BUSN 115 Introduction to Business Complete Course
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BUSN 115 Introduction to Business Complete Course
BUSN 115 Week 1 Discussions 1 and 2 Laws and Regulations (graded) Do laws and regulations always restrict or impede the efforts of business professionals, or can they actually help businesses? In addition to this, could you list some examples of laws or regulations that may have impeded business lately? Entrepreneurship Failure (graded) The risk of failure is an inherent part of free enterprise. Does society have an obligation to come to the aid of entrepreneurs who try but fail? Why or why not? Also, please discuss some ways you can minimize your risk. BUSN 115 Week 2 Discussions 1 and 2 Global Markets (graded) How can a company use licensing agreements to enter world markets? What two fundamental product strategies do companies choose between when selling their products in the global marketplace? Corporate Social Responsibility (CSR) (graded) Is it ethical for companies to benefit from their efforts to practice corporate social responsibility? Why or why not? How can anyone be sure that CSR efforts aren’t just public relations ploys? BUSN 115 Week 3 Discussions 1 and 2 Starting a Business (graded) What are the advantages of buying a business rather than starting one from scratch? What are the advantages and disadvantages of owning a franchise? Early Adopters (graded) Do you consider yourself an early adopter when it comes to trying out new products or new fashions, or do you tend to take a wait-and-see attitude? How does your attitude toward new products and new ideas influence your decision making as a consumer? BUSN 115 Week 4 Discussions 1 and 2 Purchasing Process (graded) Think of a product you recently purchased and review your decision process. Why did you need or want that product? How did the product’s marketing influence your purchase decision? How did you investigate the product before making your purchase decision? Did you experience cognitive dissonance after your decision? Advertising (graded)
Think about an advertisement (in any medium) that had either a strongly positive or strongly negative effect on your attitude toward the product being advertised or the advertiser itself. Why did the ad have this effect? If you responded positively to the ad, do you think you were being manipulated in any way? If you responded negatively—and you are a potential buyer of the product that was advertised—what changes would you make to the ad to make it more successful? BUSN 115 Week 5 Discussions 1 and 2 Motivation Theories(graded) Chapter 10 discusses several styles of leadership, including autocratic, democratic, and laissez-faire. How do each of these styles relate to Theory X and Theory Y assumptions about workers? Benefit Choices (graded) When you begin interviewing as you approach graduation, you will need to analyze job offers that include a number of financial and nonfinancial elements. Which of these aspects of employment are your top three priorities: a good base wage; bonus or commission opportunities, profit-sharing potential; rapid advancement opportunities; flexible work arrangements; good healthcare insurance coverage; or a strong retirement program? Which of these elements would you be willing to forego in order to get your top three? BUSN 115 Week 6 Discussions 1 and 2 Supply-Chain Management (graded) How can supply-chain management (SCM) help a company establish a competitive advantage? What are ways that companies can improve their supply chains? Technology Improvement (graded) Business is stalled. Sales last month were 10 percent less than the previous month and so far this month is looking even worse than last month. Could technology help you answer the decrease in sales? What technologies could you deploy to increase sales? BUSN 115 Week 7 Discussions 1 and 2 Accounting Firm (graded) The senior partner of an accounting firm is looking for ways to increase the firm’s business. What other services besides traditional accounting can the firm offer to its clients? What new challenges might this additional work create? Financial Control (graded) The company you cofounded last year is growing rapidly and has strong prospects for an IPO in the next year or two. The additional capital that an IPO could raise would let you hire the brightest people in the industry and continue to innovate with new product research. There is one potential glitch: You and the rest of the executive team have been so focused on launching the business that you haven’t paid much attention to financial control. You’ve had plenty of funds from venture capitalists and early sales, so working capital hasn’t been a problem, but an experienced CEO in your industry recently told you that you’ll never have a successful IPO unless you clean up the financial side of the house. Your cofounders say they are too busy chasing great opportunities right now and they want to wait until right before the IPO to hire a seasoned financial executive to put things in order. What should you do and why? BUSN 115 All Quizzes BUSN 115 Quiz 2 (TCO 1) A(n) _____ is a framework of how a business intends to generate revenue.
