Fundamentals of Management & Marketing

Question 1 of 20 5.0 Points The primary purpose of the management process is to: A. develop organizational goals and make logical decisions. B. organize the various functions in a logical manner. C. ensure that all employees are working together effectively. D. achieve organizational goals efficiently and effectively. Reset Selection Mark for Review What’s This? Question 2 of 20 5.0 Points Achieving organizational goals efficiently and effectively: A. is necessary for making logical decisions. B. is the primary purpose of the management process. C. ensures that all employees will work together effectively. D. rarely occurs in private sector organizations. Reset Selection Mark for Review What’s This? Question 3 of 20 5.0 Points Based on customer surveys, a manager recognizes that satisfaction is lower than expected. He then calls customers to uncover the source of their dissatisfaction. This represents which function of management? A. Planning B. Communication C. Leading D. Controlling Reset Selection Mark for Review What’s This? Question 4 of 20 5.0 Points How do top managers spend most of their time? A. Overseeing day-to-day operations B. Routine administrative tasks C. Implementing plans of first-line managers D. Making decisions and creating goals Reset Selection Mark for Review What’s This? Question 5 of 20 5.0 Points Dale is Superintendent of Dexter High School. His job requirements are not associated with any particular management specialty. Dale would be working in what functional area? A. Operations B. Finance C. Production D. Administration Reset Selection Mark for Review What’s This? Question 6 of 20 5.0 Points __________ skills are needed for specialized tasks within the organization. A. Human B. Organizational C. Conceptual D. Technical Reset Selection Mark for Review What’s This? Question 7 of 20 5.0 Points Which managerial skill is likely to be especially important to managers who occupy roles such as disturbance handler, negotiator, and resource allocator? A. Conceptual B. Technical C. Interpersonal D. Analytic Reset Selection Mark for Review What’s This? Question 8 of 20 5.0 Points The ability to prioritize work, to work efficiently and to delegate appropriately is a(n) __________ skill. A. technical B. time-management C. conceptual D. operational Reset Selection Mark for Review What’s This? Question 9 of 20 5.0 Points The classical management perspective consists of: A. scientific management and administrative management. B. management science and scientific management. C. behavioral management and the operations management. D. contemporary management and behavioral management. Reset Selection Mark for Review What’s This? Question 10 of 20 5.0 Points The profits or losses generated by a firm are examples of which aspect of systems theory? A. Outputs B. Feedback loops C. Transformation processes D. Inputs Reset Selection Mark for Review What’s This? Question 11 of 20 5.0 Points The __________ environment of a business that manufactures top-of-the-line cabinets includes computer-assisted design software that helps to convert wood and people’s ideas into lovely, functional cabinets. A. legal B. sociocultural C. technological D. political Reset Selection Mark for Review What’s This? Question 12 of 20 5.0 Points BMW and Mercedes are best described as: A. strategic allies. B. competitors. C. customers. D. regulators. Reset Selection Mark for Review What’s This? Question 13 of 20 5.0 Points Which of the following is part of the internal environment of organizations? A. Employees B. Regulators C. Influence groups D. Customers Reset Selection Mark for Review What’s This? Question 14 of 20 5.0 Points An organization’s obligation to protect and enhance the society in which it operates is called: A. legal responsibility. B. ethical responsibility. C. social responsibility. D. cultural responsibility. Reset Selection Mark for Review What’s This? Question 15 of 20 5.0 Points Clothing made in Sri Lanka and sold in the U.S. is an example of: A. importing/exporting. B. licensing. C. a joint venture/strategic alliance. D. direct investment. Reset Selection Mark for Review What’s This? Question 16 of 20 5.0 Points When Honda is allowed to import only 425,000 automobiles into the United States each year by the U.S. government, this is an example of a(n): A. quota. B. strategic alliance. C. joint venture. D. franchise agreement. Reset Selection Mark for Review What’s This? Question 17 of 20 5.0 Points Which of the following represents an economic community? A. European Union (EU) B. North Atlantic Treaty Organization (NATO) C. United Nations (UN) D. International Monetary Fund (IMF) Reset Selection Mark for Review What’s This? Question 18 of 20 5.0 Points U S cola producers voluntarily limit the number of beverages that they export to India each year. This is an example of: A. an export restraint agreement. B. direct investment. C. a strategic alliance. D. a licensing agreement. Reset Selection Mark for Review What’s This? Question 19 of 20 5.0 Points France charges taxes on American fruits and vegetables that are sold in France. This is: A. a joint venture. B. licensing. C. an export tariff. D. an import tariff. Reset Selection Mark for Review What’s This? Question 20 of 20 5.0 Points General Mills and Nestlé established Cereal Partners Worldwide to better compete with Kellogg in Europe. This is an example of: A. global sourcing. B. a licensing agreement. C. an export restraint agreement. D. a joint venture. Question 1 of 20 5.0 Points Goals set with and by lower-level managers are called: A. strategic. B. tactical. C. developmental. D. operational. Reset Selection Mark for Review What’s This? Question 2 of 20 5.0 Points When Proctor and Gamble compares its capabilities against competitors to find out whether the firm possesses any unique strengths, the firm is determining: A. a tactical goal. B. a strategic goal. C. an operational goal. D. its distinctive competencies. Reset Selection Mark for Review What’s This? Question 3 of 20 5.0 Points Strategic goals are set by: A. first-line managers. B. middle managers. C. top managers. D. stockholders. Reset Selection Mark for Review What’s This? Question 4 of 20 5.0 Points Which of the following outlines the organization’s purpose, assumptions, values, and direction? A. Mission B. Purpose C. Strategic plan D. Strategic goal Reset Selection Mark for Review What’s This? Question 5 of 20 5.0 Points The component of strategy that indicates how the organization intends to allocate resources is: A. resource deployment. B. scope. C. competitive advantage. D. synergy. Reset Selection Mark for Review What’s This? Question 6 of 20 5.0 Points Coca-Cola’s success in global marketing is the result of its distribution system and its marketing communications, which are two of the company’s: A. organizational weaknesses. B. environmental strengths. C. environmental weaknesses. D. organizational strengths. Reset Selection Mark for Review What’s This? Question 7 of 20 5.0 Points There are a lot of companies that make decorative items for the home. Franklin Mint makes decorative gift items that it sells as collectibles. For instance, each decorator plate that it markets is given a number, and only a finite quantity of each plate is manufactured. By use of a(n) __________ strategy, Franklin Mint distinguishes itself from other companies that make decorative items for the home. A. related diversification B. focus C. BCG D. diversification Reset Selection Mark for Review What’s This? Question 8 of 20 5.0 Points __________ is a useful framework for managers to use as they plot business strategy over time. A. Portfolio approach B. Product life cycle C. Environmental SWOT analysis D. Porter model Reset Selection Mark for Review What’s This? Question 9 of 20 5.0 Points Tide laundry detergent, manufactured by Proctor & Gamble, is the number-one selling detergent in the United States, although sales volume has been flat for years. In the U.S., in what stage of the product life is Tide laundry detergent? A. Growth B. Decline C. Focus D. Maturity Reset Selection