question

The preference a person has for team-based activities can be influenced by whether or not they come from a ___________________ (characterized by an orientation toward group goals, attachments to and identification with the groups, and concern for group members) or _____________________ (characterized by a preference for autonomous work and working alone) orientation.

answer

Collectivism, individualism

question

ABC Company is a great believer in teamwork. They currently have a team examining different methods that may be employed to improve quality in their manufacturing plants. After extensive discussion, a decision is made that the entire group is committed to supporting. What type of decision-making was employed?

answer

Consensus

question

Which of the following is not a common team problem?

answer

Full agreement on all decisions

question

The community of Knoxville is seeking to increase tourism in the area. As a result, the city government decides to form a team to explore the different alternatives and provide more information on their benefits and potential downfalls. Which type of team is this?

answer

advice team

question

n resolving dysfunctional conflict within a team, which of the methods below is not an important practice to engage in?

answer

attack the people, not the issues

question

XYZ corporation is an international firm with management offices all throughout the world. The firm is committed to maintaining consistency in their policies and actions across continents. In order to do this, the company wishes to form a team including members from all offices. Which team type below will be the most effective economically for the company?

answer

virtual team

question

Which type of team decision is illustrated by a situation where everyone on the team agrees that the best possible decision has been made?

answer

Unanimous

question

Which of the following is not an associated benefit of working in teams?

answer

decreased creativity

question

The 2 kinds of roles which must be performed by team members are:

answer

task and maintenance

question

They are many different beliefs concerning the stages through which teams pass through in their development. The textbook discusses Tuckman's model. Which of the following is the typical order in which a group passes through the stages?

answer

forming, storming, norming, performing

question

Which of the following is not an activity that is associated with a self-managed team?

answer

Consulting with a superior to discipline and fire a team member

question

Which of the following is the inherent difference between a work group and a team?

answer

In a work group, real work is done together, as opposed to a team where work is delegated to members.

question

When using a strategic approach to resolve a marketing problem, which of the following is true?

answer

there may not be a solution to the problem

question

The 5 P's of Strategy are:

answer

Plan, pattern, position, perspective and ploy Correct

question

When considering strategic options:

answer

the financial impact of these alternative plans should always be considered.

question

In today's more competitive marketplace, the manager's essential responsibility to manage strategically is intended to allow the firm to:

answer

Do better than competitors.

question

The concept of strategy means to:

answer

be better than your opponent in a competitive environment.

question

In the OST strategy development process, what do the letters O-S-T stand for?

answer

objectives-strategy-tactics

question

Senior and junior management apply the same mental discipline of strategy and follow the OST format. The differences revolve around:

answer

Time scale, scope and stakes

question

A firm's strategy should be determined by its:

answer

objectives

question

According to General Dwight Eisenhower-"plans are everything."

answer

false

question

Typically for a strategy to be executed effectively:

answer

objectives at lower hierarchical levels need to be met.

question

Which component of the OST format deals primarily with the actual actions that are necessary to execute strategy?

answer

tactics

question

A firm's objectives:

answer

Are results to be attained on or before a certain date.

question

A firm's strategic planning process would always include:

answer

a consideration of alternative options

question

Strategy as a word and concept has been around since ancient Greece.

answer

true

question

One reason a firm might consider modifying its strategy is because:

answer

All the above are reasons for strategy modification.

question

Which component of the OST format deals primarily with a set of carefully selected and integrated business priorities to achieve objectives?

answer

strategies

question

Tactics are:

answer

the smaller, short-term, building blocks used to enact the strategy

question

True or false: There is only 1 solution to a given business problem.

answer

false

question

The four perspectives used in the measurement applied to the balanced scorecard include which of the following?

answer

Financial, customer, internal business, and learning and growing.

question

Which component of the OST format deals primarily with the results to be attained on or before a certain date?

answer

Objectives

question

Fixed assets (Property, Plant, and Equipment) are reported on the balance sheet at

answer

book value

question

Financial statements of publicly traded US companies must be submitted to the:

answer

Securities & Exchange Commission

question

Sales, general and administrative expenses (SG&A expenses) are costs from __________________ purchased by a firm.

answer

non-manufacturing services

question

The ____________ of a business enterprise are defined much like assets except that they represent future cash outflows.

answer

liabilites

question

When investment return exceeds the cost of the debt, it is known as:

answer

positive financial leverage

question

Financial statements reflect the business events of organizations.

answer

true

question

Cost of goods sold for a manufacturer is accumulated cost to make a product for sale. These costs include:

answer

Direct materials, direct labor, factory overhead

question

Cash and marketable securities, accounts receivable and inventory are known as a business enterprise's:

answer

current assets

question

Stock that has been repurchased by the firm is known as:

answer

treasury stock

question

Investments in R&D are reported as ___________ in the financial statements.

answer

expenses

question

The term used for financial reporting standards is:

answer

generally accepted accounting principles

question

A high inventory turnover ratio indicates that

answer

Inventory is being turned into sales quickly

question

The difference between SG&A expenses and gross margin are known as:

answer

operating profit

question

Which of the following financial statements measures change in cash of a firm?

answer

statement of cash flow

question

The earnings of a firm that have been reinvested since the firm's inception are called

answer

retained earnings

question

Which of the following financial statements measures the wealth of a firm at a point in time?

