Business Final Exam

Front 1

____ is an organizational function and a set of processes for creating, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders. Marketing, market segmentation, consumer behavior, or marketing research

Back 1

marketing

Front 2

Place utility is created _______.

Back 2

by having the good or service available at a convenient location when the consumer wants to buy it.

Front 3

The current marketing period is referred to as the _____era.

Back 3

relationship

Front 4

the marketing of a social concern or issue is known as _____ marketing

Back 4

cause

Front 5

An organization's _______ is the group of potential customers toward whom it directs its marketing efforts.

Back 5

target market

Front 6

______ strategy focuses on personal selling, advertising, sales promotion tools, and public relations to produce effective communication between the firm and the marketplace.

Back 6

promotional

Front 7

census data are _____ and _____ data for marketing researchers

Back 7

external and secondary

Front 8

Which of the following is a drawback to using Census and other government data sources? Accessing govt. data is expensive, government data can become obsolete quickly, accessing government data is difficult, or government data sources are unreliable

Back 8

government data can become obsolete quickly

Front 9

the most common form of consumer market segmentation is based on _______.

Back 9

demographics

Front 10

Interpersonal determinants of consumer behavior include all of the following EXCEPT ______. motivational, cultural, social, or family?

Back 10

motivational

Front 11

developing and maintaining long-term, cost effective exchange relationships with individual customers, suppliers, and other partners for mutual benefit characterizes _______. relationship management, customer satisfaction, relationship marketing, or interpersonal consumer relationships?

Back 11

relationship marketing

Front 12

approximately how much more does it cost to attract one new customer than to keep an existing one?

Back 12

five times as much

Front 13

The function of attracting, developing, and retaining enough qualified employees to perform the activities necessary to accomplish organizational objectives is part of ______.

Back 13

human resource management

Front 14

Which of the following is a primary reason for the reduction in highly skilled employees? firms cannot afford to pay competitive salaries, employees with lack of specialized skills, baby boomers retiring and not enough gen. X workers taking their place, or more people becoming entrepreneurs

Back 14

more baby boomers retiring and not enough Gen. X workers to take their place

Front 15

some companies are replacing classroom training with computer based and online training programs because these programs offer all of the following except_______. reduced travel costs, online training programs are less difficult, online training offers consistent presentations, or employees can learn at their own pace?

Back 15

less difficult

Front 16

Learning the best practices of the top companies is an approach referred to as_____.

Back 16

benchmarking

Front 17

All of the following employee benefits are required by law with the exception of ____. medicare, unemployment insurance, social security, or health insurance

Back 17

health insurance

Front 18

Which of the following is NOT a reason for outsourcing? avoiding long-term resource costs, enabling a firm to focus on functions it does best, improving internal management controls, or gaining flexibility to change vendors at the end of contract periods?

Back 18

Improving internal management controls

Front 19

A need produces______. which leads to __________.

Back 19

motivation ; goal directed behavior

Front 20

according to Maslow, an individual's first priority is given to which level of need?

Back 20

physiological

Front 21

the basic components of the goal setting theory include all of the following EXCEPT _______. goal difficulty, performance feedback, goal acceptance, time management?

Back 21

time management

Front 22

Local unions are typically organized by__________? geographic area, occupation, affiliation with the national unoion, affiliation with the international union?

Back 22

geographic area

Front 23

collective bargaining encompasses all of the following issues EXCEPT________? Employee wages, investor relations, employee seniority, arbitration?

Back 23

INvestor relations

Front 24

For US unions, their biggest disappointment has been the inability to organize workers where?

Back 24

Wal-mart

Front 25

The want satisfying power of a good or service is called?

Back 25

utility

Front 26

which of the following are combined to result in mass production?

Back 26

mechanization, specialized labor, and standardization

Front 27

which production system combines a number of raw materials or parts intoa finished product, or changes raw materials into completely different finished products? extractive, intermittent, unified, or synthetic?