Mark for Review What’s This? Question 10 of 20 5.0 Points Which of the following is an advantage of unrelated diversification? A. Stable financial performance over time B. Reduced overhead costs C. Specific, detailed knowledge about each individual SBU D. Synergy Reset Selection Mark for Review What’s This? Question 11 of 20 5.0 Points Decisions by managers of Time Warner to sell off Warner Music Group’s DVD and CD manufacturing, printing, packaging, physical distribution, and merchandising business was an example of a(n) __________ decision. A. programmed B. satisficing C. nonprogrammed D. irrational Reset Selection Mark for Review What’s This? Question 12 of 20 5.0 Points Decision making under risk means the decision maker: A. has no data on which to base his or her decision. B. is risk-averse, avoiding risky investments. C. knows all the risks involved in the decision. D. can estimate decision data with some probability. Reset Selection Mark for Review What’s This? Question 13 of 20 5.0 Points Bar code scanning computers at checkout have greatly simplified the inventory __________ decisions. A. nonprogrammed B. certainty C. risk D. programmed Reset Selection Mark for Review What’s This? Question 14 of 20 5.0 Points Suppose that a bank manager is trying to decrease turnover of his employees. He wants to develop as many possible courses of action as he can. At what stage of the rational decision-making process is this bank manager? A. Implementing the chosen alternative B. Selecting the best alternative C. Recognizing the decision situation D. Identifying alternatives Reset Selection Mark for Review What’s This? Question 15 of 20 5.0 Points In the classical decision-making model, optimization means: A. implementing two or more alternatives simultaneously. B. choosing the alternative with the best overall expected outcomes. C. gathering the most complete information before making the decision. D. reaching a satisfactory level of performance. Reset Selection Mark for Review What’s This? Question 16 of 20 5.0 Points When a plant manager is attempting to find a site for a new plant and selects the first site that he finds that meets the basic requirements for price, utilities, and transportation, which decision-making strategy is this plant manager utilizing? A. Bounded rationality B. Escalation of commitment C. Satisficing D. Coalition Reset Selection Mark for Review What’s This? Question 17 of 20 5.0 Points One advantage of group decision making is: A. groupthink. B. compromise. C. more information and knowledge are available. D. one person may dominate the group. Reset Selection Mark for Review What’s This? Question 18 of 20 5.0 Points A very strong-willed manager, when involved in a group decision, is often able to persuade the rest of the group to do what works best for him. Which disadvantage of group decision making is this group experiencing? A. Diversity of background B. Compromise C. Groupthink D. Domination by one member Reset Selection Mark for Review What’s This? Question 19 of 20 5.0 Points When a plant manager who is trying to reduce turnover of production workers notices that turnover has decreased by 10 percent four months after he instituted a new training program, at which step in the rational decision-making process is this manager? A. Evaluating the results B. Identifying alternatives C. Recognizing the decision situation D. Selecting the best alternative Reset Selection Mark for Review What’s This? Question 20 of 20 5.0 Points Bounded rationality is assumed in: A. the administrative model. B. the rational model. C. the irrational model. D. decision making under certainty. Question 1 of 20 5.0 Points The starting point for all job design activities is determining the level of desired job: A. specialization. B. rotation. C. enlargement. D. enrichment. Reset Selection Mark for Review What’s This? Question 2 of 20 5.0 Points An assembly operation includes four different jobs. Bob spends three weeks on each of these jobs and then starts the cycle over again with the first job of the operation. This is an example of job: A. specialization. B. rotation. C. enlargement. D. enrichment. Reset Selection Mark for Review What’s This? Question 3 of 20 5.0 Points Which of the following alternatives to specialization gives individual workers more to do and keeps each worker on the same job all the time without giving more authority over and responsibility for the work? A. Job enlargement B. Job rotation C. Job enrichment D. Work teams Reset Selection Mark for Review What’s This? Question 4 of 20 5.0 Points According to the job characteristics approach, when task significance is high, workers: A. do many tasks as part of their job. B. believe the task is important. C. perform a complete portion of the total job. D. have a lot of control over the tasks. Reset Selection Mark for Review What’s This? Question 5 of 20 5.0 Points Dell Computer Corporation sells virtually the same personal computers through any one of its three divisions: Personal, Business, and Education. This represents which type of departmentalization? A. Functional B. Product C. Customer D. Location Reset Selection Mark for Review What’s This? Question 6 of 20 5.0 Points __________ is defined as clear and distinct lines of authority among all positions in an organization. A. Span of control B. Job rotation C. Job enrichment D. Chain of command Reset Selection Mark for Review What’s This? Question 7 of 20 5.0 Points A wide span of management results in: A. a flat organization. B. many levels of management. C. a narrow organization. D. a tall organization. Reset Selection Mark for Review What’s This? Question 8 of 20 5.0 Points An organization where power and control are kept at the top levels of management is: A. specialized. B. centralized. C. decentralized. D. departmentalized. Reset Selection Mark for Review What’s This? Question 9 of 20 5.0 Points The process of linking together the activities of the various parts of an organization to promote harmonious movement toward organizational goals is called: A. centralization. B. specialization. C. decentralization. D. coordination. Reset Selection Mark for Review What’s This? Question 10 of 20 5.0 Points Which of the following is characteristic of the U-form design? A. Low requirement for coordination across departments B. Least effective for small organizations C. Responsibility for coordination and integration delegated to lower levels of management D. Departmentalization based on the kind of work being done Reset Selection Mark for Review What’s This? Question 11 of 20 5.0 Points According to the Lewin model, the first step in change is called __________; in this step, individuals who will be affected by the impending change must be led to recognize why the impending change is necessary. A. unfreezing B. refreezing C. freezing D. change itself Reset Selection Mark for Review What’s This? Question 12 of 20 5.0 Points The manager’s role as monitor is essential to which step in the comprehensive approach to change? A. Recognizing the need for change B. Understanding how to implement change C. Setting goals for change D. Selecting a change technique Reset Selection Mark for Review What’s This? Question 13 of 20 5.0 Points Studies of the organization change process found that participation: A. reduces the need for communication. B. encourages employees to adopt differing perceptions. C. increases productivity and cooperation. D. increases productivity but has no effect on cooperation. Reset Selection Mark for Review What’s This? Question 14 of 20 5.0 Points In most change situations there are factors that will make the job of change more difficult and others that seem to ease the change process. The process by which the manager identifies and then eliminates as many of the forces against change as possible is called: A. facilitation. B. implementation. C. force-field analysis. D. participative development. Reset Selection Mark for Review What’s This? Question 15 of 20 5.0 Points When organizational change involves planned alteration of the work processes or work activities the change primarily