing an unnecessary audit. Appropriate information management may or may not create more jobs.
One way that managers can motivate employees to be more productive is by
A. finding ways to standardize tasks.
B. considering employees' suggestions.
C. developing automated systems.
D. offering inflexible working hours.
B Considering employees' suggestions.
Enthusiastic, motivated workers are much more productive than disinterested, unmotivated ones. Managers can help motivate employees by giving serious consideration to employees' ideas or suggestions. Employees who feel that their suggestions for improvement or change will be taken seriously and implemented, if possible, usually are motivated to perform well and be productive because they feel that the business appreciates them. Some businesses develop automated systems and find ways to standardize tasks to increase productivity, but these factors are not related to motivating employees. Offering inflexible working hours is not likely to motivate employees.
Using your values as a guide for your behavior can help you make __________ decisions and act with __________.
A. controversial; discretion
B. ethical; integrity
C. informed; disrespect
D. educated; goals in mind
B Ethical; integrity.
Knowing your values also helps you make ethical decisions and act with integrity. Since your values are what matter most to you, they can help you uphold your principles in difficult situations. You will be less tempted to act unethically if you have a strong sense of what is important to you. Using your values as a guide does not necessarily help you make educated, controversial, or informed decisions, nor does it help you act with goals in mind, discretion, or disrespect.