Back 27

synthetic

Front 28

The process that enables manufacturers to use computers to analyze the steps a machine must take to produce a product or part is _______. computer-aided manufacturing, program evaluation and review technique, computer aided design, computer integrated manufacturing?

Back 28

computer aided manufacturing

Front 29

Tamara is the owner of a bakery with all perishable products. What will be her primary consideration in regard to location?

Back 29

proximity to her market

Front 30

what is the first step to planning a production process?

Back 30

choosing what goods and services to offer a customer.

Front 31

Implementing a production plan involves all of the following steps EXCEPT______. creating a feasible budget, controlling inventory, selecting the best suppliers, or decinding whether to make, buy, or lease components.

Back 31

creating a feasible budget

Front 32

All of the following are expenses involved in storing inventory EXCEPT_______. maintenance, acquisition, insurance, or warehouse rent?

Back 32

acquisition

Front 33

A Gantt chart is associated with which step in production control? Routing, scheduling, dispatching, or follow up?

Back 33

scheduling

Front 34

A firm can moniter quality level output in all of the following ways EXCEPT___________. customer surveys, electonic sensors, visual inspections, or share of marketplace?

Back 34

share of marketplace

Front 35

Whena company looks to an established, superlative product as a guide for their nwe product, they are__________.

Back 35

benchmarking

Front 36

1. When the average person defines a product, he or she usually considers only the product’s __.
a. Physical characteristics
b. Service attributes
c. Symbolic attributes
d. Benefits

Back 36

Physical characteristics

Front 37

2. A bundle of physical, service, and symbolic attributes designed to satisfy customer wants is called __________.
a. The marketing mix
b. Packaging
c. A product
d. A brand name

Back 37

a product

Front 38

marketer focuses on a product’s __________.
a. Physical characteristics
b. Service attributes
c. Symbolic attributes
d. benefits

Back 38

d. benefits

Front 39

4. A combination of product lines represents a company’s __________.
a. Product mix
b. Product cluster
c. Product lifecycle
d. Distribution strategy

Back 39

product mix

Front 40

5. In a process called __________, products pass through a series of stages from their initial appearance to their decline.
a. Wheel of retailing
b. promotional cycle
c. pricing cycle
d. product life cycle

Back 40

product life cycle

Front 41

6. Since potential customers are unaware of a product during its introductory stage, initial promotion concentrates on __________.
a. Informing the market about the item and explaining its features, uses, and benefits
b. Reducing the size of an available market through selective advertising
c. Word-of-mouth referrals
d. Communicating new uses for the product

Back 41

a. Informing the market about the item and explaining its features, uses, and benefits

Front 42

7. In which stage of the product life cycle do profits generally first appear?
a. Decline stage
b. Introductory stage
c. Growth stage
d. Maturity stage

Back 42

growth stage

Front 43

8. Firms give all of the following reasoning for skipping test marketing EXCEPT:
a. Test marketing is expensive
b. Test marketing can alert competitors to a company’s plans.
c. Competitors can skew results by lowering prices or running special promotions.
d. Most test marketing campaigns fail.

Back 43

most test marketing campaigns fail

Front 44

9. A brand that has been given legal protection is known as a __________.
a. Patent
b. Copyright
c. Trademark
d. Royalty

Back 44

Trademark

Front 45

10. the use of direct distribution channels is most common in the __________ market.
a. Business-to-consumer (B2C)
b. Professional services
c. Business-to-business (B2B)
d. Automobile

Back 45

B2B

Front 46

11. A firm’s most important consideration in choosing a distribution channel is the __________.
a. Market segment it will serve
b. Characteristics of the product
c. Firm’s management, financial, and marketing resources
d. Competitive pressures

Back 46

Market segment it will serve

Front 47

12. The complete sequence of suppliers that contribute to creating and delivering a good or service is called the __________.
a. Production cycle
b. Chain of command
c. Supply chain
d. Physical distribution process

