ECON201 Midterm Exam SCORE 100 PERCENT

Quiz
Question 1 (5 points)
 
Economics is the study of:
Question 1 options:

increasing the level of productive resources so there is maximum output in society.

increasing the level of productive resources so there is a minimum level of income.

how people, institutions, and society make choices under conditions of scarcity.

the efficient use of scarce resources paid for at the minimum level of cost to consumers and businesses.
Question 2 (5 points)
 
Which of the following is not a central focus of the "economic perspective"?
Question 2 options:

Scarcity and choice.

The scientific method.

Purposeful behavior.

Marginal analysis.
Question 3 (5 points)
 
The satisfaction or pleasure one gets from consuming a good or service is:
Question 3 options:

price.

utility.

consumption.

preferences.
Question 4 (5 points)
 
The private ownership of property resources and use of prices to direct and coordinate economic activity is characteristic of:
Question 4 options:

a command system.

a market system.

communism.

socialism.
Question 5 (5 points)
 
Which statement best describes a capitalist economy?
Question 5 options:

The production of goods and services is determined primarily by markets, but the allocation of goods and services is determined primarily by government.

The production of goods and services is determined primarily by government, but the allocation of goods and services is determined primarily by markets.

The production and allocation of goods and services is determined primarily through markets.

The production and allocation of goods and services is determined primarily through government.
Question 6 (5 points)
 
Capitalism is an economic system that:
Question 6 options:

produces more capital goods than consumer goods.

produces more consumer goods than capital goods.

gives the government the right to tax individuals and corporations.

private individuals and corporations the right to own productive resources.
Question 7 (5 points)
 
In a market system, well-defined property rights are important because they:
Question 7 options:

reduce unnecessary investment.

limit destructive economic growth.

create economic problems.

encourage economic activity.
Question 8 (5 points)
 
If two goods are complements:
Question 8 options:

they are consumed independently.

an increase in the price of one will increase the demand for the other.

a decrease in the price of one will increase the demand for the other.

they are necessarily inferior goods.
Question 9 (5 points)
 
When the price of a product is increased 10 percent, the quantity demanded decreases 15 percent. In this range of prices, demand for this product is:
Question 9 options:

elastic.

inelastic.

cross-elastic.

unitary elastic.
Question 10 (5 points)
 
Demand can be said to be inelastic when:
Question 10 options:

an increase in price results in a reduction in total revenue.

a reduction in price results in an increase in total revenue.

a reduction in price results in a decrease in total revenue.

the elasticity coefficient exceeds one.
Question 11 (5 points)
 
Economic growth is shown by a shift of the production possibilities curve outward and to the right.
Question 11 options:

True

False
Question 12 (5 points)
 
The four factors of production are land, labor, capital, and government services.
Question 12 options:

True

False
Question 13 (5 points)
 
If demand increases and supply simultaneously decreases, equilibrium price will rise.
Question 13 options:

True

False
Question 14 (5 points)
 
Property rights have a positive effect in a market economy because they encourage owners to maintain their property.
Question 14 options:

True

False
Question 15 (5 points)
 
In the price range where demand is inelastic, a decrease in price will result in a decrease in total revenue.
Question 15 options:

True

False
Question 16 (5 points)
 
Price elasticity of supply decreases the longer the time period.
Question 16 options:

True

False
Question 17 (5 points)
 
Toothpaste and toothbrushes are substitute goods.
Question 17 options:

True

False
Question 18 (5 points)
 
A government-set price ceiling will lower equilibrium price and quantity in a market.
Question 18 options:

True

False
Demand for Shirts
 
Question 19 (5 points)
 
(Exhibit: Demand for Shirts) The price elasticity of demand for the segment AB is:
Question 19 options:

-13

-11

-0.91

-0.1
Question 20 (5 points)
 
(Exhibit: Demand for Shirts) The price elasticity of demand for the segment BC is:
Question 20 options:

greater than 3.33 (absolute value).

-3.33.

-3.

