Cost And Availability Flashcards, test questions and answers
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We've found 9 Cost And Availability tests
Coffee And Tea
Consumer Psychology
Cost And Availability
Market Segmentation Strategies
Need For Power
Needs And Desires
Time And Location
User Generated Content
Ba 370 – Test 1 – chapter 1 – Flashcards 75 terms
75 terms
Preview
Ba 370 – Test 1 – chapter 1 – Flashcards
question
1) A(n) ________ is a person who identifies a need or desire, makes a purchase, and then disposes of a product. A) marketer B) consumer C) influencer D) content generator
answer
Answer: B
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2) Jenny Rowlins is absolutely exhausted after her shopping trip to pick out a dress for her sorority's formal event. The stores were crowded, and none of her favorite shops carried a dress that she liked in her size. After spending hours at the mall, Jenny gave up and decided to order her dress online and just return it if it wasn't exactly right. This story is an example of how consumer behavior is a(n) ________. A) industry B) process C) art form D) theory
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Answer: B
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3) Which of the following is the study of the processes involved when individuals or groups select, purchase, use, or dispose of products, services, ideas, or experiences to satisfy needs and desires? A) lifestyle marketing B) role theory C) consumer behavior D) marketing research
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Answer: C
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4) Which of the terms below is used to describe the bond between product and consumer that is difficult for competitors to break? A) brand loyalty B) custom C) patronage D) relationship
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Answer: A
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5) Which of the following time periods is encompassed in the study of consumer behavior? A) pre-purchase B) purchase C) post-purchase D) all of the above
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Answer: D
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6) Which of the following is NOT a stage in the consumption process? A) desire B) pre-purchase C) purchase D) post-purchase
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Answer: A
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7) According to the basic marketing concept, a firm exists to ________. A) influence popular culture B) dominate market share C) nurture relationships D) satisfy needs
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Answer: D
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8) A marketer who segments a population by age and gender is using ________ to categorize consumers. A) demographics B) psychographics C) roles D) lifestyle
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Answer: A
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9) A soft drink company decided to produce a cola drink with more caffeine than usual in hopes of preventing current teen and early-twenties customers from shifting to coffee and tea drinks after graduating from college. The company test-marketed this new product at a Midwestern university. The company has segmented the market based on ________. A) psychographics B) lifestyle C) demographics D) usage rates
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Answer: C
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10) A consumer researcher who examines consumers' lifestyles and personalities is studying ________. A) demographics B) psychographics C) social class D) usage rates
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Answer: B
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11) A consumer experience that integrates multiple media channels, ranging from television, email, and digital, to engage a community of players who collaborate to solve a puzzle is called a(n) ________. A) social game B) casual game C) transmedia story D) alternate reality game
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Answer: D
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12) A marketer uses ________ to target a brand only to specific groups of consumers who are most likely to be heavy users of the marketer's brand. A) asynchronous interactions B) market segmentation strategies C) the 80/20 strategy D) economies of information
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Answer: B
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13) Why is age a common demographic category used in understanding consumer behavior? A) Different age groups have different needs and wants. B) Age is easier to categorize than gender. C) Generational groups tend to be similar. D) all of the above
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Answer: A
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14) Which of the following best explains how a minority of a product's users make up a majority of sales of that product? A) culture of participation theory B) the 80/20 rule C) positivism D) role theory
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Answer: B
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15) People who belong to the same social class are most likely to have which of the following in common? A) income level B) personality C) ethnicity D) family structure
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Answer: A
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16) Which of the following marketing philosophies emphasizes interacting with customers on a regular basis and giving them reasons to maintain a bond with a company's brands over time? A) differentiated marketing B) global marketing C) social marketing D) relationship marketing
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Answer: D
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17) Wal-Mart tracks the habits of the 100 million customers who visit its stores each week and responds with products and services directed toward those customers' needs based on the information collected. This is an example of ________ marketing. A) undifferentiated B) database C) relationship D) consumer-generated
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Answer: B
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18) The way consumers feel about themselves, the things they value, and the things they like to do in their spare time are part of how marketers segment using ________. A) gender B) age C) social class D) lifestyle
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Answer: D
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19) The term "big data" refers to the ________. A) importance of database marketing B) use of mainframe computers to model marketing problems C) collection and analysis of extremely large datasets D) implementation of new data mining technologies
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Answer: C
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20) Big data is generated from ________. A) smartphone GPS signals B) credit card transactions C) social media posts D) all of the above
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Answer: D
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21) When a product helps to establish the user's identity, the user is said to have a(n) ________ type of relationship with the product. A) self-concept attachment B) nostalgic attachment C) interdependence D) love
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Answer: A
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22) When a product serves as a link to the user's past or past self, the user is said to have a(n) ________ type of relationship with the product. A) self-concept attachment B) nostalgic attachment C) interdependence D) love
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Answer: B
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23) When a product is part of a user's daily routine, the user is said to have a(n) ________ type of relationship with the product. A) self-concept attachment B) nostalgic attachment C) interdependence D) love
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Answer: C
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24) When a product elicits emotional bonds of warmth and affection, the user is said to have a(n) ________ type of relationship with the product. A) self-concept attachment B) nostalgic attachment C) interdependence D) love
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Answer: D
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25) Tracy buys Eight O'Clock coffee because it reminds her of her grandmother, who always purchased this brand. Tracy has a(n) ________ type of relationship with the product. A) self-concept attachment B) nostalgic attachment C) interdependence D) love
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Answer: B
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26) Die-hard Apple fans post videos on YouTube claiming their affection for Apple products. They could be said to have a(n) ________ type of relationship with the product. A) self-concept attachment B) nostalgic attachment C) interdependence D) love
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Answer: D
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27) Brands like Colgate that are a part of a user's every day existence likely relate to customers with a(n) ________ type of relationship. A) self-concept attachment B) nostalgic attachment C) interdependence D) love
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Answer: C
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28) Which form of relationship between product and customer is most at risk of the customer switching to a different brand of product? A) self-concept attachment B) nostalgic attachment C) interdependence D) love
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Answer: C
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29) Lucy Chang recently purchased a lovely ceramic bowl that featured a red dragon design. When she thought about her purchase, she found that she really had no justification for buying the bowl other than it reminded her of the bowls her mother used during evening meals when she was a young child in Hong Kong. Which of the following types of relationships with a product best explains the reason for Lucy's purchase of the dragon bowl? A) self-concept attachment B) nostalgic attachment C) interdependence D) cohort attachment
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Answer: B
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30) The sociological perspective of ________ takes the view that much of consumer behavior resembles actions in a play. A) role theory B) pastiche C) interpretivism D) psychographics
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Answer: A
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31) The mass market produces and consumes music, movies, sports, and other forms of entertainment known as ________. A) user-generated content B) culture C) urban dictionary D) popular culture
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Answer: D
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32) A ________ creates a state of tension that drives the consumer to attempt to reduce or eliminate it. A) want B) demand C) need D) response
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Answer: C
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33) People buy products for ________. A) what they do B) what they mean C) the role the product plays in the consumer's life D) all of the above
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Answer: D
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34) When a person buys a product for emotional reasons, we can say that the need is ________. A) utilitarian B) functional C) interdependent D) hedonic
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Answer: D
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35) ________ focuses on biological needs that produce unpleasant states of arousal. A) Drive theory B) Gratification theory C) Consumerism D) Role theory
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Answer: A
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36) Which theory suggests that consumer expectations of achieving desirable outcomes motivate behavior? A) drive theory B) role theory C) expectancy theory D) equity theory
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Answer: C
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37) Which of the following is an example of C2C e-commerce? A) RFID tags B) virtual brand communities C) database marketing D) green marketing
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Answer: B
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38) Which of the following is the best tool for consumer activists to use in efforts to make the public aware of unethical or questionable marketing behavior? A) Web 2.0 B) B2C e-commerce C) economics of information D) compulsive consumption
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Answer: A
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39) In an online ________, members share opinions and recommendations about products. A) market segment B) consumption community C) marketing database D) culture jam
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Answer: B
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40) A digital native is someone who ________. A) grew up in a "wired" and highly networked world B) uses alternate reality games frequently C) participates in database marketing D) belongs to a consumption community
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Answer: A
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41) Which of the following terms refers to the online means of communication, conveyance, and collaboration among interdependent and interconnected networks of people, communities, and organizations? A) open data partnership B) social media C) synchronous interaction D) asynchronous interaction
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Answer: B
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42) Which of the following is NOT closely associated with what your text terms the "horizontal revolution"? A) Web 1.0 B) Web 2.0 C) C2C e-commerce D) user-generated content
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Answer: A
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43) The revolution in cyberspace has created a situation in which consumers can sell to other consumers in communities like Etsy. This is known as ________. A) B2C e-commerce B) C2C e-commerce C) B2B e-commerce D) consumption community
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Answer: B
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44) Researchers who argue that the field of consumer behavior should not be a "handmaiden to business" believe that consumer behavior research should ________. A) have a market-oriented focus B) aim to apply knowledge to increasing profits C) focus on understanding consumption for its own sake D) be judged in terms of its ability to improve marketing practices
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Answer: C
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45) Another term for positivism is ________. A) interpretivism B) pluralism C) modernism D) postmodernism
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Answer: C
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46) Of the following, a proponent of ________ would be most likely to argue that our society emphasizes science and technology too much. A) consumerism B) positivism C) modernism D) interpretivism
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Answer: D
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47) A consumer researcher who believes in the paradigm of ________ believes that human reason is supreme and that there is a single, objective truth that can be discovered by science. A) fundamentalism B) interpretivism C) positivism D) postmodernism
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Answer: C
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48) The belief that meaning is not fixed but is instead constructed by each individual is part of the ________ paradigm. A) positivist B) pragmatic C) interpretivist D) consumerist
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Answer: C
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49) A student of postmodernism is most likely to believe that the world in which we live is a(n) ________, or a mixture of images. A) alternate reality B) paradigm C) consumerspace D) pastiche
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Answer: D
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50) George says that he sees everything as "black or white-no in between." George would most accurately be characterized as a(n) ________. A) positivist B) collectivist C) interpretivist D) consumerist
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Answer: A
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51) When a transaction occurs between two or more organizations or people who give and receive something of value, an exchange has taken place.
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Answer: TRUE
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52) According to the definition of consumer behavior, how a consumer disposes of an idea and accepts another is NOT part of consumer behavior.
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Answer: FALSE
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53) Because consumer behavior is now examined as an entire consumption process that includes prepurchase and postpurchase issues, exchange theory is no longer relevant to the study of consumer behavior.
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Answer: FALSE
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54) American society is shifting from a mass culture in which many consumers share the same preferences to a diverse culture in which consumers have almost an infinite number of choices.
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Answer: TRUE
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55) A common way to segment consumers is to identify which consumers are heavy users of a given product.
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Answer: TRUE
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56) Demographics refer to aspects of a person's lifestyle and personality.
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Answer: FALSE
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57) Demographics are statistics that measure observable aspects of a population.
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Answer: TRUE
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58) A market researcher who analyzes a population of consumers using the variable of marital status is segmenting the population by the demographic category of family structure.
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Answer: TRUE
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59) Consumers who share demographic characteristics such as ethnicity and age can have very different lifestyles.
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Answer: TRUE
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60) The fact that people often buy products not for what the products do but for what they mean implies that a product's basic function is unimportant.
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Answer: FALSE
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61) Psychographic information is not considered to be demographic data because this type of information is not directly observable.
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Answer: TRUE
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62) The sociological perspective of role theory can be used to explain why people who engage in certain activities seem to have a "uniform." For example, cyclists have spandex and helmets, while fly fishermen have vests and floppy hats.
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Answer: TRUE
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63) According to the different categories of relationships that people may have with products, nostalgic attachment occurs if the product is part of the user's daily routine.
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Answer: FALSE
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64) Motivation can be described in terms of strength and direction.
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Answer: TRUE
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65) Drive theory struggles to explain why people may delay gratification of a want.
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Answer: TRUE
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66) Research suggests that some consumer behaviors can be explained by a productivity orientation, a continual striving to use time constructively.
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Answer: TRUE
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67) Many needs can influence consumer behavior including one's need for power and need for uniqueness.