Back 47

supply chain

Front 48

13. Although promotion may have multiple goals, the most common goal for most firms is _______.
a. Providing information
b. Building goodwill
c. Differentiating the product
d. Increasing primary demand

Back 48

increasing primary demand

Front 49

14. Integrated marketing communications would include all of the following EXCEPT __________.
a. Direct mail
b. Sales promotions
c. Public relations
d. Distribution

Back 49

distribution

Front 50

1. The most basic form of promotion is __________.
a. Order processing and advertising
b. Personal selling
c. Creative selling and sales promotion
d. Advertising and creative selling

Back 50

personal selling

Front 51

16. A paid, non-personal sales communication usually directed at a large number of potential buyers is __________.
a. The media mix
b. Sales promotion
c. Advertising
d. Publicity

Back 51

advertising

Front 52

17. Samples are particularly useful in promoting __________.
a. Concepts
b. Services
c. New products
d. Expensive products

Back 52

new products

Front 53

18. The salesperson’s task of identifying potential customers is known as __________.
a. Follow-up
b. Approach
c. Demonstration
d. Prospecting

Back 53

prospecting

Front 54

19. Salespeople determine if prospects have the financial ability and authority to buy through _______.
a. Approach
b. Follow-up
c. handling objections
d. Qualifying

Back 54

qualifying

Front 55

20. Dealing with news editors, writers, and media representatives is the role of __________.
a. Point-of-purchase advertising
b. Public relations
c. Specialty advertising
d. Cause advertising

Back 55

public relations

Front 56

20. Dealing with news editors, writers, and media representatives is the role of __________.
a. Point-of-purchase advertising
b. Public relations
c. Specialty advertising
d. Cause advertising

Back 56

public relations

Front 57

22. Promotion that is aimed at the ultimate consumer with the goal of generating demand for the good or service is based on a(n) __________.
a. Cooperative strategy
b. Pulling strategy
c. Pushing strategy
d. Emphasis on personal selling

Back 57

Pulling strategy

Front 58

23. The exaggerated claims of a product’s superiority is :
a. Puffery
b. Both unethical and illegal
c. Likely to create an express warranty
d. Designed to trick consumers

Back 58

puffery

Front 59

24. Setting a price relatively high compared to similar goods and then gradually lowering it is a pricing strategy called __________ pricing.
a. Psychological
b. Cost-based
c. Skimming
d. Penetration

Back 59

skimming

Front 60

25. Competitive pricing focuses on __________.
a. Variable pricing
b. Penetration pricing
c. The marketing mix
d. Skimming pricing

Back 60

the marketing mix

Front 61

______ can be used to post shared answers to common questions without having to respond to individual inquiries.

Back 61

Electronic bulletin boards

Front 62

What is the leading source of online fraud?

Back 62

Online auctions

Front 63

aLL OF THE FOLLOWING ARE FACING E-COMMERCE EXCEPT: PRIVACY CONCERNS, PROTECTION OF INTELLECTUAL PROPERTY, GETTING PEOPLE TO GO ONLINE, OR MEASURING THE EFFECTIVENESS OF INTERNET PROMOTIONS

Back 63

GETTING PEOPLE TO GO ONLINE

Front 64

______ are search programs that check hundreds of sites, gather info, and bring it back to the sender

Back 64

Bots

Front 65

What is the fastest growing online retail category?

Back 65

cosmetics and fragrances

Front 66

When a company wants to share E-business data with its suppliers, they often establish _____, which relays info on everything from product design through order delivery.

Back 66

private exchanges

Front 67

companies utilize all of the following business tools EXCEPT_____. Electronic data interchange, extranets, e-procurement, electronic bulletin boards

Back 67

electronic bulletin boards

Front 68

The business to business exchange of data using compatible software is called

Back 68

electronic data interchange

Front 69

The word e-tailing is another word for?

