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business
foundations of business

Questions and Answers of Foundations of Business

Read and interpret a balance sheet.
Discuss the accounting process.
Identify the people who use accounting information and possible careers in the accounting industry.
Describe your self-assessment in a written report. Specify the skills in which you need to become more profi cient, and outline a plan for doing this.
Assess your computer skills by placing a check in the appropriate column in the following table:Skill Level Software None Low Average High e-Mail Word processing Desktop publishing Accounting
In a report, describe your team’s experiences in forming the focus groups and the value of focus groups in collecting data. Use the report as the basis for a three- to fi ve-minute class
During the group sessions, record the input. Later, transcribe it into printed form, analyze it, and process it into information. On the basis of this information, make recommendations for improving
Form a focus group of fi ve to seven people representative of the market for the product or service your team has selected.
Create a list of questions that can be used to generate discussion about the product or service with focusgroup members.
Working in a small team, select a product or service to research—for example, your college’s food service or bookstore or a new item you would like to see stocked in your local grocery store.
In a two-page report, answer at least the following questions.a. What specifi c actions has each site taken to protect your privacy?b. Are there weaknesses in the policies that could lead to abuses
Read each site’s privacy policy. Note any concerns that you feel could restrict the type of information you might want to share or lead to a violation of your personal privacy.
Go to the Facebook Web site ( www.facebook.com ) and the Twitter Web site ( www.twitter.com ), and examine each site’s privacy policy. (Hint: Scroll down to the bottom of the home page and look for
What are some of the advantages off ered by E*Trade’s mobile apps? How do these capitalize on the capabilities of the Internet?
What are some of the ways in which E*Trade works to strengthen its competitive position as an e-business?
Each year E*Trade helps millions of individuals obtain investment research information and invest in publicly traded companies. It also operates a Corporate Services business that helps fi rms, from
_________ An Internet distributor of offi ce supplies has a system of bidding and awarding contracts online for its purchases and acquisitions from suppliers. This is most likely a __________
_________ When Microsoft allows workers in a foreign country to provide technical assistance to its customers, it is engaging ina. external recruiting.b. employment sourcing.c. insourcing.d.
_________ Which of the types of resources needed for an e-business is Storybook.com most likely to receive from a venture capitalist?a. Financialb. Humanc. Softwared. Materiale. Informational
_________ A customer tracking system is an example of e-business _____________ resources.a. humanb. informationalc. materiald. fi nanciale. supplemental
_________ A manager at the executive level responsible for ensuring that a fi rm has the equipment necessary to provide the information the fi rm’s employees and managers need to make eff ective
_________ A single collection of data stored in one place and used by employees throughout an organization is called a(n)a. data collection.b. information center.c. database.d. data center.e.
_________ As an information manager, you must ensure thata. information is protected from employees.b. information is used in a consistent manner.c. the smart group receives the data fi rst.d. the
_________ As an MIS manager, you are charged with establishing a management information system that is capable of presenting information in a useable form. Which item below do you feel Is not
_________ Management information systemsa. collect data, hire personnel, and compensate workers.b. store data, present data to users, and make fi nal decisions.c. collect, store, update, process, and
_________ You are a purchasing manager in a large fi rm and are responsible for deciding on and ordering the appropriate software program that allows the user to prepare and edit letters and store
T F When Ford Motor Company uses the Internet to purchase materials from its suppliers, it is using a B2C business model.Multiple-Choice Questions
T F Firms that tend to focus on conducting ebusiness with other businesses are referred to as having a B2B focus.
T F Sources of revenue fl owing into the fi rm are referred to as channels.
T F Companies such as Sprint reduce their expenses by off ering product information online.
T F A LAN is a network that connects computers over a large geographic area.
T F A society in which large groups of employees generate or depend on information to perform their jobs is referred to as a data society.
T F An expert system uses artifi cial intelligence to imitate a human’s ability to think.
T F Most data gathered for an MIS come from external sources.
T F Information rules help businesspeople make everyday decisions.
T F The more information a manager has, the less risk there is that a decision will be incorrect.
How do employees use a management information system?
What is a management information system?
How can information reduce risk when making a decision?
Explore the factors that will affect the future of e-business.
Describe the fundamental models of e-business.
Explain the meaning of e-business.
Analyze how computers and technology change the way information is acquired, organized, and used.