strategic management tool profitability analysis competitive advantage entrepreneurial mindset Instructor Explanation: Chapter 1, page 4 Points Received: 5 of 5 Comments: Question 2. Question : (TCO 1) All internal and external groups affected by a company’s activities are referred to as its _____. customers stakeholders employees suppliers Instructor Explanation: Chapter 1, page 10 Points Received: 5 of 5 Comments: Question 3. Question : (TCO 1) The _____ function of a business involves the recruiting, hiring, and support of its personnel. finance human resources accounting information technology Instructor Explanation: Chapter 1, page 14 Points Received: 5 of 5 Comments: Question 4. Question : (TCO 1) _____ is defined as having two consecutive quarters of decline in the country’s gross domestic product. Stagnation Immobilism Stagflation Recession Instructor Explanation: Chapter 2, page 36 Points Received: 5 of 5 Comments: Question 5. Question : (TCO 1) _____ unemployment is the natural movement of workers into and out of jobs, such as when a person quits one job without first lining up a new job. Intrinsic Frictional Cyclical Seasonal Instructor Explanation: Chapter 2, page 37 Points Received: 0 of 5 Comments:
Question 6. Question : (TCO 1) _____ taxes are levied on earnings of individuals to help fund Social Security, Medicare, and unemployment compensation. Payroll Sales Income Property Instructor Explanation: Chapter 2, page 40 Points Received: 5 of 5 Comments: Question 7. Question : (TCO 1) _____ intelligence involves reasoning, problem solving, Emotional Social Collaborative Networking Instructor Explanation: Chapter 7, page 150 Points Received: 5 of 5 Comments: Question 8. Question : (TCO 1) A(n) _____ is a specific, short-range target or aim. tactic strategy objective vision Instructor Explanation: Chapter 7, page 147 Points Received: 5 of 5 Comments: Question 9. Question : (TCO 1) _____ leaders act as advisors and supporters and generally let subordinates chart and adjust their own course toward meeting agreed-upon goals and objectives. Consultative Autocratic Transactional Laissez-faire Instructor Explanation: Chapter 7, page 151 Points Received: 5 of 5 Comments: Question 10. Question : (TCO 2) The United States restricts the import of peanuts to a maximum of 1.7 million pounds per year to protect the price that domestic producers can charge. This is an example of a(n) _____. Student Answer: import subsidy embargo import quota import tariff restrictive import standard Instructor Explanation: Chapter 3, page 53 Points Received: 5 of 5 Comments:
Question 11. Question : (TCO 2) The _____ was established to foster international financial cooperation and its primary functions include providing short-term loans to countries that are unable to meet their financial obligations and working to alleviate poverty in developing economies. World Commerce Center European Union North American Free Treaty International Monetary Fund Instructor Explanation: Chapter 3, page 54 Points Received: 5 of 5 Comments: Question 12. Question : (TCO 2) Transparency International is a(n) _____. watchdog group that works to reduce business-government corruption around the world agency that works toward implementing protectionist regimes across the globe agency of the United Nations that is formed to mediate international negotiations agency of the United Nations that is formed to investigate transparency issues in international trade Instructor Explanation: Chapter 3, page 59 Points Received: 5 of 5 Comments: Question 13. Question : (TCO 2) _____ refers to the degree to which information flows freely within an organization, among managers and employees, and outward to stakeholders. Whistle-blowing Transparency Utilitarianism Instructor Explanation: Chapter 4, page 71 Question 14. Question : (TCO 2) Which of the following is an example of whistle-blowing? An employee suggests some process changes to his manager that he claims will increase the productivity of the team. An employee avoids taking ownership of his mistakes by blaming it on his coworkers. An employee informs the manager that some of his team members are misusing confidential customer details from the company database. An employee who is unsatisfied with his performance appraisal requests his manager for a re-evaluation of his performance. Instructor Explanation: Chapter 4, page 72 Points Received: 5 of 5 Comments: Question 15. Question : (TCO 2) Which of the following statements is true regarding ethical decision making? The disclosure of information by a company insider that exposes unethical behavior by others within the organization is called an ethical lapse. Stakeholders’ needs often conflict, requiring managers to make tough decisions about resource allocation. Making objective decisions will lead to ethical lapses. When the question of what is right and what is wrong is clear, ethical decisions are easy to implement.
