Archive for January 2021

Intermediaries are:

Intermediaries are:a) consumers who are in the middle of the consumer decision-making process.b) social service agencies responsible for evaluating the...

Lauren is heading home from work and realizes she forgot to buy cat food during her lunch hour. As she navigates the traffic, she tries to decide where it will be most convenient to stop. She could go to the large discount store, which would give her the best price, but the lines are usually long after work. There are a couple of convenience stores on her route, but she isn't certain they will have her cat's brand. The grocery store is no better than the discount store after work. She settles on one of the drug store chains that also has just about everything. It is larger than the convenience stores, but never as crowded as the grocery store or discount store. In terms of consumer behavior, _____________ influences have guided Lauren's decision.

Lauren is heading home from work and realizes she forgot to buy cat food during her lunch hour. As she navigates the traffic, she tries to decide where...

After one year of operation, Mac and Zach learned that several enthusiastic baseball players were driving to a larger town to receive similar services. In order to learn about the potential customers who were going elsewhere for service, Mac and Zach proceeded to look online to determine how competitors' services differed from theirs. They learned that competitors were open longer hours on weekends, and even had celebrity endorsements. The new information they gathered, and its interpretation was the _______________ part of the marketing research process.

After one year of operation, Mac and Zach learned that several enthusiastic baseball players were driving to a larger town to receive similar services....

Market segmentation is about dividing the total market for a product or service into groups with similar characteristics and needs. Marketers often divide the total market for their products and services demographically, either by age, education, or income level. If they wanted to know if all 18-year-olds in their market had similar TV show and movie interests, their inquiry would also focus on _____________ segmentation.

Market segmentation is about dividing the total market for a product or service into groups with similar characteristics and needs. Marketers often divide...

Two baseball leagues in the city, where Mac and Zach plan to open their sports academy, agreed to allow them to distribute an e-mail survey to their league players. In order to capture this opportunity, Mac quickly put together a set of 15 questions that inquire about the type of skills (batting, pitching, fielding, running) that league players want to develop. The survey and subsequent information this research would glean is called ________________ data.

Two baseball leagues in the city, where Mac and Zach plan to open their sports academy, agreed to allow them to distribute an e-mail survey to their league...

When Maritza Toros opened her Mexican restaurant in a fashionable suburb of Kansas City, she believed that the most important element of her success would be promotion. She made sure that a significant portion of her budget was devoted to advertising in local papers, sent out coupons and really focused on the promotional aspects of the restaurant. Which of the four eras of marketing does it seem that Maritza emphasized?

When Maritza Toros opened her Mexican restaurant in a fashionable suburb of Kansas City, she believed that the most important element of her success would...

Up until now, Mac and Zach's Youth Sports Academy has served the ____________ market. Just recently, the local high school contacted them inquiring about practice space for boys' baseball and girls' softball during bad weather. If they negotiate a contract with the high school, they will also be serving the ___________ market.

Up until now, Mac and Zach's Youth Sports Academy has served the ____________ market. Just recently, the local high school contacted them inquiring about...

When Sun-2-Shade needed some information about the potential market for their product, the marketing team looked to the Internet to find industry trends, and at the market for eyewear products, which uses the same technology that is used in their self-darkening windshield. The type of information the marketing team was using is referred to as:

When Sun-2-Shade needed some information about the potential market for their product, the marketing team looked to the Internet to find industry trends,...

Recently, Mac and Zach's Youth Sports Academy has had several inquiries about girls' softball. While scanning the ____________ environment in their service area, they become aware of the growing importance of girls' sports, and particularly girls' softball. Girls' softball received a boost in their local market when the high school team won the state championship. Mac and Zach are seriously considering expanding their operation to include softball skill lessons for young girls.

Recently, Mac and Zach's Youth Sports Academy has had several inquiries about girls' softball. While scanning the ____________ environment in their service...

Ben oversaw the work of six pharmaceutical sales managers in the southeast region of the U.S. Each sales manager managed a team of 8-10 pharmaceutical sales representatives that developed relationships with doctors, clinics, hospital pharmacies and local drug stores. Ben met regularly with four others in his company whose jobs were similar to his position. How would you describe the level of management Ben has achieved?

