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business
contemporary business

Questions and Answers of Contemporary business

Write your own personal code of ethics. Create standards for your behavior at school, in personal relationships, and on the job. Then assess how well you meet your own standards and revise them if
Many successful companies today use technology to help them improve their relationship management. Suppose a major supermarket chain’s management team has asked you to assess its use of technology
This chapter describes how the nature of the workforce is changing: the population is aging, the labor pool is shrinking, the workforce is becoming more diverse, the nature of work is changing, the
More and more businesses are forming strategic alliances to become more competitive. Sometimes, businesses pair up with not-for-profit organizations in a relationship that is beneficial to both.
Brands distinguish one company’s goods or services from those of its competitors. Each company you purchase from hopes that you will become loyal to its brand. Some wellknown brands are Taco Bell,
The entrepreneurial spirit fuels growth in the U.S. economy.Choose a company that interests you—one you have worked for or dealt with as a customer—and read about the company in the library or
What is the financial system? Why is the direct transfer of funds from savers to users rare?
What does the term GAAP mean? Briefly explain the roles of the Financial Accounting Standards Board and the Securities and Exchange Commission.
What are the three major business activities in which accountants play a major role? Give an example of each.
What is an intranet? Give specific examples of benefits for firms that set up their own intranets.
What are the four alternative pricing strategies that marketers use? Give an example of the circumstances under which each might be selected.
If you were a marketer for Rolex, what kind of sales promotion might you use for your watches?
Identify and define each of the three categories of advertising based on their purpose. Which type of advertising might marketers use for the following products?a. carsb. e-readerc. organic produced.
What are the advantages of direct distribution? When is a producer most likely to use direct distribution?
What are the three stages of brand loyalty? Why is the progression to the last stage so important to marketers?
Classify each of the following business-to-consumer (B2C)and business-to-business (B2B) goods and services. Then choose one and describe how it could be classified as both.a. Runner’s World or
Explain each of the methods used to segment consumer and business markets. Which methods do you think would be most effective for each of the following? Why? (Note that a combination of methods might
Describe the types of data that someone who is thinking of starting an accounting practice might choose to gather.How might this businessperson use the data in making the start-up decision?
Identify the two strategies that a firm could use to develop a marketing mix for international markets. What are the advantages and disadvantages of each?
Identify each of the following as a consumer product or a business product, or classify it as both:a. cup of coffeeb. iPadc. gasolined. boat trailere. hand sanitizerf. Post-its
Define the four different types of utility and explain how marketing contributes to the creation of utility. Then choose one of the following companies and describe how it creates each type of
What is benchmarking? How can it help a firm improve the quality of its goods and services?
What is inventory control? Why is the management of inventory crucial to a company’s success?
What might be the factors involved in the selection of suppliers for a steakhouse restaurant?
What would be the best facility layout for each of the following?a. a physical therapy businessb. nail salonc. car washd. sandwich shop
SeaWorld has facilities in Florida, Texas, and California. What specific factors might have contributed to those choices?
Industries such as home construction and dentistry benefit from the use of CAD. In both of these, CAM could be used as well—in the manufacture of home components as well as dental implants, crowns,
Identify which production system—analytic or synthetic—applies to each of the following products:a. loggingb. medical carec. soybean farmingd. fishinge. microchips
Why are firms now moving more toward flexible production and customer-driven production instead of mass production?Describe a product that you think would be better suited to flexible production or
Why is production such an important business activity? In what ways does it create value for the company and its customers?
What is utility? How does production create utility?
In what ways is context a powerful influence on the effectiveness of communication? Describe an instance in which situational or cultural context has influenced one of your communication processes.
What steps can managers take to resolve team conflict?
Describe the norms associated with your business class. How do these norms influence the way students behave in class?
At what stages of development might a team not be able to move forward? How might a team leader or manager resolve the situation?
What are mediation and arbitration? Describe a situation that you think might result in arbitration.
Suppose a manager of a popular sandwich shop maintains a Theory X assumption about employees. At the beginning of each workweek, what types of things might the manager tell his or her employees? Now
Select three different theories of motivation, and explain how each can be used by managers to motivate employees.
Why do companies downsize? What are some of the drawbacks to downsizing? Why do companies outsource? What are some of the drawbacks to outsourcing?
On what five factors are compensation policies usually based?Name at least three employee benefits that are required by law and three more that are provided voluntarily by some firms.
Give an example of a type of job that would be appropriate for on-the-job training. Then describe specifically how you think that type of training would work for your selected job, including types of
Recruitment and selection are expensive. So, what precautions do human resource managers take to make sure they are hiring the right person for each job?
Which type of organization structure provides a firm with the most flexibility to respond to changes in the marketplace and engage in innovation? What might be the drawbacks of this structure?
Why is a strong corporate culture important to a company’s success? How might the corporate culture be linked to leadership style?
From what sources might a leader derive power? Which leadership style might work best for a manager whose firm is forced to make cost-cutting decisions? Why?
Identify each of the following as a programmed or nonprogrammed decision:a. reordering printer cartridgesb. buying a new smart phonec. buying your favorite toothpaste or shampoo at the supermarketd.
Define objectives. Outline objectives you might have for your own college education and career. How might this outline help you implement your own career strategy?
What is the link between a firm’s vision and its mission statement? Think about your own career as a start-up venture. What is your vision? What might be your mission statement?
Identify the four types of planning, then think about the following scenario. Suppose you planned a large cookout with your friends, but when you woke up on the morning of the party, it was pouring
Describe the link between a company’s vision and its ethical standards. Why is it important for top management to put forth a clear vision and ethical standards for a company?
Identify the four basic managerial functions. Suppose you were hired to be the manager of a local restaurant. Which managerial functions would likely be the biggest part of your job? In what ways?
