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mar 216 quiz

Question 1 (2 points)

Vac “N’ Sew will give customers $100 for a used vacuum cleaner, regardless of condition, when they purchase a new vacuum or sewing machine. This essentially reduces the price by $100. What is this type of discount called?

Question 1 options:

a) 

functional discount

b) 

captive product discount

c) 

seasonal discount

d) 

trade-in allowance

e) 

by-product allowance

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Question 2 (2 points)

With product bundle pricing, sellers can combine several products and offer the bundle ________.

Question 2 options:

a) 

as a working unit

b) 

at a reduced price

c) 

as a complete self-service package

d) 

as a reward to loyal customers

e) 

as segmented pricing

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Question 3 (2 points)

________ refers to selling below cost with the intention of punishing a competitor or gaining higher long-run profits by putting competitors out of business.

Question 3 options:

a) 

Oligopolistic pricing

b) 

Captive pricing

c) 

Dynamic pricing

d) 

Zone pricing

e) 

Predatory pricing

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Question 4 (2 points)

Qriosity Inc. comes out with a new antivirus program and prices it at half price to attract buyers. The company is using ________.

Question 4 options:

a) 

marketing-skimming pricing

b) 

market-penetration pricing

c) 

value-added pricing

d) 

reference pricing

e) 

promotional allowances

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Question 5 (2 points)

A company sets not just a single price, but rather a ________ that covers different items in its line that change over time as products move through their life cycles.

Question 5 options:

a) 

pricing by-product

b) 

pricing structure

c) 

pricing loop

d) 

pricing cycle

e) 

pricing bundle

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Question 6 (2 points)

The relationship between the price charged and the resulting demand level can be shown as the ________.

Question 6 options:

a) 

demand curve

b) 

supply curve

c) 

cost curve

d) 

break-even chart

e) 

inflation rate

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Question 7 (2 points)

When a manufacturer offers a ________, customers buy products from manufacturers’ dealers within a specified time period and the manufacturer sends the customer a check.

Question 7 options:

a) 

cash rebate

b) 

markup price

c) 

dealer reduction

d) 

flash sale

e) 

functional discount

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Question 8 (2 points)

Rent, electricity, and executive salaries are examples of ________ costs.

Question 8 options:

a) 

fixed

b) 

variable

c) 

break-even

d) 

target

e) 

marketing

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Question 9 (2 points)

________ prices are the prices that a buyer carries in his/her mind and refers to when looking at a given product.

Question 9 options:

a) 

Captive product

b) 

Reference

c) 

Promotional

d) 

Geographical

e) 

Dynamic

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Question 10 (2 points)

________ pricing is the approach of setting a low initial price in order to attract a large number of buyers quickly and win a large market share.

Question 10 options:

a) 

Market-skimming

b) 

Market-penetration

c) 

Above-market

d) 

Value-based

e) 

Follow-the-leader

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Question 11 (2 points)

Under ________, the market consists of a few large sellers who are highly sensitive to each other’s pricing and marketing strategies.

Question 11 options:

a) 

pure competition

b) 

monopolistic competition

c) 

oligopolistic competition

d) 

a pure monopoly

e) 

pure monopsony

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Question 12 (2 points)

Producers use captive product pricing to set the price of the main product ________ and set ________ on the supplies necessary to use the product.

Question 12 options:

a) 

low; low markups

b) 

high; low markups

c) 

low; high markups

d) 

high; high markups

e) 

moderately; moderate markups

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Question 13 (2 points)

Which of the following is a reason for a company to raise its prices?

Question 13 options:

a) 

to address the issue of overdemand for a product

b) 

to win a larger share of the market

c) 

to use excess capacity

d) 

to boost sales volume

e) 

to balance out decreasing costs

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Question 14 (2 points)

If Dell charges the same price for delivery of its product to any customer that is located within the Great Lakes states, the company is using ________.

Question 14 options:

a) 

psychological pricing

b) 

promotional pricing

c) 

reference pricing

d) 

zone pricing

e) 

uniform-delivered pricing

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Question 15 (2 points)

Value-based pricing is the reverse process of ________ pricing.

Question 15 options:

a) 

variable cost-based

b) 

cost-plus

c) 

cost-based

d) 

good-value

e) 

equity value-based

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Question 16 (2 points)

Consumers use price less to judge the quality of a product when they ________.