Instructor Explanation: Chapter 4, page 73
BUSN 115 Quiz 4 Question 1 (TCO 3) Which of the following is true about a small business? A small business is one that is not dominant in its field. A small firm usually curtails the freedom to innovate. A small firm avoids risks that larger firms are willing to take. Instructor Explanation: Page 117 Points Received: 5 of 5 Comments: Question 2. Question : (TCO 3) Barbara owns a small florist shop that employs a couple of part-time floral designers. She doesn’t expect her business to grow much, but it provides her with a comfortable income and she enjoys what she does. Barbara’s business would be described as a retail business lifestyle business high-growth venture service business Instructor Explanation: Page 118 Points Received: 5 of 5 Comments: Question 3. Question : (TCO 3) Three factors contributing to the increased number of small businesses are technologies such as e-commerce, growing diversity in entrepreneurship, and _____. increased ease in going public nationalization market regulation monopolistic business practices Instructor Explanation: Page 120 Points Received: 5 of 5 Comments: Question 4. Question : (TCO 3) Charles is the purchase agent for a consulting firm. He places orders for office stationeries and consumables once in two weeks. The purchases are made in large quantities and are billed in the firm’s name. The items that Charles buys are examples of expense items capital items shopping products convenience products Instructor Explanation: Page 317 Points Received: 5 of 5 Comments: Question 5. Question : (TCO 3) The introductory stage will be followed by a _____ stage for a successful product. research saturation growth infiltration Instructor Explanation: Page 318 Points Received: 5 of 5 Comments:
Question 6. Question : (TCO 3) People who monitor social media to spot shifts in consumer tastes are called _____. trend watchers crowd pullers social developers social programmers Instructor Explanation: Page 319 Points Received: 5 of 5 Comments: Question 7. Question : (TCO 4) Consumer purchasing differs from organizational purchasing in that consumer purchasing _____. follows a formal buying process has greater complexity in product usage involves closer relationships between buyers and sellers has a greater emphasis on economic payback Instructor Explanation: Page 299 Points Received: 5 of 5 Comments: Question 8. Question : (TCO 4) The process of examining an organization’s current marketing situation, assessing opportunities and setting objectives, and then developing a marketing strategy to reach those objectives is called _____. strategic marketing planning marketing research social commerce marketing concept Instructor Explanation: Page 301 Points Received: 5 of 5 Comments: Question 9. Question : (TCO 4) Selling existing products to new markets is called _____. product development market segmentation market penetration vertical integration Instructor Explanation: Page 302 Points Received: 5 of 5 Comments: Question 10. Question : (TCO 4) _____ refer(s) to intermediaries that sell products to other intermediaries for resale or to organizations for internal use. Wholesalers Department store Specialty store Convenience store Instructor Explanation: Page 341 Points Received: 5 of 5 Comments: Question 11. Question : (TCO 4) One of the valuable services that a wholesaler might perform is _____, in which it receives large shipments from the producer and then sells smaller quantities to retailers. drop shipping bundling
breaking bulk system integration Instructor Explanation: Page 343 Points Received: 0 of 5 Comments: Question 12. Question : (TCO 4) _____ are full-service merchant wholesalers who set up displays in retail outlets, stock inventory, and perform other services, such as marking prices on merchandise. Agents Brokers System integrators Value-added resellers Instructor Explanation: Page 344 Points Received: 5 of 5 Comments: Question 13. Question : (TCO 4) The government agency that has the authority to impose penalties against advertisers who violate federal standards for truthful advertising is the _____. Consumer Product Safety Commission Federal Trade Commission Federal Advertising Administration Federal Regulatory Commission Instructor Explanation: Page 367 Points Received: 5 of 5 Comments: Question 14. Question : (TCO 4) In _____, behaviorally targeted ads follow users even as they move on to other websites. advocacy advertising cooperative advertising remarketing search engine marketing Instructor Explanation: Page 368 Points Received: 5 of 5 Comments: Question 15. Question : (TCO 4) A television commercial promoting a new range of naturally flavored ice cream, manufactured by Ice Fountain, an ice cream and candy manufacturing firm, is an example of which of the following elements in the communication mix? Sales promotion Social media Product advertising Personal selling Instructor Explanation: Page 369 Points Received: 5 of 5
BUSN 115 Quiz 6 1.
Question : (TCO 5) A group of employees in American Game Technology Inc., a manufacturer of gaming machines, got together to arrange a paper recycling drive in the office. Though they came from different departments,
they shared a common belief in environmentalism, and often discussed issues related to environmental conservation. This is an example of _____. scapegoating informal organization groupthink work specialization emotional contagion Question 2. Question : (TCO 5) Which of the following does an organization chart do? Depicts the attrition rate in the organization Depicts the costs incurred by the organization Shows lines of authority in the organization Shows the performance of the organization Shows the growth curve of employees Question 3. Question : (TCO 5) _____ is defined as a pathway for the flow of authority from one management level to the next. Span of management Span of control Departmentalization Network structure Chain of command Question 4. Question : (TCO 5) Ace Inc., an American multinational computer software company, has a large number of hierarchical levels. Each manager is responsible for a few employees and maintains a tight control on them. At Ace Inc., the