STR581final exam with100 questions & ANSWERS STEP- 5
STR581final exam with100 questions & ANSWERS STEP- 5
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Date Created: 11/07/15
1 A is a set of procedures and sources managers use to obtain everyday information about developments in the marketing environment marketing research system marketing intelligence system vertical system product management system marketing information system 2 is the difference between the prospective customer39s evaluation of all the bene ts and all the costs of an offering and the Customer perceived value Competitors market share rate Report rating Failure avoidance rate 3 An is any good service or idea that is perceived by product creative product new idea innovation 4 A company can take several steps to improve the quality of its marketing intelligence If the company purchases competitive products for study attends open houses and trade shows and reads competitors39 published reports and stockholder information the company is using to improve the quality of its marketing sales force surrogates advisory panels customer feedback systems external networks E i nte rmed i a ri es 5 Most established companies focus on when it comes to innovation incremental innovation demand innovation competitive innovation everyday innovation conUnuousinnovann 6 consists of people equipment and procedures to gather sort analyze evaluate and distribute needed timely and accurate information to marketing decision makers A marketing information gym A promotional campaign A marketing database A marketing intelligence system A marketing research system 7 The value proposition consists of a cluster of bene ts the company promises to deliver it is 3939quot I39 customer expectations Customer loyalty to the company business processes total customer satisfaction customer experience with the company 8 Purchase decisions are based on how consumers perceive prices and what they consider tobe the price not the marketer39s current sale price current actual referent price last purchased price 9 A consists of a group of customers who share a similar set of needs and wants market segment ma rket ta rget market level market slice market group 10 Marketers usually identify niches by examining the demographics section of The Handbook of Marketing dividing a segment into subsegments producing products that can be used in a variety of ways allowing consumers to gravitate toward product brands conducting VALS tests 11 Which of the following is generally considered to be the last step in the marketing research process iii Make the decision Bf Present the ndings quot i Draft the report Control the environment Analyze the information 12 is the systematic design collection analysis and reporting of data and ndings relevant to a speci c marketing situation facing the company Demographics Marketing intelligence Marketing management Marketing research MIS marketing information system 13 With respect to the sampling plan three decisions must be made The decisions are the sampling unit who is to be surveyed Sample size how many people should be surveyed And sampling procedure how should the respondents be chosen sample cost how much does sampling cost sample supervisor who will lead the sampling effort sample security how to protect the sample data surveyor skill who will do the surveying 14 communicates a company s intended value positioning of its Promotion Packaging Physical evidence Place Price 15 quotPower prices use price as a key strategic tool These quotpower prices have discovered the highly effect of price on the bottom line A d FQCt 7 dramatic soothing leverage d abrasive 16 Some intermediaries use the following strategic planning advanced information systems sophisticated marketing tools measure performance on a returnoninvestment basis segment their markets improve their target marketing and positioning and dominant the manufacturers they do business with contend with dwindling customer bases aggressively pursue market expansion and diversi cation strategies aggressively pursue take over strategies aggressively squeeze manufacturer margins 17 Price has operated as the major determinant of buyer choice among poorer nations among poorer groups and with products similar idenUcal commodity over the Internet the Internet specialty store superstore catalog showroom discount store 19 Following the approach to target market selection encompasses a strong knowledge of the segment s needs a strong market presence and operating economies through specializing in production distribution and promotion selective specialization 39 market specialization 3939239 full market coverage D product specialization singlesegment quot concentration 20 To reach Generation Y rock band Foo Fighters created a digital street team that sends targeted email messages to members who quotget the latest news exclusive audiovideo sneak previews tons of chances to win great Foo Fighters prizes and become part of the Foo Fighters Familyquot Which of the following techniques for reaching Generation Y are the Foo Fighters using UnconvenUonal spo s Computer games Online buzz Cool events Student ambassadors 21 A company can add new products through acquisition or development The acquisition route can take three forms The company can buy other companies it can acquire patents from other companies or it can buy a or from another company i39 licensereceive permission franchisecobrand franchiseacquire rights D licensefranchise 22 Newtothe world products are new products that allow a company to enter an established market for the rst time new products that provide improved performance or greater perceived value and replace existing products existing products that are targeted to new markets or market segments new products that supplement established product lines package sizes avors and so on new products that create an entirely new market hi 1 1 23 The chief disadvantage to a rm that decides to follow a product specialization strategy in selecting target markets is logistics can become a nightmare competitors can easily copy any new product introductions ecommerce becomes difficult for the company the product may be supplanted by an entirely new technology no synergy exists of the following statements best de nes a work group A work group interacts primarily to share information rather than to engage in work that requires joint effort A work group consists of 3 or more people