1. (TCO 1) A technique that combines all the promotional tools into one comprehensive, unified promotional strategy includes (Points : 5) the creation of a positive brand image meeting the needs of the consumer meeting the strategic marketing goals of the firm meeting the promotional goals of the firm meeting profit expectations of external investorsQuestion 2.2. (TCO 1) You own a hardware store in the small town where you live. A big-box, multiline competitor has just opened. You see the following as your advantages of maintaining your market share and continued sales revenue. (Points : 5) Quickly adapting to the market Providing improved customer service Increasing your inventory levels Opening a branch store across the street from the big box Providing free expert advice and consultation to your customersQuestion 3.3. (TCO 1) You are fairly good at various and sundry home repairs. You arent very good at electrical things or having to do with plumbing. But youre great with painting, patching, and general maintenance on a home. Youre contemplating starting a home repair business in your town. What are some issues that you should be concerned with in launching a new small-business start-up? (Points : 5) Under capitalization Competitors and competition Government control Collecting and remitting sales and use taxes Training for what you dont know what to doQuestion 4.4. (TCO 2) It can be difficult to balance ethics and other goals, such as pleasing stakeholders or advancing your career. According to management writer Ken Blanchard and religious leader Norman Vincent Peale, it helps to ask oneself which of the following questions when facing an ethical dilemma? (Points : 5) Is my proposed action legal? Is my proposed action legally defensible? Is it balanced? Is it the truth? How will this course of action make me feel about myself?Question 5.5. (TCO 2) A conscious plan that represents and encourages a unique set of values includes (Points : 5) our elected representatives. our communities. our competitors. our employees. our customers.Question 6.6. (TCO 2) Some regulation of business seems necessary to ensure fair and honest dealings with the public. The impact of this statement can best be explained by the following. (Points : 5) Consumers and investors have called for increased government regulation in the financial sector. U.S. businesses will need to work with government to create a competitive environment that is fair. Future financial crises will not be as severe as previous ones. Businesses wont have to worry with future healthcare insurance regulations. Global competition will steadily decline over time.Question 7.7. (TCO 3) Nations trade with other nations because (Points : 5) they can produce all the products its people want and need. buying products and selling products are allowed by international treaty. sophisticated technology allows for the improved use of natural resources. nations seek to trade with one another to meet the needs of their own people. they are able to buy what is needed in a mutually beneficial exchange relationship.Question 8.8. (TCO 3) Issues that will influence global markets include (Points : 5) Brazil is the second-largest economy in South America. China will overtake the United States as the worlds largest economy by 2027. Russia is plagued by political, currency, and social problems. Indias working age population is expected to shrink because of continued health concerns. the BRIC economies are the only areas of opportunity in the global market.Question 9.9. (TCO 3) Currency valuation problems can be especially harsh on developing economies. At times a nations government will intervene and readjust the value of its currency, often to increase the export potential of its products. This means (Points : 5) devaluation lowers the value of a nations currency relative to others. devaluation raises the value of a nations currency relative to others. due to a nations strong currency, the only way to trade is bartering. due to a nations weak currency, the only way to trade is bartering. countertrading is a simple form of bartering with good profit potential.Question 10.10. (TCO 4) Creative people are sometimes allowed to work within a corporation as entrepreneurs. The idea behind such an arrangement includes (Points : 5) limiting a companys financial liability. launching new products. generating new profits. assisting with strategic visioneering. use an organizations existing resources.Question 11.11. (TCO 4) Select the primary concerns when a new small business is started. (Points : 5) Planning your business Financing your business Knowing your customers Managing your employees Keeping recordsQuestion 12.12. (TCO 4) The major forms of business ownership are (Points : 5) subsidiary. sole proprietorship. consultantship. partnership. corporation.Question 13.13. (TCO 5) In the vacation market, many people find the holiday they want themselves. They use the Internet to find the right spot and then make choices, sometimes questioning potential sellers online. By using the Internet in this fashion, what is the role of marketing? (Points : 5) Make sure that a company precludes traditional advertising Make sure that a companys services are easily available for review by possible purchasers Make sure that a companys products are easily available for review by possible purchasers Make sure that the company cultivates personal relationships with customers Make sure that the company responds effectively to potential customersQuestion 14.14. (TCO 5) Electronic wireless technology continues its move toward ubiquity. Such media inculcates which of the following? (Points : 5) Sweepstakes promotional information News information and sports information Client information Company information Competitor informationQuestion 15.15. (TCO 5) A process is used whereby the total market is divided into groups whose members have similar characteristics. The aim of this process is to break the market into smaller units. Sales generated from the Internet can provide an additional source of revenue to the firm using such a scenario. The dimensions that should be considered given a case like this include (Points : 5) dividing a market by cities, counties, states, or regions. demographic segmentation. focusing on a groups values, attitudes, and interests. benefit segmentation. employer segmentation.Question 16.16. (TCO 6) You have been recently hired as the new Employee Development and Training Director at a small utility engineering company. Your boss, the company founder, and the president and CEO of the firm has specifically asked for your assistance in finding a way to improve creativity in his engineers through a process called job enrichment. You have thought about this for a few days and now feel that it is necessary to meet with your boss to present your ideas concerning motivation and performance. The ideas that you present to him include (Points : 5) the extent to which a job demands the same skills. the degree to which the job requires doing a task with a visible outcome from beginning to end. the degree to which the job has an insubstantial impact on the lives or work of others in the organization. the degree of freedom, independence, and discretion in scheduling work and determining procedures. the amount of direct and clear information given about team goals and performance.Question 17.17. (TCO 6) The steps to Mining Group Gold include (Points : 5) defining a purpose for