Ben oversaw the work of six pharmaceutical sales managers in the southeast region of the U.S. Each sales manager managed a team of 8-10 pharmaceutical...

A mobile veterinary business, Preferred Pet Care, Inc., created a mission statement long before it opened its doors for business. The mission statement referred to the unique characteristic of the business: a traveling pet unit whose veterinarians went to the home of the pet owner, rather than the pet owner bringing the pet to the clinic. What other criteria should be considered for the mission statement?

A mobile veterinary business, Preferred Pet Care, Inc., created a mission statement long before it opened its doors for business. The mission statement...

Contemporary managers ___________.

Contemporary managers ___________.a) become specialists in only one or two functional areas.b) function solely as intermediaries between workers and labor...

Dave facilitated a hiring committee for his advertising company. Six employees (including two managers) met together to discuss applicants and select the finalists for a copywriter position in the public relations department. Although the head of public relations would have the final nod on the candidate that would ultimately be hired, the evaluative work of the committee was very important because this group would send forward those persons they believed would be good work colleagues. In setting up this type of hiring process, the head of public relations was utilizing a(n) __________ style of leadership.

Dave facilitated a hiring committee for his advertising company. Six employees (including two managers) met together to discuss applicants and select...

All managers do planning. Allison is a general manager for a large toy store. Each day she plans the number of employees she will have in each department, including the number of cashiers. She plans the break schedules and the freight delivery schedules. In the business world, we refer to this type of planning as ___________.

All managers do planning. Allison is a general manager for a large toy store. Each day she plans the number of employees she will have in each department,...

Which of the following is a false statement?

Which of the following is a false statement?a) Companies are organizing so that customers have more influence.b) General consensus is that larger companies...

After 8 years of working for a company that installed underground sprinkling systems for golf courses, Jake was ready to venture into his own business. As he prepared his SWOT analysis, he evaluated where he stood at this time. He was fortunate to have $100,000 financing to get the business under way. He knew of three skilled installers who were willing and interested to work for him, and he was aware that new construction was at an all-time low, with several residential properties being foreclosed. In reviewing his list, you would categorize these events as __________.

After 8 years of working for a company that installed underground sprinkling systems for golf courses, Jake was ready to venture into his own business....

Cara started a small business a little less than 10 years ago. The business employed several social workers and nurses that visited and cared for persons who had left hospital care, but were not quite ready to be on their own at home. As the CEO of the firm, Cara decided it was time to hire a business operations manager and a marketing manager to handle the details of the business. Which of the following functions of management was Cara primarily performing?

Cara started a small business a little less than 10 years ago. The business employed several social workers and nurses that visited and cared for persons...

Sergey Brin and Larry Page are the founders of Google. Most would agree that they have a superb product, but in order to grow, the company needed more structure. Together, they agreed to hire Eric Schmidt to join the executive team as the executive chairman. Schmidt quickly began performing the ________ function, where he created well-structured departments and hired skilled people to perform the various functions of the business.

Sergey Brin and Larry Page are the founders of Google. Most would agree that they have a superb product, but in order to grow, the company needed more...

"We believe in creating loyal customers by providing a superior experience at a great value. We are committed to direct relationships, providing the best products and services based on standards-based technology, and outperforming the competition with value and a superior customer experience." This statement is a part of Dell's:

"We believe in creating loyal customers by providing a superior experience at a great value. We are committed to direct relationships, providing the best...

The first day on the job waiting tables at a popular restaurant, Ashley noticed that when one member of the wait staff was serving a very large party, the other waiters would help with carrying food to the tables and even checking to make sure water glasses were filled. Although these actions were not part of the mandatory wait staff training, Ashley perceived that wait staff members who were not attentive in helping out were not viewed as team players by the majority of employees. Ashley was observing an example of the ___________ followed at this organization.

The first day on the job waiting tables at a popular restaurant, Ashley noticed that when one member of the wait staff was serving a very large party,...

The Pak-It-Your-Way Company makes custom packaging of all kinds. The firm has evolved into a big business due to quality and innovative work. Recently, top management asked company departments to list and evaluate the kinds of socially responsible efforts conducted internally and externally in the business and also to list negative occurrences that supervisors observed. Top management is essentially conducting a(n)_____________.

