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Intro to Business > Ch 11-15 > Flashcards

Ch 11-15 Flashcards

1
Q

Ownership utility satisfies wants by providing goods and services at a convenient place for customers.

A

Ch 11

False

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2
Q

Customer relationship management is the ongoing process of acquiring, maintaining, and growing profitable relationships by delivering unmatched value.

A

Ch 11

True

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3
Q

Nike created a marketing initiative in China called “hip hoop” to develop the youth market for sneakers. Nike’s marketing approach paid off with the sales in 2010 growing 23%. Nike’s “hip hoop” marketing approach is an example of the consumer market segmentation known as demographic segmentation.

A

Ch 11

True

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4
Q

Motivation and attitudes are both major elements of the cultural influences on consumer decision making.

A

Ch 11

False

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5
Q

The consumer decision-making process involves need recognition, the search for information, evaluation of alternatives, the purchase decision, and postpurchase behavior.

A

Ch 11

True

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6
Q

Marketers use the Internet to reach larger audiences with 24/7 access to information and product choices from all over the world.

A

Ch 11

True

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7
Q

Utility is the ability of goods and services to satisfy consumer “wants.”

A

Ch 11

True

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8
Q

In today’s relationship era of marketing, the emphasis is on finding ways to quickly reach new customers.

A

Ch 11

False

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9
Q

Ellie wants to do some marketing research to uncover the attitudes and motivations that shape consumer choices. The best way to obtain this information would be to use observation research to obtain primary data.

A

Ch 11

False

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10
Q

Social responsibility has become a marketing goal for companies in response to consumer demands for broader community support.

A

Ch 11

True

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11
Q

Core benefits are provided by augmentations to the actual product.

A

Ch 12

False

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12
Q

The brand name, features, and the packaging of a product are considered part of the actual product.

A

Ch 12

True

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13
Q

The decision by Coca-Cola to begin selling breakfast cereal under the Coca-Cola brand name would be an example of a brand extension.

A

Ch 12

True

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14
Q

For a business to thrive long term, effective new product development is vital.

A

Ch 12

True

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15
Q

The goal of dynamically continuous product innovation is to find a way to produce a product more efficiently than competitors in order to offer it at a lower price.

A

Ch 12

False

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16
Q

The continuously changing format of audio books from cassette to CD to MP3 are examples of continuous innovation.

A

Ch 12

True

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17
Q

Marketing experts have determined that the product diffusion rate is really influenced by only three factors: compatibility, image, and sustainability.

A

Ch 12

False

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18
Q

Integrated marketing communication (IMC) is used to coordinate the delivery of a consistent message to consumers through multiple promotional channels.

A

Ch 12

True

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19
Q

Using integrated marketing communication involves creating different product messages for different media in order to adjust for the unique strengths and weaknesses of each medium.

A

Ch 12

False

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20
Q

Coca Cola’s slogan “Open happiness” is an example of a big idea based on an emotional premise.

A

CH 12

True

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21
Q

The channel of distribution refers to the actual movement of products as they travel from the producer to the ultimate consumer.

A

Ch 13

False

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22
Q

Physical distribution occurs as products actually travel along the distribution pathway.

A

Ch 13

True

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23
Q

Cash and carry wholesalers are full-service merchant wholesalers who specialize in selling to small retailers.

A

Ch 13

False

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24
Q

Examples of limited service wholesalers include drop shippers, truck jobbers, and cash and carry wholesalers.

A

Ch 13

True

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25
Q

Everyday-low pricing is a pricing strategy that is consistent with a goal of achieving long-term profitability through high volume.

A

Ch 13

True

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26
Q

Penetration pricing makes the most sense in situations where a significant group of potential customers are willing to pay a premium price for the good.

A

Ch 13

False

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27
Q

High/low pricing is the strategy of charging some customers a high price while charging other customers a low price for exactly the same product at the same time.

A

Ch 13

False

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28
Q

Marketers who want to boost volume are likely to use skimming pricing.

A

Ch 13

False

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29
Q

Zappos, Overstock.com, and Amazon.com are examples of online retailers who offer the best customer service according to the National Retail Federation.