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Answer: TRUE
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68) Consumer-generated content is a trend that helps to define the era of Web 2.0.
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Answer: TRUE
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69) Popular culture is both a product of marketing and an inspiration for marketing.
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Answer: TRUE
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70) Wal-Mart began a new campaign to sell lawn furniture. In emphasizing how lawn furniture has been used over the decades in movies and books, by celebrities, and as essential ingredients to home entertainment, the campaign is drawing upon popular culture.
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Answer: TRUE
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71) Texting back-and-forth with a friend is an example of asynchronous interaction.
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False
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72) Global consumer culture and popular culture are interchangeable terms.
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False
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73) In the era of Web 2.0, the focus of electronic marketing has shifted from C2C e-commerce to B2C e-commerce.
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False
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74) A paradigm is a belief that guides an understanding of the world.
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True
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75) A person who believes that science can fix or find a cure for anything most likely follows the philosophy of interpretivism.
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False
Cost And Availability
Divided Into Categories
Marketing
Principles Of Marketing
Sports Marketing
MKTG Learnsmart Notes Ch.1-5 – Flashcards 214 terms
214 terms
Preview
MKTG Learnsmart Notes Ch.1-5 – Flashcards
question
1. Which of the following is not a core aspect of marketing?
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• Marketing must occur in a specific setting
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Price
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• everything the buyer gives up - money, time, and/or energy in exchange for the product
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_____ is one of the elements of the 4 Ps that embodies all activities essential to get the product to the right customer when and where that customer wants it
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• place, placement, distribution
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place the members of a typical supply chain in order from the 1st step in the supply chain to the last from top to bottom
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• supplier of raw materials o manufacturer • retailer selling finished goods
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product
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• is the part of the marketing mix that aims at creating value by providing features an benefits that meet consumers' needs
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how do marketers inform, persuade, and remind potential buyers about a product or service to influence their opinions and elicit a response?
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• Using promotion
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What are the 4 Ps of marketing mix?
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• Product • Price • Place • Promotion
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Everything always has a ___ it doesn't always have to be monetary , however this element of the 4 Ps is aimed to capture value
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• price
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in the marketing mix, place is expected to __ value for the customer
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• deliver
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promotion
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• is the part of the marketing mix that communicates the value of the product to the consumer in many ways, such as advertising, social media, and PR
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what are some characteristics marketers seek in potential customers
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• customers who have an ability to buy the product or service • customers who have an interest in the product
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in marketing context, customers seek fair return in goods for their hard earned money to scarce time, they are seeking ___ which reflects the relations of benefits to costs
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• value
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during the sales-oriented era, firms found an answer to their ___ vy focusing on selling
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• overproduction
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in what ways can marketing impact a firm
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• advises production • develops value
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which of the following are members of the supply chain
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• manufacturers • retailers
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a __ is any INTANGIBLE offering that involves a performance, or effort that cannot be physically possessed
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• service
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when a consumer gives up money (or something of value) in order to receive something else of value its called....?
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• An exchange
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Successful entrepreneurs understand the marketing opportunity, sometimes referred to as the ___
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• Unfilled need
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Value oriented marketers measure the ___ that customers perceive against the cost of their offerings
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• benefits
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why is a strong supply chain important
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• it helps to get merchandise to customers when and where they want it
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most marketers carefully seek customers who have interest in the product they are selling as well as a __ to buy the product
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• ability
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value-based marketing firms implement their strategies according to what __ value
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• customers
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___ reflects the relationship of benefits to costs, or what you get for what you give
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• value
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entrepreneurs use marketing to do which of the following
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• examine the marketplace • communicate value • combine products
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firms use ___ to find opportunities to better satisfy their customers/ needs, keep costs down,, and in turn develop long-term loyalties
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• customer data
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the 4 Ps or marketing mix, are the __ set of activities that a firm uses to respond to the wants of its target market
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• controllable
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promotion can __ a product's or service's value
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• enhance
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during the sales-oriented era
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• manufacturers had the capacity to produce more than consumers were able to buy
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firms become value driven by focusing on which of the following activities
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• building relationships • sharing information • balancing customer benefits and costs
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which of the following adds to marketing global presence
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• cheap foreign travels • entertainment venues • internet
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B2B marketing can impact several aspects of business and society, which of the following factors are affected
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• partners • employees • customers
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a ___ orientation in the supply chain means that the participating parties do not care much about their trading partners as the merchandise passes among them
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• transactional
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firms must instill good service over the long term to its consumers so that it becomes part of the:
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• customer excellence
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which of the following are examples of strengths that might be identified in a SWOT analysis
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• a strong network of retailers • constantly innovating products • licensing of a brand
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__ is the element of the 4 ps responsible for communicating value to customers
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• promotion
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a metric is a ___ that quantifies a trend, dynamic, or characteristic
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• measuring system
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which of the following are strategies for achieving operational excellence?
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• Supply chain management • Efficient operations
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Sustainable competitive advantage
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• Is an advantage over the competition that is not easily copied and can be maintained over a long period of time
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A marketing strategy
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• Outlines what a firm plans to do to appeal to potential customers
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In step 1 of planning phase, a firm
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• Define the mission/vision of the business
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Product excellence:
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• Is when a firm focuses on having high perceived value and effective branding and positioning
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Place is the component of the 4 Ps responsible for _____ value
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• delivering
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SWOT
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• Strengths and Weaknesses • Opportunities and Threats
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Which of the following is NOT one of the 3 major phases of the marketing plan
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• Organization
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A firm can build a sustainable competitive advantage
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• Through some business activities over a long period of time • When it outperforms competition
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Firms achieve operational excellence through....
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• Efficient operations • Excellent supply chain management • Strong relationships with suppliers
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____ is the only marketing activity that actually brings in money
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• pricing
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step 5 in the marketing plan process is when a firm ___ the results of the stratefy and implementation process
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• evaluates
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a diversification strategy introduces a ___ product or service to a new market segment
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• it defines a product's strength in a particular market • it is the percentage of a market accounted for by a specific entity
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STP:
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• Segmentation • Positioning
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In portfolio analysis
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• Management evaluates the firm's various products and businesses • Firms typically perform it at the SBU or product line level of the firm • Management allocates its resources to products with the greatest potential to be profitable
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___ is the element of the 4 Ps responsible for communicating value to customers
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• promotion
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with ______, the firm first divides the marketplace into subgroups, determines which of those subgroups it should pursue and finally decides how it should best position its product or service
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• STP
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Marketing positioning involves the process of defining the marketing mix variables so that target customers:
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• Clearly understand the product's unique benefits in comparison with competing products
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Once a marketer has earned a good service reputation, it can sustain its advantage for a long time because:
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• A competitor is hard pressed to develop a comparable reputation
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In ___ analysis, management evaluates the firm's various products and businesses and then allocates resources according to potential profit outlook
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• Portfolio
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Why do firms use metrics
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• To explain why things happen • To project the future • To make it possible to compare results across regions, product
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Examples of how firms use information from loyalty programs
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• Analyzing buying habits of customers • Tailor their offering to meet the needs of customers • Identifying customers in advance who might stop doing business with the company
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firms consider pursuing various ____ as part of their overall growth strategies
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• market segments
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whats true regarding price
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• it may result in lower than necessary margins and profits if it is too low • it should be based on the value that the customer perceives • it will not generate much volume if it is too high
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brand ___ means that customers are reluctant to patronize competing firms
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• loyalty
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market ___ is the process of dividing the market into groups of customers according to their needs, wants, or characteristics
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• segmentation
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product line
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• is a group of products that consumers may use together or perceive as similar in some way and that the firm regards as group
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a market development strategy employs the existing product offering to:
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• reach new market segments
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what do "opportunities" represent in SWOT
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• the positive aspects of the external environment
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why a firms needs a marketing plan
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• to implement the marketing mix • to explain how overall objectives will be met • to clearly state its overall objectives
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locational excellence is particularly important for...
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• retailers
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small business unit (SBU)
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• is a division of the firm itself that can be managed and operated independently from other divisions
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market penetration strategy:
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• employs the existing marketing mix and focuses the firm's efforts on increasing sales to current customers
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customer excellence
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• as a competitive advantage, focuses on retaining loyal buyers and offering excellent service
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targeting
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• the process of deciding which specific segments to pursue
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relative market share is used to provide managers with a product's
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• relative strength
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in portfolio analysis, ___ measures how attractive a particular market is
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• market growth rate
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sustainable competitive advantage
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• one key to long term financial performance
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step 3 in marketing planning process
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• involves segmentation, targeting, and positioning
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a firm can begin to implement the marketing mix IMMEDIATELT after which of the following steps?
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• It has finished segmentation, targeting, and positioning
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A competitive advantage based on location
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• Is sustainable when real estate is difficult or expensive to obtain
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3 major phases of the marketing plan are.....
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• planning • implementation • control
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value - based marketing
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• requires firms to charge a price that customers perceive to be a good value for the product
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an example of corporate social responsibility is when firm
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• lessens the impact it has on the environment
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when a company decides to take voluntary action and address ethical, social, and environmental impacts of its business, it is choosing to engage in corporate
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• social responsibility
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in the early days of corporate social responsibility, It was primarily ___ that were under consideration by government agencies
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• products
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when Kellogg's sells nutritional products and advocates healthier lifestyles, they are actively engaging in ___ social responsibility
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• corporate
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in brainstorming alternatives, a firm
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• considers alternative courses of action
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the balancing act firms have to maintain is essentially ....