What are the three levels of management hierarchy? For each level, which management skills might be considered most important, and why?
What is an enterprise zone? Describe what types of businesses might benefit from opening in such a zone—and how their success might be interconnected.
Suppose an entrepreneur is considering buying an existing business or franchise. Which of the eight entrepreneurial traits do you think would most apply to this person, and why?
Identify the eight characteristics that are attributed to successful entrepreneurs. Which trait or traits do you believe are the most important for success? Why? Are there any traits that you think
Identify the three categories of entrepreneurs. How are they different from each other? How might an entrepreneur fall into more than one category?
How might a joint venture between a commercial firm and a not-for-profit organization help both achieve their goals?
In a proprietorship and in partnerships the owners and the managers of the business are the same people. How are ownership and management separated in corporations?
Cooperatives appear frequently in agriculture. Describe another industry in which you think collective ownership would be beneficial, and explain why.
Why are so many small-business owners attracted to franchising? Under what circumstances might it be better to start an entirely new business instead of purchasing a franchise?
Describe how local governments and business incubators help small firms get established and grow.
How has the EU helped trade among European businesses?
Can a nation have a favorable balance of trade and an unfavorable balance of payments? Why or why not?
What are the effects of inflation on an economy? What are the effects of deflation? How does the Consumer Price Index work?
Distinguish between the two types of planned economies.What factors do you think keep them from flourishing in today’s economic environment?
Describe the four different types of competition in the private enterprise system. In which type of competition would each of the following businesses be likely to engage?a. large drug stores chainb.
How does a company demonstrate its responsibility to investors and the financial community?
Identify which equal opportunity law (or laws) protects workers in the following categories:a. an employee who must care for an elderly parentb. a National Guard member who is returning from
What are the five major areas in which companies have responsibilities to their employees? What types of changes in society are now affecting these responsibilities?
Identify and describe the four basic rights that consumerism tries to protect. How has consumerism improved the contemporary business environment? What challenges has it created for businesses?
What are the four major areas in which businesses have responsibilities to the general public? In what ways can meeting these responsibilities give a firm a competitive edge?
In what ways do firms demonstrate their social responsibility?
What type of ethical dilemma does each of the following illustrate?(A situation might involve more than one dilemma.)a. Due to the breakup with a client, an advertising agency suddenly finds itself
In what ways do individuals make a difference in a firm’s commitment to ethics? Describe the three stages in which an individual develops ethical standards.
What do the terms business ethics and social responsibility mean?Why are they important components of a firm’s overall philosophy in conducting business?
What is a private enterprise system? What four rights are critical to the operation of capitalism? Why would capitalism function poorly in a society that does not ensure these rights for its citizens?
It is often said that successful salespeople today must be “nimble.” What does it mean to be nimble as a salesperson and as a sales organization?
Take a piece of paper and draw a line down the middle. Write “Pros” on the top left and “Cons” on the top right. Now, from your own perspective, come up with as many issues as you can on both
Creativity is important to sales success. What is creativity? Give specific examples of several things you have done that you think are especially creative. How might creativity be taught to
Telecommuting and using a virtual office are major aspects of many professional sales positions. How do you feel about telecommuting and virtual offices? What aspects of them are you most and least
Review the top 20 key success factors for salespeople as listed in Exhibit 2.3. Which of these factors are currently your strongest points? Which need the most work? How do you plan to capitalize on
Pick the three selling activities presented in Exhibit 2.4 that you would most like to perform. Then pick the three you would least like to perform. Explain the rationale for your choices.
This chapter outlines the roles different members of a buying center play within an organizational buying context. Think of a purchase process you were involved in as an end-user consumer (not an
Explain the differences among a new-task purchase, modified rebuy, and straight rebuy. How will each situation alter the way a salesperson approaches a client?
What do you think are the most important ways sales can contribute to a firm’s marketing, and vice versa?
Develop a personal code of sales ethics using the ethical checklist in Exhibit 4.8 as a guide.
The chapter provides sample goals for an initial sales call on a prospect. (a) What other goals can you come up with that might be appropriate for an initial sales call? (Try for three or four more.)
Imagine you are working for a company that sells teleconferencing equipment. Draft a value proposition for selling your equipment to a sales manager who has 10 salespeople traveling two weeks a month
Do you think it is really possible to have win-win negotiations? Why or why not?
You are sales director for a company with 1,125 customers generating $30 million in sales. Calculate the number of customers and sales generated using the 80:20 rule.
What are the primary ways data is aggregated in sales analysis?
The president of Part-I-Tyme, manufacturer of salty snack foods, is dismayed over the dismal sales results for the past six months. A new product, a deluxe cookie, had been taste-tested and
Although many aptitude tests exist, their ability to predict sales performance has been weak. How do you account for this?
A sales representative for Lead-In Technologies is faced with a demand from an important customer that is in direct conflict with company policies. The customer wants several product modifications
Salespeople for the Ansul Company, a manufacturer of fire prevention systems for B2B applications, have been told they will now have to sell small fire extinguishers to the retail market. The
Maria Gomez-Simpson, a customer service rep with Mar-Jon Associates, spends considerable time traveling to various customer offices. As a result, she often arrives home late. Maria asked her manager
The sales manager for one of the nation’s largest producers of consumer goods has identified eight factors that appear to be related to effective performance. The manager of human resources, who is
College recruiters were discussing some of the students they had interviewed one day. One interviewer described an applicant with excellent credentials as follows: “She looked too feminine, like
One expert contends that sales training is not at all complicated. He predicts that, regardless of advances in communication, resources, technology, and training tools, the basic selling skills that
We know that the use of selling teams is common practice today. These teams sometimes include both salespeople and other employees. As with individual salespeople, the success of these teams depends

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