answer

balance sheet

question

Which of the following financial statements measures a firm's change in wealth?

answer

income statement

question

_______________ are earned by a firm for providing goods and services to customers.

answer

revenues

question

Which of the following is an example of positive financial leverage?

answer

Management uses the money borrowed from long-term debt to make investments that will provide a return that exceeds the interest expenses. Correct

question

Which of the following statements about marketing tactics is false?

answer

Individual tactics can not be measured.

question

In the mature stage of a product life cycle, one might anticipate which of the following sets of tactics would have the most impact?

answer

Price, features, assortment, and trade deals.

question

Which of the following is most likely to have the greatest positive effect regarding increasing sales over an extended period of time?

answer

professional training

question

Smaller subsets of customers that are homogeneous within and heterogeneous between groups that interest a company are called?

answer

segments

question

Marketing tactics follow?

answer

Marketing research and a strategy

question

Which of the following statements is false regarding customer satisfaction?

answer

Adding more of a desired feature will always add increased value to the customer.

question

Which of the following statements is true regarding brand loyalty?

answer

a. Talk to customers about how they use products, visit them at work, at home b. Use scanner data revealing what customers spend their money on c. Review industry and popular press for editorial articles, news, advertisements about product benefits, features and applications Incorrect d. Only a and b

question

Market segments differ in what they want and how much they want. This marketing fundamental is called:

answer

Market opportunity analysis

question

Integrated Marketing Communication (IMC) stresses that:

answer

All forms of communication to your target should have a common message Correct

question

Customers buy ____________________, not __________________.

answer

benefits, features

question

A strong preference for a particular product or company that earns repeat purchases from consumers is known as:

answer

brand loyalty

question

The Pareto Principle is also known as the __________ rule. Meaning that _____ percent of all losses are caused by just ________ percent of all categories.

answer

80/20, 80,20

question

Traditionally, quality activities were oriented toward ____________, today the orientation is more toward the ______________.

answer

product, process

question

At the conclusion of WWII, which country became the leader of the statistical quality control movement?

answer

Japan

question

Quality improvement teams are also known as

answer

quality circles

question

A Pareto chart is often used in the monitoring of a process. What specific information does it provide to us?

answer

information on the frequency and nature of defects

question

What is the name of the philosophy that focuses on all levels of an organizations and their commitment to the activities necessary for quality improvement to occur?

answer

total quality management

question

Which of the following men introduced a philosophy of quality improvement, statistical quality control, aimed at reducing variation in processes, thus leading to improved product quality?

answer

Dr. W.E Demming

question

Leadership can be exercised by any number and type of individual. Someone exercising leadership without portfolio is an individual with

answer

little or no formal authority

question

Stamina and perseverance are critical characteristics to effective leadership. What is the difference between the two?

answer

Both refer to an individual's ability to "keep going," but stamina refers to a physical attribute while perseverance to a mental attribute.

question

A core competency is (a) knowledge of a particular discipline (b) not needed by a good leader (c) important to effective leadership

answer

both (a) and (c)

question

According to Bennis, the fourth leadership competency is management of self. Numerous researchers include similar components in their conceptualizations of leadership. This refers to a leader's need to

answer

know their own ability

question

Bruce presents a simplified leadership scheme - the Rule of Three. Which is not a component of his scheme?

answer

Revitalize - encourage and motivate others

question

The U.S. Military has been able to teach leadership to people in their teens and young twenties by:

answer

tudying theories of leadership in textbooks and discussing leadership in class. b. reading, analyzing and discussing biographies of well-known leaders. c. undergoing repeated psychological testing to identify leadership potential and track its development. d. undergoing practical training designed to develop leadership attitudes and skills. e. all of the above Correct

question

Leadership is practiced:

answer

At the top levels of a corporation b. Throughout all the ranks of an organization a and b

question

Covey's 7 Habits of Highly Effective People are broken down into 3 chronological stages. What is the correct order?

answer

private victories, public victories, continuing education

question

According to Lundborg, a leader

answer

gets the job done while building morale

question

The textbook uses stories of Winston Churchill, Abraham Lincoln, and Colonel Sanders to illustrate which qualities of leadership?

answer

stamina and persistence

question

The Pareto Principle is also known as the __________ rule. Meaning that _____ percent of all losses are caused by just ________ percent of all categories.

answer

80/20, 80, 20

question

Traditionally, quality activities were oriented toward ____________, today the orientation is more toward the ______________.

answer

product, process

question

At the conclusion of WWII, which country became the leader of the statistical quality control movement?

answer

Japan

question

Quality improvement teams are also known as

answer

Quality Circles

question

A Pareto chart is often used in the monitoring of a process. What specific information does it provide to us?

answer

Information on both the frequency and nature of the defects

question

What is the name of the philosophy that focuses on all levels of an organizations and their commitment to the activities necessary for quality improvement to occur?

answer

total quality management

question

Which of the following men introduced a philosophy of quality improvement, statistical quality control, aimed at reducing variation in processes, thus leading to improved product quality?

answer

Dr. W.E. Demming

question

A Pareto chart is often used in the monitoring of a process. What specific information does it provide to us?

answer

Information on both the frequency and nature of the defects

question

The Pareto Principle is also known as the __________ rule. Meaning that _____ percent of all losses are caused by just ________ percent of all categories.

answer

c. 80/20, 80, 20

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