Back 69

virtual storefronts

Front 70

Which of the following companies has the longest and best known record of encouraging entrepreneurship? IBM, 3M, General Motors Co., or Microsoft

Back 70

3M

Front 71

A ________ program is initiated by an employee who conceives of an idea. skunkworks, pacing, wealth creation, entrepreneurship

Back 71

skunkworks

Front 72

_____ ARE BUSINESS ORGANIZATIONS OR GROUPS OF PRIVATE INDIVIDUALS WHO INVEST IN NEW OR GROWING FIRMS.

Back 72

VENTURE CAPITALISTS

Front 73

Which of the following persons is LEAST likely to become an entrepreneur? An inquisitive person, an intelligent person, a calm, low energy person, or a flexible person

Back 73

a calm, low-energy person

Front 74

In what ways can the internet be a challenge for entrepreneurs?

Back 74

Customers can check prices from large or small companies around the world

Front 75

The primary reasons people become entrepreneurs include all EXCEPT which one of the following reasons? to be one's own boss, to become a financial success, to create employment opportunities for other people, or to create one's own job security.

Back 75

to create employment opportunities for other people

Front 76

studies indicate that approx ______ percent of Americans run their own businesses.

Back 76

10 percent

Front 77

_______ are people who seek to develop new products, ideas, or ventures within larger organizations.

Back 77

intrapreneurs

Front 78

An entrepreneurially oriented person who develops innovations within the context of a large organization is an _______.

Back 78

Intrapreneur

Front 79

Which of the following starts his or her own company? Classic entrepreneur, change agent, intrepreneur, manager, or all three start their own companies

Back 79

Classic entrepreneur

Front 80

Entrepreneurs are similar to small-business owners in all of the following ways EXCEPT: Entrepreneurs possess more drive, entrepreneurs eventually want to become big business owners, entrepreneurs have more creative energy, or enrepreneurs focus on the growth of their company.

Back 80

Entrepreneurs focus on the growth of their company

Front 81

Ian wonders what type or organizational structure is best suited for his manufacturing firm. In addition to its normal product lines, the company occasionally produces special products that require the cooperation of a variety of personnel from many departments. What form of organizational structure is best suited for this operation.

Back 81

Matrix organization

Front 82

the set of relationships that indicates who gives directions to whom and who reports to whom is known as the _______.

Back 82

organization chart

Front 83

Organization charts are the visual indication of a firm's

Back 83

job positions and functions.

Front 84

Which of the following groups is typically most responsible for shaping a corporate culture?

Back 84

The Company's Founders

Front 85

Which leadership style would allow sales personnel to participate in setting sales quotas?

Back 85

Democratic

Front 86

The first step in the decision making process is to ______.

Back 86

identify the problem

Front 87

decisions involving simple, common, frequently occurring problems for which solutions have already been determined are ______ decisions.

Back 87

programmed

Front 88

A written explanation of an organizations business interactions and aims is called an? SWOT analysis, strategy for competitive differentiation, objective, mission statement

Back 88

Mission statement.

Front 89

tactical planning is primarily the responsibility of _______.

Back 89

middle managers

Front 90

______ planning is the most general and far-reaching type of planning

Back 90

Strategic

Front 91

Generally speaking, which type of manager needs vision the most?

Back 91

members of top management.

Front 92

As someone moves up the management hierarchy, which skills become relatively less important?

Back 92

Technical skills

Front 93

All of the following are measures of Web site effectiveness except? The cost of developing and maintaining the site, web site traffic counts, conversion rates, or revenue and profitability

Back 93

the cost of developing and maintaining the site.

Front 94

When it comes to the contents of a web site, which of the following is LEAST important? Utilizing the latest advance graphics software, relevance to viewers, conversion rates, or revenue and profitability.

Back 94

Utilizing the latest advanced graphics software

Front 95

What is the first question to consider when developing a Web site?

Back 95

What is the purpose of the Web site