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• How to put the company on the firmest footing possible • How to protect consumers and make a profit
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T/F - the short-term goals of each employee must be aligned with the long-term goals of the firm
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• True
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A firm's attempt to apply sound, ethical principles must be a __ process
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• Dynamic & continuous
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When a company engages in CSR they must appeal to a variety of ___ who are affected by the firm. This group can include customers, employees, as well as the community
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• Key stakeholders
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During the __ phase of the marketing plan, marketers are identifying potential markets and must consider several ethical issues related to the product or service being delivered
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• Implementation
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By using the ethical decision-making framework, decision makers are more likely to:
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• Include the relevant ethical issues • Choose a course of action that will help them to avoid serious ethical lapses • Evaluate the alternatives
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T/F - firms should implement programs that are socially responsible and its employees shouldn't act in an ethically responsible way
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• False
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Firms with strong ethical clients tend to be ___ socially responsible than the less-than ethical firm
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• More
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Stakeholders can include which of the following
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• The government • Employees • Members of the community
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The 4th step in ethical decision making is:
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• Choosing a course of action
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T/F: an ethical decision framework is not useful because it cant be relied on to give the manager any guidance to ethical questions
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• False
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Firms need to have which of the following in order to align personal and corporate goals
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• A system of rewarding and punishing behavior • A strong ethical climate • A code of ethics
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Issues that might arise in the process of ethical decision making about consumer research include:
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• The data collection method used • Whether participants in a study are informed of the real purpose • Whether the collected data will be used to mislead or harm the public
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Ethical issues related to evaluating performance can arise during the ___ phase of the marketing plan
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• Control
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Firms should introduce ethics:
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• At the beginning of the planning process
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A code of ethics:
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• Is a guide that those in a certain profession agree to abide by • Addresses universal norms of conduct and specific values for a profession or firm • Typically deals with specific issues that arise for specific subareas
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Which of the following is an example of unethical marketing practices
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• Deceptive advertising • Promoting shoddy products
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What is the best way for a firm to establish a strong ethical climate
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• By having a set of values that guides decision making and behavior
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The first step in ethical decision making is to :
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• Identify the issue
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The ethical dilemma companies face is finding a way to balance
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• Shareholder interests with the needs of society
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Why is doing business ethically a continuous process
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• Firms should always be on the lookout for ethical implications of their business decisions
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In the early days of corporate social responsibility, it was primarily ___ that were under consideration by government agencies
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• Products
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Corporate social responsibility programs must be designed considering trends in the issues of importance to customers. Trends receiving the most current attention include
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• Ensuring healthiness of products • Respecting and protecting privacy
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Today, companies are undertaking a wide range of corporate social responsibility initiatives such as:
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• Supporting nonprofit groups • Establishing charitable foundations • Supporting minority activities
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Ethical issues arise continually as __ emerge
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• New markets • New technologies
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T/F - creating an ethical climate that establishes the health and well-being of consumers as the firm's number one priority makes good business sense
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• True
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Marketers have the opportunity to build ___ because they interact so regularly with people in all areas, not just the corporate world
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• Public trust
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Top management must commit to ___ an ethical climate; employees must be dedicated to those ethical ___
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• Establishing; values
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Firms know that many consumers give their business to firms they perceive as socially ____ by stakeholders in order to earn their business
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• Responsible
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In the event a production manager realizes there are some major safety issues with the products being manufactured which of the following is the most ethical action the production manager should follow
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• Stop production and fix the issue
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Inappropriate groups that are not intended to be targeted could be responsive to the firms efforts. However, firms __ target these groups
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• Should not
question
Firms must perform the ___ phase from an ethical perspective, and systems must be in place to check whether each potentially ethical issue was successfully addressed
answer
• Control
question
During the planning phase, a firm can typically address ethical issues at the outset through all of the following
answer
• Vision statement • Credo • Mission
question
During the planning phase, a firm can typically address ethical issues at the outset through all of the following EXCEPT
answer
• Financial results
question
Consumers and investors increasingly want to purchase from and invest in companies that
answer
• Act in socially responsible ways
question
Marketers face the difficult decision between ___ benefits for themselves and possibly the firm, and doing what is right in the ____ for the firm and society
answer
• Short term ; long-term
question
If one firm in an industry decides to develop a corporate social responsibility program, its competitors are often forced to
answer
• Develop their own CSR programs
question
A firm whose employees engage in honest transactions, but which does not contribute to the larger community, is:
answer
• Ethical but not socially responsible
question
According to a recent survey, the vast majority of CEOs believe
answer
• That society expects companies to engage in CSR programs
question
Firms that are socially responsible but unethical
answer
• Contribute to charities but have questionably ethical sales employees
question
The most basic form of corporate social responsibility to employees is
answer
• Provide a safe working environment
question
Advertising fall between __ and ___ in terms of general attitudes about the ethical standards of various professions
answer
• Congress people; lawyers
question
A code of ethics:
answer
• Addresses universal norms of conduct and specific values for a profession or firm • Is a guide that those in a certain profession agree to abide by • Typically deals with specific issues that arise for specific subareas
question
The ethical dilemma companies face is finding a way to balance
answer
• Shareholder interests with the needs of society
question
The first step in ethical decision making is to
answer
• Identify the issue
question
A firms attempt to apply sound, ethical principles must be a __ process
answer
• Dynamic • Continuous
question
When a company engages in CSR, they must appeal to a variety of __ who are affected by the firm. This group can include customers, employees, as well as the community
answer
• Key stakeholders
question
Which represent an ethical problem in the marketing domain
answer
• Promoting a shoddy product • Advertising cigarettes to minors
question
Business ethics refers to:
answer
• Moral and ethical dilemmas that might arise in a business setting
question
An example of corporate social responsibility is when a firm
answer
• Lessens the negative impact it has on the environment
question
When Kellogg's sells nutritional products and advocates healthier lifestyles, they are actively engaging in ___ social responsibility
answer
• Corporate
question
originally, corporate social responsibility was predominantly just applied to ___ but now it has expanded in definition and application
answer
• how the firm made its products
question
customers stop supporting a company when they feel
answer
• they can no longer trust the company • the company isn't acting responsibly
question
in the implementation phase of the marketing plan, ethical issues can happen in which of the following actions
answer
• positioning • targeting • segmentation
question
by using the ethical decision-making framework, decision makers are likely to
answer
• choose a course of action that will help them to avoid serious ethical lapses • evaluate the alternatives • include the relevant ethical issues
question
ethics problems are likely to arise if a firm's ___ goals do not line up with the employees _____ goals
answer
• long-term; short term
question
which of the following is an example of unethical marketing practices
answer
• deceptive advertising • promoting shoddy products
question
in choosing a course of action, firms should
answer
• investigate any potential legal issues with each option • choose an option that uses ethical business practices • rank options in order of preference
question
in brainstorming alternatives, a firm
answer
• considers alternative courses of action
question
corporate social responsibility starts with
answer
• the firm understanding its impact on its employees' actions
question
firms can introduce ethics at the beginning of the planning process by:
answer
• including ethical statements in the firm's vision statement
question
ethical issues related to evaluating performance can arise during the ___ phase of the marketing plan
answer
• control
question
stakeholders can include which of the following
answer
• the government • employees • members of the community
question
firms need to have which of the following n order to align personal and corporate goals
answer
• a code of ethics • a strong ethical climate • a system for rewarding and punishing behavior
question
a firm creates a strong ethical climate within a marketing division by having a set of ___ that guides ___
answer
• values; decision making
question
T/F - firms should implement programs that are socially responsible and its employees shouldn't act in an ethically responsible way
answer
• False
question
In the early days of corporate social responsibility, it was primarily ____ that were under consideration by government agencies
answer
• Products
question
Ethical issues arise continually as ___ emerge
answer
• New technologies • New markets
question
Corporate social responsibility programs must be designed considering trends in the issues of importance to customers. Trends receiving the most current attention include:
answer
• Respecting and protecting privacy • Ensuring healthiness of products
question
The third step in ethical decision making is
answer
• Brainstorming alternatives
question
T/F - an ethical decision framework is not useful because it cant be relived on to give the manager any guidance to ethical questions
answer
• False
question
Today, companies are undertaking a wide range of corporate social responsibility initiatives such as:
answer
• Establishing charitable foundations • Supporting nonprofit groups • Supporting minority activities
question
T/F - in business decisions, people never have to choose between conflicting outcomes
answer
• False
question
Adverting practitioners fall between __ and ___ in terms of general attitudes about the ethical standards of various professions
answer
• Congress people; lawyers
question
T/F - creating an ethical climate that establishes health and well-being of consumers as the firm's number 1 priority makes good business sense
answer
• True
question
If one firm in an industry decides to develop a corporate social responsibility program, its competitors are often forced to
answer
• Develop their own CSR programs
question
Which of the following is an example of a decision that would not be made by an ethical marketer who is sensitive to social issues
answer
• Hiring child labor
question
Consumers and investors increasingly want to purchase from and invest in companies that
answer
• Act in socially responsible ways
question
Inappropriate groups that are not intended to be targeted could be responsive to the firm's efforts. However, firms __ target these groups
answer
• Should not
question
Marketers have the opportunity to build ___ because they interact so regularly with people in all areas, not just the corporate world
answer
• Public trust
question
During the planning phase, a firm can typically address ethical issues at the outset through all of the following EXCEPT:
answer
• Financial results
question
Top management must commit to __ an ethical climate; employees must be dedicated to those ethical ___
answer
• Establishing; values
question
The most basic form of corporate social responsibility to employees is:
answer
• To provide a safe working environment
question
Firms that are socially responsible but unethical
answer
• Contribute to charities but have questionably ethical sales employees
question
Marketers face the difficult decision between __ benefits for themselves and possibly the firm, and doing what is right in the ___ for the firm and society
answer
• Short-term; long-term
question
Firms must perform the __ phase from an ethical perspective, and systems must be in place to check whether each potentially ethical issue was successfully addressed
answer
• Control
question
Stages of the marketing planning process
answer
a. Planning phase b. Implementation phase c. Control phase
question
According to a recent survey, the vast majority of CEOs believe
answer
• That society expects companies to engage in CSR programs
question
1. At the center of all analysis of the marketing environment is the ___ and his specific behavior and attitudes
answer
• Consumer
question
2. Corporate Partners
answer
• Parties that work with the focal firm
question
3. When developing marketing plans, a firm should consider which of the following things about it competitors
answer
• Likely reactions to the firms plans
question
4. Match the social trend with the illustrative examples provided
answer
• Green marketing = investing in phosphate-free laundry powder • Health and wellness concerns popularity of hand sanitizer gel • Privacy concerns = the do not call registry for cell phones
question
5. Consumers in a _ _ are a group of people of the same generation having similar purchase behaviors because they have shared experiences and are in the same stage of life
answer
• Generational cohorts
question
6. When interest rates are high, customers have a greater incentive to ____ more, but when interest rates are low, consumers have a greater incentive to ____
answer
• Save ; borrow
question
7. Components of culture
answer
• Meanings • Beliefs • Morals • Values • Customs of a group of people
question
8. Sitting within the macro-environment and related to elements of the competitive industry in which the firm operates is the ___ environment
answer
• immediate
question
9. the political / regulatory environment consists of
answer
• political parties • government organizations • legislation • laws
question
10. macro-environmental factors include all of the following elements
answer
• culture • demographics • social trends • technological advances • economic situation • political/regulatory environment
question
11. macro-environmental factors include all of the following elements EXCEPT
answer
• the CEO and his behavior
question
12. when the ways people within a particular nation refer to product categories differently from people in other parts of the nation, it is called a ___ culture
answer
• regional
question
13. the most important immediate environmental factors that impact consumers are the ___ ____ and ___
answer
• company, competition, corporate suppliers
question
14. which of the following are among the goals of value-based marketing
answer
• provide greater value to consumers • recognize consumers' needs and wants
question
15. ____ are characteristics of human populations such as geneder, race, age, and income
answer
• demographics
question
16. which cohort includes more than 60 million members in the US alone. It also varies in ages ranging from teenagers to young adults who ahave their own families
answer
• gen Y
question
17. what are some characteristics that describe Gen X
answer
• born between 1965-1976 • latchkey children • represent 41 million americans
question
18. ______ refers to the increase in the process of goods and services
answer
question
30. which of the following generational cohorts consists of people born between 1965-1976
answer
• generation X
question
21. particularly in larger countries, marketers may have to respond to diverse consumer groups that refer to product categories differently, while some areas say they "go to a movie" others say they are "going to a show". This illustrates ___ culture
answer
• regional
question
22. one of the goals of ___ marketing is to provide a greater benefit relative the cost to consumers than competitors offer
answer
• valued-based
question
23. a company must be able to focus on its ___ competencies as an opportunity to deliver new products to its customers
answer
• existing
question
24. which of the following demographic factors can help to predict consumer buying patterns
answer
• education attained • income earned
question
25. which are the traits that best describe Baby Boomers
answer
• born between 1946-1964 • largest population of 50+ consumers
question
26. _____ is when a company uses more resources advertising grenn projects versus actually spending these resources on environmentally sound practices
answer
• greenwashing
question
27. which of the following industries is most likely to suffer a downturn when interest rates rise
answer
• housing market
question
28. which best describe the mean income by education level for individuals over 25 years old
answer
question
31. T/F - currently firms have the technology to track an item from the moment it was manufactured until it is in the hands of the consumer
answer
• True
question
32. Having a broad range in incomes creates marketing opportunities at the
answer
• BOTH: high and low end of the market
question
33. What are some components of a country's culture
answer
• Artifacts • Behavior • Dress • Symbols • Physical settings • Ceremonies • Languages differences • Colors • Tastes • Food preferences • What is most valued
question
34. Which of the following are examples of government legislation designed to protect the consumer
answer
• Nutrition labeling and education act • Children's television act • Consumer product safety act
question
which is the largest generational cohort since the Baby Boomers
answer
Gen Y
question
35. How do demographics affect the launching of a new product
answer
• A product may be for a specific gender • A product may be targeted towards a specific age group or generational cohort
question
36. In response to the social trend of _____ the Federal Trade Commissin established the Do Not Call Registry
answer
• Privacy concerns
question
37. Which of the following groups are NOT expected to experience population growth in the United States in the next 20 years
answer
• Caucasian
question
38. Which of the following groups are expected to experience population growth in the United States in the next 20 years
answer
• African American • Hispanic • Asian
question
39. What are some distinct characteristics that may be causing the increase in wealthy families
answer
• Maturing of the general population • increase in dual-income households • higher overall level of education
question
40. which of the following firms would be the most likely to see food sales suffer as a result of inflation
answer
• red lobster
question
41. marketers can use an analysis of the external and internal environments such as
answer
• SWOT
question
42. Which income group's purchasing power is growing relative to others income groups
answer
question
43. A company may choose to launch the same advertising campaign globally. This particular campaign may be launched with identical pictures and messages just in different language. Advertisers might try to bridge the cultural gap by appealing to
answer
• The same target market
question
______ culture is exemplified by the ways people within a particular geographic area refer to product categories differently from people in other areas of the country
answer
Regional
Consumer Product Safety Commission
Cost And Availability
Implementing The Plan
Linguistics
PR 355 Chapter 2 – Flashcards 20 terms
20 terms
Preview
PR 355 Chapter 2 – Flashcards
question
________, one of the earliest African American counselors, wrote two books on African American consumerism and advised companies on multicultural relations.