A

Ch 13

True

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30
Q

Best Buy, Home Depot, and Staples are examples of retailers who rely mainly on outlet stores.

A

Ch 13

False

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31
Q

Management is achieving the goals of an organization through planning, organizing, leading, and controlling organizational resources including people, money, and time.

A

Ch 14

True

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32
Q

Top management usually performs the task of strategic planning, a process that requires the managers to develop a conceptual approach to the business.

A

Ch 14

True

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33
Q

Theory Y managers tend to believe that workers usually lack the intelligence and motivation to perform complex jobs

A

Ch 14

False

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34
Q

Theory X managers assume that workers dislike their jobs and prefer to be directed rather than use their own initiative.

A

Ch 14

True

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35
Q

Victor Vroom was the first proponent of equity theory.

A

Ch 14

False

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36
Q

A SWOT analysis is a strategic planning tool that evaluates a company’s competitive position in the marketplace.

A

Ch 14

True

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37
Q

An organization’s mission statement is usually a complex document that provides a detailed description of the principles that guide the organization and the way those principles should be applied to its major business initiatives.

A

Ch 14

False

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38
Q

Effective managers usually determine a particular style of leadership that works best for them and then consistently use that style.

A

Ch 14

False

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39
Q

A manager’s leadership style is defined by the way he or she utilizes power.

A

Ch 14

True

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40
Q

A key step in effective controlling is establishing clear performance standards.

A

Ch 14

True

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41
Q

Human resource management is the management function focused on maximizing the effectiveness of the workforce by recruiting world-class talent, promoting career development, and determining workforce strategies to boost organizational effectiveness.

A

Ch 15

True

42
Q

Workers, stockholders, and other stakeholders generally accept that the gap between average worker pay and the pay of CEOs can be justified by the heavy burdens and responsibilities associated with holding the top job at a major corporation

A

Ch 15

False

43
Q

Younger workers often bring optimism, open minds, technological know-how, a team orientation, and a multicultural perspective to the workforce.

A

Ch 15

True

44
Q

In response to the unfriendly business environment more highly-qualified, professional women are leaving the workforce than men.

A

Ch 15

True

45
Q

Firms that have seasonal business patterns are less likely to hire contingent workers than firms that have relatively stable employment patterns.

A

Ch 15

False

46
Q

Management development helps current and potential executives develop the skills they need to move into leadership positions.

A

Ch 15

True

47
Q

Andrea just graduated from college and is about to enter the workforce. Andrea should have no problem getting a job since employment levels have returned to pre-recession levels.

A

Ch 15

False

48
Q

Title VII is a portion of the Civil Rights Act of 1964 that prohibits discrimination in hiring, firing, compensation, apprenticeships, training, terms, conditions, or privileges of employment based on race, color, religion, sex, or national origin for employers with 15 or more workers.

A

Ch 15

True

49
Q

The Equal Employment Opportunity Commission (EEOC) was established to enforce the provisions of Title VII of the Civil Rights Act of 1964.

A

Ch 15

True

50
Q

Sexual harassment cases during the past decade are on the increase, as evidenced by the fact that the EEOC reports that sexual harassment cases doubled between the years of 1998 and 2008.

A

Ch 15

False

51
Q

._____ satisfies wants by converting inputs into a finished product.

a) Form utility
b) Ownership utility
c) Production utility
d) Marketing

A

Ch 11

a) Form Utility

52
Q

EZ Eats is a local fast food restaurant that is open 24-7. Management guarantees that customers will be served within five minutes after placing an order for any item on its menu. EZ Eats is focusing on satisfying customers by providing

a) selection utility.
b) form utility.
c) comparative utility.
d) time utility.

A

Ch 11

d) Time utility

53
Q

The American Marketing Association defines marketing as the

a) function of using advertising and publicity to promote goods and services.
b) development of new products on a regular basis.
c) activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value.
d) creation of profits through effective capital investments.