involvesthe area of: A. people. B. technology and operations. C. social responsibility. D. strategy. Reset Selection Mark for Review What’s This? Question 16 of 20 5.0 Points Reengineering is needed when an organization: A. experiences entropy. B. is dominant in its market. C. changes its technology rapidly. D. wants to improve employee morale. Reset Selection Mark for Review What’s This? Question 17 of 20 5.0 Points When organization development consultants observe the communication patterns and methods of cooperation and conflict resolution in an organization they are using the intervention technique called: A. technostructural activities. B. process consultation. C. team building. D. coaching and counseling. Reset Selection Mark for Review What’s This? Question 18 of 20 5.0 Points The first stage of the organizational innovation process is: A. growing. B. applying. C. launching. D. developing. Reset Selection Mark for Review What’s This? Question 19 of 20 5.0 Points When a large business attempts to revitalize its entrepreneurial spirit through the employment of creative individuals, this is called: A. intrapreneurship. B. new venture formation. C. creativity. D. entrepreneurship. Reset Selection Mark for Review What’s This? Question 20 of 20 5.0 Points A(n) __________ is usually a middle manager who learns about a new product or service idea and becomes committed to it. This manager helps the inventor overcome resistance to change and convinces others to take the innovation seriously. A. product champion B. inventor C. sponsor D. venture capitalist Question 1 of 20 5.0 Points Those activities directed at attracting, developing, and maintaining an effective workforce are called: A. human resource management. B. selection. C. employee relations. D. labor relations. Reset Selection Mark for Review What’s This? Question 2 of 20 5.0 Points If an organization refuses to hire women as welders, this is an example of: A. an indirect form of discrimination. B. affirmative action. C. a direct form of discrimination. D. equal employment opportunity. Reset Selection Mark for Review What’s This? Question 3 of 20 5.0 Points If an organization uses an employment test that whites pass at a higher rate than African Americans, this is an example of: A. a direct form of discrimination. B. employment at will. C. affirmative action. D. an indirect form of discrimination. Reset Selection Mark for Review What’s This? Question 4 of 20 5.0 Points The Age Discrimination in Employment Act forbids discrimination against workers above which of the following ages? A. 40 B. 45 C. 50 D. 55 Reset Selection Mark for Review What’s This? Question 5 of 20 5.0 Points Which of the following requires that women and men be paid the same amount for doing the same jobs, assuming their qualifications and experience are equal? A. Equal Pay Act of 1963 B. Title VII of the Civil Rights Act of 1964 C. Age Discrimination in Employment Act D. Fair Labor Standards Act Reset Selection Mark for Review What’s This? Question 6 of 20 5.0 Points The systematic collection and recording of information about jobs in the organization is known as: A. job evaluation. B. job analysis. C. job specification. D. staffing. Reset Selection Mark for Review What’s This? Question 7 of 20 5.0 Points Forecasting personnel needs and availability and setting up programs to match the two are the specific parts of human resource: A. supervision. B. development. C. planning. D. programming. Reset Selection Mark for Review What’s This? Question 8 of 20 5.0 Points Which of the following would probably have the highest content validity? A. Personality test B. An assessment center C. An aptitude test D. Job posting Reset Selection Mark for Review What’s This? Question 9 of 20 5.0 Points Scrap rate, dollar volume of sales, and number of claims processed are all examples of: A. training methods. B. predictive validation methods. C. content validation methods. D. objective performance appraisal criteria. Reset Selection Mark for Review What’s This? Question 10 of 20 5.0 Points When a manager is evaluated by his or her superiors, peers, and subordinates, this is known as: A. employment at will. B. 360-degree feedback. C. recency error. D. halo error. Reset Selection Mark for Review What’s This? Question 11 of 20 5.0 Points In human resource management terminology, the incentive pay an employee receives is referred to as: A. benefits. B. compensation. C. the wage-benefit package. D. remuneration. Reset Selection Mark for Review What’s This? Question 12 of 20 5.0 Points The major difference between wages and salary is: A. salaries are higher than wages. B. salaries include benefits while wages do not. C. low-level employees earn salaries while managers receive wages. D. wages are based on hours worked while salary is based on contribution to the firm. Reset Selection Mark for Review What’s This? Question 13 of 20 5.0 Points The term that refers to a company’s wages in comparison with those of other companies is: A. wage-structure. B. salary. C. compensation. D. wage-level. Reset Selection Mark for Review What’s This? Question 14 of 20 5.0 Points An organization is considered diverse when: A. managers have been given diversity training. B. it allows all new applicants to join the organization. C. its members differ from each other. D. its makeup matches the makeup of the general population. Reset Selection Mark for Review What’s This? Question 15 of 20 5.0 Points A cafeteria benefits plan consists of: A. allowing employees to choose among a set of optional benefits. B. providing on-site lunches to employees during the work week. C. reimbursing employees for meals they buy for clients. D. paying employees’ wages for work they do during their lunch hour. Reset Selection Mark for Review What’s This? Question 16 of 20 5.0 Points Which of the following is a discussion process between union and management that focuses on agreeing to a written contract that will cover all relevant aspects of their relationship? A. Labor relations B. Collective bargaining C. The grievance procedure D. Certification Reset Selection Mark for Review What’s This? Question 17 of 20 5.0 Points The means by which a labor agreement is enforced is the: A. grievance procedure. B. union rights clause. C. management rights clause. D. union security clause. Reset Selection Mark for Review What’s This? Question 18 of 20 5.0 Points Spouses of military members used to complain they could not find jobs because they moved every three years with the military. But with the increased demand for __________ some organizations value the ability to make a relatively short-term commitment by hiring them. A. temporary workers B. emergent workers C. task-oriented employees D. job-specific employees Reset Selection Mark for Review What’s This? Question 19 of 20 5.0 Points The process of determining the relative value of jobs within the organization is known as: A. job analysis. B. job evaluation. C. the wage-level decision. D. the individual wage decision. Reset Selection Mark for Review What’s This? Question 20 of 20 5.0 Points Parking lot attendants for a major corporation earn less than executive vice presidents at the same corporation. This is an example of: A. an individual wage decision. B. a wage-structure decision. C. wage discrimination. D. wage-level decision. Question 1 of 20 5.0 Points If you accept a position with an organization that promises you advancement opportunities, the organization is providing: A. competencies. B. psychological contracts. C. inducements. D. tangibles. Reset Selection Mark for Review What’s This? Question 2 of 20 5.0 Points A person’s range of interests is captured in the personality trait of: A. self-efficacy. B. openness. C. self-monitoring. D. risk propensity. Reset Selection Mark for Review What’s This? Question 3 of 20 5.0 Points A supervisor who experiments with new ideas, takes a chance with new products, and leads his or her department in new directions has high: A. locus of control. B. self-esteem. C. risk propensity. D. competencies. Reset Selection Mark for Review What’s This? Question 4 of 20 5.0 