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Q:
Time utility is created by a sales agreement that stipulates where products will be delivered to customers.
Q:
________ should be sold off or liquidated as they have low market share and low growth potential.
A) Cash cows
B) Stars
C) Question marks
D) Dogs
Q:
Economic conditions greatly influence marketing plans for product offerings.
Q:
Marketing concepts can be extended to the promotion of ideas.
Q:
As smartphone cameras improved, consumers turned away from traditional cameras. Polaroid lost market share and finally realized their product was no longer desired. At that point, Polaroid would be considered a ________ in the BCG matrix.
A) question mark
B) dog
C) cash cow
D) star
Q:
In the BCG matrix, a ________ has a low anticipated growth rate and a low market share.
A) question mark
B) cash cow
C) dog
D) star
Q:
The formula for value is benefits divided by costs.
Q:
When Stratasys began making 3D printers in 1988, the future of this new invention was unknown but expected to grow. Stratasys was one of a handful of producers of these printers. According to the BCG matrix, Stratasys was a ________.
A) cash cow
B) question mark
C) dog
D) star
Q:
Benefits add value by providing features that increase the customer's satisfaction.
Q:
When a totally new product, such as laser discs years ago, is introduced, it would be considered a ________ according to the BCG matrix.
A) star
B) cash cow
C) question mark
D) dog
Q:
Marketing consists primarily of advertising a product or service.
Q:
AI Rubber is one of four suppliers of molded rubber products and has a 45% market share. The market for its products is shrinking. AI Rubber is part of a larger corporation that includes a total of seven different companies. In the BCG matrix, AI Rubber would be considered a ________.
A) star
B) cash cow
C) question mark
D) dog
Q:
When a domestic marketer competes against foreign firms to sell products of a similar nature, what type of sales competition is created?
A) Brand
B) Substitute
C) International
D) Competitive
E) Social
Q:
In the BCG matrix, a business unit that has a high anticipated growth rate but a low market share is known as a ________.
A) star
B) dog
C) cash cow
D) question mark
Q:
The ability of a good or service to satisfy a need is considered to be its
A) benefit.
B) utility.
C) value.
D) market.
E) sociocultural environment.
Q:
What is created when the ownership of a product, including the setting of selling prices, terms of credit, and ownership documentation is transferred to a customer?
A) Place utility
B) Time utility
C) Value utility
D) Possession utility
E) Form utility
Q:
The tobacco market in the United States has stagnated but Altria has a 50% share of it. According to the BCG Matrix, Altria is a ________.
A) star
B) cash cow
C) question mark
D) dog
Q:
In the Boston Consulting Group (BCG) matrix, a business unit that has a low anticipated growth rate but a high market share is known as a ________.
A) cash cow
B) star
C) dog
D) question mark
Q:
What type of utility is practiced by those companies who allow marketers to have a voice in product design and identifying features customers want?
A) Time
B) Possession
C) Form
D) Value
E) Place
Q:
Which of the following is used to automate the analysis of customer information and how might they be influenced by marketers?
A) Data mining
B) Brand competition
C) Customer relationship management
D) Relationship marketing
E) Data warehousing
Q:
In the BCG matrix, a ________ enjoys a high anticipated growth rate and a high market share.
A) question mark
B) star
C) cash cow
D) dog
Q:
Which one of the following provides a framework for understanding diverse businesses and helps managers establish priorities for allocating resources?
A) a differentiation matrix
B) a competitive strategy
C) a corporate portfolio matrix
D) a business unit matrix
Q:
What do organizations use to build better, stronger information connections with clients?
A) Customer relationship management (CRM)
B) Data warehousing
C) Industrial marketing
D) Possession utility
E) Data mining
Q:
During the Great Recession, Malcolm's Racing Bikes lost a considerable amount of its business because customers could no longer afford the expensive models in his shop. He was very near bankruptcy. Malcolm began carrying a line of less expensive bikes to appeal to recreational bicyclists and families and also opened a repair service. Malcolm used a ________ strategy.
A) retrenchment
B) diversification
C) turnaround
D) reorganization
Q:
A company decides to introduce a line of crackers made with organically grown grains and vegetables. What environmental trend is the company responding to?
A) Competitive
B) Sociocultural
C) Political-legal
D) Economic
E) Technological
Q:
A ________ strategy is used to deal with minor performance problems. It helps an organization stabilize operations, revitalize organizational resources and capabilities, and prepare to compete once again.
