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DANCEST 805 Lecture 10:

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magentasnake766
31 Oct 2020
School
LACC
Department
Dance Studies
Course
DANCEST 805
Professor
Bombibi

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Document Summary

Customer: current customers, customers of competitors, current noncustomers. Place where the customer comes in contact with the company or its products and services. Who must be broken down into several different entities: Influencer (who has informational or preference input to the decision: decider (who makes the final decision through budget authorization, purchaser (who makes the actual purchase, user. The distinction is important to understand the relative power over the purchase each person holds, and learn what they value. Key categories: demographic, relatively easy to ascertain, segments not clearly differentiated in their behavior toward the product, socioeconomic, relationship between these variables and purchase behavior can be weak, personality, psychographics and values, lifestyle/aio variables. List of value (lov) scale delineates nine basic values: self-respect, security, warm relationship with others, sense of accomplishment, self-fulfillment, sense of belonging, respect from others, fun and enjoyment, excitement.

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Related Questions

Business management

QUESTION 1

  1. Which of the following outlines the organization's purpose, assumptions, values, and direction?

    Mission

    Purpose

    Strategic plan

    Strategic goal

    Tactical goal

2 points

QUESTION 2

  1. Scientific management focuses on

    improving the efficiency of the individual worker.

    managing the overall organization.

    using capital more efficiently.

    enhancing the social aspects of the workplace.

    creating mathematical models of organization processes.

2 points

QUESTION 3

  1. The idea that manufacturing costs per unit decrease as the number of units produced increases is known as

    economies of scale.

    venture capitalism.

    a franchising agreement.

    first-mover advantage.

    None of these.

2 points

QUESTION 4

  1. The component of strategy that indicates how the organization intends to allocate resources is

    resource deployment.

    scope.

    competitive advantage.

    synergy.

    None of these.

2 points

QUESTION 5

  1. The process of choosing one alternative from among many alternatives is called

    satisficing.

    problem solving.

    bounded rationality.

    decision making.

    None of these.

2 points

QUESTION 6

  1. Mercedes-Benz sells high quality automobiles at high prices. It uses a(n)

    differentiation strategy.

    low-cost strategy.

    diversification strategy.

    related diversification strategy.

    BCG strategy.

2 points

QUESTION 7

  1. Which of the following is NOT generally considered to be a role performed by small businesses?

    Creation of new jobs

    Development of new products

    Manufacture of materials for large businesses

    Distribution of products made by large businesses

    Provision of capital for expansion of large businesses

2 points

QUESTION 8

  1. Which of the following is a disadvantage of group decision making?

    More alternatives are likely to be generated.

    More information will be brought to bear on the problem.

    More time will be needed to make the decision.

    More communication about the decision will result.

    All of these.

2 points

QUESTION 9

  1. Which of the following is an example of an owner of a business?

    Individual investors who buy stock in that business

    Partners

    People who have legal property rights to that business

    Individuals who finance and start up a new business

    All of these.

2 points

QUESTION 10

  1. The best alternative is the most ____ alternative.

    efficient

    controllable

    profitable

    effective

    valid

2 points

QUESTION 11

  1. Which of the following decision-making models is based on the belief that human behavior is often imperfect?

    Rational

    Emotional

    Classical

    Behavioral

    Sequential

2 points

QUESTION 12

  1. A disadvantage of using interacting groups to make decisions is

    group politics.

    a void of expert opinion.

    an increase in programmed costs.

    faster decision making.

    too much brainstorming.

2 points

QUESTION 13

  1. Nokia and Samsung make cell phones that operate on the Microsoft system. They operate in the ____ industry.

    transportation

    manufacturing

    retailing

    services

    wholesaling

2 points

QUESTION 14

  1. All of the following are advantages of group decision making EXCEPT

    groupthink may occur.

    better decisions generally emerge.

    enhanced communication may result.

    more information and knowledge are available.

    None of these.

2 points

QUESTION 15

  1. Facebook operates in which industry?

    Construction

    Wholesaling

    Manufacturing

    Services

    All of these.

2 points

QUESTION 16

  1. Four friends home from college want to start a moving business to earn money during the summer. To determine whether this is a good idea, they need to find the answer to which of the following questions?

    Who are my customers, and where are they?

    Who are my competitors, and where are they?

    How can I differentiate my product from that of my competitors?

    In what quantities and at what price will my customers buy my service?

    All of these.