answer
D. Parke Gibson
question
Perhaps one reason publicity and press agentry are too often considered synonymous stems from
answer
formation of the first public relations firm called the Publicity Bureau that specialized in general press agentry.
question
Using a variety of persuasive techniques and even a pseudonym, Publius, ________ advocated for ratification of the Constitution.
answer
Alexander Hamilton, John Jay, and James Madison
question
Among the earliest public relations counselors to emphasize marketing-oriented public relations was
answer
Harold Burson
question
What devastating public relations problem did Johnson & Johnson face on September 30, 1982?
answer
Management learned extra-strength Tylenol had been used as a murder weapon to kill three people in Chicago.
question
In the 21st century, recognition of the value of knowing what public relations is about comes from
answer
more than 200 journalism or communications programs offering a public relations concentration.
question
The word propaganda originated with
answer
Pope Gregory XV, who established a College in 17th Century Rome to spread the word about Catholicism.
question
Which of the following major public relations counseling firms did Omicom Group purchase?
answer
Fleishman-Hillard
question
Which of the following has made knowledge of and facility with the Internet a front-burner necessity for practitioners?
answer
social media participation
question
Which of the following is NOT a major trend contributing to the evolution of the practice of public relations?
answer
growth in use of traditional distribution systems, including cars, trucks, and airlines
question
Samuel Adams combined weaponry of sword and pen by organizing the Associated Press to do battle with King George.
answer
False
question
Techniques to attract press coverage used by Phineas T. Barnum are representative of the public be informed era that contributed to a positive image of the practice of public relations.
answer
False
question
A key trend contributing to the evolution of public relations is the growing power of public opinion to act as a positive force in shaping democratic societies.
answer
True
question
The stage for today's lobbyist was set by the Sophists hired to fight verbal battles for politicians in ancient Rome.
answer
False
question
The adversarial relationship between so-called "robber barons" and "muckrakers" led to the need for hired professionals to explain what industrialists had been unable to convey.
answer
True
question
Pamphlets, a strategic vehicle used today in public relations, were used by Thomas Paine to rally support for unity among American colonists.
answer
True
question
Much of what Amos Kendall did in the kitchen cabinet of President Andrew Jackson is similar to what a presidential press secretary does today.
answer
True
question
Despite how effective and visionary Paul Garrett was as a General Motors public relations practitioner, he suffered from the universal complaint of corporate PR people, he felt like "an outsider."
answer
True
question
While in the 1990s public relations counseling businesses grew and merged into international superagencies, today the public relations counseling business has a diverse mix of huge national agencies, medium-sized regional firms, and one-person local agencies.
answer
True
question
Ida Tarbell and Upton Sinclair were among early pioneers in the field of public relations.
answer
False
Break Even Analysis
Center Of Gravity Method
Cost And Availability
Geographic Information System
Operations Management Chap 8 Location Strategies – Flashcards 31 terms
31 terms
Preview
Operations Management Chap 8 Location Strategies – Flashcards
question
Question 1. Which of the following methods best considers intangible costs related to a location decision? A) transportation method B) assignment method C) locational break-even analysis D) factor-rating method
answer
D) factor-rating method
question
2. What is the major difference in focus between location decision in the service sector and in the manufacturing center? A) The focus in manufacturing is revenue maximization, while the focus in service is cost minimization. B) The focus in service is revenue maximization, while the focus in manufacturing is cost minimization. C) The focus in manufacturing is on labor, while the focus in service is on raw materials. D) There is no difference in focus.
answer
B) The focus in service is revenue maximization, while the focus in manufacturing is cost minimization.
question
3. Service/retail/professional location analysis typically has a A) environmental focus B) labor focus C) revenue focus D) cost focus
answer
C) revenue focus
question
4. Industrial location analysis typically has a A) revenue focus. B) labor focus. C) environmental focus. D) cost focus.
answer
D) cost focus.
question
5. Which of the following is NOT a factor in the country location decision? . A) labor availability B) zoning restrictions C) location of markets D) government rules
answer
B) zoning restrictions
question
6. Which of the following is NOT a factor in the final site selection decision? A) transportation systems B) environmental impact issues C) site size D) cultural issues
answer
D) cultural issues
question
7. Which of the following methods is a mathematical technique used for finding the best location for a single distribution point that services several stores or areas? A) locational break-even B) factor-rating C) center-of-gravity D) transportation model
answer
C) center-of-gravity
question
8. The transportation method a) uses both qualitative and quantitative factors. B) performs a cost-volume analysis. C) finds the location of a distribution center that minimizes distribution costs. D) determines the best pattern of shipments from several points of supply to several points of demand.
answer
D) determines the best pattern of shipments from several points of supply to several points of demand.
question
9. The U.S. Navy is considering four ports for their submarine squid proofing operations: San Diego, Bremerton, Virginia Beach, and Tulsa. The fixed costs at each location are $500,000, $700,000, $1,000,000, and $250,000 respectively and the variable costs are $300,000, $200,000, $100,000, and $1,000,000. Which location can most economically service the 4 submarines per year that need this valuable service performed? A) Bremerton B) Tulsa C) San Diego D) Virginia Beach
answer
D) Virginia Beach
question
10. Champion Cooling Company is locating a warehouse that will provide service to four store locations: Seattle, with an annual volume of 1,000 units; Fargo, with an annual volume of 2,000 units; Miami, with an annual volume of 6,000 units; and Las Vegas, with an annual volume of 6,500 units. Las Vegas is located at (1,1); Miami is located at (10,1); Seattle is located at (1,6), and Fargo is located at (5,6). What is the best location for the new warehouse? Open Hint for Question 10 in a new window. A) (2,5) B) (2,2) C) (5,2) D) (5,5)
answer
C) (5,2)
question
11. A goods-producing location decision would stress the importance of A) appearance and image. B) utility and labor costs. C) parking and access. D) security and lighting.
answer
B) utility and labor costs
question
12. A service or retail organization would use the _______ technique to make a location decision. A) traffic counts B) crossover charts C) factor-rating method D) transportation method
answer
A) traffic counts
question
13. Your desire to run your own automobile company takes you to Detroit because it is advantageous to have A) proximity to markets. B) proximity to suppliers. C) proximity to competitors. D) proximity to intangible costs
answer
C) proximity to competitors.
question
14. Labor cost is twice as important as utility cost, which is in turn twice as important as climate. Lubbock has scores of 8, 5, and 2 in these areas; El Paso has scores of 7, 6, and 5 in these areas; Dallas has scores of 6, 6, and 6 in these areas, and Houston has scores of 3, 7, and 9 in these areas. Which location is best? Open Hint for Question 14 in a new window. A) Lubbock B) Houston C) El Paso D) Dallas
answer
C) El Paso
question
True / False Questions
answer
question
Question 1. One factor affecting the country location decision is exchange rates. True False
answer
True
question
Question 2. Intangible costs can be measured with precision. True False
answer
False
question
Question 3. Manufacturing firms find it useful to be close to customers when transportation of finished goods is expensive. True False
answer
True
question
4. Manufacturing firms like to locate close to their suppliers when their production process reduces the bulk during production. True False
answer
True
question
5. Clustering is when competing companies locate close to each other. True False
answer
True
question
Question 6. One of the greatest challenges in a global operations decision is dealing with another country's culture. True False
answer
True
question
7. Proximity to suppliers is crucial for a pure service. True False
answer
False
question
Question 8. The factor rating method is used to determine which location will result in the lowest transportation costs. True False
answer
False
question
9. For the center of gravity method to work properly, the shipping cost must be directly proportional to both distance and volume shipped. True False
answer
True
question
Question 10. A geographic information system has both demographic and topographic information in its database. True False
answer
True
question
11. By definition, a country with low wage rates must have higher productivity than a country with high wage rates. True False
answer
False
question
Essay Questions
answer
question
1. Question 1. What is the purpose of the center-of-gravity method? What are the assumptions that accompany this model? Concoct a location scenario where the assumptions are less likely to be violated and another scenario in which the assumptions are clearly violated and the analysis is invalid.
answer
The center-of-gravity method is a mathematical technique used for finding the location of a distribution center or central collection point that will minimize transportation costs to and/or from multiple existing sites. The method takes into account the location of the markets, the volume of goods shipped to those markets, and the shipping costs. The center-of-gravity method assumes that cost is directly proportional to both the distance and volume shipped. These two values are multiplied for each site to provide a measure of the magnitude of each site's contribution in determining the location of the central point. While this has some intuitive appeal, it should be noted that transportation costs may vary dramatically as distances and volumes change. Smaller volumes might be transported by an independent carrier as a partial load in a truck. Larger volumes may be moved via waterway, railcar, or by a fleet of trucks. Depending on infrastructure, different transportation costs per ton per mile may apply; this is a reality that the basic center-of-gravity model does not address. The model also finds the geometric center or balancing point of all sites without regard to actual transportation route. One analogy for the center-of-gravity model is the balancing point for a serving tray at a restaurant. In reality, transportation is rarely accomplished on a straight line, instead conforming to the realities of a grid system of streets or availability of access to the desired carriers. The model is well suited where all volumes are reasonably static from shipment to shipment and there is one transportation method available to all sites. On a small scale, this might be a method of locating a photocopy machine in an office and, on a larger scale, might be the location of a fire department in an urban setting. The model does not work well when volumes are dramatically different from period to period or where there are significant disparities in the costs between available transportation modes, such as might exist when two port cities might use ocean liners but cities further inland must cross a mountain range and spend time breaking bulk and then trucking materials to their destination.
question
Question 2. Discuss tangible and intangible cost factors that affect location decisions and the impact of these cost factors on productivity.
answer
Tangible costs are those readily identifiable and precisely measured. These costs include utilities, labor, material, taxes and depreciation, transportation of inputs and outputs, and site acquisition and construction. Intangible costs are those that are less easily quantified, such as quality of life, education level of the area, availability of public transportation, and community attitudes towards the company. Productivity is calculated as output divided by input, so the calculation at its most basic level considers quantity or value of outputs compared with the quantity or value of the input or inputs. These inputs are the tangible costs that are explicitly identified in the formula. However, your authors make clear that intangible costs play a role in productivity. The quality and attitude of employees is an intangible cost, but it cannot be denied that low morale, perhaps fueled by poor management or by poor community attitudes towards the company, can adversely impact productivity. It cannot be said with any certainty which set of factors has the greatest impact on productivity, but it is reasonable to assume that both tangible and intangible costs factor into the firm's productivity.
question
3. What are some factors that pure services take into consideration when deciding on a location and why are these different from the most prominent manufacturing factors?
answer
Your authors identify eight major components of volume and revenue for service firms that weight heavily on the selection of the service site. These eight factors are: purchasing power of the customer drawing area; service and image compatibility with demographics of the customer drawing area; competition in the area; quality of the competition; uniqueness of the firm's and competitors' locations; physical qualities of facilities and neighboring businesses; operating policies of the firm; and quality of management. These factors are distinct from the concerns of a typical manufacturer because they are more focused on customers and the potential revenue derived from them. A manufacturer focuses more on costs since the price of the manufactured good, with few exceptions, is more stable from region to region.
question
4. Of the models discussed in this chapter for deciding a facility's location, which considers the fewest factors and which considers the greatest number of factors? Of these two, which yields the most defensible solutions?
answer
The fewest factors are considered by the center-of-gravity method (or transportation model, although this is examined more thoroughly in Module C). This model considers only the transportation costs associated with moving items from a set of sites to one central point. The greatest number of factors is weighed by the factor-rating method, which can consider all tangible and intangible costs that a firm faces. Both of these models require assumptions in their application. The center-of-gravity method requires the modeler to assume that costs per volume-distance are the same for all sites and that there is equal accessibility to all sites. The costs, distances, and volumes could be determined by the firm without too much difficulty. The factor-rating method requires the modeler to select a set of factors that are most important and then to assign degree of importance to the factors. Each site under consideration must be scored for each factor so that a site's overall score can be determined. The greatest difficulty arises in the assignment of the scores and weights for the factors; it is likely that a slight change in either would yield a different choice as a best location. The subjectivity quotient of the factor-rating method leaves it open to greater skepticism than the center-of-gravity method.
