City University of New York
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|1 |[pic] |[pic] |
| | |Profit is: |
| |[pic] |[pic]A)[pic|the point at which company assets equal company liabilities. |
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| |[pic] |[pic]B)[pic|the money left over after a firm's total expenses are subtracted from its total revenues. |
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| |[pic] |[pic]C)[pic|the goodwill earned from implementing the societal marketing concept. |
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| |[pic] |[pic]D)[pic|the money earned as long as the economic order quantity is maintained. |
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| |[pic] |[pic]E)[pic|accurately described by all of the above. |
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|Feedback: Page: 28, |
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| | |Which of the following statements about cross-functional teams is true? |
| |[pic] |[pic]A)[pic|There is no conflict when cross-functional teams are used. |
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| |[pic] |[pic]B)[pic|Cross-functional teams are only used in consumer products industries. |
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| |[pic] |[pic]C)[pic|Cross-functional teams have a small number of people on them. |
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| |[pic] |[pic]D)[pic|The most effective marketing takes place in functional areas not in cross-functional teams. |
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| |[pic] |[pic]E)[pic|None of the above statements about cross-functional teams is true. |
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|Feedback: |
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|Cross-functional teams are a small number of people from different departments in an organization who are mutually accountable to a common |
|set of performance goals. |
|Page: 30 |
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| | |Railroads may have let other forms of transportation take business away from them because their statement of |
| | |the business included only the railroad business, rather than the broader business of |
| |[pic] |[pic]A)[pic|transportation. |
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| |[pic] |[pic]B)[pic|aerospace. |
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| |[pic] |[pic]C)[pic|entertainment. |
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| |[pic] |[pic]D)[pic|retailing. |
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| |[pic] |[pic]E)[pic|wholesaling. |
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|Feedback: |
|The narrow business definition lost sight of who their customers were and what these needs were. Railroads saw only other railroads as |
|competitors and failed to develop strategies to compete with airlines, barges, pipelines, trucks, bus lines, and cars; offerings that |
|carried both goods and people. |
|Page: 33 |
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| | |Brittany read on the second page of the stockholder's report for a manufacturer of automobile parts, "Our goal|
| | |for the next five year period is to double our return on investment." She now knows the company has __________|
| | |goals. |
| |[pic] |[pic]A)[pic|profit |
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| |[pic] |[pic]B)[pic|sales revenue |
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| |[pic] |[pic]C)[pic|market share |
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| |[pic] |[pic]D)[pic|unit sales |
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| |[pic] |[pic]E)[pic|survival |
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|Feedback: |
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|Classic economic theory assumes a firm seeks to maximize long-run profit, achieving as high a financial return on investment as possible. |
|Page: 34 |
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| | |Kellie Johnson is the owner of Yesterday's Kitchen in Minnesota. She produces and markets 35 different kinds |
| | |of jams and jellies at her home-based business. In 2009, she sold $105,000. Her goal for 2010 was to sell |
| | |$130,000. This is an example of a __________ goal. |
| |[pic] |[pic]A)[pic|quality |
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| |[pic] |[pic]B)[pic|customer satisfaction |
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| |[pic] |[pic]C)[pic|sales |
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| |[pic] |[pic]D)[pic|profit |
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| |[pic] |[pic]E)[pic|market share |
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|Feedback: |
|If profits are acceptable, a firm may elect to maintain or increase its sales level even though profits may not be maximized. |
|Page: 34, |
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| | |Pfizer Pharmaceuticals is offering low-income senior citizens some of its most widely used prescriptions for |
| | |$15 each a month—well below the regular costs for these drugs. This program to better serve senior citizens |
| | |likely grew out of a __________ goal. |
| |[pic] |[pic]A)[pic|profit |
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| |[pic] |[pic]B)[pic|unit sales |
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| |[pic] |[pic]C)[pic|sales revenue |
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| |[pic] |[pic]D)[pic|market share |
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| |[pic] |[pic]E)[pic|social responsibility |
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|Feedback: |
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|Costs of the drugs are subsidized by other more profitable products in order to provide a needed medication even when it is not in itself |
|profitable. |
|Page: 34, |
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|7 |[pic] |[pic] |
| | |When Zierer GMBH, a German manufacturer of amusement park rides began manufacturing gravity rides such as the |
| | |runaway mine train ride, it studied a ride built by a U.S. competitor to learn how its braking system worked |
| | |and to use this information in its own design. It was engaging in |
| |[pic] |[pic]A)[pic|benchmarking. |
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| |[pic] |[pic]B)[pic|competitive measuring. |
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| |[pic] |[pic]C)[pic|selective quality. |
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| |[pic] |[pic]D)[pic|resourcing. |
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| |[pic] |[pic]E)[pic|outsourcing. |
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|Feedback: |
|Benchmarking is discovering the best practices of organizations in its own and other industries and then imitating them to leapfrog its |
|competitors. |
|Page: 36, |
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|8 |[pic] |[pic] |
| | |In 1980, Ford Motor Co. introduced the Ford Escort, which at one time was the company's best-selling car. By |
| | |2002, Ford sales managers were describing the Escort as dated. Its success had been overshadowed by newer |
| | |models. Because its sales were down, and there was no substantial market for the Ford Escort, it would be |
| | |labeled as a __________ by the Boston Consulting Group growth-share matrix. |
| |[pic] |[pic]A)[pic|cash cow |
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| |[pic] |[pic]B)[pic|dog |
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| |[pic] |[pic]C)[pic|question mark |
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| |[pic] |[pic]D)[pic|problem child |
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| |[pic] |[pic]E)[pic|fading star |
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|Feedback: |
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|The BCG defines dogs as SBUs with low shares of slow-growth markets. The Escort had a low market share in a low-growth market. |
|Page: 38, |
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| | |One of the strengths inherent in the use of the BCG portfolio analysis is that it |
| |[pic] |[pic]A)[pic|is remarkably easy to locate an SBU on the BCG matrix. |
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| |[pic] |[pic]B)[pic|considers all factors that might impact an SBU's value to an organization. |
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| |[pic] |[pic]C)[pic|acts as a strong motivational tool for employees in SBUs that have been labeled dogs or problem |
| | |] |children. |
| |[pic] |[pic]D)[pic|forces firms to assess their SBUs in terms of relative market share and industry growth rate, |
| | |] |showing which will be cash producers and cash users in the future. |
| |[pic] |[pic]E)[pic|does none of the above. |
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|Feedback: |
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|The vertical axis of the BCG matrix looks at market growth rate, and the horizontal axis looks at relative market share. |
|Page: 37 |
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|10 |[pic] |[pic] |
| | |A __________ has a high share of a slow growth market. |
| |[pic] |[pic]A)[pic|cash cow |
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| |[pic] |[pic]B)[pic|dog |
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| |[pic] |[pic]C)[pic|question mark |
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| |[pic] |[pic]D)[pic|star |
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| |[pic] |[pic]E)[pic|problem child |
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|Feedback: |
|A cash cow has a high share of a slow growth market. |
|Page: 38 |
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