Intro to Business - Study Guide #4

What does the online environment offer to help market a business?

- Advertising to anyone in the world with Internet access;
- Viral marketing gives a company more than the opportunity to promote a product or brand; it allows potential consumers to feel a personal connection to the brand by becoming a part of a communal

What are the types of business transactions that are supported by online commerce?

business to business (B2B), business to consumer (B2C), and consumer to consumer (C2C)

What are the functions of a company's chief information officer (CIO) and information technology (IT) department?

- CIO: information processing, including systems design and development and data center operations; updating or replacing the computer systems and the software the company uses; managing a budget that balances the benefits of technology against the ever-r

How do businesses transform data into useful business intelligence?

- decision support system (DSS): enables companies to analyze collected data so they can predict the impact of business decisions, retrieves data from external sources and displays results tied to business decision making;
- executive information system (

What security challenges arise with the increase of technology?

- risk of having its customers' credit card information stolen by hackers
- vulnerability to hackers

How have new advances in social networking impacted business?

- created new employment opportunities, new marketing opportunities, and new dangers in marketing a brand;
- social networks are being used to generate funding;
- organizations now have to decide how they will pay for their social media campaigns;
- human

How have new advances in mobile technologies impacted business?

- sales staff requires constant access to e-mail, calendar and contacts, and Internet resources;
- being able to make video phone calls, see data mapped to their current location, and create and send photos and videos all can serve the larger mission of t

IT is
a. internship technology opportunities.
b. companywide investigations of office conduct.
c. building a networking plan for the flow and use of information.
d. the design and implementation of computer-based systems.

d

MIS is different from IT because
a. MIS focuses on applying IT to solve business problems.
b. MIS is the branch of IT focused on Internet usage.
c. IT focuses on hardware, and MIS focuses on software.
d. MIS is applied, and IT is theoretical.

a

DSSs are used most often by
a. managers who make decisions based on current data.
b. employees who decide how to solve technical problems.
c. clerical staff that organize and format documents and reports.
d. trainers who teach staff and employees new soft

a

Dara warehousing is
a. the storing of terabytes of transaction data.
b. not used when DBMSs are in place.
c. is not used now because data marts have replaced it.
d. is the management of large quantities for paper records.

a

OLAP
a. is illegal in the United States.
b. allows a company to monitor employees' usage of its technology resources.
c. is a spreadsheet that supports a number of financial functions.
d. helps analysts compile multiple pieces of information into one clea

d

Hackers can infiltrate systems
a. only if they use cookies files to store information.
b. if the systems are isolated as a singles corporate extranet.
c. All of the above
d. None of the above

d

Social media monitoring is best described as
a. planning events where the sales force mingles with potential clients.
b. regulating the use of e-mail and messaging in the workplace.
c. staying aware of the messages posted about your products in cyberspace

c

Phishing can be used to
a. minimize the taxes owed to the federal government.
b. steal identity information from unsuspecting clients.
c. record the keystrokes typed in when someone is logging into a password-protected site.
d. help save storage space on

b

Business-to-business transactions include
a. brokering sites.
b. social networking sites.
c. specialized industry portals.
d. Both a and c

d

Social media technologies have impacted
a. marketing campaigns.
b. the time between updates to new hardware systems.
c. the number of required reports filed with tax authorities.
d. All of the above

a

How is manufacturing and production important to the US economy and to the global economies?

Manufacturing generates other service-based economic activities and is responsible for a large share of total economic output, since it uses a substantial amount of commodities and services as inputs is responsible for a large share of total economic outp

What is operations management?

the administration and planning of business operations to produce and distribute goods and services as efficiently as possible to maximize the profits of an organization

What is important in determining a facility's location and layout?

Location:
- Proximity to Factors - to market, to raw materials, to utilities, and to hazardous waste disposal
- The Human Factor - skilled labor, affordable labor, living conditions, and laws and regulations
Layout:
Operations managers must anticipate and

What is supply chain management?

management of activities from all organizations involved in the production process

How does supply chain management help companies create and deliver their goods and services more effectively?

Positioning inventories so products are available when customers want them, regardless of location, in the right quantity for the right price.
Supply chain management for service organizations (or service chain management) manages the time and actions of

What is production management?

the planning, implementation, and control measures used in the process to convert resources into finished products

What production processes are used by businesses?