Cost And Availability
Cost And Availability Of Credit
Federal Open Market Committee
Federal Reserve Banks
Federal Reserve System
Principles Of Economics: Microeconomics
Macroeconomics Chapter 32 25 terms
25 terms
Preview
Macroeconomics Chapter 32
question
The Federal Reserve System is divided into:
answer
-12 districts
question
What function is money serving when you use it when you go shopping?
answer
-a medium of exchange
question
Joe deposits $200 in currency into his checking account at a bank. The deposit is treated as:
answer
-no change in the money supply because the $200 in currency has been converted to a $200 increase in checkable deposits
question
Which group aids the Board of Governors of the Federal Reserve System in conducting monetary policy?
answer
-Federal Open Market Committee
question
The Federal Open Market Committee (FOMC) of the Federal Reserve System is primarily for:
answer
-setting the Fed's monetary policy and directing the purchase and sale of government securities
question
Members of the Federal Reserve Board of Governor's are:
answer
-appointed by the President to staggered 14-year terms
question
The use of a credit card is most similar to:
answer
-obtaining a short-term loan
question
One major advantage of money serving as a medium of exchange is that it allows society to:
answer
-escape the complications of barter
question
The functions of money are to serve as a:
answer
-unit of account, store of value, and medium of exchange
question
When a consumer wants to compare the price of one product with another, money is primarily functioning as a:
answer
-unit of account
question
The paper money or currency in the U.S. essentially represents:
answer
-a debt of the Federal Reserve System
question
How many members can serve on the Board of Governors of the Federal Reserve System?
answer
-7
question
One reason that \"near-monies\" are important is because:
answer
-they can be easily converted into money or vice versa, and thereby can influence the stability of the economy
question
Checkable deposits are:
answer
-debts of commercial banks and savings institutions
question
The Federal Reserve System was established by the Federal Reserve Act of:
answer
-1913
question
The main function of the Federal Reserve System is to:
answer
-control the money supply
question
The M(1) money supply is composed of:
answer
-checkable deposits and currency in circulation
question
To keep high inflation from eroding the value of money, monetary authorities in the United States:
answer
-control the supply of money in the economy
question
The paper currencies of the U.S. are also called:
answer
-Federal Reserve notes
question
What function is money serving when you deposit money in a savings account?
answer
-a store of value
question
The Federal Reserve Banks are owned by the:
answer
-member banks
question
The Federal Reserve System consists of which of the following?
answer
-Board of Governors and the 12 Federal Reserve Banks
question
The basic requirement for an item to function as money is that it be:
answer
-generally accepted as a medium of exchange
question
Which of the following items are included in money supply M(2) but not M(1)?
answer
-savings deposits
question
The currency or money of the United States, like those of other countries, is:
answer
-token money
Business
Business Management
Cost And Availability
Making Ethical Decisions
Provides Goods And Services
Test Answers on chapter 1 questions – Flashcards 44 terms
44 terms
Preview
Test Answers on chapter 1 questions – Flashcards
question
________ is money that an organization brings in through the sale of its goods and services.
answer
Revenue is the money a company brings in through the sale of goods and services.
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A/an ________ is a framework of how a business intends to generate revenue.
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business model Business model - A company's business model is a clear, simple outline of how the business intends to generate revenue.
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Profit refers to the money the company brings in through the sale of goods and services.
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False
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Businesses add value by transforming lower-value inputs (like paper and ink) into higher-value outputs (like textbooks).
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True
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________ is the term used to describe the difference between revenue and expenses.
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Profit Profit is the amount of money left over after all the costs involved in doing business, have been deducted from revenue.
question
Just Bakes, a bakery outlet in Cincinnati, is famous for the uniqueness of its bakery items, such as the baguette supreme, made from mixed-flour dough. The outlet also has an online ordering system that offers original gift baskets. Most of its target customers find it to be more appealing. In this example, Just Bakes has a(n) ________.
answer
competitive advantage A competitive advantage makes a company's products or the company as a whole more appealing to its chosen customers.
question
Chicago Cinema Museum houses a unique collection of artifacts, memorabilia, and equipment that preserves the history and grandeur of cinema. It is funded by the government of the United States. The museum administrators apply many of the business-management principles to operate efficiently and effectively. The museum is most likely to be a ________.
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nonprofit organization Not-for-profit organizations (also known as nonprofit organizations) such as museums, most universities, and charities do not have a profit motive.
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If individuals and companies believe they can pursue rewards without facing the risks that should be attached to those pursuits, they are more likely to engage in irresponsible and even unethical behavior. This situation is known as a(n) ________.
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moral hazard If individuals and companies believe they can pursue rewards without facing the risks that should be attached to those pursuits, they are more likely to engage in irresponsible and even unethical behavior - a situation known as moral hazard.
question
Intangible products have a physical presence.
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False
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Lisa has a small language training business. She provides French and Spanish lessons to several customers in the neighborhood. What type of business does Lisa have?
answer
service business Service businesses create value by performing activities that deliver some benefit to the customer.
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The service sector now dominates the U.S. economy.
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True
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________ value by performing activities that deliver some benefit to the customer, such as automotive repair, banking, health care and massage therapy.
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Service businesses Service businesses create value by performing activities that deliver some benefit to the customer, such as finance, insurance, transportation, construction, utilities, wholesale and retail trade, banking, entertainment, health care, maintenance and repair, and information.
question
Businesses that need very large amounts of money, equipment, land and other material resources in order to get started and continue to operate are ________ businesses.
answer
capital-intensive Because they require large amounts of money, equipment, land, and other resources to get started and to operate, goods-producing businesses are often capital-intensive businesses.
question
A business that relies on human resources more than on buildings, machinery, material resources, and land would be a ________ business.
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labor-intensive Service businesses tend to be labor-intensive businesses, in that they rely more on human resources than buildings, machinery, and equipment to prosper
question
________ refer to a resource or capability a company must have before it can start competing in a given market
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Barriers to entry Barrier to entry is a resource or capability a company must have before it can start competing in a given market.
question
A firm finds it difficult to get started and establish itself in the car manufacturing industry because of high capital requirements, such as large amounts of money, manufacturing equipment, land, and a major marketing campaign. This exemplifies ________.
answer
barriers to entry Barrier to entry is a resource or capability a company must have before it can start competing in a given market.
question
A U.S. multinational retailer corporation wants to set up a chain of large discount department stores in a developing nation. However, it is hindered by strict licensing procedures and bureaucratic delays in obtaining government approvals. In this example, the multinational corporation faces ________.
answer
barriers to entry Barrier to entry is a resource or capability a company must have before it can start competing in a given market.
question
Population trends that change the composition of consumer markets and the workforce are a part of a company's ________ environment.
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social Every business operates within the broad social environment, the trends and forces in society at large. For instance, all companies are affected by population trends that change the composition of consumer markets and the workforce.
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All internal and external groups affected by a company's activities are referred to as its ________.
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stakeholders Stakeholders refers to the internal and external groups affected by a company's decisions and activities.
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The term stakeholders refers only to those people who have invested money in the company's stock.
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False
question
A generational "bulge" in the population made up of people born between 1946 and 1964, called the Baby Boom generation, has occupied a large number of middle and upper management positions, frustrating younger professionals who would like to climb the company ladder. This is an example of the effect of ________ environment on businesses.
answer
social Every business operates within the broad social environment, the trends and forces in society at large. One example of this is the so-called Baby Boom generation, a generational "bulge" in the population made up of people born between 1946 and 1964. This large group of people has affected business in numerous ways.
question
The legal and regulatory environment would include ________.
answer
the speed of obtaining licenses Every business is affected by the legal and regulatory environment, the sum of laws and regulations at the local, state, national, and even international level.
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Taxation, fees, efforts to coordinate multiple regulatory agencies, labor rules, environmental restrictions, protection for assets such as patents and brand names, roads and other infrastructure, and the transparency and consistency of decision making are a part of the ________ environment.
answer
legal and regulatory Legal and regulatory environment refers to the laws and regulations at the local, state, national, and even international level.
question
Which of the following is a component of the specific market environment within which each business operates?
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competitors Every company operates within a specific market environment composed of three important groups: (1) its target customers, (2) buying influences that shape the behavior of those customers, and (3) competitors - other companies that market similar products to those customers.
question
refers to a company's target customers, the buying influences that shape the behavior of those customers, and competitors that market similar products to those customers.
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Market environment Market environment refers to a company's target customers, the buying influences that shape the behavior of those customers, and competitors that market similar products to those customers.
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________ activities are intended to identify new ideas that have the potential to result in new goods and services.
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Research and development Research and development (R&D) refers to the functional area responsible for conceiving and designing new products.
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Which of the following enables companies to design new and better ways to run their operations?
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process R&D Companies can engage in process R&D to design new and better ways to run their operations.
question
Mark, who works for a toy manufacturing firm, is responsible for creating a branding and marketing strategy. He is most likely to be a part of the firm's operations management team
answer
False
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In general, accounting managers are responsible for planning, while financial managers are responsible for monitoring and reporting.
answer
False
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Systems that promote communication and data usage through the company or allow it to offer new services to their customers are called ________.
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information technology (IT) Information technology (IT) systems promote communication and information usage through the company or allow companies to offer new services to their customers.
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Companies that sell shares of stock to the public are required to have their financial records audited by an outside accounting firm.
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True
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refers to the area where the company makes whatever it makes (for goods-producing businesses) or does whatever it does (for service businesses).
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Operations Variously called manufacturing, production, or operations, this area is where the company makes whatever it makes (for goods-producing businesses) or does whatever it does (for service businesses).
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The ________ function of an organization coordinates the incoming flow of materials and the outgoing flow of finished products.
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logistics Logistics involves coordinating the incoming flow of materials and the outgoing flow of finished products.
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An operations manager is most likely to be responsible for ________.
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logistics Logistics involves coordinating the incoming flow of materials and the outgoing flow of finished products.
question
FinSmart, a finance company, plans to construct a new office building which would be disabled-friendly. The company also plans to make renovations to the existing office buildings to incorporate changes that would make them safer and disabled-friendly. Which of the following persons is most likely to be in charge of planning the new buildings and maintaining them?
answer
facilities manager Facilities management is responsible for everything from planning new buildings to maintaining them.
question
Which of the following statements is true about the major functional areas in a business enterprise?
answer
Accounting specialists work closely with other functional areas to ensure profitable decision making. Accounting specialists work closely with other functional areas to ensure profitable decision making. For instance, accountants will coordinate with the R and production departments to estimate the manufacturing costs of a new product.
question
________ audit the financial reports of public companies as required by law.
answer
External auditors Companies that sell shares of stock to the public are required to have their financial records audited by an outside accounting firm.
question
Claire holds the position of chief information officer (CIO) position at Celera Inc., a real estate company. Her position indicates that she is responsible for the preparation of income statements and balance sheets.
answer
False
question
An HR specialist is most likely to be responsible for which of the following activities?
answer
motivate and train diverse workforces HR specialists and managers plan and direct human resource activities that include recruiting, training and development, compensation and benefits, employee and labor relations, and health and safety.
question
Management accountant is likely to be responsible for which of the following activities?
answer
assessing the manufacturing costs of new products Management accountants are responsible for collecting, analyzing, and reporting on financial matters—such as analyzing budgets, assessing the manufacturing costs of new products, and preparing state and federal tax returns.
question
The manager of a firm was accused of diverting company funds for personal use. Andrew was the person responsible for reviewing his financial activities to see if any of the finances were diverted for personal use, and to determine if he had performed any financial crime. Andrew is most likely to be a(n) ________.
answer
forensic accountant Forensic accountants investigate financial crimes
question
Which of the following positions would be responsible for establishing the long-term financial goals of the company, investing its funds and raising capital for the business?