A

Ch 11

c) activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value

54
Q

_____ is the customer’s perception that a product has a strong, positive relationship between its cost and benefits.

a) Marketing
b) Utility
c) Value
d) Customer satisfaction

A

Ch 11

c) Value

55
Q

In customer relationship management, firms selling big-ticket items with small customer bases often find it advantageous to develop

a) full partnership relationships with their major customers.
b) a limited relationship with every customer.
c) a soft-sell approach.
d) exclusive relationships with the two or three largest customers.

A

Ch 11

a) full partnership relationships with their major customers.

56
Q

The relevant concept of value in marketing is based on _____

a) objective measures of quality and price.
b) the customer’s belief that a product is uniquely able to meet their needs.
c) the ability to satisfy basic consumer needs at the lowest possible cost.
d) the form utility of the product.

A

Ch 11

b) the customer’s belief that a product is uniquely able to meet their needs.

57
Q

Many firms develop a formal _____ to answer the question: Who is your target market and how do you plan to reach them?

a) marketing mix
b) market vision statement
c) marketing priority list
d) marketing plan

A

Ch 11

d) marketing plan

58
Q

A well-chosen target market embodies the following characteristics:

a) size, profitability, accessibility, and limited competition.
b) size, limited profitability, and competition.
c) limited size, profitability, and intense competition.
d) large population with the ability to buy.

A

Ch 11

a) size, profitability, accessibility, and limited competition.

59
Q

The consumer decision-making process involves need recognition, followed by

a) information search, alternative evaluation, purchase decision, and postpurchase behavior.
b) information search, learning, and postpurchase behavior.
c) product search, benefit analysis, price analysis, and value analysis.
d) cognitive dissonance, alternative evaluation, and learning.

A

Ch 11

a) information search, alternative evaluation, purchase decision, and postpurchase behavior.

60
Q

_____ describes how people act when buying products to use directly or indirectly to produce other products.

a) Consumer buyer behavior
b) Customer buyer behavior
c) Business buyer behavior
d) Technology buyer behavior

A

Ch 11

c) Business buyer behavior

61
Q

By definition, a(n) ____ satisfies consumer wants and needs.

a) payable
b) product
c) survey
d) prototype

A

Ch 12

b) product

62
Q

A product has three product layers. They are the

a) implied benefit, explicit benefit, and combined benefit.
b) physical form, intangible form, and perceived form.
c) core benefit, actual product, and augmented product.
d) external layer, internal layer, and environmental layer.

A

Ch 12

c) core benefit, actual product, and augmented product.

63
Q

Utilized by businesses, _____ include(s) small, movable capital purchases, designed for a relatively short productive life.

a) unsought products
b) accessory equipment
c) raw materials
d) installations

A

Ch 12

b) accessory equipment

64
Q

When marketers characterize quality, they are concerned with two dimensions. The dimension that refers to how well the product performs its core function is _____, while the dimension that refers to how well the product repeatedly performs is _____.

a) reliability; product differentiation
b) product consistency; variability
c) the level of separability; the quality level
d) the quality level; product consistency

A

Ch 12

d) the quality level; product consistency

65
Q

_____ are the characteristics of the product that companies offer the consumer. If a product is well-designed, each element corresponds to meaningful _____.

a) Product features; customer benefits
b) Product layers; product perceptions
c) Pure services; sensory experience
d) Hedonic attributes; product categories

A

Ch 12

a) Product features; customer benefits

66
Q

___ involves purchasing the right to use another company’s brand name or symbol.

a) Diffusion
b) Line extension
c) Branding
d) Licensing

A

Ch 12

d) Licensing

67
Q

The stages of the new product development process are

a) idea generation, idea screening, analysis, development, testing, and promotional planning.
b) idea generation, idea screening, analysis, development, testing, and commercialization.
c) idea generation, idea screening, market research, focus groups, intercept surveys, and observation research.
d) idea generation, idea screening, market research, development, testing, and observation research.

A

Ch 12

b) idea generation, idea screening, analysis, development, testing, and commercialization.