time taken to make decisions is very high, as each decision needs to go through numerous management layers. Which of the following statements is true about the organizational structure of Ace Inc.? Ace Inc. has a narrow span of management. Ace Inc. is a flat organization. Ace Inc. lacks work specialization. Ace Inc. is a decentralized organization. Ace Inc. encourages employees to form self-managed teams. Question 5. Question : (TCO 5) Kelly, who had recently joined an organization, participates in all corporate events because she wants to be accepted as a friend by her coworkers. According to David McClelland’s three-needs theory, this desire is known as _____. need for power need for achievement need for self-esteem need for affiliation need for security Question 6. Question : (TCO 5) Which of the following is a drawback of David McClelland’s three-needs theory? It explains motivation in limited contexts. It has limited practicality in terms of identifying needs. It is criticized because of the methodology used in the original research. Subsequent research was unable to validate the model. It is illogical. Question 7. Question : (TCO 5) Belief in your ability to complete a task is known as _____. drive self-efficacy self-actualization rootedness
self-motivation Question 8. Question : (TCO 5) _____ refers to the idea that carefully designed performance targets and aims can motivate employees to higher performance. Goal-setting theory Equity theory Herzberg’s two-factor theory David McClelland’s three-needs theory Expectancy theory Question 9. Question : (TCO 5) _____ refers to a motivational approach in which managers and employees work together to structure personal goals and objectives for every individual, department, and project to mesh with the organization’s goals. Scientific management Theory X-oriented management Management by objectives Theory Y-oriented management Micromanagement Question 10. Question : (TCO 5) K.M. Retailers, an international consumer products retail chain, gives preference to women and minority-owned suppliers and subcontractors. The firm hires a large number of employees from ethnic minorities and the human resource department keeps the interests of these groups in mind while framing company policies. In this example, K.M. Retailers uses which of the following strategies? Job enrichment Ethnocentric policies Decentralization Deregulation Diversity initiatives Question 11. Question : (TCO 5) Harmony House, a software development firm, had recently hired a large number of software developers to work on several new projects. Colleen, the manager of the human resource department, wanted to assess the effectiveness of the recruitment team. She used a combination of criteria, including the percentage of qualifications met, and subjective assessment by managers to measure how closely newly-hired employees met the company’s needs. Colleen is most likely to be using which of the following tools? Quality of hire Employee satisfaction Utilization percent Job enrichment Outplacement Question 12. Question : (TCO 6) _____ refers to the efficiency with which an organization can convert inputs to outputs. Productivity Sustainability Security Capacity System value Question 13. Question : (TCO 6) _____ refers to the creation of a unique good or service for each customer. Mass production Batch production Customized production Mass customization Standard production
Question 14. Question : (TCO 6) Jass Glass Studio has been hired to make a church window. A church hires the company to make ten windows based on a design provided by the church. This is an example of _____. mass production batch production customized production mass customization standard production Question 15. Question : (TCO 6) Dell Computers allows customers to place orders online. The company produces major parts using bulk production and allows customers to personalize such features as software, color, memory size, and screen size. This type of manufacturing is an example of _____. mass customization mass production customized production mass manufacturing
BUSN 115 Week 6 Quiz
Question 1. 1. (TCO 5) A diagram that shows how employees and tasks are grouped and where the lines of communication and authority flow is called a(n)_____. Question 2. 2. (TCO 5) Another term for work specialization is _____. (Points : 5) Question 3. 3. (TCO 5) In a furniture factory, one worker cuts the wood according to the design, another worker glues and screws the pieces together, and another worker stains and polishes the wood. This is an example of _____. (Points : 5) Question 4. 4. (TCO 5) Ace Inc., an American multinational computer software company, has a large number of hierarchical levels. Each manager is responsible for a few employees and maintains a tight control on them. At Ace Inc., the time taken to make decisions is very high, as each decision needs to go through numerous management layers. Which of the following statements is true about the organizational structure of Ace Inc.? (Points : 5) Question 5. 5. (TCO 5) _____ proposed a model that divides motivational forces into satisfiers (“motivators”) and dissatisfiers (“hygiene factors”). (Points : 5) Question 6. 6. (TCO 5) Justin M. Brown, the operations manager at Vernon Manufacturing Company, formulated a strategy to motivate the firm’s employees. Justin addressed employees’ dissatisfaction by increasing their salary and incentives; he employed several industrial counselors to help employees deal with work-related stress; and improved the health insurance plan provided to employees. He also motivated employees by providing greater opportunity for advancement, recognizing employees who perform well and giving employees greater responsibility to foster a sense of achievement in them. Justin’s measures are based on which of the following approaches? (Points : 5) Question 7. 7. (TCO 5) _____ connects an employee’s efforts to the outcome he or she thinks will result from those efforts. (Points : 5) Question 8. 8. (TCO 5) Research into equity theory has led to thinking about the broader concept of _____. (Points : 5) Question 9. 9. (TCO 5) The goal-setting theory of motivation suggests that _____. (Points : 5) Question 10. 10. (TCO 5) IBM established executive-led task forces to represent women, Asian Americans, African Americans, Hispanic Americans, Native Americans, people with disabilities, and individuals who are gay, lesbian, bisexual, and transgender. This is an example of _____. (Points : 5) Question 11. 11. (TCO 5) Quality of hire measures _____. (Points : 5) Question 12. 12. (TCO 6) The sequence of activities that takes the longest time from start to finish in a PERT diagram is called the _____ path. (Points : 5)