answer
treasurer Treasurers and finance officers have a more strategic role, establishing long-term financial goals and budgets, investing the firm's funds, and raising capital as needed.
question
Jason, a financial analyst in a computer manufacturing firm, is considered to be unprofessional by several of his co-workers and superiors. His manager feels that Jason is well meaning, however he is unable to communicate effectively. Which of the following tips is the manager most likely to give, to help Jason communicate more professionally?
answer
Clarify how people will benefit from responding to your messages the way you want them to. The guidelines to improve your effectiveness as a communicator includes making it clear to people how they will benefit from responding to your messages the way you want them to.
question
The expected norms of behavior in a particular situation are referred to as ________.
answer
etiquette Etiquette refers to the expected norms of behavior in any particular situation
Cost And Availability
Cost And Availability Of Credit
Economics
Lender Of Last Resort
Monetary Economics
Principles Of Economics: Macroeconomics
Principles Of Economics: Microeconomics
Flashcards and Answers – Economics Chapter 16 73 terms
73 terms
Preview
Flashcards and Answers – Economics Chapter 16
question
How well did the Federal Reserve Banks perform during the great depression
answer
Individual governors of the Federal Reserve Banks disagreed over policy and were unable to stop the depression
question
Board of governors
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The Federal Reserve system is overseen by these people they are headquartered in Washington it's seven members who are appointed for staggered 14 your terms by the president of the US
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Monetary policy
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Refers to the actions the fed takes to influence the level of real GDP and the rate of inflation in the economy
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Federal reserve districts
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Seattle Portland San Francisco Salt Lake City Los Angeles Alaska Hawaii Chicago Detroit Philadelphia
question
Federal advisory Council (FAC)
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Collects information about each district and reports to the board of governors about economic conditions within their districts it consists of one member from each Federal Reserve District 12 members and all their main function is to provide feedback and advice to the board of governors concerning the overall financial health of each district they meet with the board of governor four times a year
question
Federal open market committee (FOMC)
answer
Makes key decisions about interest rates in the growth of the nation's money supply this committee meets about eight times a year and private to discuss the cost and availability of credit for business and consumers across the country. Announcements of their decisions can affect the financial markets in the rates of home mortages , and many other economic institutions around the world
question
What is the make up of the Federal Reserve's district
answer
Each district is made up of more than one state federal reserve districts include a mixture of agriculture manufacturing and service industries as well as rural & urban areas
question
What is the role of the federal open market committee?
answer
It makes key decisions about interest rates and the growth of the United States money supply
question
Who appoints the members of the board of governors of the federal reserve
answer
The US president
question
What was one reason the US government started a federal reserve system
answer
To provide consumers with access to funds for business expansion
question
Why are the board of governors of the Federal Reserve appointed for staggered 14 year terms
answer
To protect board members from political pressures
question
Why does the Federal Reserve system have a high degree of political independence
answer
The system is owned by the banks
question
Monetary policy is the...
answer
Action the Federal Reserve text influence the level of real GDP in the right inflation in the economy
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In 1935, what changes were made to the Federal Reserve system
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The Federal Reserve system is getting more centralized power
question
Why were many US citizens against the second bank of United States, which was an attempt by Congress to restore order in the monetary system in 1816
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Citizens feared that is central bank placed too much power in the hands of the federal government
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The research arm of the Federal Reserve is the
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Federal Advisory Council
question
Check clearing
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Is the process by which banks record whose account gives of money in his account receives money when a customer write the check. The feds can clear millions of checks at one time using the high-speed equipment. Most checks clear within two days a remarkable treatment when you consider that the Fed deals with about 20 billion checks per year
question
Bank holding company
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A company that owns more than one bank
question
Federal funds rate
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The interest rate the banks charge each other for these loans
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Discount rate
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The rate the Federal Reserve charges for loans
question
What does lender of last resort mean with respect to the federal reserve
answer
It will lend money to a bank in a financial emergency
question
Who issues US paper currency
answer
The district Federal Reserve Banks
question
Net worth
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Equals total assets minus total liabilities
question
What does fractional reserve banking system mean
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One that keeps only a small part of customers deposits on hand
question
What is this Federal Reserve best known for
answer
For regulating the nation's money supply
question
Why does a high interest-rate discourage people from holding the money in cash
answer
They can earn interest on the cash if it is invested
question
Which of the following is one way the Federal Reserve Bank serves the government
answer
Selling government securities
question
Bank examiners are
answer
Authorized for spanks to sell off investments that they consider excessively risky
question
What is the relationship between interest rates and the man for money
answer
As interest rates decrease the man for money increases
question
In the United States what does the general Level of a family's income have to do with the amount of cash that family is likely to hold
answer
The higher the real income, the more cash the family will hold
question
As interest rates rise
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It becomes more expensive the hold money as cash
question
What is the federal funds rate
answer
interest-rate banks charge each other for long
question
What is it called when banks record which account gets that money in which account receive the money when a customer write a check
answer
Check Clearing
question
Truth-in-lending law requires that
answer
Sellers provide full and accurate information about loan terms
question
The rate the federal reserve charges for loans to commercial banks is called ___.
answer
The discount rate
question
Required reserve ratio
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The fraction of the deposit that must be kept on reserve
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Money multiplier formula
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The amount of new money that will be created with each demand deposit. It's calculated 1 RRR. Increase in money supply = initial cash deposit x 1 (over) RRR.
question
Excess Reserves
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Reserves greater that the required amounts
question
If the money multiplier is 4, what is the required reserve ratio?
answer
25%
question
As commercial banks keep more excess reserves, what happens to money creation?
answer
It decreases
question
Prime Rate
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The rate of interest that banks charge on short term loans to their best customers- usually large companies with good credit rating.
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Open market operations
answer
Most important monetary policy tool. Try a re the buying & selling of government securities to alter supply of money.
question
Open market operations are
answer
The buying and selling of government securities to alter the supply of money
question
What is the most used instrument for controlling week-to-week changes in the money supply
answer
Open market operations
question
Why does the Fed rarely increase reserve requirements?
answer
It can be disruptive to the whole banking system
question
What is the required reserve ratio
answer
The portion of a deposit that a bank must keep on hand
question
What is the policy used most by the fed to change the money supply
answer
Open market operations
question
If the feds were imposed a slight increase in the required reserve ratios, there would be____.
answer
A decrease in the money supply
question
How could the Federal Reserve encourage banks to lend out more of the reserves
answer
By reducing the discount rate
question
If the required reserve ratio is 20% and the customer deposited $5000 in the bank I much is available to the bank for lending
answer
4000
question
Why does the bank sometimes hold excess reserves
answer
To be sure it can meet its customers demands
question
Money multiplier formula
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Determines the amount of money that will be created with each demand deposit
question
Which of the following would create the most money
answer
Positive 6500 and the required reserve ratio is 20%
question
The following tools is an example of monetary policy
answer
Changing reserve requirements
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Easy money policy
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Increase the money supply
question
Tight money polucy
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It will reduce the money supply
question
Why does the Federal Reserve alter monetary policy
answer
To lessen the fact of metro business cycles
question
What does the monetary policy do
answer
It alters the supply of money
question
Indie lag
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Delays in implementing policy
question
Outside lag
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Difference for monetary and fiscal policy
question
How quickly can and increasing government spending increased the gross domestic product
answer
6 momths
question
What does fiscal policy include
answer
Changes in government spending and taxation
question
What is likely to be the best approach to recession that is expected to turn into an expansion in a short time
answer
Do nothing and let the economy fix itself
question
Which of these situations is most likely to cause the Fed to introduce a tight money supply
answer
Economy is expanding quickly in inflation is a concern
question
Which of the following is an example of inside like in monetary policy
answer
Members of the board of governors refuse to lower the discount rate until several months after your session has begun
question
What monetary policy should be implemented to correct inflationary economy
answer
Tight monetary policy
question
What change and monetary policy could eventually cause over borrowing and overinvestment
answer
An increase in the money supply
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tight money policy is...
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Monetary policy that reduces the money supply
question
What is the main idea of monetarism
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The money supply is the most important factor in economic performance
question
What is a delay and implementing monetary policy called
answer
Inside lag
question
Monetary policy ministered by the Fed is the principal method of softening the fax of the business cycle because
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There are more political complications with determining and implementing Fiscal policy
question
Monetary policy makers can help smooth out the fluctuations of business cycle by
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Reacting to current trends
question
What is one possible short-term effect of an easy money policy
answer
Increased investment spending
Business Management
Cost And Availability
Forward Vertical Integration
Human Resource Management
International Marketing
Principles Of Marketing
International Test 4 Actual – Flashcards 100 terms
100 terms
Preview
International Test 4 Actual – Flashcards
question
Which of the following statements BEST describes direct? exporting?
answer
Direct exporting can rely on either local sales reps or distributors
question
An Internet portal provides access to a? large, global audience through its? website, while the technology company supplies its? know-how in? delivering, say, music over the Internet. This is an example of what type of an investment? entry?
answer
Strategic alliances
question
A business may explore the advantages of? licensing, franchising, management? contracts, and turnkey projects. After businesses become comfortable in a particular? market, joint? ventures, strategic? alliances, and wholly owned subsidiaries become viable options. Which strategic factor influences this investment entry? decision?
answer
International experience
question
Which of the following payment terms presents the minimum risk to the? exporter?
answer
Irrevocable letter of credit
question
Some companies place reliance for their international sales on distributors or sales representatives. Which of the following is NOT a key function of? distributors?
answer
Distributors do not take title of the product
question
Which of the following is an arrangement where an exporter ships merchandise and later bills the importer for its? value?
answer
Open Account
question
Company? X's product has reached its maximum market share in the domestic market. On the other? hand, the company has the capacity to operate another shift to increase production if it increases sales and can realize an overall reduction in production? costs, which is the most important priority for the company. Which of the following is the number one compelling reason for the company to begin? exporting?
answer
Diversify sales
question
Which of the following is NOT a service provided by export management companies? (EMCs)?
answer
Providing import, export, and countertrade services
question
Which of the following BEST describe? agents?
answer
Receive compensation in the form of commissions on the value of sales
question
Which of the following is a disadvantage of hiring an export management company? (EMC)?
answer
Hinders the development of the exporters own international expertise
question
Identify the payment method that represents the greatest risk to the exporter?
answer
Open Account
question
Which of the following new market entry modes is a? low-cost, low-risk? option, where companies can rely on consistent products and common themes in worldwide? markets?
answer
Franchising
question
Which of the following occurs when companies use licensing agreements to exchange intangible property with one? another?
answer
Cross Licensing
question
Which of the following is a contract between the exporter and shipper that specifies merchandise destination and shipping? costs?
answer
Bill of lading
question
Which of the following is the sale of goods or services to a country by a company that promises to make a future purchase of a specific product from that? country?
answer
Counterpurchase
question
Which type of investment entry mode is an considered undertaking and has high risk?
answer
Wholly Owned Subsidiary
question
Which of the following types of counter-trade practice typifies long-term relationships between the countries involved?
answer
Buyback
question
What is the main difference between offset and? counterpurchase?
answer
Does not specify the type of product that must be purchased, just the amount that will be spent
question
Which of these types of payments represents the highest risk exposure to the? importer?
answer
Advance payment
question
To better ensure that companies will not make embarrassing? blunders, an inexperienced exporter might also want to engage the services of a freight forwarder. Freight forwarders provide the following activities EXCEPT? ________.
answer
Taking ownership of merchandise
question
Time draft typically has a maximum length of time allowed for payment following delivery by which the importer must pay for the goods. What is the maximum time usually allowed for? payment?
answer
90 days
question
Which of the following occurs when a company sells its products to intermediaries that then resell to buys in a target marketing?
answer
Indirect exporting
question
Which of the following occurs when a company sells its products directly to buyers in a target? market?
answer
Direct exporting
question
Which of the following contractual agreements allows each party to use the? other's technology in the production of its own? goods?
answer
Cross-Licensing
question
Which payment method is commonly used when there is an? on-going business relationship between the exporter and the? importer?
answer
Documentary Collection
question
Which of the following occurs when the price of a good is lower in export markets than it is in the domestic? market?
answer
Dumping
question
Companies adapt their products to suit local? buyers' product preferences. What factor influences this? decision?