from across departmental or functional lines A work group is a group comprised of 10 or more people A work group consists of 3 or more people who take on self supervising responsibilities a The performance of a work group is generally greater than the sum of its inputs from individual members natural situationally dependent neutral necessary harmful 26 Which of the following is NOT included in the de nition of con ict disruption of tasks negative effects incompatibility something that is cared about perception 27 Which of the following statements about leadership is true Formal rights enable managers to lead effectively leaders are hierarchically superior to followers Nonsanctioned leadership is as important as or more important than formal in uence managers are leaders leaders are managers 28 bargaining is negotiation that seeks to divide a quot xed piequot Integrative Affective Conjunctive Re ec ve Distributiv 29 Danielle wants to become a surgeon not only because achieving this goal will give her selfrespect and autonomy but also because she wants a job with high status and recognition from others Which social psychological safety esteem selfactualization of the following qualities is NOT found in work groups quotI secur y energy objectives enthusias m synergy 31 Between the late 19605 and the mid19805 the use of written tests declined because they were characterized as mathematically awed c if invalid F discriminatory 3939quot I3939 f unrel ia ble 32 can be used to increase the perception that employees are treated fairly Focusing on subjective evaluations Selective evaluation Documenting with a journal f Due process Multiple raters 33 Which of the following has proven to be a particularly good predictor for jobs that require cognitive complexity behavioral assessment intelligence test aptitude tests integrity evaluations work sampling 34 Examples of offthejob training include all of the following videotapes classroom lectures public seminars apprenticeship programs Internet courses 35 Which type of skill training has become increasingly important in organizations 39quot I A F 5 0C i a I Bf nancial interpersonal F technical problem solving 36 The quotrealisticquot personality from Holland39s typology of personality and congruent occupations would be well suited for which of the biologist painter lawyer accountan t mechanic 37 Investors bragged about their investing expertise during the stock market rally between 1996 and early 2000 then blamed analysts brokers and the Federal Reserve when the market imploded in 2000 These investors were most probably guilty of selective perception fundamental attribution error lF distinctiveness fa selfserving bias the halo effect 38 Each of the six personality types developed in Holland39s personalityjob t theory has a supplemental skill set supplemental personality style supplemental occupational environment congruent personality style congruent occupational environment 39 developed a Vocational Preference Inventory questionnaire that contains 160 occupational titles If S u rb e r Magow Herzber HoHand Hofstede 40 Phrases such as quotmore cultural diversityquot quotmany new entrants with inadequate skillsquot and quotincrease in aging workersquot are all competition technology social trends world politics nature of the work force 41 According to David Maister the most complex projects requiring innovation and creativity are called quotgray hair projects quotbrain surgeryquot projects grinding projects quotproceduresquot projects 42 The the percentage of contact time between the service system and the customer the the degree of interaction lesser greater greater greater none of these answers greater lesser 43 Goldratt39s rule of production scheduling include all but An hour saved at a nonbottleneck is a mirage A process batch should be xed both along its route and in time Priorities can be set only by examining the system39s constraints Do not balance the capacity balance the ow Utilization and activation of a resource is not the same thing 44 If the system contains a bottleneck the is the best place for control If there is no bottleneck the is the best place ca pacityconstrained resource drum bottleneck capacity constrained resource none of these answers ca pacityconstrained resource bottleneck 45 Operations stage toolkit for the Data Analysis and Solution Development phase includes I SPC tools ll Bottleneck analysis III II III III II III and IV I II III and IV land II II and III of the following statements is true The Principle of Incremental Bene ts says to consider the possible ways to minimize the value lost to capital market imperfections such as asymmetric taxes asymmetric information and transaction costs The Principle of Valuable Ideas suggests to look for opportunities to create value by issuing securities that are in short supply perhaps resulting from changes in tax law The Time Value of Money Principle advises to include any time valueof money tax bene ts from capital structure choices all of these 47 An allequity nanced rm would pay corporate income taxes because it would have interest 39 expense not pay corporate income taxes because it would have no interest expense pay corporate income taxes if its taxable income is positive not pay any income taxes because interest would exactly offset its taxable income 48 says to recognize the value of hidden options in a situation such as the foreign exchange options in some derivative instruments The Principle of Comparative Advantage The Principle of TwoSided Transactions The Time Value of Money Principle The Options Principle 49 says to look for opportunities to invest in positiveNPV projects in foreign markets or to develop derivatives or design arrangements that enable rms to cope better with the risks they face in their foreign operations The Principle of Diversi cation The Principle of Capital Market Efficiency The Principle of Valuable ldeas The Principle of RiskReturn Tradeoff 50 Which of the following statements is true The Principle of Capital Market Efficiency says to consider the possible ways to minimize the value lost to capital market imperfections such as asymmetric taxes asymmetric information and transaction costs The Behavioral Principle suggests to look for opportunities to create value by issuing securities that are in short supply perhaps resulting from changes in tax law The Signaling Principle says to consider any possible change in capital structure