Points If you admire your CEO but find out there were questionable accounting practices under his watch, you might blame only the CFO because of: A. selective perception. B. perception. C. objective reality. D. stereotyping. Reset Selection Mark for Review What’s This? Question 5 of 20 5.0 Points The extent to which others in the same situation behave in the same way is known as: A. consistency. B. consensus. C. distinctiveness. D. stress. Reset Selection Mark for Review What’s This? Question 6 of 20 5.0 Points Which of the following statements BEST describes the general relationship between stress and performance? A. As stress increases, performance will decrease. B. As performance increases, so does stress. C. As stress increases, performance will increase for a time. D. As stress increases, job satisfaction will decrease. Reset Selection Mark for Review What’s This? Question 7 of 20 5.0 Points __________ thinking allows people to see similarities between situations or events. A. Differentiated B. Divergent C. Convergent D. Creative Reset Selection Mark for Review What’s This? Question 8 of 20 5.0 Points Unions usually bargain for retirement packages and good medical plans. Recently they have negotiated for advance notice of plant closings. What need level from Maslow’s hierarchy do these demands represent? A. Physiological B. Esteem C. Belongingness D. Security Reset Selection Mark for Review What’s This? Question 9 of 20 5.0 Points The theory that assumes that people make choices from among alternative plans of behavior based on their perceptions of the relationship between a given behavior and desired outcomes is __________ theory. A. two-factor B. equity C. reinforcement D. expectancy Reset Selection Mark for Review What’s This? Question 10 of 20 5.0 Points What is the most important idea for managers to remember from equity theory? A. Over-rewarded employees perform best. B. Under-rewarded employees perform best. C. For rewards to motivate employees, employees must perceive them as being fair. D. Employees must consider their inputs equal to the inputs of their comparison other. Reset Selection Mark for Review What’s This? Question 11 of 20 5.0 Points Sexual harassment policies and laws spell out the consequences for violation of the rules. What kind of reinforcement procedure is this? A. Avoidance B. Extinction C. Positive reinforcement D. Punishment Reset Selection Mark for Review What’s This? Question 12 of 20 5.0 Points Which of the following reinforcement schedules offers a worker the least incentive to do good work? A. Fixed-interval B. Fixed-ratio C. Variable-interval D. Variable-ratio Reset Selection Mark for Review What’s This? Question 13 of 20 5.0 Points If a credit-card company that hires telemarketers to call prospective customers to try to sell them on a new credit card gives these telemarketers a $2.00 bonus for every fourth application the company receives from their phone solicitation this is an example of which type of reinforcement schedule? A. Fixed-ratio B. Fixed-interval C. Variable-interval D. Variable-ratio Reset Selection Mark for Review What’s This? Question 14 of 20 5.0 Points Which of the following programs applies the concepts of reinforcement theory? A. Modified workweek B. Work redesign C. Behavior modification D. Attribution theory Reset Selection Mark for Review What’s This? Question 15 of 20 5.0 Points A supervisor’s use of coercion also involves the: A. use of distortion. B. use of extinction. C. use of positive reinforcement. D. loss of leadership. Reset Selection Mark for Review What’s This? Question 16 of 20 5.0 Points What approach to identifying a leader are you using if you vote for a politician based on his or her communication skills, intelligence, education, and assertiveness? A. Fiedler’s contingency B. Vroom’s decision tree approach C. Path-goal theory D. Trait Reset Selection Mark for Review What’s This? Question 17 of 20 5.0 Points Which of the following is a situational leadership model? A. Trait approach B. Path-goal theory C. Ohio State studies D. Leadership Grid Reset Selection Mark for Review What’s This? Question 18 of 20 5.0 Points __________ leadership is a contemporary perspective that focuses on a leader’s personality and ability to inspire loyalty and enthusiasm. A. Charismatic B. Entrepreneurial C. Symbolic D. Integrative Reset Selection Mark for Review What’s This? Question 19 of 20 5.0 Points As more companies become multinational corporations the need for __________ leadership has increased. A. cross-cultural B. charismatic C. transformational D. political Reset Selection Mark for Review What’s This? Question 20 of 20 5.0 Points In deciding which Vroom decision tree to use, the leader must consider __________ and the significance of the decision. A. time B. the availability of information C. the decision style used D. individuals Question 1 of 20 5.0 Points Sales forecasting, economic forecasting, and environmental analysis are examples of the control of: A. physical resources. B. human resources. C. information resources. D. financial resources. Reset Selection Mark for Review What’s This? Question 2 of 20 5.0 Points Equipment control is an important aspect of which area of control? A. Physical resources B. Human resources C. Information resources D. Financial resources Reset Selection Mark for Review What’s This? Question 3 of 20 5.0 Points When classifying controls on the basis of the resources involved, we find that one class of resources is related to the control of all other resource classes as well. Which resource class overlaps all other classes? A. Physical resources B. Human resources C. Financial resources D. Information resources Reset Selection Mark for Review What’s This? Question 4 of 20 5.0 Points A company that carefully evaluates job applicants is using __________ control. A. screening B. cybernetic C. postaction D. preliminary Reset Selection Mark for Review What’s This? Question 5 of 20 5.0 Points What type of control is exercised when assembly line workers check their work as they assemble the components? A. Screening control B. Preliminary control C. Postaction control D. Human resources control Reset Selection Mark for Review What’s This? Question 6 of 20 5.0 Points Which of the following is a characteristic of screening controls? A. Take place during the transformation process B. Involve interviewing potential employees C. Are the same as preliminary controls D. Determine organizational flexibility Reset Selection Mark for Review What’s This? Question 7 of 20 5.0 Points Which of the following financial documents shows a listing of all the organization’s assets and liabilities at a given point in time? A. Balance sheet B. Balance sheet budget C. Income statement D. Revenue budget Reset Selection Mark for Review What’s This? Question 8 of 20 5.0 Points The ratios that assess the ease with which the assets of the organization can be converted into cash are: A. liquidity ratios. B. profitability ratios. C. debt ratios. D. None of the above Reset Selection Mark for Review What’s This? Question 9 of 20 5.0 Points The purpose of bureaucratic control is to: A. enhance employee participation in the control function. B. produce performance above minimum acceptable standards. C. get employee compliance. D. increase group performance. Reset Selection Mark for Review What’s This? Question 10 of 20 5.0 Points Organizations make the decision to have a centralized or decentralized international control system when they are addressing issues of __________ control. A. operational B. strategic C. financial D. bureaucratic Reset Selection Mark for Review What’s This? Question 11 of 20 5.0 Points An organization that transforms resources into an intangible output in order to create time or place utility for its customers is known as a(n) __________ company. A. outsourcing B. service C. manufacturing D. ISO 9000 Reset Selection Mark for Review What’s This? Question 12 of 20 5.0 Points Which of the following decisions is likely to be the decision starting point occurring before the other decisions? A. The capacity decision B The product-service