2 points

QUESTION 17

  1. The classical management perspective consists of

    scientific management and administrative management.

    management science and scientific management.

    behavioral management and the operations management.

    contemporary management and behavioral management.

    contingency management and universal management.

2 points

QUESTION 18

  1. Which of the following persons is a manager?

    Cardinal Timothy Dolan, Archbishop of New York

    Nick Saban, football coach at the University of Alabama

    Linda Kaplan Thaler, chief creative officer of Kaplan Thaler Group

    Marissa Mayer, CEO of Yahoo

    All of these.

2 points

QUESTION 19

  1. Organizations that provide resources to other organizations are known as

    suppliers.

    competitors.

    regulators.

    interest groups.

    importers.

2 points

QUESTION 20

  1. A(n) ____ strategy requires little initial investment, is heavily regulated, and provides little opportunity to modify products for local conditions.

    importing/exporting

    licensing

    joint venture

    direct investment

    global sourcing

2 points

QUESTION 21

  1. All of the following are included in the task environment of organizations EXCEPT

    competitors.

    customers.

    regulators.

    suppliers.

    the economy.

2 points

QUESTION 22

  1. "Decision making under risk" means the decision maker

    has no data on which to base his or her decision.

    is risk-averse, avoiding risky investments.

    knows all the risks involved in the decision.

    can estimate decision data with some probability.

    is making an important decision with long- term consequences.

2 points

QUESTION 23

  1. A standing plan that outlines the steps to be followed in a particular circumstance is called a(n)

    SOP.

    single-use plan.

    policy.

    contingency plan.

    program.

2 points

QUESTION 24

  1. Which of the following is NOT one of the reasons for new business failure described in your text?

    Sufficient capital

    Incompetence

    Neglect

    Weak control systems

    Inexperience

2 points

QUESTION 25

  1. Interpersonal skills enable managers

    to take an overall view of how the parts of the organization interrelate and to think strategically.

    to solve detailed problems for their subordinates.

    to understand and interact effectively with others in the organization.

    to diagnose organizational problems correctly.

    None of these.

2 points

QUESTION 26

  1. Herbert Simon noted that managers generally fail to make rational decisions because they are limited by their own values, skills, habits, and unconscious reflexes as well as by incomplete information. What name did Simon give this phenomenon?

    Satisficing

    Bounded rationality

    Brainstorming

    Rational decision making

    Decision framing

2 points

QUESTION 27

  1. Nike and Reebok are best described as

    strategic allies.

    competitors.

    customers.

    regulators.

    suppliers.

2 points

QUESTION 28

  1. The first person to identify the managerial functions of planning, organizing, leading, and controlling was

    Elton Mayo.

    Lillian Gilbreth.

    Henri Fayol.

    Hugo Munsterberg.

    Mary Parker Follett.

2 points

QUESTION 29

  1. Strategic goals are set by

    first-line managers.

    middle managers.

    top managers.

    stockholders.

    All of these.

2 points

QUESTION 30

  1. Using the BCG matrix, SBUs are classified on the basis of

    market growth rate and cash generation potential.

    market share and market growth rate.

    competitive advantage and financial strength.

    a strategic business unit and product life cycle.

    None of these.

2 points

QUESTION 31

  1. ____ skills are needed for specialized tasks within the organization.

    Human

    Organizational

    Conceptual

    Technical

    None of these.

2 points

QUESTION 32

  1. McGraw Hill operates in publishing and construction. This is an example of ____ diversification.

    differentiation

    unrelated

    single-product

    BCG

    related

2 points

QUESTION 33

  1. The management pioneer who performed the Hawthorne studies at Western Electric was

    Lillian Gilbreth.

    Elton Mayo.

    Henry Gantt.

    Frank Gilbreth.

    Frederick Taylor.

2 points

QUESTION 34

  1. An organization's obligation to protect and enhance the society in which it operates is called

    legal responsibility.

    ethical responsibility.

    social responsibility.

    cultural responsibility.

    societal responsibility.

2 points

QUESTION 35

  1. An entrepreneur does all of the following EXCEPT

    operate.

    organize.

    plan.

    assume risk.

    hire a professional manager.

2 points

QUESTION 36

  1. The primary purpose of the management process is to

    develop organizational goals and make logical decisions.

    organize the various functions in a logical manner.

    ensure that all employees are working together effectively.

    achieve organizational goals efficiently and effectively.

    make sure things go as planned.