A) turnaround
B) stability
C) renewal
D) retrenchment
Q:
Marketing managers often support the activities of political action committees (PACs). In doing this, which environment are they attempting to influence?
A) Competitive
B) Economic
C) Technological
D) Political-legal
E) Geo-demographic
Q:
Companies who use ad campaigns to raise public awareness of important issues such as texting while driving are working with what type of environment?
A) Political-legal
B) Sociocultural
C) Technological
D) Competitive
E) Demographic
Q:
________ strategies address declining performance through retrenchment and turnaround strategies.
A) Renewal
B) Stability
C) Growth
D) Functional
Q:
Tom's Welding has been supplying frames to the mobile home industry for many years. His business has remained steady despite the entry of other firms into the industry. Tom's is likely pursuing a ________ strategy.
A) retrenchment
B) renewal
C) stability
D) differentiation
Q:
What is data warehousing?
A) A marketing strategy that creates sales agreements that stipulate product delivery
B) The process of dividing a market into categories of customer types
C) The study of consumer needs and wants and the way in which sellers can best meet them
D) The process of collecting, storing, and retrieving data in electronic files
E) A customer identification strategy that targets potential buyers
Q:
When an organization continues serving the same clients by offering the same product or service, maintaining market share, and sustaining the organization's current business operations, it is following a ________ strategy.
A) renewal
B) stability
C) retrenchment
D) growth
Q:
What type of marketing is used to build long-term relationships with customers?
A) Industrial marketing
B) Relationship marketing
C) Social marketing
D) Economic marketing
E) Consumer marketing
Q:
Florance is a chain of flower shops in the Chicago area. The company recently acquired Knick-knacks, which owns three gift shops. Which of the following is most similar to this acquisition?
A) A construction firm acquired a textile manufacturer as it seemed like a good investment.
B) Faced with mounting raw material costs, a consumer goods producer took over its supplier.
C) One shoe store chain buys out another shoe store chain and expands its distribution channels through the acquired chain's outlets.
D) A toy retailer acquired a children's book store chain and now retails both toys and books from co-branded outlets.
Q:
What are products with intangible features such as professional advice?
A) Personal goods
B) Services
C) Industrial goods
D) Psychographics
E) Reseller goods
Q:
When a company combines with firms in different and dissimilar industries, it indulges in ________.
A) unrelated diversification
B) horizontal integration
C) vertical integration
D) focused diversification
Q:
What type of goods includes raw materials used to produce other products?
A) Substitute products
B) Industrial goods
C) Consumer goods
D) Marketing goods
E) Disposable goods
Q:
________ takes place when a company combines with other companies in different, but associated, industries.
A) Stabilized diversification
B) Horizontal integration
C) Vertical integration
D) Related diversification
Q:
Which of the following represents the functions of a product and the emotional satisfaction gained by owning it?
A) Features
B) Requirements
C) Benefits
D) Safety devices
E) Guarantees
Q:
An organization that is diversifying its product line is exhibiting what type of corporate strategy?
A) turnaround strategy
B) retrenchment strategy
C) growth strategy
D) diversification strategy
Q:
Which of the following occurs between similar products and is based on buyers' perceptions of the benefits of products offered by particular companies?
A) International competition
B) Substitute competition
C) Brand competition
D) Benefit competition
E) Placement competition
Q:
What is the term for the process of creating, communicating, and delivering value to customers while managing customer relationships in ways that benefit the organization and its stakeholders?
A) Financial planning
B) Controlling
C) Operations management
D) Marketing
E) Demographic profiling
Q:
Joe's Hardware bought Moe's hardware on the other side of town. This is an example of ________.
A) backward integration
B) forward integration
C) lateral integration
D) horizontal integration
Q:
In ________, a company grows by combining with competitors.
A) concentrated integration
B) horizontal integration
C) vertical integration
D) lateral integration
Q:
Human capital represents the set of organizational activities directed at attracting, developing, and maintaining an effective workforce.
Q:
The French fries at Ronald's fast food business have been its most popular product. During the past year, its profits have suffered because the farm that supplies it with potatoes has increased its prices drastically. What should Ronald's do to control its production costs?
A) Ronald's should expand its menu to include sweet potato fries.
B) Ronald's should buy out the farm and become its own supplier.
C) Ronald's should invest in more efficient fryers.
D) Ronald's should broaden its product range by introducing potato nuggets on its menu.
Q:
Job analysis is the systematic analysis of jobs within an organization resulting in a job description.