mix decision C. The facilities layout decision D. The facilities location decision Reset Selection Mark for Review What’s This? Question 13 of 20 5.0 Points __________ is the process of managing operations control, resource acquisition and purchasing, and inventory to improve overall efficiency and effectiveness. A. Supply-chain management B. Resource management C. Inventory management D. Quality control Reset Selection Mark for Review What’s This? Question 14 of 20 5.0 Points Which of the eight dimensions of quality refers to a measure of product life? A. Reliability B. Durability C. Serviceability D. Features Reset Selection Mark for Review What’s This? Question 15 of 20 5.0 Points The probability that a DVD player will eject the disk when you push the eject button is an example of which dimension of quality? A. Aesthetics B. Features C. Reliability D. Serviceability Reset Selection Mark for Review What’s This? Question 16 of 20 5.0 Points The starting point for instituting an organizational quality program is: A. strategic commitment from top managers. B. changes in operations methods. C. improving the quality of materials. D. employing new forms of technology. Reset Selection Mark for Review What’s This? Question 17 of 20 5.0 Points Statistical quality control (SQC) is: A. a computerized quality control monitoring service. B. a team approach to quality control. C. useful only in determining completed items to reject. D. a set of specific statistical techniques used to monitor quality control. Reset Selection Mark for Review What’s This? Question 18 of 20 5.0 Points The International Organization for Standardization requires firms to document the impact of operations on the environment. The standards are called ISO: A. 9000. B. 2000. C. 9000 2000. D. 14000. Reset Selection Mark for Review What’s This? Question 19 of 20 5.0 Points When an organization produces 100 units of output for 10 hours of direct labor, what is its labor productivity index? A. 0.1 B. 10 C. 1000 D. 100 Reset Selection Mark for Review What’s This? Question 20 of 20 5.0 Points The type of statistical quality control that involves testing products as they are being made is known as: A. total factor sampling. B. acceptance sampling. C. in-process sampling. D. None of the above Question 1 of 20 5.0 Points The basic difference between a good and a service is a good: A. provides intangible benefits. B. can be physically touched. C. is always less expensive than a corresponding service. D. generates greater interest among consumers. Reset Selection Mark for Review What’s This? Question 2 of 20 5.0 Points Delivering the value proposition is also known as: A. endless chain marketing. B. situational distribution efficiency. C. wholesaling. D. supply chain management. Reset Selection Mark for Review What’s This? Question 3 of 20 5.0 Points Which of the following is a core aspect of marketing? A. Satisfying the firm’s wants and needs B. Creating universal coverage C. Instilling self-sufficiency D. Making product, place, promotion, and price decisions Reset Selection Mark for Review What’s This? Question 4 of 20 5.0 Points Every Christmas season, Anheuser-Busch runs television ads featuring Clydesdale horses in a winter scene. These ads focus on the promotional goal of __________ consumers about the company’s brand. A. informing B. persuading C. reminding D. entertaining Reset Selection Mark for Review What’s This? Question 5 of 20 5.0 Points The traditional marketing channel through which consumers find and purchase goods and services is known as: A. B2B. B. C2C. C. D2C. D. B2C. Reset Selection Mark for Review What’s This? Question 6 of 20 5.0 Points UPS provides many services beyond package delivery including insurance, supply chain management, e-commerce, and financing. In the process UPS is building: A. value chain efficiency. B. transactional support. C. exchange efficiency. D. strategic alliances. Reset Selection Mark for Review What’s This? Question 7 of 20 5.0 Points Which of the following represents a way to build a sustainable competitive advantage using product excellence? A. Being the first to offer customers desired features, even if competitors can match these. B. Positioning the product using a clear, distinctive brand image. C. Having the most features on each model. D. Focusing on being cutting edge and continually eliminating older features though this may alienate some customers. Reset Selection Mark for Review What’s This? Question 8 of 20 5.0 Points Product excellence occurs through: A. customer loyalty. B. strategic acceptance. C. branding and positioning. D. value-based penetration. Reset Selection Mark for Review What’s This? Question 9 of 20 5.0 Points When conducting a SWOT analysis, in what phase of the strategic marketing process is an organization presently engaged? A. Planning B. Implementation C. Control D. Segmentation Reset Selection Mark for Review What’s This? Question 10 of 20 5.0 Points After developing a mission statement, a firm or organization next must perform: A. relative market share division. B. a situational analysis. C. a market penetration strategy analysis. D. a mission-accomplished ceremony. Reset Selection Mark for Review What’s This? Question 11 of 20 5.0 Points The first objective in the evaluate performance phase of the marketing planning process is to: A. determine whether to raise or lower prices. B. adjust advertising allocations. C. find ways to cut costs. D. assess why the performance goals were or were not achieved. Reset Selection Mark for Review What’s This? Question 12 of 20 5.0 Points E-books, in addition to being an alternative product form, provide __________ value creation through access via the Internet. A. product B. place C. promotion D. price Reset Selection Mark for Review What’s This? Question 13 of 20 5.0 Points The four Ps comprise the __________, which is the controllable set of activities that the firm uses to respond to the wants of its target markets. A. elements of practice B. internal operation focus C. needs response mechanism D. marketing mix Reset Selection Mark for Review What’s This? Question 14 of 20 5.0 Points When referring to “exchange,” marketers are focusing on: A. location where products and services are traded. B. price charged adjusted for currency exchange rates. C. creating value. D. the trading of things of value. Reset Selection Mark for Review What’s This? Question 15 of 20 5.0 Points __________ is communication by a marketer that informs, persuades, and reminds potential customers. A. Pricing B. Promotion C. Placement D. Product value creation Reset Selection Mark for Review What’s This? Question 16 of 20 5.0 Points Customer excellence, which can be developed through a strong brand, unique merchandise or superior customer service, results in: A. savings in promotion. B. reduced operational costs. C. aggressive competition. D. loyal customers. Reset Selection Mark for Review What’s This? Question 17 of 20 5.0 Points In value-based marketing, promotion communicates the: A. targeted creative solution. B. operational excellence. C. value proposition. D. relative market value. Reset Selection Mark for Review What’s This? Question 18 of 20 5.0 Points Which of the following is LEAST likely to be a sustainable competitive advantage? A. Lowering prices B. Brand name C. Customer satisfaction D. Supply chain efficiency Reset Selection Mark for Review What’s This? Question 19 of 20 5.0 Points Even when big-box discount retailers enter a market, some small, local retailers survive and prosper. These retailers have developed a(n) __________ generating long-term profitability. A. value-based customer avoidance B. successful mission-goal statements C. sustainable competitive advantage D. market segmentation sufficiency Reset Selection Mark for Review What’s This? Question 20 of 20 5.0 Points Of the five steps to the strategic marketing planning process, which step usually comes in the MIDDLE of the process? A. Evaluate performance B. Define the business mission. C. Situation analysis D. Identifying and evaluating opportunities Question 1 of 20 5.0 Points Deceptive