Describe how computers and technology help improve productivity, decision making, communications, sales, and recruiting and training.
How will the results of your marketing plan be measured and evaluated?
What are your marketing objectives? Include the following in your marketing objectives:• Product introduction, improvement, or innovation• Sales or market share• Profi tability• Pricing•
What are your company’s projected sales volume, market share, and profi tability?
What are the relevant aspects of consumer behavior and product use?
How eff ectively will your products meet these needs?
How will your product distribution, promotion, and price satisfy customer needs?
What advantages and disadvantages do you have in meeting the target market’s needs?
What are the current needs of each target market?Describe the target market in terms of demographic, geographic, psychographic, and product-usage characteristics. What changes in the target market
What are the competitive, legal, political, economic, technological, and sociocultural factors aff ecting your marketing eff orts?
What are your target markets, and what common identifi able need(s) can you satisfy?
What are the elements of Graeter’s marketing mix?Which are most likely to be aff ected by external forces in the marketing environment?
Graeter’s ice-cream line includes smoothies and sorbets.Do you think it should consider other brand extensions such as yogurt, low-fat ice cream, coff ee drinks, or other related products? Why or
How might Graeter’s capitalize on its valuable capacity for word-of-mouth promotion in expanding to new markets where, despite some national publicity like the Oprah Winfrey Show , its name is
Which aspects of our photography shop do you think need improvement?
How frequently do you have fi lm developed? (Please estimate.)_____ Times per month _____ Times per year
How did you learn about us? (Circle one.)Newspaper Flyer/coupon Passing by Recommended by someone Other
Why did you choose us? (Circle all that apply.)Close to home Close to work Convenience Good service Quality Full-service photography shop Other
Do you live/work in the area? (Circle one or both if they apply.)
Prepare an annotated bibliography for the occupation.
Conduct a library search of the occupation.
Choose a specifi c occupation.
Present your fi ndings to the class.
Design a survey to help the retailer improve customer service. (You may fi nd it benefi cial to work with the retailer and actually administer the survey to the retailer’s customers. Prepare a
Classify the retailer according to the major types of retailers.
Working in teams of three to fi ve, choose a local retailer.
Find a product that you would be unwilling to buy over the Internet, and again, explain your reasoning. Name the website and describe the product.
Find a product that you would be willing to buy over the Internet, and explain why you would buy it. Name the website and describe the product.
Which website does the best job of marketing merchandise? Explain your answer.
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
L.L.Bean is reaching into “alternative” promotions, including outfi tting Weather Channel meteorologists around the United States and emblazoning its name on the tarp used by the Red Sox baseball
What are the ingredients of L.L.Bean’s promotion mix?
_________ Deloitte, a public accounting fi rm, helps to underwrite the musical production “Mama Mia”currently playing at the Theater Center. Why would the accounting fi rm do this? What is
_________ 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
_________ The fi rst 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 identifi ed asa. experts, order makers, and support personnel.b. order preparers, order trackers, and order receivers.c. order getters, order takers, and support
_________ 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; defi
_________ Which activity combines inventory management, order processing, warehousing, material handling, and transportation?a. Marketingb. Merchandisingc. Warehousingd. Physical distributione.
_________ Which one of the following is an example of a category killer?a. Kmartb. 7-Elevenc. Home Depotd. Burlington Coat Factorye. Macy’s
_________ Haley is shopping for a new outfi t to wear to an awards banquet where she will be honored.She has found a beautiful outfi t at The Gap and a new pair of shoes at the Foot Locker. What type
_________ 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
_________ A women’s apparel manufacturer most likely will usea. intensive distribution.b. selective distribution.c. exclusive distribution.d. high-style distribution.e. popular style distribution.
T F News releases are the least used type of publicity.
T F Radio advertising off ers a high degree of selectivity.
T F A major disadvantage of magazines is their lack of timeliness.
T F Advertising can be broadly classifi ed into three groups: selective-demand, institutional, and primary-demand.
T F Institutional advertising promotes specifi c brands of products.
T F Piggyback service is unique to air freight.
T F Inventory holding costs are the costs of storing products until they are purchased or shipped to customers.
T F Exclusive distribution makes use of all available outlets for a product.
T F A retailer buys and sells merchandise.
T F A direct channel of distribution includes both wholesalers and retailers.
Understand the types and uses of public relations.
Describe sales promotion objectives and methods.
Recognize the kinds of salespersons, the steps in the personal selling process, and the major sales management tasks.
Explain the three types of advertising and describe the major steps of developing an advertising campaign.
Understand the basic elements of the promotion mix.

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