Q:
Which of the following indicates an understanding of the skills employees hold and how to best use those skills for the success of the organization?
A) Job analysis
B) Talent management
C) Skills inventory
D) Adverse impact
E) Human capital
Q:
In ________ integration, the organization gains control of its outputs by becoming its own distributor.
A) diversified
B) concentrated
C) backward vertical
D) forward vertical
Q:
What is competitor intelligence? Identify some of the sources of competitor intelligence. Discuss the legal and ethical issues related to this concept.
Q:
What is the systematic study of jobs within an organization?
A) Talent management
B) Job specification
C) Human capital systems
D) Job analysis
E) Job description
Q:
In a short essay, describe how managers can effectively plan when the external environment is continually changing.
Q:
Where can a manager find information on the skills, abilities and other qualifications needed to perform a job successfully?
A) Talent management files
B) Job specification
C) Human capital systems
D) Job analysis
E) Job description
Q:
The Internet of Things allows production equipment to communicate with other machines and make adjustments as necessary.
Q:
Which of the following describes an organization's investment in attracting and motivating an effective workforce?
A) Human capital
B) Talent management
C) HR planning
D) Internal forecasting
E) Job descriptions
Q:
Cloud computing allows managers to store data in a secret part of their computers that is hack-proof.
Q:
Qualitative data includes information about the number and cost of warranty work.
Q:
Which of the following contains information on each employee's education, skills, work experiences, and career aspirations?
A) Managerial grid
B) Employee information system
C) Job analysis
D) Job specification
E) Labor forecast
Q:
Which of the following describes the skills, abilities, and qualifications required for a job?
A) Staffing survey
B) Advertising write up
C) Job specification
D) Employee analysis
E) Replacement chart
Q:
There is a fine line between what is legal and ethical and what is legal but unethical.
Q:
Which of the following outlines the duties of a job, its working conditions, and the tools, materials, and equipment used to perform it?
A) Job advertisement
B) Job specification
C) Job description
D) Job analysis
E) Job report
Q:
Business intelligence is the same thing as competitor intelligence
Q:
What is the purpose of a skills inventory?
A) To plan and identify people for transfer or promotion
B) To list key managerial positions
C) To describe the specifications for a job
D) To assess trends in previous human resource usage
E) To hire people from outside the organization
Q:
Much competitor intelligence is available from public sources, but it is illegal to use it to gain a competitive advantage.
Q:
Which of the following is considered the starting point of effective human resource management?
A) External staffing
B) Recruitment
C) Planning
D) Financing
E) Compensation
Q:
Environmental scanning involves monitoring the firm's pollution emissions.
Q:
Dynamic environments require a flatter organizational hierarchy in order to plan effectively.
Q:
What is another name given to human resource managers?
A) Financial managers
B) Personnel managers
C) Production managers
D) Accounting managers
E) Business development managers
Q:
In an uncertain environment, managers should develop plans that are specific, but flexible.
Q:
A union can picket, boycott, or use a work slowdown to support strike efforts. Why would the union choose one of these over the other?
Q:
Future factories may have equipment that sends data about itself to the ________ so managers can receive updates even when they are away from the equipment.
A) Internet of the Future
B) security monitoring company
C) Internet of Things
D) Internet of Data
Q:
Why is it important for the union to include a cost-of-living adjustment clause when negotiating a union contract?
Q:
Darby is a member of a global team of engineers who are required to coordinate their design efforts. Emailing files to each other doesn't work well, as several versions may be circulating simultaneously. Darby and his team could benefit from ________.
A) Google Analytics
B) cloud computing
C) frequent face-to-face meetings
D) the use of social media
Q:
What options are available to management when contract negotiations break down?
Q:
Software and other ________ can help managers to make sense of ________.
A) technology; qualitative information
B) interactive dashboards; internal reports
C) planning approaches; strategic plans
D) digital tools; big data
Q:
What options are available to the union when contract negotiations break down?
Q:
Which one of the following would be a legal and ethical source of business intelligence?
A) competitors' financial data
B) information provided by a former employee
C) memos found in a business's trash
D) posts on social media
Q:
Explain the difference between labor relations and a labor union.
Q:
The ________ Act makes it a crime in the United States to engage in theft of a trade secret.
A) Sarbanes-Oxley
B) Patriot
C) Economic Espionage
D) Industrial Espionage
Q:
Describe the current trends in labor-management relations in the United States.