answer
Cultural differences
question
Developing and emerging markets typically have fewer available forms of mass media for use in implementing a pull strategy. Which of the following options would you choose to increase consumer awareness of a product and generate product? demand?
answer
Use billboards and radio
question
Direct marketing is when producers sell directly to final buyers. It is also called? a(n) ________.
answer
Zero-level Channel
question
Which of the following is a promotional strategy designed to create buyer demand that will encourage distribution channel members to stock a? company's product?
answer
Pull Strategy
question
Which distribution channel is used when a producer wants its product to be made available through as many distribution outlets as? possible?
answer
Intensive Channel
question
When going global with an Internet? presence, the best strategy may be to localize as much as possible. Which of the following should you avoid when perfecting an online? presence?
answer
Using Slang
question
Which of the following identifies a? company's efforts to reach distribution channels and target customers through? communications, such as personal? selling, advertising, public? relations, and direct? marketing?
answer
Promotion Mix
question
?Planning, implementing, and controlling the physical flow of a product from its point of origin to its point of consumption is called? ________.
answer
Distribution
question
Which of the following is the pricing policy in which a product has a different selling price in export markets than it has in the home? market?
answer
Dual Pricing
question
Which promotion approach is used to create consumer demand through direct marketing? techniques?
answer
Pull Strategy
question
?________ is one in which a manufacturer grants the right to sell its product to only one or a limited number of resellers.
answer
An Exclusive Channel
question
When parent companies and their subsidiaries commonly buy from one? another, this is known as? ________.
answer
Transfer Prices
question
Amway Asia Pacific? Ltd., the Asian arm of? U.S.-based Amway, experienced a great deal of frustration and financial loss. What was this a result? of?
answer
Lack of market understanding
question
A? company's international sales force is the key to successfully implementing a push strategy abroad. Which of the following steps would you use in order to empower your sales force to meet their performance? targets?
answer
Know the sales scene
question
Which? company, cited in the? textbook, was able to use the pull strategy to introduce Rejoice haircare products into? Asia?
answer
Proctor & Gamble
question
When governments now regulate internal company pricing practices by assigning products? approximate, this is called? ________.
answer
Arm's Length Pricing
question
The Chocolate War that has erupted in the EU and was cited in your textbook is an example of which of the? following?
answer
Companies must often adapt their products to satisfy laws and regulations
question
Which distribution channel would large? companies, whose products are sold through grocery stores and department? stores, typically? take?
answer
Intensive Channel
question
Companies traditionally managed to extend a? product's life by introducing products in industrialized countries and only later marketing them in developing and emerging markets.? However, companies are undertaking? new-product development at an increasingly rapid pace. Which of the following is this a result? of?
answer
Consumers in developing and emerging markets also demand the latest products
question
Companies need to review the image of their brand from time to time and update it if it seems? old-fashioned. Which? company, cited in the? book, was able to breathe new life into their? brand?
answer
Lipton
question
Manufacturer? sales' representatives are constantly calling on Walmart to encourage it to stock their product and give it visibility. This is an example of what promotional? approach?
answer
Push Strategy
question
Mobile phone manufacturers offer discounts on phones to encourage buyers to choose their phone. Identify their promotional approach.
answer
Pull Strategy
question
You are hired to manage the international sales team for a U.S. company. The immediate feedback you received from the sales team overseas is that salespeople believe they are pushing products that bear no relationship to the local market and their performance will suffer. Which of the following steps would you? choose?
answer
Involve the sales reps in the R process so they they have a better sense of the product
question
The value customers obtain from a product is heavily influenced by the image of the country in which it is? designed, manufactured, or assembled. This image can be positive for some products but negative for others. Which of the following showcases the best and worst? image?
answer
Russian Caviar and Russian Automobiles
question
Imagine that a Mexican company forms a new subsidiary in the United? States, but that this subsidiary cannot obtain a U.S. bank loan. The Mexican parent company can deposit Mexican pesos in the branch of a U.S. bank in Mexico. The U.S.? bank's home office then lends dollars to the subsidiary in the United States. When the U.S. subsidiary repays the loan in? full, the parent company withdraws its deposit? (plus any interest? earned) from the U.S.? bank's Mexican branch. This is an example of what kind of? financing?
answer
Back-to-back Loan
question
Productivity is a very important? (although not the? only) factor in determining the value that a location adds to a certain economic activity. Two resources heavily influence the productivity of a? location: ________ and? ________.
answer
Labor and Capital
question
Rather than producing mass quantities of computers to be stored in? inventory, Compaq competes by manufacturing computers as it receives orders from individual customers. To implement this business? strategy, Compaq executives decided to replace? mass-assembly lines with? three-person work cells. In production trials at a plant in? Scotland, output increased 23 percent as compared with the previous best assembly line. Which of the following is this an example? of?
answer
Facilities Layout Planning
question
Availability and cost of labor in the local market are crucial to process planning. If labor in the host country is relatively? cheap, an international company will likely opt for? ________.
answer
Less technology and more labor-intensive methods
question
Which of the following is the process by which a company extends its control over additional stages of? production, either inputs or? outputs?
answer
Vertical Integration
question
Changing conditions in the competitive global marketplace often force managers to choose between? ________ and? ________.
answer
Re-investment and Divestment
question
?________ allows a company to maintain? flexibility, especially when the national business environments of suppliers are volatile. Buying from several suppliers or establishing production facilities in more than one country allows a company to outsource products from one location if instability erupts in another.
answer
Outsourcing
question
When an automobile manufacturer decides to manufacture its own window? glass, it is engaging in? ________.
answer
Upstream Activities
question
Which of the following is the mix of? equity, debt, and internally generated funds that a company uses to finance its? activities?
answer
Capital Structure
question
Computer companies buy components from? manufacturers, assemble them in their own? facilities, and then sell completed systems to consumers and businesses. Which of the following is this an example? of?
answer
Outsourcing
question
Which of the following is a disadvantage of buying versus? making?
answer
Greater Control
question
Airplane manufacturer Boeing designed aircraft in the state of Washington and Japan and then assembled it in Seattle with tail cones made in? Canada, special tail sections made in China and? Italy, and engines made in Great Britain. Which of the following is this an example? of?
answer
Location Economies
question
Which of the following is NOT a supportive reason to make versus to? buy?
answer
Lower Risk
question
Which of the following is an international certification that companies get when they meet the highest quality standards in their? industries?
answer
ISO 9000
question
Which of the following principles requires that managers clearly understand how consumers perceive the performance of the? company's services?
answer
Create Management by fact
question
You are the financial manager of a Japanese international company investing in the U.S. The value of the U.S. dollar has fallen against the Japanese yen. Which of the following financial options would you? recommend?
answer
Borrowing Locally
question
Companies that depend on others for key ingredients or components give up a degree of control. In? turn, quality control is especially important when customers are highly sensitive to even slight declines in quality or company reputation. This supports the argument of? ________.
answer
Make VS. Buy
question
Which of the following allows companies to drastically reduce the costs associated with large? inventories?
answer
JIT Manufacturing
question
If a company is to succeed in the long? term, it must at some point generate sufficient internal revenue to sustain? day-to-day operations. Which of the following is an internal revenue? source?
answer
Transfer Prices
question
Cost and availability of labor and? management, raw? materials, component? parts, and energy are all key components of? ________.
answer
Facilities Location Planning
question
When the government of the? buyer's country imposes import? tariffs, which can add anywhere from 15 to 50 percent to the cost of the imported? product, this can be a major barrier to? ________.
answer
Outsourcing
question
Which of the following is a source of equity financing for entrepreneurial? start-ups and small? business?
answer
Venture Capital
question
?_________ is the process of assessing a? company's ability to produce enough output to satisfy market demand.
answer
Capacity Planning
question
Which of the following is a? company-wide commitment to meet or exceed customer expectations through continuous quality improvement efforts and? processes?
answer
TQM
question
Which of the following is an advantage of? centralization?
answer
Cutting cost per unit when selling undifferentiated products in large quantities
question
?________ is the psychological process of readapting to? one's home culture.
answer
Reverse Culture Shock
question
Company X has few subsidiaries in Asia and the Middle East. The company policy is to treat each national market differently. The company hires host countries staff to manage their entire overseas subsidiary. What kind of risk the company might be? running?
answer
Losing control of the host-country operations
question
Which of the following is a disadvantage of geocentric? staffing?
answer
Expensive to implement
question
Which of the following is NOT usually included in cultural training? programs?
answer
Technical Skill
question
Which area of the? world's governments promising to keep unions in check makes this region attractive for company location? selection?
answer
ASIA
question
Collecting data on every? employee, including educational? background, special job? skills, previous? jobs, language? skills, and experience living abroad is what type of? planning?
answer
The first phase of HR Planning
question
A company plans to sell its products directly to buyers in a new market abroad. The company may create a new operation abroad and staff it with managers or may train local manager. What kind of planning do you think the company should develop to estimate its future? needs?
answer
HR Planning
question
Which of the following is the culture training method in which the trainee responds to a specific situation and is evaluated by a team of? judges, .and typically includes? role-play exercises?
answer
Cultural Assimilation Training
question
Japanese companies are notorious for their reluctance to place? non-Japanese managers at the helm of international offices. And when they do appoint a? foreigner, they often place a Japanese manager in the office to monitor important decisions and report back to the home office. This indicates that most Japanese firms prefer? a(n) ________ staffing approach.
answer
Ethnocentric
question
The U.S. government permits citizens working abroad to exclude? $95,100 of what from their taxable income in the United? States?
answer
Foreign Earned Income
question
Which of the following is a disadvantage of the ethnocentric staffing? policy?
answer
Having the cost of relocating manager from the home country
question
With? ________ staffing, the? best-qualified individuals, regardless of? nationality, manage operations abroad.
answer
Geocentric
question
Which of the following is an advantage of geocentric staffing? policy?
answer
Development of a global perspective among company managers
question
Which of the following is an advantage of polycentric staffing? policy?
answer
Eliminating the high cost of relocating expatriate managers and families
question
When do international companies tend to hire local? managers?
answer
When cultural understanding is a key job requirement
question
?A(n) ________ manager is a citizen of one country who is living and working in another in one of the subsidiaries.
answer
Expatriate
question
Which staffing policy calls for individuals from the home country to manage operations abroad?
answer
Ethnocentric Staffing
question
With _______ staffing, individuals from the host country manage operations abroad.
answer
Polycentric
question
Which of the following BEST describe a geocentric staffing policy?
answer
The best qualified individuals, regardless of nationality, manage operations abroad
question
What is a psychological process affecting people living abroad and is characterized by? homesickness, irritability,? confusion, aggravation, and? depression?
answer
Culture Shock
question
Which of the following is one of the reasons firms allow the ethnocentric staffing policy?
answer
Maintain tight control of decision making in branch offices abroad
question
When apparel contractors in Bangladesh admitted that they hired? children, Levi Strauss demanded that they comply with local regulations.? Unfortunately, it turned out that many of the underage workers were their? families' sole sources of support. Which of the following options did Levi Strauss enact to solve the? problem?
answer
Levi's struck a deal: Contractors continued paying wages to the youngsters while they went to school and then rehired them when they reached age 14
question
What type of compensation do managers often receive when their work assignment is located in an unstable country or in one with a very low standard of? living?
answer
Hardship Pay
question
In what country does co-determination give workers a direct say in the strategies and policies of their? employers?
answer
Germany
question
Publicity generated by allegations of workplace abuse caused many firms to establish codes of? conduct, and they stepped up efforts to ensure compliance. Which U.S. multinational company? (cited by the? textbook) sent a team of investigators to China to look into charges of? sweatshop-like conditions at a company manufacturing? facility?
answer
APPLE
Cost And Availability
Mind Yo Business – Flashcards 162 terms
162 terms
Preview
Mind Yo Business – Flashcards
question
why bar associations should pick judges?
answer
they interact frequently with judges in courtrooms as lawyers so they know who is best for the job
question
why bar associations should not pick judges?
answer
may make life easier for lawyers and not focus on the needs of litigants
question
why elected officials should pick judges?
answer
they are picked by voters to decide policy so they should know who is best suited lawyers/ judges
question
why elected officials should not pick judges?
answer
will pick judges who align with their ideologies
question
why voters should pick judges?