The Pak-It-Your-Way Company makes custom packaging of all kinds. The firm has evolved into a big business due to quality and innovative work. Recently,...

Organizational ethics begins:

Organizational ethics begins:a) at the top levels of management.b) only with full-time employees.c) with the labor unions and employee groups.d) with...

Jake served on a committee of employees who were charged with selecting three co-workers to honor at the holiday banquet. One employee whose name was at the top of everybody's list was instrumental in helping another employee who failed to wear his protective headgear to avoid suffering a serious head injury. Although this was a noble act, Jake knew that the hero was frequently negligent about wearing his own headgear. Jake knew that several other employees followed strict company policy every day and always wore their headgear; yet, they were not being acknowledged for their compliance. According to Norman Vincent Peale, which of the following questions should Jake refer to as he proceeds to make an ethical decision?

Jake served on a committee of employees who were charged with selecting three co-workers to honor at the holiday banquet. One employee whose name was...

American businesses are:

American businesses are:a) demanding socially responsible behavior from international suppliers, particularly in the areas of environmental standards...

When an F5 (category 5) tornado hit a town in southern Missouri, the people that lived there needed the basics: food, water, and shelter. The owners of Boccardi's Ristorante in St. Louis drove several hours with a van of employees, equipment, and food to donate what they could to help the storm victims. The business term we use to describe this philanthropic action is ___________________, where a company donates what it does best to help make a situation better.

When an F5 (category 5) tornado hit a town in southern Missouri, the people that lived there needed the basics: food, water, and shelter. The owners of...

When it comes to ethical behavior:

When it comes to ethical behavior:a) many Americans decide what's ethical based upon the situation in which they find themselves.b) most Americans have...

A few months ago, Pedro's Pizza House, a large nationwide chain of restaurants, purchased one of its competitors, Italian Stallion Pizza Stations, for $800 million. Italian Stallion stockholders got a very fair deal for their stock they owned in the company. However, the purchase was not without its problems. An issue arose when it was disclosed that somehow a member of Pedro's management team mentioned the deal to a person he sat next to on a flight from LA to Seattle. That person called five of his relatives and several friends. They quickly bought shares of Italian Stallion and purchased the stock before the acquisition became public. These actions are called _________.

A few months ago, Pedro's Pizza House, a large nationwide chain of restaurants, purchased one of its competitors, Italian Stallion Pizza Stations, for...

Even though the nation faces political instability, the island of Frollik with its wide, expansive beaches is a destination hub for cruise lines. Recently, a large theme park company showed strong interest in buying land in Frollik with the intent of building a park targeted toward families. The company wants to make a commitment to Frollik, including the hiring of several hundred local employees. They're using a global marketing strategy called ____________.

Even though the nation faces political instability, the island of Frollik with its wide, expansive beaches is a destination hub for cruise lines. Recently,...

During the past five years, the nation of Andolvia began a massive undertaking: teaching farmers how to successfully grow and harvest peanuts. The government subsidized the building of peanut processing plants, where private businesses are now producing peanut butter and other products of nutritional value. Although the Andolvia government has not completely banned the importation of peanuts, it has placed ________________ on the number of peanut products that the nation can import each year, in order to protect Andolvia's young peanut industry.

During the past five years, the nation of Andolvia began a massive undertaking: teaching farmers how to successfully grow and harvest peanuts. The government...

___________ is a cost-effective way that many companies outsource the production of goods, such as clothing, shoes, and cell phones. The domestic firm contracts with a foreign company to produce and private-label the goods, because the price is much cheaper than the domestic firm could produce in its' home market.

___________ is a cost-effective way that many companies outsource the production of goods, such as clothing, shoes, and cell phones. The domestic firm...

According to Geert Hofstede, who has spent a lifetime studying differences in cultures, the Chinese have a long-term orientation, meaning they are patient savers and are willing to forgo things today, for a better future. Americans typically have a short-term orientation. They prefer more instant gratification and are not as willing to save for the future. This difference in values between the Chinese and Americans is a _____________ attribute that may represent a challenge in future global trade.

According to Geert Hofstede, who has spent a lifetime studying differences in cultures, the Chinese have a long-term orientation, meaning they are patient...

The Republic of South Africa exports edible fruits and nuts into the common market known as the European Union, and imports from the European Union other products which South Africa could produce but at a higher cost than what it costs the Europeans to produce. This practice follows the premise of _________________.