-0.33.
Question 21 (5 points)
 
(Exhibit: Demand for Shirts) The price elasticity of demand for the segment CD is:
Question 21 options:

greater than 1 (absolute value).

-1.

-0.71.

-0.29.
Markets and Efficiency
 
Question 22 (5 points)
 
(Exhibit: Markets and Efficiency) In panel (a):
Question 22 options:

the price of apples is $0.80 and the quantity demanded is Q1.

the equilibrium price ensures that quantity demanded will match quantity supplied.

the equilibrium price ensures that there will be neither surpluses nor shortages.

all of the above are true.
Question 23 (5 points)
 
(Exhibit: Markets and Efficiency) The equilibrium price in Panel (a) tells us that the marginal cost of a pound of apples is:
Question 23 options:

less than $0.80.

equal to $0.80.

greater than $0.80.

equal to the average cost of producing apples.
Question 24 (5 points)
 
(Exhibit: Markets and Efficiency) The price and marginal cost in Panel(a) are equal because of:
Question 24 options:

the marginal decision rule.

the law of demand.

the law of supply.

the law of increasing cost.
Question 25 (5 points)
 
(Exhibit: Markets and Efficiency) What is the marginal benefit to a producer of an extra pound of apples in Panel (a)?
Question 25 options:

It is the price the producer receives.

It is the price the consumer receives.

It is the price the producer pays.

It is all of the above.
Question 26 (5 points)
 
(Exhibit: Markets and Efficiency) What is the marginal cost of an extra pound of apples to a producer in Panel(a)?
Question 26 options:

It is greater than the price.

It is the value that must be given up to produce an extra pound of apples.

It must be less than the price.

It is the cost of the least satisfactory apples.
Question 27 (5 points)
 
(Exhibit: Markets and Efficiency) In Panel (b) demand shifted from D1 to D2, reflecting a change in consumer preferences. The price of apples will change to the new equilibrium price:
Question 27 options:

where the marginal benefit of apples is again equal to the marginal cost.

of $0.70.

where an efficient solution is again achieved.

that is described by all of the above.
Question 28 (20 points)
 
What effect on the price elasticity of demand for commuter rail is there likely to be from a decrease in the price of gasoline? Explain your answer.

BUSI570 ADE Week 4 Firm Financial Analysis Project Parts I-III Lowe's Company

Company:Lowe's Companies, Inc.

Develop an overview/history of the firm that you have chosen, as well as conduct an end-point financial analysis and working capital analysis.

Part I: Firm History and Overview (due Week 4)

Develop an overview/history of the firm that you have chosen, as well as the industry your firm operates in. You should include information that describes the market structure and competition in the industry, along with the position of your firm within this industry – i.e., is the firm one of the leaders or is it a niche player? Is the firm one of the medium-size firms in the industry? Part I will be worth 30 points.

Part II: End-Point Financial Analysis (due Week 4)

Using historical financial statements (income statements and balance sheets) for the firm, analyze the financial performance and changes to the firm over a ten-year time period using an end-point analysis framework similar to that used in the analysis of Coca-Cola (Week 1 dropbox assignment). You should calculate the same ratios and financial measures as were provided for the Coca-Cola case.

Next, you will identify the major changes in the firm's financial performance over this time period. Include an analysis of: 1) overall changes/growth in the firm's revenues, assets, and liabilities; 2) common-size statements; 3) ratio analysis; and 4) analysis using the DuPont model.

You will be required to provide the conclusions regarding which way the major ratio categories are trending. An acceptable conclusion might be, for example: "profitability has increased over the last five years as evidenced by increasing net margin and gross margin ratios. This is the result of a decrease in cost of goods sold, higher margins because of increased market share, etc." You should also research the notes to your company's 10K to determine the probable causes of these changes ("Leverage increased because the company issued $50M in bonds to pay for a plant expansion."). Part II will be worth 70 points.