advertising and promotion of inferior products are examples of __________ ethical issues. A. business B. marketing C. social D. finance Reset Selection Mark for Review What’s This? Question 2 of 20 5.0 Points The AMA Code of Ethics does not specifically address issues in regard to: A. regulators. B. customers. C. economically vulnerable segments such as children and the elderly. D. candidates running for federal offices. Reset Selection Mark for Review What’s This? Question 3 of 20 5.0 Points Firms with strong ethical climates tend to: A. make greater utilization of business development consultants. B. offer more goods and services than firms without strong ethical climates. C. be more socially responsible. D. invest more in sales training software. Reset Selection Mark for Review What’s This? Question 4 of 20 5.0 Points Being socially responsible is generally considered: A. a good thing to do only when a company is profitable. B. inappropriate for most firms in today’s market. C. beyond the norms of corporate ethical behavior. D. more appropriate for regulators, ethical philosophers and clergy with a special interest in social and corporate behavior. Reset Selection Mark for Review What’s This? Question 5 of 20 5.0 Points Many corporations are shifting from defined benefit to defined contribution retirement programs. When considering changes to retirement programs, companies should consider the ethical issues primarily affecting: A. shareholders. B. employees. C. customers. D. marketers. Reset Selection Mark for Review What’s This? Question 6 of 20 5.0 Points During which phase of the strategic marketing plan would the firm address the question of, “Should the firm be relocating its production to another country?” A. Planning B. Implementation C. Control D. Evaluation Reset Selection Mark for Review What’s This? Question 7 of 20 5.0 Points During which phase of the strategic marketing plan would the firm address the question of, “Did our actions have a negative impact on any stakeholder group?” A. Planning B. Implementation C. Control D. Evolution Reset Selection Mark for Review What’s This? Question 8 of 20 5.0 Points The Ethical Decision-Making Matrix II: A. is a realistic guide to performance only when profits are strong and performance evaluations are already positive. B. is a good tool for personal ethics but fails as a basis for a firm’s actions when faced with real-world issues. C. will be ineffective unless the questions are answered without masking incongruent situations and facts. D. places the burden on the firm’s own code of ethics and the actions of senior management. Reset Selection Mark for Review What’s This? Question 9 of 20 5.0 Points The centerpiece of the Marketing Environment Analysis Framework is: A. green marketing. B. competitive intelligence. C. culture. D. consumers. Reset Selection Mark for Review What’s This? Question 10 of 20 5.0 Points One of the goals of value-based marketing is to provide greater value to consumers: A. at the least profit. B. using green marketing inflationary currency manipulation. C. than competitors offer. D. than consumers can provide for themselves using regional cohorts. Reset Selection Mark for Review What’s This? Question 11 of 20 5.0 Points The difference between a firm’s immediate marketing environment and its macroenvironment is that the macroenvironment is: A. external. B. easier to understand. C. easier to control. D. the same as the immediate environment. Reset Selection Mark for Review What’s This? Question 12 of 20 5.0 Points __________ include dress, symbols, ceremonies and language differences. A. Demographic manifestations B. Fads and fashions C. Generational cohort descriptions D. Visible nuances of a country’s culture Reset Selection Mark for Review What’s This? Question 13 of 20 5.0 Points In New England foot-long sandwiches are called “grinders” while in many other parts of the country they are called “subs.” This is an example of a: A. regional cultural difference. B. country cultural factor. C. generational cultural factor. D. green marketing interpretation. Reset Selection Mark for Review What’s This? Question 14 of 20 5.0 Points Compared to other groups, the __________ generational cohort is the fastest growing segment of Internet users using e-mail and shopping, investing and banking. A. Seniors B. Baby Boomers C. Generation X D. Generation Y Reset Selection Mark for Review What’s This? Question 15 of 20 5.0 Points __________ tend to be individualistic, value leisure time as a high priority, may be a little careless about how the spend their money, and have an obsession with maintaining their youth. A. Seniors B. Baby Boomers C. Generation Xers D. Generation Ys Reset Selection Mark for Review What’s This? Question 16 of 20 5.0 Points When inflation increases, marketers need to be concerned about economic impacts including: A. many retailers suffer seasonal losses as consumers buy fewer gifts. B. consumers will buy more discretionary items, using extended decision making. C. all businesses will suffer, and that affects their customers and employees. D. consumers will buy less food. Reset Selection Mark for Review What’s This? Question 17 of 20 5.0 Points The many demands on consumers today have made it more difficult for marketers to: A. grab consumers’ attention. B. decide what to offer. C. deliver products just-in-time. D. differentiate between the needs of Tweens and Baby Boomers. Reset Selection Mark for Review What’s This? Question 18 of 20 5.0 Points Improved computer storage capabilities, and the manipulation of consumer information has increased consumers’: A. access to competitive intelligence. B. privacy concerns. C. cultural awareness. D. technological comfort. Reset Selection Mark for Review What’s This? Question 19 of 20 5.0 Points Compared to consumers in the United States, Europeans are: A. less ethnically diverse. B. more demanding of just-in-time material delivery systems. C. even more green-consumer conscious. D. less sensitive to environmental concerns. Reset Selection Mark for Review What’s This? Question 20 of 20 5.0 Points Marketers of cars, appliances, and copiers recognize women: A. allow men to make most of the purchase decisions. B. may influence but rarely make the purchase decision on these products. C. utilize more competitive intelligence (CI) in making decisions than men. D. make the majority of purchase decisions. Question 1 of 20 5.0 Points Consumers frequently use the Internet during the __________ stage of the consumer decision process. A. need recognition B. postpurchase evaluation C. information search D. situational factor analysis Reset Selection Mark for Review What’s This? Question 2 of 20 5.0 Points Andr was afraid his condominium would look shabby to his future in-laws, so he had it painted just before their visit. Andr was addressing his __________ risk. A. psychological B. financial C. performance D. cultural Reset Selection Mark for Review What’s This? Question 3 of 20 5.0 Points Consumers consider universal, retrieval, and evoked sets during the __________ stage of the consumer decision process. A. need recognition B. postpurchase evaluation C. information search D. evaluation of alternatives Reset Selection Mark for Review What’s This? Question 4 of 20 5.0 Points How a product is presented can influence the decision-making process. Along with brand and price, this is known as: A. a determinant attribute. B. an evoked set. C. a decision heuristic. D. product leverage. Reset Selection Mark for Review What’s This? Question 5 of 20 5.0 Points A __________ is a need or want that is strong enough to cause the person to seek satisfaction. A. price B. motive C. attitude D. perception Reset Selection Mark for Review What’s This? Question 6 of 20 5.0 Points Among the factor affecting the consumer decision-making process is/are __________, the way consumers spend their time and money to live A. lifestyle B. life standards C. the demonstration effect D. external validation Reset Selection Mark for Review What’s This? Question 7 of 20 5.0 Points Many Hollywood mvie stars were among the first to buy