The Republic of South Africa exports edible fruits and nuts into the common market known as the European Union, and imports from the European Union other...

In global trade, the term "dumping" refers to:

In global trade, the term "dumping" refers to:a) a foreign company's production of private-label goods to which a domestic company attaches its own brand...

The new era of business will:

The new era of business will:a) be dominated by an increase in the manufacturing sector as global markets grow.b) see a rise in the agricultural sector.c)...

Profits equal _______.

Profits equal _______.a) revenues plus expenses, less taxesb) the sales dollars that a business acquires, over timec) the owner's annual salaryd) the...

Blake wanted to offer high-quality meals in his restaurant. His motto was "the best darn meat and potatoes for miles around." The locals agreed that the food was good. They also agreed that if you decided to eat there, be prepared to wait. Food preparation and service were slow. Although Blake's motto stated the business's competitive advantage, your accurate advice to Blake would be _______.

Blake wanted to offer high-quality meals in his restaurant. His motto was "the best darn meat and potatoes for miles around." The locals agreed that the...

At Backstreet Books, Inc., the department manager uses a hand-held scanner to determine the quantity of each best seller the bookstore has on its shelves, how many copies of each book was sold the past week and the past month, and exactly when the next shipment of these books is expected to arrive. Backstreet Books embraces the strategy of _______.

At Backstreet Books, Inc., the department manager uses a hand-held scanner to determine the quantity of each best seller the bookstore has on its shelves,...

Efficiency means _______.

Efficiency means _______.a) producing items using the least amount of resourcesb) producing as much as you can as fast as you can, regardless of costc)...

Lance and Laurie live on three acres of land in North Carolina, with two llamas, five goats, six chickens, and two dogs. The goats provide milk, cheese, yogurt and even fiber that is woven into yarn; the chickens provide free-range eggs; and the llamas serve as protection for the other animals. Although Lance and Laurie have other professional jobs, their home lifestyle represents _______.

Lance and Laurie live on three acres of land in North Carolina, with two llamas, five goats, six chickens, and two dogs. The goats provide milk, cheese,...

When corruption is evident in governments:

When corruption is evident in governments:a) factories are more difficult to build without obtaining a permit through bribery of public officials.b) minimum...

Darnell lives in an area where labor is plentiful and locations for start-ups are relatively cheap. He is also confident that he can find start-up funds for a graphic arts business. As he evaluates the opportunity for his proposed venture, which two other factors of production does he need to succeed?

Darnell lives in an area where labor is plentiful and locations for start-ups are relatively cheap. He is also confident that he can find start-up funds...

Judy started a business called Music and Memories™. She recognized that music, socialization, and memory-challenging activities for senior citizens helped maintain their cognitive skills for longer periods of time. Though she strives for a financial gain, she uses the excess funds for enriching her programs instead of a personal profit. Her organization is classified as:

Judy started a business called Music and Memories™. She recognized that music, socialization, and memory-challenging activities for senior citizens helped...

Juan has many business ideas that could satisfy the unfulfilled needs of people who live in his community. However, there are laws that govern the type of businesses that private citizens can own and business taxes are high because the government subsidizes many social programs in his nation. In this case, challenges in the _________________ environment increase the risk of Juan starting a business.

Juan has many business ideas that could satisfy the unfulfilled needs of people who live in his community. However, there are laws that govern the type...

At a young age, Eliza's coaches were confident she had the potential to be a world-class swimmer. They encouraged her parents to do as much as they could to further develop her skills, because a future in Olympic swimming could set her up for life, including promotional endorsements and coaching positions when her competitive days were over. After four years on an athletic scholarship and Olympic experience under her belt, she chose a different path. With her savings and personal connections, she rented a corner building in a bustling San Francisco neighborhood and pursued her dream: a surf shop business. After several successful years, Eliza was certain that Adam Smith would smile because ______________.

At a young age, Eliza's coaches were confident she had the potential to be a world-class swimmer. They encouraged her parents to do as much as they could...

What's going on here? As soon as Dewey Cheatum and Howe Motors increase the prices on their SUVs, then so does their only competitor, You Betcha Motors! Their prices are basically the same for similar vehicles, although their advertising says their products are really very different. What kind competition exists here?