68
Q

Researchers have identified five product characteristics that affect the rate of adoption and diffusion. Which of the following is NOT one of these five characteristics?

a) stability
b) trialability
c) observability
d) compatibility

A

Ch 12

a) stability

69
Q

A product in the _____ stage is experiencing periods of rising sales and profits.

a) introduction
b) growth
c) maturity
d) decline

A

Ch 12

b) growth

70
Q

Which of the following is an example of a big idea based on a rational premise?

a) Budweiser: “Whassssuuup?!?!
b) GE: “We bring good things to life”
c) “Got Milk?”
d) Motel 6: “We’ll leave the light on for you.”

A

Ch 12

c) “Got Milk?”

71
Q

The average grocery store carriers _____ different products.

a. over 50,000
b. about 50,000
c. less than 50,000
d. approximately 10,000

A

Ch 13

b. about 50,000

72
Q

_____ satisfies customer needs by providing the right products in the right place.

a. Contingency planning
b. Distribution utility
c. Value stream mapping
d. Place utility

A

Ch 13

d. Place utility

73
Q

Independent wholesalers fall into two categories:

a. merchant wholesalers and agent/brokers.
b. distributors and retailers.
c. truck jobbers and drop shippers.
d. cash and carry wholesalers and credit-based wholesalers.

A

Ch 13

a. merchant wholesalers and agent/brokers.

74
Q

_____ takes legal possession of the goods being distributed, while _____ do not take title of the goods.

a. Supply chain management; supply chains
b. An ownership utility; service utilities
c. A merchant wholesaler; agents/brokers
d. A channel of distribution; direct channels

A

Ch 13

c. A merchant wholesaler; agents/brokers

75
Q

_____ offer goods to business customers. These business customers are too small to merit a sales call from the distributor’s representative.

a. “Five and dime” wholesalers
b. Merchant wholesalers
c. Truck jobbers
d. Cash and carry wholesalers

A

Ch 13

d. Cash and carry wholesalers

76
Q

_____ sell a complete selection of food and general merchandise at a steep discount in a single enormous location.

a. Supermarket stores
b. Discount stores
c. Merchant clubs
d. Supercenter stores

A

Ch 13

d. Supercenter stores

77
Q

The _____ is a theory that describes the upscale evolution of many retail firms; however, it does not account for stores that launch at the higher end of the market or for firms that retain their reputation as discount retailers.

a. wheel of retailing
b. channel intermediaries
c. independent wholesaling businesses
d. multichannel retailing

A

Ch 13

a. wheel of retailing

78
Q

Employing _____ means selling products at a limited number of preferred retailers in a given area; this approach tends to work best for distributing medium- and higher-priced products.

a. exclusive distribution
b. exclusionary distribution
c. maximum distribution
d. selective distribution

A

Ch 13

d. selective distribution

79
Q

What do Mary Kay Cosmetics, The Pampered Chef, and Tupperware have in common?

a. They are intensive distribution, nonstore retailers.
b. They are multilevel marketers.
c. They earn the majority of their revenue from direct response marketing.
d. They are a part of the wheel of retailing.

A

Ch 13

b. They are multilevel marketers.

80
Q

Sending products by _____ is the most expensive option available to producers.

a. rail
b. truck
c. ship
d. plane

A

Ch 13

d. plane

81
Q

_____ is the achievement of the goals of an organization through planning, organizing, leading, and controlling organizational resources.

a) Accounting
b) Management
c) Motivation
d) Leadership

A

Ch 14

b) Management

82
Q

_____ involves determining a structure for both individual jobs and the overall organization.

a) Controlling
b) Leading
c) Organizing
d) Planning

A

Ch 14

c) Organizing

83
Q

An example of a social need in Maslow’s hierarchy of needs in the workplace would be

a) feedback.
b) retirement plan.
c) creative jobs.
d) department outings.

A

Ch 14

d) department outings

84
Q

Job enrichment includes all of the following factors EXCEPT

a) task identity.
b) job security.
c) autonomy.
d) skill variety.