electric and hybrid vehicles. These stars often became __________, influencing other consumers’ behavior. A. reference groups B. internal loci of control C. cultural icons D. cognitive parameters Reset Selection Mark for Review What’s This? Question 8 of 20 5.0 Points In most countries, __________ tends to be one of the largest purchasers of goods and services. A. importers B. the central government C. NAICS D. consumer buying centers Reset Selection Mark for Review What’s This? Question 9 of 20 5.0 Points After need recognition, a business considers alternatives and comes up with __________ that suppliers might use to develop their proposals to supply the product. A. derived demand B. initiator instructions C. consensus classifications D. product specifications Reset Selection Mark for Review What’s This? Question 10 of 20 5.0 Points At many universities, education faculty members were among the first to ask for personal computers. These education faculty were __________ in the buying center. A. buyers B. initiators C. influencers D. users Reset Selection Mark for Review What’s This? Question 11 of 20 5.0 Points The size and composition of a business buying center will likely vary depending upon: A. the size of the meeting space available. B. the importance of the purchase decision to be made. C. demography of the target market. D. influence of the consumer. Reset Selection Mark for Review What’s This? Question 12 of 20 5.0 Points Most B2B buying situations can be categorized as new buys, modified rebuys, and: A. significant others. B. straight rebuys. C. angular dilemmas. D. RFPs. Reset Selection Mark for Review What’s This? Question 13 of 20 5.0 Points The WTO provides all of the following functions EXCEPT: A. it maintains the international monetary system. B. it acts as a forum for trade negotiations. C. it settles trade disputes. D. it reviews national trade policies. Reset Selection Mark for Review What’s This? Question 14 of 20 5.0 Points __________ is international trade of goods and services without using currency. A. Exchange control B. Countertrade C. Tariff trading D. Quota trade Reset Selection Mark for Review What’s This? Question 15 of 20 5.0 Points The __________ represents the highest level of integration among participating nations, involving both economic and monetary agreements. A. NAFTA B. EU C. GNI D. ASEAN Reset Selection Mark for Review What’s This? Question 16 of 20 5.0 Points NAFTA, like other free trade agreements, is limited to trade-related issues such as: A. labor mobility. B. monetary union. C. tariffs and quotas. D. banking and financial union. Reset Selection Mark for Review What’s This? Question 17 of 20 5.0 Points When assessing __________, a firm will consider its access to capital, current markets, manufacturing capacity, and proprietary assets. A. infrastructure B. competitive vitality C. internal capabilities D. market-relevant competencies Reset Selection Mark for Review What’s This? Question 18 of 20 5.0 Points Many of the best-known American retailers, like KFC and McDonalds, have expanded globally using: A. franchising. B. strategic alliances. C. joint venture. D. direct investment. Reset Selection Mark for Review What’s This? Question 19 of 20 5.0 Points Language, customs, culture, and literacy levels significantly affect global __________ strategies. A. pricing B. communication C. logistical D. investment Reset Selection Mark for Review What’s This? Question 20 of 20 5.0 Points Limited problem solving usually relies on: A. past experience more than on external information. B. situational stimuli and attitudes. C. external search for information. D. financial analysis of performance risk. Question 1 of 20 5.0 Points The first step in the segmentation process is to: A. create a perceptual map. B. produce a disclosure statement listing the strengths and weaknesses of the firm’s past marketing strategies. C. clearly articulate the firm’s vision or marketing strategy objectives. D. articulate the firm’s self-concept. Reset Selection Mark for Review What’s This? Question 2 of 20 5.0 Points Because marketing is all about creating value for customers, dividing the market based on __________ segmentation can be quite useful. A. geographic B. self-actualization C. psychographic D. benefit Reset Selection Mark for Review What’s This? Question 3 of 20 5.0 Points Chain stores often use __________ data to identify other locations with similar demographics and purchasing behavior. A. geodemographic B. self-actualization C. psychographic D. geographic Reset Selection Mark for Review What’s This? Question 4 of 20 5.0 Points For a segmentation strategy to be successful, the customers in the segment must react similarly and positively to the firm’s marketing mix. The market segment must be: A. substantial. B. perceptive. C. identifiable. D. responsive. Reset Selection Mark for Review What’s This? Question 5 of 20 5.0 Points Market growth, market competitiveness, and market access are all elements the marketer will use when assessing __________ of each potential market segment. A. substance B. responsiveness C. identification D. profitability Reset Selection Mark for Review What’s This? Question 6 of 20 5.0 Points __________ involves defining the firm’s marketing mix variables so that target customers have a clear, distinctive, and desirable understanding of the firm’s offerings relative to competitors’ offerings. A. Processing B. Perceptualizing C. Positioning D. Proportioning Reset Selection Mark for Review What’s This? Question 7 of 20 5.0 Points A __________ is often used to illustrate the position of a firm’s products or brands in consumers’ minds. A. mass marketing analysis B. VALS summary C. perceptual map D. loyalty timeline Reset Selection Mark for Review What’s This? Question 8 of 20 5.0 Points Despite the short-term success of Tiffany & Co.’s effort to gain new customers for life, the appeal to younger less affluent customers alienated the older, more affluent customer base. Tiffany & Co. chose to reconnect with its traditional customer bases and began the difficult task of: A. segmenting. B. positioning. C. strategic course correction. D. repositioning. Reset Selection Mark for Review What’s This? Question 9 of 20 5.0 Points Paul subscribes to an Internet service that alerts him whenever other firms in his industry are quoted in the media. Paul is using this type of market research primarily to: A. provide a link between him and his production center. B. help him understand the needs of his customers. C. monitor his competitors. D. increase profits through the sale of syndicated data. Reset Selection Mark for Review What’s This? Question 10 of 20 5.0 Points The difference between an MkIS and a market research study is, an MkIS: A. only uses unstructured questions. B. is an ongoing process of collecting, analyzing and presenting information. C. uses observation research while market research uses questionnaires. D. focuses only on shopping behavior. Reset Selection Mark for Review What’s This? Question 11 of 20 5.0 Points From charitable giving to medical records to Internet tracking, consumers are more anxious than ever about: A. secondary data retrieval systems. B. exploitation of resources by unscrupulous global marketers. C. the use of data mining by dating services. D. preserving their fundamental right to privacy. Reset Selection Mark for Review What’s This? Question 12 of 20 5.0 Points The Marketing Research Process follows five steps, and researchers: A. may not always go through them in the exact sequence if the situation changes or new information is discovered. B. should maintain the integrity of the process by following each step sequentially and thoroughly. C. often collect data before defining the research objectives. D. will often be prepared to present the results before completing the analysis if they are under a great deal of pressure to meet a deadline or launch. Reset Selection Mark for Review What’s This? Question 13 of 20 5.0 Points The first question a market researcher should ask when considering a research study is: A. Who will pay for it? B. Will the