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business
foundations of business

Questions and Answers of Foundations of Business

Category management isa. a producer deciding which category to concentrate on for the next season.b. a retailer asking the supplier in a particular category how to stock the shelves.c. when suppliers
Which website does the best job of marketing merchandise?Explain your answer.One reason the Internet has generated so much excitement and interest among both buyers and distributors of products is
Explore the websites listed below, or just enter “shopping”on one of the web search engines—then stand back!Also visit the text website for updates to this exercise.www.llbean.com
Should Netflix consider other forms of nonstore retailing along with its current distribution activities? Why or why not?Netflix was originally an online version of a traditional video rental store,
To compete more efficiently with Blockbuster, should Netflix open brick-and-mortar retail stores? Why or why not?Netflix was originally an online version of a traditional video rental store, a
What type of retailer is Netflix?Netflix was originally an online version of a traditional video rental store, a website where customers chose the films they wanted to rent and paid $4 for each,
The first step in the personal selling process isa. product display.b. prospecting.c. approaching the prospect.d. organizing the sales pitch.e. making the presentation.
Salespeople may be identified asa. experts, order makers, and support personnel.b. order preparers, order trackers, and order receivers.c. order getters, order trackers, and support personnel.d.
Choose the correct order of the following three of the eight steps in developing an advertising campaign.a. Create the advertising platform; identify and analyze the target audience; define the
Deloitte & Touche, a public accounting firm, helps to underwrite the musical production “Mama Mia” currently playing at the Theater Center. Why would the accounting firm do this? What is Deloitte
Closing the sale is considered the critical point in the selling process. Many salespeople use a trial closing. Based on an assumption that the customer is going to buy, which of the following
Which one of the following is an example of a category killer?a. KMartb. 7-Elevenc. Home Depotd. Burlington Coat Factorye. Macy’s
A women’s apparel manufacturer most likely will usea. intensive distributionb. selective distributionc. exclusive distributiond. high-style distributione. popular-style distribution
________ A program-length commercial message placed on television.
Understand how supply chain management facilitates partnering among channel members.
Describe seven phases of new product development.
Describe two dimensions of the product mix.
Differentiate product line and product mix.
Give an advantage and a disadvantage for each method.
List and explain the three kinds of pricing methods.
Contact your local Chamber of Commerce. (The Chamber of Commerce collects information about local businesses, and most of its services are free.) Ask for information about the companies.Before
Choose at least two local companies for which you might like to work.Before interviewing for a job, you should learn all you can about the company. With this information, you will be prepared to ask
Write a description of the company’s primary customer(target market).Review the text definitions of market and target market.Markets can be classified as consumer or industrial. Buyer behavior
List and discuss characteristics that customers may find important. These factors may include price, quality, brand name, variety of services, salespeople, customer service, special offers,
Working in teams of three to five, identify a company and its major products.Review the text definitions of market and target market.Markets can be classified as consumer or industrial. Buyer
Do you think that the sites can contribute to better consumer buyer behavior? Explain your thinking.Consumer products companies with a variety of famous brand names known around the world are making
Describe those features you do not like and explain why.Consumer products companies with a variety of famous brand names known around the world are making their presence known on the Internet through
Examine the Unilever, Procter & Gamble, and Nestlé sites and describe the features that you think would be most interesting to consumers.Consumer products companies with a variety of famous brand
What role do you think the Harley-Davidson Museum might play in influencing how consumers perceive the company and its products?Harley-Davidson’s customers can spot each other instantly by the
How does Harley-Davidson use customer services to differentiate its motorcycle products?Harley-Davidson’s customers can spot each other instantly by the iconic black, white, and orange logo on
Why would Harley-Davidson put as much emphasis on consistency of quality as it does on level of quality?Harley-Davidson’s customers can spot each other instantly by the iconic black, white, and
What type of income is Ramona’s $2,450 monthly net take-home amount?a. Ordinaryb. Personalc. Disposabled. Grosse. Discretionary
Call the Better Business Bureau in your community and ask if there are any complaints against the companies.Before interviewing for a job, you should learn all you can about the company. With this
Prepare a report summarizing your findings.Before interviewing for a job, you should learn all you can about the company. With this information, you will be prepared to ask meaningful questions about
Describe three major types of pricing associated with business products.
Examine the three major pricing methods that firms employ.
Identify the major pricing objectives used by businesses.
Explain the uses and importance of branding, packaging, and labeling.
Identify the methods available for changing a product mix.
Discuss the product life cycle and how it leads to new product development.
To implement the marketing concept, the firm must mobilize its marketing resources toa. price the product at a level that is acceptable to buyers and the seller.b. provide a product that will satisfy
Identify the various distribution channels and explain the concept of market coverage.
Why is bundle pricing appropriate for the various models of Smart Cars?Tiny car, tiny price tag, tiny gasoline bill. The Smart Car, made by Daimler’s Mercedes Car Group in Hambach, France, first
Like many other food establishments, Denny’s offers senior citizen’s discount. This is an example ofa. periodic discounting.b. random discounting.c. differential pricing.d. negotiated pricing.e.
When there is a shortage of citrus fruit, the economic forces of supply and demand would suggest thata. price will stay constant.b. price will decrease.c. price will stay constant.d. price, all
Plastic water bottles, while convenient for customers, are a clear example that manufacturers are not considering __________ when designing packaging.a. the needs of intermediariesb. the needs of
A customer who consistently buys Sony television whenever he or she needs to replace his or her TV set demonstratesa. the importance of trademarks.b. the importance of trade names.c. the importance
The larger number of product ideas are rejected during this phase.a. Concept testingb. Screeningc. Test marketingd. Idea generatione. Business analysis