Question 13. 13. (TCO 6) Polar Refrigerator Company reduces its inventory-carrying costs by having their vendors deliver materials right before they are needed in the production process. This is an example of _____ inventory management. (Points : 5) Question 14. 14. (TCO 6) Jass Glass Studio has been hired to make a church window. A church hires the company to make ten windows based on a design provided by the church. This is an example of _____. (Points : 5) Question 15. 15. (TCO 6) Dell Computers allows customers to place orders online. The company produces major parts using bulk production and allows customers to personalize such features as software, color, memory size, and screen size. This type of manufacturing is an example of _____. (Points : 5) Assignment BUSN 115 Week 3 LEMONADE STAND, PART I Background As you have read about in our lecture, we have used a lemonade stand to help us understand some basic concepts of business. As we pointed out, a lemonade stand has a simple business structure; yet, it can help us understand almost every function of a firm; such as marketing, operations, finance, technology, entrepreneurship and many other aspects. In our two assignments in this course, you will own and operate your very own lemonade stand as you apply the knowledge you have learned from the course. Scenario You have decided to open a lemonade stand in your local neighborhood. You have grand plans for this stand and expect to attract many customers. In part I of this assignment, you will develop the basic premise of your new company. Please answer the following questions, utilizing the textbook, to ensure you apply the lesson we have learned in the previous weeks. – Develop a creative name for your Lemonade Stand, and then explain why a name is important when you are considering branding options? – Create a Mission Statement for your Lemonade Stand (Chapter 7); then explain why a mission statement is important for any company? – You are very involved in your community; please outline your CSR plan (Chapter 4) for your business. – The textbook lists many different types of pricing strategies, please pick one of these and explain how you will deliver on this strategy with your stand. (Chapter 14) – Even though you only sell to local customers, you understand that you could package your lemonade and sell it online globally. Evaluate whether or not the company should go global by creating an online presence and selling your lemonade online (Chapter 3). Activity You are to write roughly 500 words in answering all questions posted above for your Lemonade Stand. (Please note: you may list the questions in your paper and answer these in a step by step process, but the word count will only apply to your written words). The paper needs to be written in an APA format and should have at least your textbook listed as a scholarly source in your bibliography. Please view the APA tutorial in your syllabus for more on how to format your paper. Your paper should include a cover page and running header as stipulated by APA formatting. This paper will be evaluated on how you apply the concepts that are detailed in the textbook to a practical idea. In order to receive the highest grade, it is encouraged that you review the textbook and cite specific area of the text in your responses (taking care in citing these properly). Additionally, while this is not an English class, grammar will account for a portion of your paper. Please take care in writing a well develop response. Note: For this paper and other papers that you will write in college, please note that when you reference or cite a text, if you use words that are directly from a source, they must be in quotations and cited. If you are just referencing them and have changed the words, a citation is all that is required. One final point, when writing anything in college, you
must adhere to the 80/20 rule: 80% of the papers should be in your own words, while 20% make up any citations you may add. Violation of this rule could result in a zero for the assignment. Grading Rubric Grading Rubric:Category Points Description Criteria/Creativity 30 Demonstrate a strong grasp of the question and be able to demonstrate an understanding of how the course concepts apply to the situation. Understanding 50 Be sure you show mastery of the course content by applying concepts from the lectures and text and showing citations from the text when answering the questions. Execution 20 Write your answers clearly and succinctly using strong organization and proper grammar. Use citations correctly. The paper must exceed 500 words (not including the cover page, citation or any repeating of the questions). Total 100 A quality paper will meet or exceed all of the above requirements. BUSN115 Week 5: Lemonade Stand, Part II Informal Business Report Background In part II of this assignment, we continue to outline various business aspects of our lemonade stand. As you continue to learn new concepts in this course, you have seen how a lemonade stand can help us understand and apply these concepts. In Part II of your lemonade stand we will incorporate concepts from weeks 4 and 5 and apply these to your newly created company. Scenario In week 3, you created a lemonade stand that you opened in your local neighborhood; you created a name, developed a mission statement, outlined a CSR plan, and picked a pricing strategy for this new company. This week you will continue to develop your idea by writing an informal business report that will share your plans with a potential business investor. A report template is available in Doc Sharing to guide you through