2 points

QUESTION 37

  1. How do top managers spend most of their time?

    Overseeing day-to-day operations

    Routine administrative tasks

    Implementing plans of first-line managers

    Making decisions and creating goals

    Coordinating the work of first-line managers

2 points

QUESTION 38

  1. In the classical decision making model, "optimization" means

    implementing two or more alternatives simultaneously.

    choosing the alternative with the best overall expected outcomes.

    gathering the most complete information before making the decision.

    reaching a satisfactory level of performance.

    None of these.

2 points

QUESTION 39

  1. A written summary of the business strategy and its implementation plan is known as

    a niche summary.

    a first-mover advantage.

    a business plan.

    economies of scale.

    a franchise agreement.

2 points

QUESTION 40

  1. The aspects of a business that the firm performs at a higher level than its competitors are known as the firm's

    niches.

    capital-intensiveness.

    distinctive competencies.

    strategic weakness.

    first-mover advantage.

2 points

QUESTION 41

  1. For a Perkins restaurant, which of the following would be considered to be a supplier?

    A family of 5

    Wendy

Choose the right answer

Question 1


With respect to consumer behavior, one's attitudes, learning, and perceptions would be

impersonal influences

interpersonal influences

personal influences

insitutional influences

Question 2


In Maslow's hierarchy of needs,

a physiological need must be met directly before social needs.

esteem needs are the highest order of needs.

self-actualization needs are the highest order

safety needs and esteem are of the same importance.

Question 3


The most likely product to be purchased in an attempt to satisfy self-esteem needs would be

"super class" tickets for your next air flight.

a really fast computer.

a home security system.

yogurt and health food.

Question 4


Which of the following is not a characteristic that distinguishes organizational markets from consumer markets?

Organizational markets are more geographically concentrated.

More people exert influence on the organizational buying decision.

The organizational market tends to have a greater number of buyers.

Organizations often engage in multiple sourcing and vendor analysis.

Question 5


Consumers may attempt to reduce postpurchase anxiety in the consumer decision process by

avoiding favorable information about the selected brand

seeking reassurance from dissatisfied customers

seeking information that favors the rejected brands

ignoring unfavorable reports about the chosen brand

Question 6


The buying center concept explains how groups of people participate informally in business purchase decisions and

methods to break through group perceptions.

the role the group members play in buying decisions.

how family units operate as buying centers.

the process of performing vendor analysis.

Question 7


In the organizational buying process, a triggering event such as announcement of the availability of a new product whose use could improve the company's market performance is referred to as

need or opportunity recognition

identification of suppliers

information search

word-of-mouth exploration

Question 8


An undifferentiated marketing strategy

serves the consumer better because the products offered are designed to meet the needs of a specific group of people

benefits from the control and efficiency of short production runs

ignores differences among consumer groups and focuses on the broad market

is the most common strategy today and is used more now than in the past

Question 9


Goods purchased by the ultimate consumer for personal use are called

personal products

purchased products

consumer products

commercial products

Question 11


A particular purchasing agent might allow some salespeople to see the engineers responsible for developing product specifications but not allow others the same privilege. In the buying center, this purchasing agent is filling the role of

a "hard" nose

a gatekeeper

an influencer

a decider

Question 12


"Our prices are the lowest, we guarantee it" is an example of a positioning strategy based on the product's

competitors

price

class

application

Question 13


Segmenting the market based on exactly how an industrial purchaser will use products is referred to as

customer-based segmentation

benefits segmentation

end-use application segmentation

geographic segmentation

Question 14


The lumber your carpenter purchases to finish out your basement is classified as

a home improvement product

a raw material

a business product

a consumer good

Question 15


When consumer demand for personal computers affects computer manufacturers' demand for computer chips, this situation is known as

volatile demand

conjoined demand

derived demand

joint demand

Question 16


Which of the following is a personal factor in consumer bahavior?

a cultural influence

group membership

friends' opinions

a person's attitudes

Question 17


Cognitive dissonance would be most likely to occur after the purchase of

sneakers

groceries

an automobile

cosmetics

Question 18


Which of the following would be most likely to break through a person's perceptual screen?