research be useful? C. When is the due date? D. What sample size will be needed? Reset Selection Mark for Review What’s This? Question 14 of 20 5.0 Points Market researchers can skip some steps in the process, but the research should always begin with: A. focus groups to help refine the questions. B. finding out what management really intends to decide to avoid doing extra work. C. defining the objectives and research needs. D. looking for the newest techniques in data analysis to beat the competition. Reset Selection Mark for Review What’s This? Question 15 of 20 5.0 Points The objectives of a research project define the type of data needed and: A. the statistical procedures utilized to redefine the objectives. B. process of analysis to be employed. C. the forum in which the data will be presented. D. the type of research necessary to collect the data. Reset Selection Mark for Review What’s This? Question 16 of 20 5.0 Points Company sales invoices, Census data, and trade association statistics are examples of: A. primary data. B. data mines. C. secondary data. D. simplistic data. Reset Selection Mark for Review What’s This? Question 17 of 20 5.0 Points There are many important marketing research uses for internal data. If detailed customer information is kept over a period of time, the company may be able to construct an important measure of a customer’s profitability known as: A. customer net worth. B. customer earning potential. C. customer lifetime value. D. primary customer profit. Reset Selection Mark for Review What’s This? Question 18 of 20 5.0 Points Caroline needs to find information about income and age distribution in Orange County, California. The best source of secondary research of use to Caroline is likely to be: A. door-to-door surveys. B. focus group interviews. C. syndicated data. D. Census data. Reset Selection Mark for Review What’s This? Question 19 of 20 5.0 Points Observation, in-depth interviews, and focus groups are all __________ research methods. A. conclusive B. data warehousing C. syndicated marketing D. exploratory Reset Selection Mark for Review What’s This? Question 20 of 20 5.0 Points __________ research is a type of quantitative research that manipulates variables to help determine cause and effect. A. Causal B. Scientific marketing C. Manipulative D. Experimental Question 1 of 20 5.0 Points Consumers judge the benefits the product delivers against the __________ necessary to obtain it. A. price B. profit C. sacrifice D. total return Reset Selection Mark for Review What’s This? Question 2 of 20 5.0 Points If a marketer prices their product too low, it may: A. result in lower costs. B. signal poor quality. C. increase contribution per unit. D. result in inelastic demand. Reset Selection Mark for Review What’s This? Question 3 of 20 5.0 Points Using “keystoning” as a pricing strategy: A. maximizes the difference between total cost and total variable cost. B. avoids having to participate in pure competition. C. ignores consumers’ sensitivity to changes in prices. D. allows marketers to estimate substitution cross-price elasticity. Reset Selection Mark for Review What’s This? Question 4 of 20 5.0 Points Which of the following is NOT one of the Five C’s of pricing? A. Customers B. Channel members C. Cost D. Collaboration Reset Selection Mark for Review What’s This? Question 5 of 20 5.0 Points When the media and messages in a promotional campaign are not aligned with the company strategies or when the channels are not appropriate for the selected price levels, it indicates something is wrong with: A. cost-benefit price ratio. B. promotional mix. C. break-even analysis. D. the pricing strategy. Reset Selection Mark for Review What’s This? Question 6 of 20 5.0 Points Naomi tells her sales representatives the goal is to generate at least a 20 percent return on investment for all of the industrial building supplies they sell. Naomi is using a __________ pricing strategy. A. sales orientation B. target profit C. target return D. status quo Reset Selection Mark for Review What’s This? Question 7 of 20 5.0 Points A __________ strategy involves accurately measuring all the factors needed to predict sales and profits at various price levels. A. sales orientation B. target profit C. target return D. maximizing profits Reset Selection Mark for Review What’s This? Question 8 of 20 5.0 Points The fact that millions of consumers are using online search engines for comparison shopping has: A. reduced overall demand. B. increased consumers’ price sensitivity. C. increased the number of oligopoly markets. D. reduced the contribution per unit cross-pricing elasticity. Reset Selection Mark for Review What’s This? Question 9 of 20 5.0 Points A demand curve shows the relationship between __________ in a period of time. A. price and quantity demanded B. demand and cost C. price and elasticity D. profit and price Reset Selection Mark for Review What’s This? Question 10 of 20 5.0 Points Price elasticity of demand is the ratio of: A. percentage change in quantity demanded divided by the percentage change in price. B. percentage change in price divided by percentage change in quantity demanded. C. change in price divided by change in quantity demanded. D. change in quantity demanded divided by the change in price. Reset Selection Mark for Review What’s This? Question 11 of 20 5.0 Points The more substitutes that exist in a market: A. the lower the price elasticity for each product. B. the greater the income elasticity for each product. C. the easier it will be to utilize a status quo price elasticity strategy. D. the more sensitive consumers will be to changes in the price of a particular product. Reset Selection Mark for Review What’s This? Question 12 of 20 5.0 Points At the break-even point: A. contribution per unit is zero. B. price is maximized. C. profits are zero. D. fixed costs are reduced to zero. Reset Selection Mark for Review What’s This? Question 13 of 20 5.0 Points The break-even point is estimated by: A. multiplying revenue per unit times the quantity sold. B. dividing fixed contribution per unit by variable costs. C. multiplying fixed costs by contribution per unit. D. dividing fixed costs by contribution per unit. Reset Selection Mark for Review What’s This? Question 14 of 20 5.0 Points If a 1 percent decrease in price results in more than a 1 percent increase in quantity demand, demand is: A. conditionally inelastic. B. price inelastic. C. price elastic. D. conditionally elastic. Reset Selection Mark for Review What’s This? Question 15 of 20 5.0 Points __________ is an attempt by a manufacturer, vendor or supplier to set a minimum possible price, to control the image of the product or dictate the price, which amounts to a legal form of what would otherwise be price fixing. A. Conditional pricing B. Controlled pricing support C. Channel enforcement D. Retail price maintenance Reset Selection Mark for Review What’s This? Question 16 of 20 5.0 Points In addition to knowing more about the products, services, manufacturers and retailers Internet users know more about prices. These consumers are becoming more: A. price insensitive. B. price observant. C. price neutral. D. price sensitive. Reset Selection Mark for Review What’s This? Question 17 of 20 5.0 Points For marketers to advertise a price as their __________, the Better Business Bureau recommends that at least 50 percent of the sales of a product occur at that price. A. fixed price B. zone price C. regular price D. leader price Reset Selection Mark for Review What’s This? Question 18 of 20 5.0 Points __________ pricing tactics lower the price of a product below cost. A. Fixed B. Zone C. Regular D. Loss leader Reset Selection Mark for Review What’s This? Question 19 of 20 5.0 Points __________ is the practice of colluding with other firms to control prices. A. Competitive favoritism B. Industry tightening C. Slacking D. Price fixing Reset Selection Mark for Review What’s This? Question 20 of 20 5.0 Points Labor, materials, and energy are typically __________ costs. A. fixedB. incidental C. variable D. inelastic Question 1 of 20 5.0 Points Supp