formatting of this assignment; however, the main prompts you should address in the report include: – Branding strategy. In Part I, you decided part of the brand when you developed your pricing strategy. Continue with the other parts of the marketing mix (Place, Promotion, and Product), and discuss how the lemonade stand should be branded utilizing this marketing mix (Chapter 13). – Opportunities for new locations. Your stand in your neighborhood has been very successful and you are considering expanding operations. In doing so, you will need to outline some criteria for potential new locations (Chapter 15). – Promotion plans. You have a $ 10,000 budget to promote your stand in the local community. Please outline two or three ways you could promote this business (please include costs involved in these promotions) (Chapter 16). – Employee Training. You have hired several people to run your lemonade stand, as you simply are too involved in the strategic aspects of the business. As such, you have seen sales drop. What are some ways you can motivate your employees to improve sales? (Chapter 10) Activity
Once you have considered the points above, please provide responses and explanations using the template provided in Doc Sharing (titled “Lemonade Stand Informal Business Report�). Utilize your textbook and apply the lessons we have learned in previous weeks to develop and support your plans. By offering support and developing your response, you must provide examples, elaboration, or justification, often in the form of information gathered from your textbook. When integrating support from your textbook, be sure to use APA style to provide in-text citations within the paragraph and a full end reference on a separate Reference Page after the Business Plan. Examples of APA formatting are included in the template. You are to write roughly 500 – 750 words in answering all points posted above for your Lemonade Stand. This informal business report will be evaluated on how well you apply the concepts that are detailed in the textbook to a practical idea. In order to receive the highest grade, it is required that you review the textbook and cite specific areas of the text in your responses (taking care in citing these properly in APA style). Additionally, while this is not an English class and while the content of your ideas is most important, grammar and sentence structure will account for a portion of your report grade. Please be sure to write well-developed responses in complete sentence and paragraph format. Note: For this assignment and other college writing assignments, please note that when you reference or cite a text, if you use words that are directly from a source, they must be in quotations and cited. If you are just referencing them and have changed the words, a citation is still required. One final point, when writing anything in college, you must adhere to the 80/20 rule: 80% of the papers should be in your own words, while 20% make up any citations you may add. Violation of this rule could result in a zero for the assignment.
BUSN 115 Final Exam Page 1 Question 1.1. (TCO 7) Some of the characteristics of lean systems include which of the following? (Points : 5)
They take twice the human effort. They have the same defects in the finished product. They require half of the engineering effort. They use half the floor space for the same output. They carry 50% more inventory.
Question 2.2. (TCO 7) Mass customization means (Points : 5)
tailoring products to meet the needs of a large number of individual customers. fewer and fewer manufacturers are learning to customize their products. manufacturing companies may become service companies over time. more and more manufacturers are learning to customize their products. operations management concepts are not applicable to the service sector.
Question 3.3. (TCO 8) One scarce item in the future will be water. Which is the least expensive way to get water from places of abundance to places of need? (Points : 5)
Pipeline transmission Air transportation Truck transportation Ship transportation Train transportation
Question 4.4. (TCO 8) If there is one thing that advertisers agree upon, it is the growing importance of social media in product promotion. Given this information, (Points : 5)
investing in social media hinders a company in reaching its goals. social media needs to work hand in hand with other channels. social media reaches old audiences that have new devices. nontraditional audiences are the new target for social media. social media and direct mail are complementary to one another.
Question 5.5. (TCO 1) You own a hardware store in the small town where you live. A big-box, multiline competitor has just opened. You see the following as your advantages of maintaining your market share and continued sales revenue. (Select all that apply.) (Points : 5)
Quickly adapting to the market Providing improved customer service Increasing your inventory levels Opening a branch store across the street from the big box Providing free expert advice and consultation to your customers
Question 6.6. TCO 1) You are fairly good at various and sundry home repairs. You aren’t very good at electrical things or anything having to do with plumbing. But you’re great with painting, patching, and general maintenance on a home. You’re contemplating starting a home repair business in your town. What are some issues that you can influence and should be concerned with in launching a new small-business start-up? (Select all that apply.) (Points : 5)
Undercapitalization Competitors and competition Government control Collecting and remitting sales and use taxes Training for what you don’t know how to do
Question 7.7. (TCO 1) A technique that combines all the promotional tools into one comprehensive, unified promotional strategy includes which? (Select all that apply.) (Points : 5)
The creation of a positive brand image Meeting the needs of the consumer Meeting the strategic marketing goals of the firm Meeting the promotional goals of the firm Meeting profit expectations of external investors The real answer that incorporates all these elements is called “Integrated Marketing Communications”.