Question 16 options:

a) 

lack information

b) 

lack skills to use the product

c) 

have experience with the product

BUS 470 Toyota’s strategy

1) The heart of Toyota’s strategy in motor vehicles is to out-compete rivals by manufacturing world-class, quality vehicles at lower costs and selling them at competitive price levels.  Executing this strategy requires top-notch manufacturing capability and super-efficient management of people, equipment, and materials.  Illustration Capsule 10.2(see attachment) discusses the principles, practices and techniques grounded in Toyota’s famed Toyota Production System.  How does Toyota’s philosophy of dealing with defects, empowering employees, and developing capabilities impact strategy execution? Why are its slogans such as “Never be satisfied” and “Ask yourself ‘Why?’ five times important? Discuss with other students

2) Using Google Scholar or the Iona Library’s access to EBSCO, PROQUEST or other online business databases, do a search on recent writings about decentralized decision making (decentralizaton) and employee empowerment. Accordingg to the articles you find in the various management journals, what are the conditions under which decision making should be pushed down to lower levels of management? Have you every worked part-time or full-time in a job position where you believe that lower-level front-line employees should be given more decision making authority?.

need answers!!!

1. Managers tend to have a short-term perspective (daily operations), leaders tend to have a long-term perspective (stratigic goals 2-5 years). (Points : 2)       True

      False

Question 2.
2. Match the appropriate business form to the legal/tax implications. This is the least regulated form of business ownership. Control and liability lies with the proprietor. (Points : 2)       LLC

      S Corporation

      501-C3 Non-Profit Corporation

      C Corporation

      Partnership

      Sole Proprietorship

Question 3.
3. Which business form has the greater liability? (Points : 2)       Sole proprietorship

      a Corporation

      a  501C3

Question 4.
4. What does “Place” mean in the 4 P’s of the marketing mix? (Points : 2)       Place refers to distribution, inventory and assortment

      Place refers to customer location.

      Place refers to the product or service “place” in the pricing structure.

      Place refers to the transportation used to convey the product or service.

Question 5.
5. There is one leadership style as a “best” leadership style for all situations and employees. (Points : 2)       True

      False

Question 6.
6. Maslow’s Hierarchy of Needs specifies that this stage of  the hierarchy reflects humans greatest need: (Points : 2)       self-esteem

      self-awareness

      safety needs

      self-actualization

Question 7.
7. ADA law requires businesses hiring for a position if they find a qualified disabled candidate to: (Points : 2)       Only disqualify them if the applicant cannot “get around” as quickly as an able bodied candidate.

      Hire them if you can make reasonable accommodations for the applicant.

      Only consider them for hiring if the company has fewer than 10 people.

Question 8.
8. In this product life cycle stage, the competition becomes more fierce. (Points : 2)       Introduction

      growth

      maturity

      decline

Question 9.
9. Which of these are the 4 P’S of the Marketing Mix? (Points : 2)       Participation, Privatization, Principles and Planning

      Promotion, Participation, Production and Pricing

      Product, Price, Promotion and Place

      Payment, Placement, Production and Planning

Question 10.
10. When manufacturers aggressively trying to convince wholesalers, who in turn convinces retailers to carry their products is considered what type of marketing strategy? (Points : 2)       trade-off strategy

      push strategy

      pull strategy

      personal selling strategy

Question 11.
11. Reward involves the legitimate authority someone has to control others and resources based on their title/position in the company (Points : 2)       True

      False

Question 12.
12. What does the “C” in the POLC model stand for and what does it include? (Points : 2)       Control refers to the control of the production process involved in generating a  product or service.

      Control refers to controlling unforeseen circumstances in marketing.

      Control of costs and expenses as well as policies and systems.  d. Control of customer service problems generated in doing business.

Question 13.
13. The most notable provision of this corporation is that it serves as a conduit for its net income, passing all of its profits or losses through to the individual shareholders, which means that its income is taxed only once at the individual tax rate. (Points : 2)       C Corporation

      S Corporation

      501-C3 Non-Profit Corporation

      LLC

      Partnership

      Sole Proprietorship

Question 14.
14. Effective managers define __________ as the process of influencing others to achieve group or organizational goals. (Points : 2)       management

      leadership

      interpersonal influence

      supervision

Question 15.
15. Coercive is defined as an employee acts out of fear of repercussions if they do not comply. (Points : 2)       True

      False

Question 16.
16. States recognize this partial liability form like a corporation has pass-through taxation benefits but allows for different types of members including other corporations. For tax purposes, the Federal government does not recognize this corporation type. (Points : 2)       Sole Proprietorship

      S Corporation

      501-C3 Non-Profit Corporation

      C Corporation

      Partnership

      LLC

Question 17.
17. A sub-group of people or firms that share characteristic(s) and have product needs in common is called a: (Points : 2)       market segment

      psychographic group

      customer base

      client profile

Question 18.
18. Legitimate is defined, as the person who has the power to reward employees in some way they deem valuable. (Points : 2)       True

      False

Question 19.
19. Expert is defined as power and influence based on expertise. These individuals have specialized knowledge such that others come to depend on them. (Points : 2)       True

      False

Question 20.
20. __________ is defined as the management function concerned with assigning tasks, grouping tasks into departments, and allocation resources to departments. (Points : 2)       Management

      Planning

      Organizing

      Controlling