Western Day was a special day at the office.Janice wanted to dress in the latest western fashion, but she had limited funds. She visited several shops before finding the right outfit. For Janice,
Product modification makes changes to existing products in three primary ways.They area. screening, testing, and changing.b. growth, maturity, and decline.c. quality, function, and aesthetics.d.
The manager of a local restaurant wants to add new desserts to the menu. Customers were asked to complete a survey about what they like. The restaurant is in which stage of the new product
Sales rise gradually as a result of promotion and distribution activities, but initially, high development and marketing costs result in low profit or even in a loss. This best describes which stage
Heinz, IBM, and Xerox use a strategy that helps promote all their products. This strategy is calleda. family branding.b. generic brands.c. store brands.d. individual branding.e. none of the above.
T F The breakeven quantity includes the desired profit level.
How is demand likely to affect dealers’ willingness to negotiate prices with Smart Car buyers?Tiny car, tiny price tag, tiny gasoline bill. The Smart Car, made by Daimler’s Mercedes Car Group in
Imagine that Daimler is considering whether to sell unpainted Smart Cars and reduce the list price by $1,500.The Smart Car exterior consists of ten removable panels that can be easily painted. Buyers
Search all three of the websites listed above for the same product.The Internet has quickly taken comparison shopping to a new level. Several websites such as bizrate.com, pricescan.com, and
Prepare a report of your findings.Standard & Poor’s Industry Surveys, designed for investors, provides insight into various industries and the companies that compete within those industries. The
Identify the following:a. Trends and issues in the industryb. Opportunities and/or problems that might arise in the industry in the next five yearsc. Major competitors within the industry (These
Find the industry in Standard & Poor’s. (Note: Standard& Poor’s uses broad categories of industry. For example, an apparel or home-furnishings store would be included under “Retail” or
Identify an industry in which you might like to work.Standard & Poor’s Industry Surveys, designed for investors, provides insight into various industries and the companies that compete within those
Prepare a list of improvements and/or new products or services for your college.In his book, The Post-Industrial Society, Peter Drucker wrote:Society, community, and family are all conserving
Conduct the survey and review the results.In his book, The Post-Industrial Society, Peter Drucker wrote:Society, community, and family are all conserving institutions.They try to maintain stability
Construct questions to ask currently enrolled students(your customers). Sample questions might include:a. Why did you choose this college?b. How can this college be improved?c. What products or
Working in teams of five to seven, brainstorm ideas for new products or services for your college.In his book, The Post-Industrial Society, Peter Drucker wrote:Society, community, and family are all
In what ways do these websites contribute to price competition?The Internet has quickly taken comparison shopping to a new level. Several websites such as bizrate.com, pricescan.com, and mysimon.com
Which site are you most likely to use on a regular basis?Why?The Internet has quickly taken comparison shopping to a new level. Several websites such as bizrate.com, pricescan.com, and mysimon.com
What percentage of searches do you think lead to purchases as opposed to browsing? Explain your answer.The Internet has quickly taken comparison shopping to a new level. Several websites such as
Did you notice any significant differences between the sites and the information they provide?The Internet has quickly taken comparison shopping to a new level. Several websites such as bizrate.com,
T F Labels may carry details of written or express warranties.
T F Total revenue is the selling price times the number of units sold.
__________ Quantities of products that buyers are willing to purchase.
__________ Quantities of products that producers are willing to sell.
__________ Presentation of information on a package.
__________ The amount earned for investing.
__________ Changes that make a product more dependable.
T F Packaging has little influence on buying decisions.
T F “Peanut Butter” written on a plain white wrapper is an example of a generic product.
T F Product differentiation makes products more competitive with similar products.
T F Commercialization is the final stage in the development of a new product.
T F Once established, a product mix remains effective.
T F Screening is the first step in the evolution of a new product.
T F Tobacco products, alcoholic beverages, and Del Monte brand fruits are considered a product line.
__________ Bargaining occurs between seller and buyer.a. labelingb. supplyc. demandd. product differentiatione. return on investment (ROI)f. secondary-market pricing g. quality product modification
__________ It is the legal name of an organization.
__________ Customers consistently choose specific brands.
__________ It represents the value of an organization’s brand.
__________ Different prices are set for each market.
Why would Finagle A Bagel build a dough factory that has more capacity than the company needs to supply its stores and its wholesale customers?
What values seem to permeate Finagle A Bagel’s corporate culture?
Is Finagle A Bagel a tall or flat organization? How do you know?
What does Finagle A Bagel’s upside-down organization chart suggest about the delegation of authority and coordination techniques within the company?
Summarize in a two-page report the key things you learned about jobs in production plants.Because service businesses are now such a dominant part of our economy, job seekers sometimes overlook the
Look for other production jobs that may interest you and compile the same sort of information about them.Because service businesses are now such a dominant part of our economy, job seekers sometimes
Using the Occupational Outlook Handbook at your local library or on the Internet (http://stats.bls.gov/oco/), find the following information for the jobs of quality control inspector and purchasing
Present your list of activities to the class and ask for comments and suggestions.Suppose that you are planning to build a house in the country.It will be a brick, one-story structure of
Estimate the time required for each activity.Suppose that you are planning to build a house in the country.It will be a brick, one-story structure of approximately 2,000 square feet, centrally heated
Identify the major activities involved in the project and sequence them in the proper order.Suppose that you are planning to build a house in the country.It will be a brick, one-story structure of
Describe one success story of a firm that realized improvement by adopting either approach.Improvements in the quality of products and services is an ever-popular theme in business management.
From the information on the Internet, can you tell whether there is any real difference between these two approaches?Improvements in the quality of products and services is an ever-popular theme in

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