What's going on here? As soon as Dewey Cheatum and Howe Motors increase the prices on their SUVs, then so does their only competitor, You Betcha Motors!...

When President Obama was elected, the U.S. economy was in trouble, and had slid into a recession. Consumer spending was low and getting worse. In an effort to stop the decline, President Obama proposed an economic stimulus package which included government spending on roads, bridges, and schools, among other things, and a tax cut that each U.S. worker would see in her or his paycheck. Apparently, President Obama was a proponent of:

When President Obama was elected, the U.S. economy was in trouble, and had slid into a recession. Consumer spending was low and getting worse. In an effort...

The American Society of Civil Engineers published a report card for America's interstates. It was reported that road repairs cost the American taxpayers $67 billion per year. Through the enactment of ___________, the U.S. government collects tax dollars and then spends some of these funds to maintain the infrastructure of the nation. Increasing taxes has the effect of drawing money away from the private sector.

The American Society of Civil Engineers published a report card for America's interstates. It was reported that road repairs cost the American taxpayers...

At Six City Wellness Center, Greg operates a new state-of-the-art MRI scanner that serves approximately 10 patients during his 8-hour shift. Patients are scheduled for various lengths of time, depending on which part(s) of their body requires scanning. The image quality is significantly superior to what it was on previous scanners, but the number of patients served per day remains the same. This situation attests to the fact that ____________.

At Six City Wellness Center, Greg operates a new state-of-the-art MRI scanner that serves approximately 10 patients during his 8-hour shift. Patients...

Charlie Hayes owns his own landscaping business, including all the land on which they grow their plants, and all the equipment. Charlie's son Josh has just graduated from college with an architectural landscaping degree. Charlie hopes to retire in a few years and turn the business over to Josh, and Josh will inherit the business when Charlie dies. This is an example of the ______________ in a capitalist system.

Charlie Hayes owns his own landscaping business, including all the land on which they grow their plants, and all the equipment. Charlie's son Josh has...

Imagine the following: New sources of energy have become marketable and the industries involved have hired thousands to operate the emergence of new businesses. Construction companies cannot build homes fast enough for workers in the energy industry. Due to increasing salaries in several other industries that partner with energy companies, the demand for everything from food to entertainment to travel has increased. High demand has brought about shortages in some product categories. To help manage the situation in the short term, ___________.

Imagine the following: New sources of energy have become marketable and the industries involved have hired thousands to operate the emergence of new businesses....

Jason's mom specifically asked for a CIP cast iron pan for her birthday. As Jason scanned the stock in two department stores, he found ten different brands, none of which were CIP. When he found CIP in a kitchen specialty shop, he was challenged to tell the difference between his mom's choice and the others. In his business class, he learned about ______________, where many sellers may be offering very similar products. Through various means, each seller differentiates his product from the competition.

Jason's mom specifically asked for a CIP cast iron pan for her birthday. As Jason scanned the stock in two department stores, he found ten different brands,...

You studied for two hours each day, for an entire week, before your first marketing exam. When you turned in the test, you felt confident that your effort would pay off. At the next class meeting, your instructor said she was considering curving the grades because the class average was lower than she had anticipated. All of a sudden, your 98% score did not have the same impact that it did when you first saw it! Now the guy next to you that got an 84% is likely to have an "A" grade too. As you analyze this situation, you realize that it parallels an economic system such as ________________, where even if you work harder than another person, you are likely to realize the same benefit.

You studied for two hours each day, for an entire week, before your first marketing exam. When you turned in the test, you felt confident that your effort...

Robert Redford created The Sundance Film Festival, where talented, young directors and producers can submit their films for review and possible screening. The festival attracts thousands of tourists each year, employs many others at various capacities, and provides important exposure to up-and-coming artists who may otherwise not be able to get their works noticed. Ultimately, the festival provides social and economic benefit for many. Adam Smith believed that one's self-directed gain would eventually create prosperity for many, and called the process the ___________.

Robert Redford created The Sundance Film Festival, where talented, young directors and producers can submit their films for review and possible screening....

Socialist systems tend to:

Socialist systems tend to:a) have relatively low tax rates.b) discourage the best from working as hard as they can.c) keep up with countries like the...
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