A

Ch 14

b) job security

85
Q

_____ planning focuses on establishing an organization’s long-term objectives, determining broad action steps, and allocating resources.

a) Strategic
b) Tactical
c) Operational
d) Contingency

A

Ch 14

a) Strategic

86
Q

Strengths and weaknesses are _____ to the organization; they include factors that either build up or drag down the firm’s performance.

a) environmental
b) contingent
c) external
d) internal

A

Ch 14

d) internal

87
Q

The degree of _____ relates directly to the source of power and control within an organization.

a) centralization
b) concentration
c) operational control
d) dispersion

A

CH 14

a) centralization

88
Q

One advantage of a centralized organization is that it is

a) a good way to get more people within the organization involved in decision-making.
b) likely to result in a strong corporate image and uniform approach to customers.
c) very responsive to customer needs.
d) likely to result in a high level of employee morale.

A

Ch 14

b) likely to result in a strong corporate image and uniform approach to customers.

89
Q

_____ refers to the number of people a manager supervises.

a) Span of control
b) Managerial focus
c) Locus of supervision
d) Span of operations

A

Ch 14

a) Span of control

90
Q

A _____ organization creates flexibility as it brings together specialists from different areas of the company to work temporarily on individual projects.

a) line
b) line-and-staff
c) matrix
d) corporate

A

Ch 14

c) matrix

91
Q

Southwest Airlines has gained a competitive edge and built long-term profits by putting its _____ first.

a) stockholders
b) employees
c) customers
d) creditors

A

CH 15

b) employees

92
Q

Investment in _____ is the largest investment for many firms.

a) accounts payable
b) cash equivalents
c) human resources
d) legal advice

A

CH 15

c) human resources

93
Q

A major challenge human resource managers face with their baby boom generation employees is that

a) many of these workers lack education and experience, leading to high training costs at a time when most American firms are under pressure to keep labor costs as low as possible.
b) they have little loyalty to their employer, resulting in high labor turnover.
c) workers in this generation are more likely than other workers to demand flexible work schedules so that they can enjoy a better work-leisure balance.
d) this very large group is nearing retirement age, raising the possibility that firms will lose many of their most talented and experienced employees.

A

Ch 15

d) this very large group is nearing retirement age, raising the possibility that firms will lose many of their most talented and experienced employees.

94
Q

In today’s economy, flexibility in work schedules is desired

a) across all ages and by both men and women.
b) mainly by young women.
c) mainly by older workers (both men and women).
d) mainly by older men.

A

CH 15

a) across all ages and by both men and women

95
Q

Several recent studies show that women in the labor force

a) now make up more than half of all workers.
b) now earn as much as men for doing work that requires the same level of education and training.
c) still face a significant degree of discrimination in terms of both pay and promotions.
d) usually prefer to work for major corporations rather than for smaller firms.

A

Ch 15

c) still face a significant degree of discrimination in terms of both pay and promotions.

96
Q

Human resource managers are trying to ease the “brain drain” in the workforce caused by highly-qualified, professional women leaving the workforce early—both with specific retention plans, and

a) hiring more male younger workers fresh out of college.
b) taking proactive steps to reintegrate women back into the workforce.
c) making the highly qualified, professional male workers do more of the work.
d) requiring baby boomers to work longer before they can retire.

A

Ch 15

b) taking proactive steps to reintegrate women back into the workforce

97
Q

._____ is used to examine the specific tasks assigned to each position within a company.

a) A probationary period
b) Management development
c) On-the-job training
d) A job analysis

A

Ch 15

d) A job analysis

98
Q

A(n) _____ is the explanation of responsibilities for a specific position.

a) job specification
b) external recruitment
c) on-the-job training
d) job description

A

CH 15

d) job description

99
Q

Temporary full-time workers, on-call workers, and contract agency workers are all examples of:

a) part-time employees.
b) content workers.
c) contingent workers.
d) short-term employees.

A

CH 15

c) contingent workers.

100
Q

Which of the following is considered a structured interview question?

a) How late do you normally like to work?
b) What would you do if your boss asked you to complete a key project within an unreasonable timeframe?
c) How many children do you currently have and how many more do you want?
d) If you realized a co-worker was cheating on their spouse, how would you handle the situation?

A

CH 15

b) What would you do if your boss asked you to complete a key project within an unreasonable timeframe?

Intro to Business (2 decks)

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