Question 8.8. (TCO 2) A conscious plan that represents and encourages a unique set of values includes which? (Select all that apply.) (Points : 5)
Our elected representatives Our communities Our competitors Our employees Our customers
Question 9.9. (TCO 2) The Uniform Commercial Code includes which? (Select all that apply.) (Points : 5) Laws that cover promissory notes and checks Legally enforceable agreements between two or more parties Bills of Lading Something of value Forms of commercial paper
Question 10.10. (TCO 2) Some regulation of business seems necessary to ensure fair and honest dealings with the public. The impact of this statement can best be explained by which of the following? (Select all that apply.) (Points : 5)
Consumers and investors have called for increased government regulation in the financial sector. U.S. businesses will need to work with government to create a competitive environment that is fair. Future financial crises will not be as severe as previous ones. Businesses won’t have to worry with future healthcare insurance regulations. Global competition will steadily decline over time.
Question 11.11. (TCO 3) Strategies for reaching global markets include which? (Select all that apply.) (Points : 5)
Licensing Importing Direct marketing Franchising Contract manufacturing
Question 12.12. (TCO 3) Nations rely on a number of key indicators to measure global trade. These include which? (Select all that apply.) (Points : 5)
The total value of a nation’s exports compared to its imports measured over a particular period The total value of a nation’s imports compared to its gross domestic product over a particular period The total value of a nation’s exports compared to the value of the International Monetary Fund The difference between money coming into a country and money leaving the country The difference between money leaving the country and its imports measured over a particular period
Question 13.13. (TCO 3) In 1948, a global forum was created whose purpose it was to reduce trade restrictions on goods, services, ideas, and cultural programs. The results of the efforts of this organization include which? (Select all that apply.) (Points : 5)
The creation of regional alliances Reduction of tariffs an average of 38% worldwide Expansion of new trade rules to areas like agriculture The protection of patents Overcoming constraints and decrease business opportunities
Question 14.14. (TCO 4) The disadvantages of sole proprietorships are which? (Select all that apply.) (Points : 5)
Risk of personal success Risk of personal loss Unlimited financial resources Few or no fringe benefits Unlimited life span
Question 15.15. (TCO 4) A limited liability company has which of the following advantages? (Select all that apply.) (Points : 5)
Limited liability Choice of taxation Flexible ownership rules Self-employment taxes Fewer incentives Page 2
Question 1.1. (TCO 5) In this digital age, setting up shop online is vital for most retail businesses. But having only an online presence that customers can access at home isn’t enough anymore. Now consumers have an array of smartphones and digital tablets that can get them online from anywhere. For social networks and retailers alike, the mobile market has already enjoyed tremendous growth. Given this information as a sales manager for Always Better Car Sales (ABCS), your concerns include which of the following? (Select all that apply.) (Points : 5)
Migrating to the mobile medium shouldn’t be a problem. Making the leap from laptop to touchscreen is an option at this stage of your efforts. Social media is one option to enter the mobile market. Using a service such as a mobile commerce platform is an option. Economists estimate that as much as 51% of the total consumer spending may go through social networking sites.
Question 2.2. (TCO 4) To look at problems and/or passions and see opportunities in them, which of the following questions should be asked? (Select all that apply.) (Points : 5)
What do I want but can never find? What services would improve society? What products would improve my life? What irritates me, and what product would help? What products would improve all mankind?
Question 3.3. (TCO 5) Electronic wireless technology continues its move toward ubiquity. Such media inculcates which of the following? (Select all that apply.) (Points : 5)
Sweepstakes promotional information News and sports information Client information Company information Competitor information
Question 4.4. (TCO 5) You are an independent Internet marketing consultant. You have an excellent track record of assisting small- to medium-sized companies fully realize their marketing potential through an improved and enhanced presence on the Web. Mr. Top Hatt, the owner of a small pet-grooming salon (Hatt’s Cat Grooming Emporium), specializes in the care and grooming of cats and only cats and has just called you. Mr. Hatt has heard of the Internet but doesn’t know much else. He would like for his cat grooming business to grow by using the Internet but doesn’t know what to do. Your recommendations include which of the following? (Select all that apply.) (Points : 5)
Building and improving relationships with customers Online advertising to get potential customers to the website Announcing weekly sales promotions so customers will make a purchase Infomercials provided via video streaming to the Web Printable discount coupons printed right from the website
Question 5.5. (TCO 6) Which does a mission statement address? (Select all that apply.) (Points : 5)
A company’s organizational philosophy A company’s organizational psychology A company’s organizational efficacy A company’s organizational phenomenology A company’s organizational social responsibility
Question 6.6. (TCO 6) Imagine a world that is populated by 9 billion people. In order to maintain our current quality of life, such a world would require 2.3 planets’ worth of resources. In order to sustain the U.S. way of life, businesses and the government must plan for 30% more people living across the globe. Most of those people will be in developing countries, and the demand will be great for energy, food, and healthcare. Your concern is that you and your production team have been asked by your leadership to create a scorecard to measure your firm’s efforts in sustainability. Your team’s scorecard should necessarily include which? (Select all that apply.) (Points : 5)