Mass Production
Mass customization
Lean production

Which is not a concern when a company is trying to determine a location of their facilities?
a. The proximity to the potential customer base
b. The weather conditions of the area
c. The skills and education of the residents in the region
d. The proximity

d

Mass customization is achieved by using which type of system?
a. Flexible manufacturing system
b. Lean production
c. Forward processing
d. Backward processing

a

Which production process strives to reduce waste and improve production flow?
a. Mass customization
b. Mass production
c. Lean production
d. Assembly line production

a

If the Ford Motor Company wants to understand the aerodynamics of a new auto body, which of the following would be used to create a virtual three-dimensional model of the auto body?
a. CAD
b. Simultaneous engineering
c. CIM
d. Robotics

a

Which of the following is a set of environmental quality standards that can be applied to any organization?
a. Six Sigma
b. ISO 14001
c. ISO 9001
d. TQM

d

An effective plan by a production manager should lead to
a. increased productivity.
b. reduced costs.
c. improved customer service.
d. All of the above

d

Which feature distinguishes a PERT chart from Gantt chart?
a. Creates a timeline of production tasks
b. Creates a workflow for production equipment
c. Identifies the critical path of tasks in a project
d. Predicts the completion time of a project

c

Radio frequency identification is used to
a. keep track of the status and quantity of each item.
b. keep track of the customer base for an item.
c. stay in touch with other workers in a factory.
d. manufacture stereo systems.

b

Which type of facility layout would be best used for the production of potato chips?
a. Product layout
b. Process layout
c. Cellular layout
d. Fixed position layout

d

TQM is geared toward
a. producing the largest quantity of goods in the time allotted.
b. reducing errors throughout the production process.
c. eliminating humans from the workplace.
d. meeting government standards for emissions.

a

consumer behavior

refers to the ways individuals or organizations search for, evaluate, purchase, use, and dispose of goods and services

marketing

an organizational function and a set of processes for creating, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders

behavioral segmentation

market segmentation based on certain consumer behavior characteristics

target market

a specific group of potential customers on which a firm focuses its marketing efforts

How is a product distinguished from a total product offer?

A product is any good or service that might satisfy a want or a need. The total product offer consists of all the benefits associated with a product that impact a consumer's purchasing decision.

What is product differentiation?

the process of distinguishing a product from its competition in real or perceived terms to attract customers.

What role does product differentiation play in product development?

Product differentiation, aided by customer feedback gives rise to the creation of a product line. The addition or removal of items from a product line affects a company's profits.

What are the different classifications of consumer products and business-to-business products?

consumer products: convenience, shopping, specialty, and unsought.
business-to-business products: equipment, MRO (maintenance, repair, operations) products, raw and processed materials, component parts, and specialized professional services

Why is branding beneficial to both buyers and sellers?

buyers: reduces the shopping time necessary to find the quality and consistency they desire in a product; reduces the risks involved in some purchases for which buyers are unable to objectively determine quality; helps express themselves by buying brand n

What are some branding strategies?

Manufacturer's brand
Family brands
Individual brands
Private brands
Co-brands
Generic brands

What are some pricing objectives?

Maximize profits
Achieve greater market share
Maximize sales
Build traffic
Match the status quo prices
Cover costs to survive
Create an image
Ensure affordability to all

How do pricing objectives relate to the marketing mix?

From the seller's perspective, price is the only revenue-generating component of the marketing mix, and is an important factor in determining profit.

Which marketing era occurred during the Great Depression when manufacturers almost had to force consumers to purchase their products?
a. Production concept era
b. Sales concept era
c. Marketing concept era
d. Customer relationship era

b

When a car is purchased, form utility refers to the value customers receive from
a. owning a car.
b. the styling and function of the automobile.
c. ready availability and speed with which the dealer made the car available for purchase.
d. close proximity

b

LinYee created a document that included a situational analysis and a discussion of the target market. LinYee's document is called
a. marketing research.
b. a marketing mix.
c. a marketing plan.
d. marketing segmentation.

c

Tenitia Reynolds opened a small community bookstore several years ago. When a new book comes out, Tenitia e-mails those clients she thinks will enjoy the book based on their past purchases. Which part of the marketing process do Tenitia's actions reflect?

d

Bill Wertz runs a transportation service that caters exclusively to the residents of retirement communities. Bill's business is taking advantage of which of the following marketing environments?
a. The competitive environment
b. The sociocultural environm

b

Which of the following does not define a B2B Market?
a. The market consists of small-volume purchases in a geographically dispersed area.
b. Buyers make complex purchasing decisions, often with formal buying procedures.
c. The purchasing process involves

a

Market segmentation based on lifestyles, personality traits, motives, and values is called
a. geographic segmentation.
b. demographic segmentation.
c. psychographic segmentation.
d. behavioral segmentation.

c

Which of the following represents a shift from the 4 Ps to the 4 Cs of marketing?
a. Taking into consideration the complete cost to the consumer
b. Making the product convenient to buy
c. Focusing on consumer wants and needs.
d. All of the above

d

Environmental scanning is
a. market segmentation according to geographic characteristics.
b. market segmentation based on certain consumer behavior characteristics.
c. the process of developing a unique marketing mix that best satisfies a target market.
d

d

Which is not an example of primary data?
a. Census data
b. Customer feedback
c. Surveys and questionnaires
d. Data collected through controlled experiments

a