answer
democratic process
question
why voters should not pick judges?
answer
will pick judges based on campaign promises not their qualifications
question
Supreme Court ruled that judge couldn't get campaign money personally because
answer
it taints their legitimacy
question
judicial independence
answer
appointment (federalism)
question
political accountability
answer
Elections- guaranteeing the most appropriate method for guaranteeing the popular accountability of judicial policy makers (state rights)
question
litmus test
answer
series of questions to smoke out people who don't agree with their policies
question
Formal process of judicial selection gives the president considerable power?
answer
Yes
question
Appointment of Federal Judges (Formal Method)
answer
nominated by President and confirmed by the Senate
question
Presidents use vacant seats to
answer
reward the party faithful, pursue political objectives, and appear presidential
question
senatorial courtesy
answer
President consults with home state senators of his party about acceptable nominees before the nomination
question
you're gonna pass
answer
yes
question
If the senator exercise their objection to a nominee
answer
it usually prevents that nominee from being confirmed
question
If the senator allows the nomination to go forward
answer
it will likely result in confirmation
question
Senate Judiciary Committee
answer
that reviews nominations forwarded by the president
question
the committee has adopted a procedural change to limit the power of senatorial courtesy
answer
yes
question
The President has the greatest political freedom of action in deciding on nominations to the federal courts in
answer
D.C. because the district has no senator and senatorial courtesy does not apply to vacancies on these judicial bodies
question
Presidents will consult
answer
the American Bar Association before making a nomination
question
Senate Judiciary Committee regularly requested
answer
ABA opinion before confirmation
question
President Carter nominated
answer
more non-traditional people to the federal bench to diversify the bench
question
President Nixon nominated
answer
stressed appointing strict constructionist to the Supreme Court due to rising crime rate
question
A president's influence on the federal bench
answer
look at how many judicial vacancies he has filled
question
Backgrounds of Judges
answer
White, elite education, Protestant, Male
question
Where did concept of elected judiciary come from?
answer
Jacksonian era aimed at democratizing the political process Populist Movement believed in government "by people for the people"
question
nonpartisan elections
answer
running on the basis of qualifications instead of party affliction but parties still played a silent part
question
Gubernatorial appointment
answer
method of judicial selection in which the governor appoints a person to a judicial vacancy
question
partisan elections makes it easier to use judicial posts as
answer
patronage to reward party faithful
question
Non-partisan elections reveal little information and generate no voter interest providing
answer
incumbent judges with an advantage when running for re-election
question
Most expensive states to campaign for a Supreme Court judgeship is
answer
Alabama, Illinois, Michigan, Mississippi, Ohio
question
After initial selection but before official nomination the ABA requires the nominee to
answer
complete an ABA questionnaire that allows the ABA committee to determine if the nominee is qualified and then send to the Justice Department to let the President know
question
Democrats are usually more hostile towards the ABA than Republicans
answer
yes
question
Which president appointed more district court judges than any other?
answer
Bill Clinton
question
Judicial Conduct Commissions
answer
first used in California to deal with judges suspected of wrongdoing
question
responsibility of impeaching federal judges belongs to
answer
House of Representatives
question
you're gonna get your period
answer
yes
question
has an informal role in the selection of federal judges
answer
ABA
question
ABA has more influence during
answer
Republican administrations
question
President Obama's nominees have been confirmed by the Senate
answer
more slowly than previous presidents
question
the nominees of Bush and Obama have what in common?
answer
previous political activity, type of education, judicial experience, undergraduate education
question
the cost of judicial campaigns are
answer
increasing over time
question
most states select/ retain trial judges by which method?
answer
popular election
question
key characteristic of judicial elections
answer
low voter turn out
question
the judicial recruitment process favored by legal reformers
answer
Missouri Plan
question
to become a judge under the Missouri Plan
answer
you must be nominated
question
there are not a lot of differences between judges picked in terms of their back ground
answer
in different selection systems
question
docket
answer
calendar of cases
question
complaints about federal judges are first heard by
answer
judicial councils
question
conviction of a federal judge on an impeachment requires a
answer
2/3 vote of senators present
question
not all judges nominated by the president
answer
share hiss political philosophy
question
judicial misconduct often involves misconduct
answer
yes
question
judicial elections are usually
answer
non-partisan
question
legal mobilization
answer
how the legal system acquires its cases
question
example of legal mobilization
answer
report a crime
question
the most formal of dispute processing institutions
answer
courts
question
which procedure gives the parties the most control over the outcome of the dispute
answer
mediation
question
which type of case is most likely to require a lawyer to spend considerable time talking with the client about the law
answer
oneshotters v. oneshotters
question
criminal case is an example of
answer
repeat player (government) v. one shotter
question
party capability equates to
answer
litigant success
question
routine administration
answer
no conflict but only the need for a formal authorization to a private settlement
question
not a form of adjuctionary process
answer
resolution
question
juvenile court is frequently associated with
answer
diagnostic adjudication
question
traditional litigation is distinguished by
answer
bipolar lawsuit and its retrospective nature
question
difference between private and public policy oriented lawsuit is
answer
involvement of the government
question
a school desegregation case is an example of
answer
policy oriented public lawsuit
question
interest group activity in the courts is
answer
increasing
question
amicus curiae means
answer
friend of the court
question
class action lawsuit is brought by
answer
one person or interest group on behalf of others
question
most lawsuits in the United States involve policy litigation
answer
no
question
interest groups try to influence judicial nominations
answer
yes
question
interest groups strategies to influence the courts
answer
1. direct sponsorship 2. amicus curiae brief 3.class action lawsuits 4. judicial nominations
question
index crimes
answer
what major crimes like robbery and murder are part of a category of crimes referred to according to the uniform crime reports
question
characteristics of felony defendants
answer
1. powerless 2 younger 3. less educated 4. poorer than average American
question
what type of cases have no right to bail
answer
capital offenses
question
release on recognizance
answer
when a person is released solely on his or her promise to return for trial
question
what is the amount of bail based on
answer
criminal record and seriousness of the crime
question
preventive detention is aimed at denying pretrial release to defendants who
answer
are viewed as a threat to the community
question
the office of the prosecutor's office is characterized by
answer
decentralization
question
prosecutor is usually
answer
a locally elected official
question
information and complaint are similar charging documents but information
answer
is signed by the prosecutor
question
prosecution in a misdemeanor case is usually initiated by
answer
complaint
question
what person is the most influential in the charging decision
answer
prosecutor
question
preliminary hearing
answer
designed as a check o unwarranted prosecution
question
if a person is indicted
answer
charged with the violation of a law
question
in order to bring a person to trial in a federal felony case the U.S. attorney needs
answer
indictment
question
right to counsel does not apply to
answer
grand jury indictment
question
which statement best characterizes current practices of grand juries
answer
effectively dominated by the prosecutor
question
exclusionary rule
answer
the principle that illegally seized evidence cannot be used against the defendant at trial
question
Miranda v. Arizona (1966)
answer
the Supreme Court ruled that defendants must be informed of their right to have their attorneys present during interrogation
question
fourth amendment
answer
illegally obtained evidence may be excluded under the prohibition against unreasonable search and seizures
question
Mapp v. Ohio (1961)
answer
extended exclusionary rule to the states and concerned searches without a warrant
question
critics argue that because of the exclusionary rule
answer
many cases get dropped by the prosecutor
question
the rate of case attrition between the arrest and trial stage is
answer
50%
question
the largest proportion of case rejected during prosecutorial screening result from
answer
insufficient evidence
question
not a reason why cases are often dropped before trial
answer
first offenders usually have charges dropped
question
according to Sam Walker the criminal system is like a
answer
wedding cake
question
what is not an explanation for case attrition
answer
courtroom availability
question
what type of cases get the most attention
answer
serious felonies
question
less than one out of four arrests for Type I offenses involve a crime of personal violence
answer
yes
question
most felony arrests are for nonviolent offenses involving crimes like burglary and theft
answer
yes
question
arrests are made in 50 % of property offense crimes
answer
yes
question
an arrested person must be brought before a judge within 12 hours of arrest
answer
no ten days
question
the number of index crimes has declined
answer
yes
question
in felony court most defendants are found guilty
answer
yes
question
the courtroom work group concept focuses on
answer
cooperation between judge, prosecutor, and defense attorney
question
not a part of the courtroom work group
answer
defendant
question
normal penalties
answer
the customary penalty for a similar crime
question
if a defendant pleads guilty to two of the four charges
answer
an example of count bargaining
question
the type of case most likely to go to trial
answer
robbery
question
concurrently
answer
when someone is charged with two crimes and the sentences will happen at the same time
question
not a concession granted to defendants in a plea deal
answer
deciding if the defendant will be charged under state or federal law
question
important in deciding on a plea deal
answer
seriousness of the crime
question
most likely to influence whether case goes to trial
answer
1. severity of the penalty on conviction 2. strength of the prosecutor's case
question
compared to a guilty plea, conviction by a jury frequently results in a sentence
answer
that is longer
question
nolo contendere
answer
plea of guilty that does not constitute an admission of guilt
question
civil libertarians are concerned that plea bargaining undercuts and is?
answer
individuals' constitutional protections and is inherently coercive
question
people who define the sentencing structure
answer
legislators, judges, parole boards
question
reducing the inmate's prison term as a reward for good behavior in prison is known as awarding
answer
good time
question
the majority of persons under some form of correctional supervisions are
answer
on probation
question
individual placed on probation
answer
released into the community under the supervision of the court
question
mot important in a judge's decision to incarcerate or grant probation
answer
prior criminal record
question
the number of people in prison has risen dramatically
answer
yes
question
many prison reforms have come about as a result of the 8th amendment
answer
yes
question
guided discretion laws are constitutional
answer
summarizes the Supreme Courts decisions on the death penalty
question
for a death penalty law to be Constitutional it has to provide a
answer
bifurcated process
question
how are standards on death penalty changing
answer
evolving
question
race of the defendant
answer
universally regarded as an illegitimate factor in sentencing
question
research has been inconclusive on the sentencing of
answer
minorities
question
an example of a factor associated with sentencing disparities
answer
geography of justice
question
sentencing guidelines are designed to provide
answer
consistency and certainty
question
prescriptive sentencing guidelines express what sentence should be
answer
imposed
question
increasing the severity of the punishment tends to
answer
decrease its application
question
the courtroom work group depends on regularity of behavior
answer
yes
question
sentencing guidelines increase the judge's discretion
answer
no
question
members of the courtroom work group try to avoid trials
answer
yes
question
number of adults in prison is over one million
answer
yes
question
Galanter says that civil justice is
answer
a disputing pyramid
question
dispute
answer
only exists when a claim is rejected
question
hiring a lawyer often shows
answer
1. a presence of legal realities 2. individual's seriousness in continuing the case 3. the client's need to understand legal rules better
question
the main purpose of the lawyer
answer
to keep clients OUT of court
question
lawyers are the _________ of the legal system
answer
gatekeepers
question
most disputes do not end up in court because
answer
the party filing the claim is satisfied with settlement
question
studies on civil court caseloads per thousand of the population indicate they have
answer
remained relatively stable in the 20th century
question
in this century personal injury cases have
answer
increased
question
American "suing" behavior
answer
1. they are NOT quick to sue 2. community norms seem to shape suing behavior
question
tort filings in many states have been
answer
staying relatively constant
question
median verdict in automobile tort cases is around
answer
15,000
question
medical malpractice lawsuits are an example of
answer
high stakes litigation
question
mass tort litigation involves alot of
answer
money
question
the problem of causation
answer
complicates mass torts cases
question
limits on punitive damages
answer
an example of tort reform
question
community mediation programs focus on
answer
minor disputes
question
critics charge that community courts
answer
are too informal
question
courtannexed compulsory arbitration is designed to
answer
provide a speedier, less expensive alternative to courts
question
data collected on court administered arbitration programs show
answer
mixed results
question
hiring a lawyer means there will be a lawsuit
answer
no
question
tort reform has always been a state matter
answer
yes
question
the Congress is active in establishing tort reform at the national level
answer
yes
question
people support Alternative Dispute Resolution
answer
yes
question
Stella Liebeck's jury verdict against McDonald's was substantially reduced by the courts
answer
yes