carefully because nancing transactions and capital structure changes convey information to outsiders and can be misunderstood all of these 51 An investor39s risky portfolio is made up of individual stocks Which of the following statements about this portfolio is true Selling any stock in this portfolio will lower the beta of the portfolio An investor cannot change the risk of this portfolio by her choice about personal leverage lending or borrowing Each stock in the portfolio will have a beta greater than one Each stock in the portfolio has its own beta 52 Due to asymmetric information the market fears that a rm issuing securities will do so when the stock is overvalued if caught up in a bear market being sold by insiders undervalued says to seek out investments that offer the greatest riskadjusted real return The Signaling Principle The Principle of SelfInterested Behavior The Principle of Valuable Ideas The Principle of Incremental Bene ts 54 Under capital rationing a good tool to use is the payback method Pl method NPV method IRR method 55 A checking account is a place to collect money between in ows and out ows fill an account that acts like a reservoir iif A useful because you can add money in any amount m 56 says that if you transfer risk to another party you must offer a return that fully compensates for the amount of risk transferred F The Behavioral Principle 57 A key variable covered in our text for the BlackScholes 0PM is the riskless APR with continuous compounding dividends EPS transaction costs uncertainty about yesterday s outcome the impossibility of the same return the certainty of a negative outcome uncertainty about the future outcome 59 According to the Principle of RiskReturn TradeOff investors less risk diversi cation lack of diversi cation 60 Which of these investments would you expect to have the intermediateterm US government bonds longterm corporate bonds US Treasury bills 61 The conversion price for a convertible security is usually adjusted 62 Which for a new debt offering for stock splits for cash dividends all of these if any statement is false The Principle of SelfInterested Behavior suggests that self interested capital market transactions force market prices toward being fair prices The Principle of TwoSided Transactions states that intense capital market competition to get and use information to take advantage of arbitrage opportunities eliminates such opportunities The Principle of Signalingstates that information in the transactions of others can be valuable such as providing an accurate measure of current market value or information about expected future value none of these answers are correct of the following is are true The Principle of Capital Market Ef ciency states that differences between nancial assets are measured primarily in terms of risk and return Investors choose the highest return for a given risk level The Principle of Comparative Advantage states that people apply the Principles of SelfInterested Behavior TwoSided Transactions and Signaling to an environment characterized by similar nancial assets low transaction costs and intense competition leads to capital market ef ciency The Principle of Valuable ldeasstates that new ideas can provide value when rst introduced even in an ef cient capital market all of these answers are correct 64 Which of the following is are true The Principle of Capital Market Ef ciency states that differences between nancial assets are measured primarily in terms of risk and return Investors choose the highest return for a given risk level The Principle of Comparative Advantage states that people apply the Principles of SelfInterested Behavior TwoSided Transactions and Signaling to an environment characterized by similar nancial assets low transaction costs and intense competition leads to capital market ef ciency The Principle of Valuable ldeasstates that new ideas can provide value when rst introduced even in an ef cient capital market all of these answers are correct 65 A transfer price exists when two segments of the same organization sell the same service to competitors a product in a foreign country a service to each other a product to the same customer 66 Incremental analysis would be appropriate for acceptance of an order at a special price a retain or replace equipment decision a sell or process further decision all of the answers are correct 67 Undertaker Corporation has a joint process that produces three products P G and A Each product may be sold at splitoff or processed further and then sold Joint processing costs for a year amount to 25000 Other relevant data are as follows Processing Sales Value Costs after Sales Value Productat Splitoff Splitoff at Completion P 62000 5000 88000 G 12500 6500 19000 A 9400 5000 12000 Product G an be processed further or sold at split off there is no difference in pro t should be processed further to increase pro ts by 19000 should be sold at split off since processing further would only reduce pro ts by 6500 should be processed further to increase pro ts by 6500 68 It costs Garner Company 12 of variable and 5 of xed costs to produce one bathroom scale which normally sells for 35 A foreign wholesaler offers to purchase 2000 scales at 15 each Garner would incur special shipping costs of 1 per scale if the order were accepted Garner has suf cient unused capacity to produce the 2000 scales If the special order is accepted what will be the effect on net income 30000 increase B 6000 dec rea se 4000 decrease 4000 increase 69 Incremental analysis would not be appropriate for Analysis of manufacturing variances elimination of an unpro table segment an allocation of limited resource decision F a make or buy decision 70 Which of the following does not appear as a separate section on the cash budget Fin a n ci n g Capital expenditures Cash disbursements Cash receipts 71 Blue Company planned to sell 35000 units Actual sales were 30000 units Based on this information Blue Company was ineffectiv e effective inefficient efficient 72 Effectiveness is indicated by all of these answers are correct exiblebudget variances staticbudget variances salesactivity variance gives the expected sales under a given set of conditions budget forecast sales budget sales forecast sales I prediction the activity should always be stated in terms of units there should be a correlation between changes in the level of activity and changes in costs the activity level should be constant