the meeting. establishing clearly defined outcomes. setting expectations for reasonableness of the ideas presented. establishing clear and concise expectations of factual information. conducting a series of time checks throughout the meeting.Question 18.18. (TCO 6) Managers of employees from different cultural and geographic backgrounds have unique opportunities to reach out to new markets and understand ways to extend their products to new markets. A better understanding of other cultures customs and concerns helps managers increase customer satisfaction and customer loyalty. Part of cultural competency is not only understanding different languages, but also understanding (Points : 5) similar food selections. look others in the eye when speaking to them. how much space should be between people. customs. how people wish to be addressed.Question 19.19. (TCO 7) One development that has changed production techniques is the integration of computers into the design and manufacturing of products. The processes that this includes are (Points : 5) process manufacturing. intermittent process. computer-aided design. flexible manufacturing. computer-integrated manufacturing.Question 20.20. (TCO 7) Mass customization means (Points : 5) tailoring products to meet the needs of a large number of individual customers. fewer and fewer manufacturers are learning to customize their products. manufacturing companies may become service companies over time. more and more manufacturers are learning to customize their products. operations management concepts are not applicable to the service sector.Question 21.21. (TCO 7) The relationship between a PERT Chart and a Gantt Chart includes which of the following? (Points : 5) A Gantt Chart is used for planning purposes. A PERT Chart is used for measuring progress. They are both considered to be control procedure monitors. Both use a critical path to delineate the flow of materials. A PERT network can be made up of thousands events over many months.Question 22.22. (TCO 8) The marketing eras include (Points : 5) customer relationship. advertising. marketing concept. sales. production.Question 23.23. (TCO 8) If there is one thing that advertisers agree upon, it is the growing importance of social media in product promotion. Given this information, (Points : 5) investing in social media hinders a company in reaching their goals. social media needs to work hand-in-hand with other channels. social media reaches old audiences that have new devices. nontraditional audiences are the new target for social media. social media and direct mail are complementary to one another.Question 24.24. (TCO 8) The major promotional strategies include which of the following? (Points : 5) The producer uses advertising, personal selling, and sales promotion to convince wholesalers and retailers to stock and sell merchandise. Heavy advertising and sales promotion efforts are directed toward consumers so theyll request products from retailers. Consumers who pick out their products from online outlets Paying people to say positive things on the Internet Setting up multilevel selling schemes whereby consumers earn commissionsQuestion 25.25. (TCO 9) Businesses and individuals are bombarded on a minute-by-minute basis with alerts, information, messages, and notifications. Sorting through this onslaught of information is challenging even under the best of circumstances. The usefulness of management information depends on (Points : 5) a managers ability to learn which questions to ask to get the answers they seek. sales and expense data that are a part of a pro-forma statement for the company. e-mail and texting as a secure mode of communicating to allow for enhanced order processing. sorting between too much information and too little information in order to make a decision. using an e-mail programs organizing tools to manage information efficiently.Question 26.26. (TCO 9) What types of information are available to businesses today? (Points : 5) Psychological information Business process information Physical-world observations Private information from the government Biological dataQuestion 27.27. (TCO 9) Collaboration software allows multiple users to work on the same document at the same time. It also facilitates videoconferencing so that participants can see and hear each other regardless of where they are. The advantage of using such software is (Points : 5) single location for the information being edited and saved. multiple copies of the information so backups are not necessary. the software is considered shareware and is therefore not copyrighted. the software is considered public domain software and is free for the taking. multiple locations where the information is stored provides quick access.Question 28.28. (TCO 10) Which of the following financial management functions are a part of financial planning? (Points : 5) Understanding and allocating operational needs Establishing a capital budget Creating a long-term forecast Establishing a strategic planning vision Creating a short-term forecastQuestion 29.29. (TCO 10) An accounting system includes (Points : 5) tax return information. balance sheet information. summarization of accounts information. compliance information. eleemosynary information.Question 30.30. (TCO 10) Managerial accounting includes (Points : 5) information provided to creditors and lenders. information provided to government agencies. information reviewed and evaluated prior to preparing a companys financial statements. information related to the preparation and distribution of an annual report. information reported concerning the costs of production.Question 31.31. (TCO 1) The latest economic news was not very positive. Unemployment rates were higher than expected, consumer confidence had fallen, and companies were reporting layoffs were in order. The Federal Reserve chairman acknowledged the economy was in a recession. What actions might the federal government take to give the economy a boost? What is this policy called? (Points : 10)Question 32.32. (TCO 2) Identify and discuss the social responsibilities of Home Depot to three different stakeholder groups. (Points : 15)Question 33.33. (TCO 3) Discuss the positive aspects of globalization and contrast these with the negative aspects of globalization from the perspective of a small business. Be sure to address the pros and cons of outsourcing in your response. (Points : 15)Question 34.34. (TCO 4) Identify and explain the incentives for entrepreneurship. Address why someone would willingly take the numerous risks associated with running a business. Also, discuss the major attributes necessary for a successful entrepreneur. (Points : 15)Question 35.35. (TCO 5) Aside from retail sales and marketing, identify and discuss two ways that a business could reduce costs or increase profits by using the Internet or Web applications. (Points : 15)Question 36.36. (TCO 8) Identify the 4 Ps of marketing, and give an example how each of the 4 Ps can be used to market your favorite product or service. (Points : 15)Question 37.37. (TCO 7) Given the following companies, Boeing (airliner manufacturer) and Dell Computer (computer manufacturer), which facility layout would be the most suitable for each? Justify your response. How would each company determine the location of their facilities? List the specific needs and requirements of each company when determining location. (Points : 15)
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