Water use Recyclables Waste
Greenhouse gases Information technology
Question 7.7. (TCO 6) Mining Group Gold is a team process that includes a method for processing and analyzing which? (Select all that apply.) (Points : 5)
Feelings Facts Solutions Falsities Paradoxes
Question 8.8. (TCO 7) A cellular or modular layout can accommodate changes in design or customer demand. This includes which? (Select all that apply.) (Points : 5)
Not necessarily a strictly linear approach Scheduling work operations Different customers with similar needs One station in the factory sending completed items to two or more next stations Processes that are used to produce large quantities of a few types of products
Question 9.9. (TCO 8) The marketing manager is responsible for choosing how to implement which? (Select all that apply.) (Points : 5)
Product Place Promotion Profit Price
Question 10.10. (TCO 9) Technology can provide significant increases in productivity and efficiency. However, less than stable technology-based systems can significantly impact businesses at the most inopportune times. Issues that are inadvertently and unexpectedly created in such instances include which? (Select all that apply.) (Points : 5)
Overly complex software
Loss of client and customer confidence Decrease in sales revenue Interruption of shipments Overly complex networking equipment
Question 11.11. (TCO 9) Collaboration software allows multiple users to work on the same document at the same time. It also facilitates videoconferencing so that participants can see and hear each other regardless of where they are. The advantage of using such software is which? (Select all that apply.) (Points : 5)
A single location for the information being edited and saved Multiple copies of the information so backups are not necessary The software being considered shareware and therefore not copyrighted The software being considered public domain software and free for the taking Multiple locations where the information is stored providing quick access
Question 12.12. (TCO 9) Web 3.0 can be characterized by which of the following statements? (Select all that apply.) (Points : 5)
It is known as the semantic web. It is known as the virtual world. It is known as the mobile web. It is known as the static web. It is known as the immersive Internet.
Question 13.13. (TCO 10) The role of information technology has changed since the days when it was known as data processing. You have been hired as the new manager of the IT department for Megalopolis Corporation. Megalopolis Corporation manufactures and sells barbecue grills to the middle-upper end of the market. Demand continues to be strong for all products. However, providing service (both warranty and nonwarranty) continues to be a challenge. In essence, having the right parts at the right place at the right time is not an easy task. Given this information, your set of “must-do-first� priorities includes which? (Select all that apply.) (Points : 5)
Reviewing current operations in the IT department to determine processes that can be made more efficient. Exploring the possibilities of providing real-time manufacturing and shipping data to the expediters in the factory via handheld wireless devices. Reviewing the information that is gathered by the customer relations staff that might assist in improving existing customer relationships. Reviewing the ordering process (both warranty and nonwarranty) to streamline ordering and improve communications with suppliers and customers.
Exploring new markets through an improved online presence of the company.
Question 14.14. (TCO 10) An accounting system includes which? (Select all that apply.) (Points : 5)
Tax return information
Balance sheet information Summarization of accounts information Compliance information Eleemosynary information
Question 15.15. (TCO 10) Which of the following financial management functions are a part of financial planning? (Select all that apply.) (Points : 5)
Understanding and allocating operational needs Establishing a capital budget Creating a long-term forecast Establishing a strategic planning vision Creating a short-term forecast
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Question 1.1. (TCO 1) The latest economic news is not very positive. Unemployment rates are higher than expected, consumer confidence has fallen, and companies are reporting layoffs are in order. The Federal Reserve chairman acknowledges the economy is in a recession. What actions might the federal government and the Federal Reserve take to give the economy a boost? What are these policies called? (Points : 10)
Question 2.2. (TCO 2) Identify and discuss the social responsibilities of Home Depot to three different stakeholder groups. (Points : 15)
Question 3.3. (TCO 3) Discuss the positive aspects of globalization, and contrast these with the negative aspects of globalization from the perspective of a small business. Be sure to address the pros and cons of outsourcing in your response. (Points : 15)
Question 4.4. (TCO 4) Identify and explain the incentives for entrepreneurship. Address why someone would willingly take the numerous risks associated with running a business. Also, discuss the major attributes necessary for a successful entrepreneur. (Points : 15)
Question 5.5. (TCO 5) Aside from retail sales and marketing, identify and discuss two ways that a business could reduce costs or increase profits by using the Internet or web applications.(Points : 15)
Question 6.6. (TCO 8) Identify the four Ps of marketing, and give an example how each of the four Ps can be used to market your favorite product or service. (Points : 15)
Question 7.7. (TCO 7) Given the following companies—Boeing (airliner manufacturer) and Dell Computer (computer manufacturer)—which facility layout would be the most suitable for each? Justify your response. How would each company determine the location of its facilities? List the specific needs and requirements of each company when determining location.