over a period of time the activity should always be stated in dollars 75 A company has total xed costs of 120000 and a contribution margin ratio of 20 The total sales necessary to break even are 1 5 0 0 0 0 B if 600 000 112 I fa 480000 76 A company requires 1020000 in sales to meet its net income target Its contribution margin is 30 and xed costs are 180000 What is the target net income A 420000 39quot 126 000 306000 77 At the breakeven point of 2000 units variable costs are 55000 and xed costs are 32000 How much is the selling price 1600 1150 Not enough information 4350 78 The last step in activitybased costing is to identify and classify the major activities involved in the manufacture of speci c products compute the activitybased overhead rate per cost driver identify the cost driver that has a strong correlation to the activity cost pool assign manufacturing overhead costs for each activity cost pool to product 79 A welldesigned activitybased costing system starts with assigning manufacturing overhead costs for each activity cost pool to products computing the activitybased overhead rate analyzing the activities performed to manufacture a prod uct identifying the activitycost pools 80 Identify which of the following statements about quotperfection standardsquot is true They usually result in unfavorable variances They are expressions of the most ef cient performance possible All of these answers are correct It is generally believed that they have a negative in uence on employee morale a Work in Process account is maintained for each process a materials requisition must identify the job on which the materials will be used one Work in Process account is maintained for all the processes similar to a job order cost system a Work in Process account is maintained for each product 82 are pro tability ratios l Earnings per share and dividend yield Dividend payout and rate of return in invested capital Price earnings and current ratio Gross pro t rate and return on sales is not one of the three major nancial statements balance income statement statement of equity position statement of cash ows 84 Financial statements are helpful to predict the future performance of a company for all of the following reasons except nancial statements are required to give formal projections of management39s assessment of the next period39s nancial results the assets and liabilities of a company provide clues to a company39s future prospects past performance is often a good indicator of future performance the evaluation of management39s past performance gives clues to its ability to generate future returns 85 A local retail shop has been operating as a sole proprietorship The business is growing and now the owner wants to incorporate Which of the ability to raise capital for expansion the ease in transferringshares of the corporation39s m the prestige of operating as a corporation desire to limit the owner s personal liability 86 Which country does the text describe as becoming the largest Japan Ecuado r China Mexico Canada 87 Which of the following might a company consider to help employees address worklife con icts keeping workrelated travel reasonable relocation assistance I tie manalger pay to customer satisfaction offering offsite quality childcare reducing workloads 88 Which of the following is not one of the Caux Round Table Avoidance of Illicit Operations Responsibility of Business Beyond Shareholders Toward Stakeholders Respect for the Environment Promotion of Multiculturalism 39f39f39iifi Support for Multilateral Trade 89 One study found that manufacturing labor costs about an Less than 1 about 15 Less than 1 about 40 2about25 Less than 1 about 25 About 2 about 15 90 Diversity training programs are generally intended to provide a vehicle for increasing awareness and examining stereotypes socializing otherwise unmanageable employees balancing worklife con icts eliminating group learning focusing on individual differences of the following is correct about litigating commercial Nearly all states have specialized trial courts that hear commercial disputes In all states commercial disputes must be heard in a limited jurisdiction court Businesses generally dislike the concept of specialized trail courts for commercial disputes because the large numbers of consumers who sue businesses in these courts have led the judges to become generally biased against business A few states have established specialized trial courts for commercial dispute Commercial disputes because of their specialized nature are rst heard at the appellate court level 92 Which article of the United States Constitution deals with the judicial power of the federal government Article Article V Article IV Article III Article II 93 When an economist says that the demand for a product has increased this means that quantity demanded isgreater at each possible price the demand curve becomes steeper consumers respond to a lower price by buying more rms make less of the product available for sale 94 When movie ticket prices increase families tend to spend less time watching movies and more time at home watching videos instead This best re ects quot39a diminishing marginal utility B the substitution effect C the rationing function of markets the income effect 95 Which of the following is NOT a function of functional area information systems provides information to managers in the functional areas provides analysis capabilities to middle level managers and staff provides data from business events to the corporate database provides information mainly in the form of reports supports the managerial tasks of planning organizing and controlling operations 96 The costs of delivering products in the channel are much higher than delivering products in the channel physical nancial digital ecommerce physical digital digital physical ecommerce digital 97 is the integration of economic social cultural and ecological facets of life enabled by information technologies quot globalization regionalization business environment 39 12 nannaHzann scale is a scale that scores an object or property without Rating Recording Categorizatio n Ranking 99 The quartile deviation is In squared units of the original data The square root of the variance Appropriate only for symmetric distributions Based on the middle 50 percent of the observations 100 Marketing research is now about a billion industry globally
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