a newspaper ad featuring white type on a black background

a black- and -white classified ad

reducing the size of the ad

using fewer colors in the ad

Question 19


The Fortune 500 list of America's largest firms based on sales revenues and number of employees provides a basis for

market segmentation based upon customer type

demographic segmentation based upon geographic location

end-user segmentation of this market

demographic segmentation based upon customer size

Question 20


Straight rebuy behavior by industrial purchasers will probably continue if the supplier provides

poor service

poor quality

shipping delays

satisfactory performance

Question 21


A controversial technique of subconscious communication, aimed at circumventing the perceptual screens, is called

shadowed perception

leger-de-main

subliminal perception

perception incognito

Question 22


Those products that are actually considered when making a consumer purchase decision are

customer options

customer selections

the evoked set

the product set

Question 23

The component of the business market that consists of individuals and firms that acquire goods and services to be used directly, or indirectly, in producing other goods and services is called:

wholesaling and retailing

the commercial market

government

an institution

Question 24


The institutional market does not include which of the following?

hospitals

museums

motion pictures theatres

universities

Question 25


Advertising for smoke alarms, air bags and life insurance typically uses which of Maslow's levels of needs to appeal to consumers?

self-esteem needs

safety and security needs

physiological needs

protection needs

Question 26


One type of buying center role is that of the

influencer who supplies information for evaluation.

authority figure who decides who, what, where, when, and how.

disseminator who function is to get advertisements to prospects.

specifier who needs on the specifications of products

Question 27


Manufacturing firms that convert to automated factory systems must purchase equipment that they have never bought before, such as robots and computers. This buying situation is called

a straight rebuy

a modified rebuy

a contract purchase

new-task buying

Question 29


A commonly used basis for segmenting consumer markets is

product-related characteristics

health-related matters

information-related concepts

performance-related criteria

1 points

Question 30


The business market is also known as the

wholesale market

corporate market

organizational market

distribution market

Question 31


Which of the following consumer problem-solving behaviors requires the least effort?

extended problem solving

limited problem solving

impulsive buying

routine response behavior

Question 32


The relationship between the demand for silk cloth and consumer demand for silk blouses and neckties is known as

joint demand

demand volatility

derived demand

consumer demand

Question 33


Examples of business market items that would usually be purchased as a straight rebuy are

high quality raw materials

heavy-duty machinery

paper clips and pencils

high-tech components

Question 34

The person who joins a local bowling league for the social interaction, even if he or she is a novice bowler, is probably trying to satisfy his or her

esteem needs

self-actualization needs

physiological needs

belongingness/social needs

Question 35


Campbell's "Soup for One" is an example of a product that is targeted to

large families with high product usage of certain things but different preferences

dual-income couples with no kids

well-off older families

non-traditional households such as nonfamily, single-person or single-parent situations

Question 36


Red Ryder Industries markets rodeo and horse riding supplies specifically to women. This is an example of

market stratification

market segmentation

non-traditional marketing

multi-gender marketing

Question 37


Purchases made by choosing a preferred brand or one of a limited group of acceptable brands are called

extended problem solving

routinized response behavior

limited problem solving

selective problem solving

Question 38


The slogan "the graying of America" describes the trend

toward people retiring later in life

of the word force to contain a disproportionate number of older Americans

for gray hair to develop from years of high-stress urban work

upward in the elderly population as Americans tend to live longer

Question 39


People or institutions must have sufficient purchasing power and the authority and willingness to buy to be considered a

market

buyer

player

segment

Question 40


Reference group influences would be most likely to be significant in the decision to buy

a loaf of bread

a Mercedes Benz

a clock radio

cellophane tape

Question 41


Internal search in the consumer decision process may include

subscribing to consumer magazines to evaluate alternatives

talking to family members

reviewing past purchases

surveying coworkers for buying options

Question 42


The process of dividing the total market into several smaller, homogeneous groups is called

market penetration

market segmentation

market mixing

market division

Question 1

Identify the item below that is not one of the four different types of data processing activities.

deleting

reading

creating

using

Question 2

All of the following are advantages of an ERP system except

ERPs permit manufacturing plants to receive new orders in real time.

in an ERP, data input is captured or keyed once.

it takes considerable experience and training to use an ERP system effectively.

ERPs permit management to gain greater visibility into every area of the enterprise.

