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business
foundations of business

Questions and Answers of Foundations of Business

Explain how integrated marketing communications works to have the maximum impact on the customer.
Explain the fi ve most important physical distribution activities.
Discuss the need for wholesalers, describe the services they provide, and identify the major types of wholesalers.
Understand how supply chain management facilitates partnering among channel members.
Identify the various distribution channels and explain the concept of market coverage.
Identify the following:a. Trends and issues in the industryb. Opportunities and/or problems that might arise in the industry in the next fi ve 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.
Prepare a list of improvements and/or new products or services for your college.
Conduct the survey and review the results.
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 fi ve to seven, brainstorm ideas for new products or services for your college.
In what ways do these Web sites contribute to price competition?
Which site are you most likely to use on a regular basis?Why?
What percentage of searches do you think lead to purchases as opposed to browsing? Explain your answer.
Did you notice any signifi cant diff erences between the sites and the information they provide?
Search all three of the Web sites listed above for the same product.
Describe the product mix and the role diff erent product lines play in Blu Dot’s marketing strategy.
What challenges does Blu Dot face in selling consumer products (as opposed to business products)?
_________ Like many other food establishments, Denny’s off ers a senior citizen’s discount. This is an example ofa. periodic discounting.b. random discounting.c. diff erential pricing.d.
_________ 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 increase.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.
_________ Dell, 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
_________ A customer who consistently buys Sony televisions 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
_________ 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
_________ The largest number of new product ideas is rejected during this phase.a. Concept testingb. Screeningc. Test marketingd. Idea generatione. Business analysis
_________ Product modifi cation makes changes to existing products in three primary ways. They area. screening, testing, and changing.b. growth, maturity, and decline.c. quality, function, and
_________ Sales rise gradually as a result of promotion and distribution activities, but initially, high development and marketing costs result in low profi t or even in a loss. This best describes
_________ Western Day was a special day at the offi ce.Janice wanted to dress in the latest western fashion, but she had limited funds. She visited several shops before fi nding the right outfi t.
T F The breakeven quantity includes the desired profi t level.
T F Total revenue is the selling price times the number of units sold.
T F Product diff erentiation makes products more competitive with similar products.
T F Labels may carry details of written or express warranties.
T F Packaging has little infl uence on buying decisions.
T F “Peanut Butter” written on a plain white wrapper is an example of a generic product.
T F Commercialization is the fi nal stage in the development of a new product.
T F Screening is the fi rst step in the evolution of a new product.
T F Once established, a product mix remains eff ective.
T F Tobacco products, alcoholic beverages, and Del Monte brand fruits are considered a product line.
Why must fi rms introduce new products?
Describe three major types of pricing associated with business products.
Examine the three major pricing methods that fi rms 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.
Prepare a report summarizing your fi ndings.
Call the Better Business Bureau in your community and ask if there are any complaints against the companies.
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.
Choose at least two local companies for which you might like to work.
Write a description of the company’s primary customer(target market).
List and discuss characteristics that customers may fi nd important. These factors may include price, quality, brand name, variety of services, salespeople, customer service, special off ers,
Working in teams of three to fi ve, identify a company and its major products.
Do you think that the sites can contribute to better consumer buyer behavior? Explain your thinking.
Describe the features you do not like and explain why.
Examine the Unilever, Procter & Gamble, and Nestlé sites and describe the features that you think would be most interesting to consumers.
Why are young adults a desirable target market for a company like e*Trade?
How many diff erent kinds of utility does e*Trade provide for its customers?
How does e*Trade manage its customer relationships?
_________ What type of income is Ramona’s $2,450 monthly take-home amount after taxes?a. Ordinaryb. Personalc. Disposabled. Grosse. Discretionary
_________ What situational infl uence can aff ect the consumer buying process?a. They have uses for the products.b. They like the convenience that products provide.c. They take pride in ownership of
_________ Which environmental force infl uences change in consumers’ attitudes, customs, and lifestyles?a. Legal, political, and regulatoryb. Competitivec. Technologicald. Economice. Sociocultural
_________ Which ingredient in the marketing mix focuses on transportation, storage, and intermediaries?a. Productb. Pricec. Distributiond. Promotione. Buying
_________ What element in the market mix provides information to consumers?a. Productb. Pricec. Promotiond. Distributione. Quality
_________ Women in the market can be classifi ed asa. market segmentation.b. a marketing mix.c. a market segment.d. an independent market.e. a producer market.
_________ To implement the marketing concept, the fi rm must mobilize its marketing resources toa. price the product at a level that is acceptable to buyers.b. provide a product that will not satisfy
_________ Sales orientation was predominate during thea. late 1800s.b. 1920s.c. 1940s.d. late 1950s.e. 1970s.
_________ When fresh vegetables are shipped to Oklahoma from Mexico, which utility is added?a. Formb. Placec. Priced. Possessione. Time
_________ Which facilitating function of marketing is riddled with thefts, obsolescence, and lawsuits?a. Risk takingb. Standardizingc. Financingd. Information gatheringe. Selling
T F Understanding factors that aff ect buying behavior helps marketing managers to predict consumer responses to marketing strategies and helps to develop a market mix.Multiple-Choice Questions
T F Advertising Age and Hoover’s are important resources for marketing research.
T F Pricing is an uncontrollable element of the marketing environment.
T F The four common bases of market segmentation are demographic, strategic, geographic, and discretionary.
T F When Toyota focuses its advertising for the Corolla on the population between the ages of 20 and 34, it is targeting a market.
T F The marketing mix is composed of product, price, distribution, and promotion.
T F Markets are classifi ed as consumer markets or business-to-business markets.
T F The fi rst step in implementing the marketing concept is to provide a product that satisfi es customers.
T F Financing and risk taking are physical distribution functions of marketing.
T F Marketing is a process that fulfi lls consumers’needs.
How is a marketing-oriented fi rm diff erent from a production-oriented fi rm or a sales-oriented fi rm?
Distinguish between a marketing information system and marketing research.
Understand the major components of a marketing plan.
Identify the four elements of the marketing mix and be aware of their importance in developing a marketing strategy.
Understand what markets are and how they are classifi ed.
Trace the development of the marketing concept and understand how it is implemented.
Understand the meaning of marketing and the importance of management of customer relationships.
Graeter’s controller believes the company “must be doing something right” because employee turnover is low. What are some of the factors that might be contributing to Graeter’s low turnover?
If you were a Graeter’s human resource executive, would you expect to do more internal recruiting or external recruiting for the company’s retail stores? Why?
Do you plan to interview employees when they resign?
Have you developed a set of disciplinary rules?
Will you delegate any authority to employees?
Who will evaluate your employees?
What can you aff ord to pay in wages and salaries?Is this in line with the going rate in your region and industry?
Have you made plans for the orientation process?
What criteria will you use in selecting employees?
Have you prepared a job-application form? Do you know what can legally be included in it?
Will you have written job descriptions for each position?
How many employees will you require, and what qualifi cations should they have—including skills, experience, and knowledge? How many jobs will be fulltime? Part-time?
Summarize your fi ndings in a two-page report. Include answers to these questions:a. Is management a realistic fi eld of study for you?Why?b. What might be a better career choice? Why?
Ask the managers the following questions:a. What do you do in your job?b. What do you like most and least about your job?Why?c. What skills do you need in your job?d. How much education does your job

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