Question 3

Sam Jones has been the controller of Downtown Tires for 25 years. Ownership of the firm recently changed hands and the new owners are conducting an audit of the financial records. The audit has been unable to reproduce financial reports that were prepared by Sam. While there is no evidence of wrongdoing, the auditors are concerned that the discrepancies might contribute to poor decisions. Which of the following characteristics of useful information is absent in the situation described above?

relevant

reliable

complete

timely

understandable

verifiable

accessible

Question 4

An ERP system might facilitate the purchase of direct materials by all of the following except

preparing a purchase order when inventory falls to reorder point.

routing a purchase order to a purchasing agent for approval.

communicating a purchase order to a supplier.

selecting the best supplier by comparing bids.

Question 5

Antia Carmie is the largest collector and retailer of Japanese fans in the St. Louis area. Antia uses computer technology to provide superior customer service. The store's database system was designed to make detailed information about each Japanese fan easily accessible to her customers. Accordingly, the fan price and condition are provided for each fan, along with many pictures of each fan. In Antia's database, the price of the Japanese fans is a(n)

entity.

attribute.

field.

record.

Question 6

Which of the following is not considered a source document?

A copy of the company's shipping document.

A copy of the company's ledger.

A copy of the company's sales journal.

A copy of the company's financial statements.

Question 7

In an ERP system, the module used to record data about transactions in the disbursement cycle is called

financial.

order to cash.

customer relationship management.

purchase to pay.

Question 8

Baggins Incorporated identifies new product development and product improvement as the top corporate goals. An employee developed an innovation that will correct a shortcoming in one of the company's products. Although Baggins current Return on Investment (ROI) is 12%, the product innovation is expected to generate ROI of only 10%. As a result, awarding bonuses to employees based on ROI resulted in

goal conflict.

information overload.

decreased value of information.

goal congruence.

Question 9

________ are examples of activities that constitute inbound logistics.

Activities that transform inputs into final products or services

Activities that provide post-sale support to customers

Activities that consist of receiving, storing, and distributing the materials used as inputs by the organization to create goods and/or services it sells

Activities that help customers to buy the organization's products or services

Question 10

In which transaction cycle would information for inventory purchases be most likely to pass between internal and external accounting information systems?

the revenue cycle

the expenditure cycle

the human resources / payroll cycle

the financing cycle

Question 11

The collection of customer payment is part of which transaction cycle?

the human resources cycle

the production cycle

the revenue cycle

the expenditure cycle

Question 12

Which of the following is an example of source data automation?

POS (point-of-sale) scanners in retail stores

a bill of lading

a subsidiary ledger

a utility bill

Question 13

All of the following are guidelines for developing a good coding system except

be as sophisticated as possible to promote usage.

be consistent with its intended use.

be flexible to allow for growth.

be consistent with the company's organization structure.

Question 14

What is a key decision that needs to be made with regards to borrowing money from lenders?

the location

pro forma income statement

how much capital to acquire

job descriptions

Question 15

Identify the false statement below.

A service company does not have an inventory system.

Retail stores do not have a production cycle.

Financial institutions have installment-loan cycles.

Every organization should implement every transaction cycle module.

Question 16

The chart of accounts of a fast-food restaurant would probably include

a list of customers.

a list of financial statement accounts.

a list of vendors.

a list of employees.

Question 17

Which statement below regarding the AIS is false?

Traditionally, most AIS have been designed so that both financial and operational data are stored in a manner that facilitates their integration in reports.

The AIS must be able to provide managers with detailed and operational information about the organization's performance.

Both traditional financial measures and operational data are required for proper and complete evaluation of performance.

The AIS was often just one of the information systems used by an organization to collect and process financial and nonfinancial data.

Question 18

In Petaluma, California, electric power is provided to consumers by Pacific Power. Each month Pacific Power mails bills to 186,000 households and then processes payments as they are received. What is the best way for this business to ensure that payment data entry is efficient and accurate?

well-designed paper forms

turnaround documents

source data automation

sequentially numbered bills

Question 19

Data must be converted into information to be considered useful and meaningful for decision making. There are seven characteristics that make information both useful and meaningful. If the same information can be reproduced by two independent and knowledgeable people, it is representative of the characteristic of

verifiability.

truthful.

relevance.

reliability.

Question 20

Antia Carmie is the largest collector and retailer of Japanese fans in the St. Louis area. Antia uses computer technology to provide superior customer service. The store's database system was designed to make detailed information about each Japanese fan easily accessible to her customers. Accordingly, the fan price and condition are provided for each fan, along with many pictures of each fan. In Antia's database, the data about each Japanese fan represents a(n)

entity.

attribute.

field.

record.