Part III: Working Capital Analysis (due Week 4)

Using the same financial statements from your Financial Analysis (Part II), provide an analysis of the firm's working capital policy and changes to this policy over a ten-year period. Your working capital analysis should include the following: 1) overall level and change in WC over the time period and the factors that caused these changes; 2) calculation of the Cash Conversion Cycle for the beginning and ending period and a discussion of causal factors and implication of these changes; 3) overall assessment of the firm's working capital policy (i.e., is it conservative, moderate, or aggressive?). Compare your results to the firm's industry averages. Part III will be worth 40 points.

BUSI570 ADE Week 4 Discussion

This week's material covers two very important securities in finance--bonds and stocks. Our task will be to try to determine what is happening currently in bond and stock markets. You will have two tasks:

1. Find an article in a recent newspaper or business publication (within the last month) that discusses something concerning the bond market. This can be information on current bond values, current interest rates and Fed monetary policy, the global debt situation, the U.S. budget situation and its basis in debt funding, etc.. You should use nationally recognized sources for this article, such as The Wall Street Journal, The Financial Times, Business Week, etc. Identify the source of your information and provide a link. Describe and discuss the main points of this article and how this information could be useful to a financial manager.
2. Do the same for stocks--i.e., find an article about what is happening in the stock market. Again, identify your source and provide a link; describe and discuss the main points of this article; relate this information to the course.

Initial post due Friday by 11:59 pm CT. Two responses due Sunday by 11:59 pm CT.

 

BUSI570 ADE Week 3 Discussion 3

Our discussion this week will provide an opportunity for us to 'think and dream big' in a capital budgeting sense. Your task will be as follows:

1. Go to either of the following websites: www.ted.com or fora.tv. Both of these sites provide video presentations on a variety of topics, some of which deal with new innovations and ideas. Watch some of the videos that deal with new ideas/innovations and choose one that resonates with you.
2. Describe the idea for your classmates and provice a link to it. Try to capture the idea presented in the video in a capital budgeting framework. Try to identify the various costs of a project, the cash flows associated with it, etc. That is, if you were to translate the idea into a capital budgeting framework, how would you do it? What factors would you need to consider in your analysis? These will be very general in nature--not specific dollar amounts.
3. Describe any positive or negative externalities that might result from the project. (NOTE: externalities are benefits/costs outside of the original transaction--e.g., pollution control results in better health outcomes).

BUSI570 ADE Week 1 Discussion 1

We are all aware of the financial crisis that engulfed the economy during 2008.  Michael Lewis is the author of several books including Liar's Poker, Moneyball, The Big Short, and Boomerang.  He has written two very insightful articles detailing the reasons for the crisis and the ways to repair the system. 

Please read "The End of the Financial World as We Know It" and "How to Repair a Broken Financial World."   These articles were written in January of 2009. Discuss three (3) things you learned from the articles and share them with your classmates. 

In addition to reading the two Lewis articles linked above, please find one other article/video/ etc. on the financial crisis and summarize it for the class.  This information can come from articles (use reputable sources--NYT, WSJ, Financial Times, etc.), from videos, news programs, etc.  Several sources can be found in the Instructional Materials for Week One.

BUSI570 ADE Week 1 Assignment Review of Articles

Please read the articles Greed Cycle , Dumbest Idea in the World , and Maximizing Shareholder Value: The Goal That Changed Corporate America . After you have read them, write a 4-6 page paper addressing the following questions.

Greed Cycle Questions:

1. What has been the changing nature of the goal of the corporation?
2. What is the relationship between agency problems and the goal of shareholder wealth maximization?
3. What are successful and unsuccessful ways in which agency problems between managers and owners have addressed?
4. What is the relationship between agency conflicts and options given to managers?
5. What is your opinion of the best goal for corporations?

Dumbest Idea. . . Questions:

1. What is the Dumbest Idea?   Why?
2. How has the focus on SH wealth changed the way success is measured?
3. How has the time perspective been altered by the focus on SH wealth?
4. What alternative goals are suggested?

Maximizing Shareholder Value:  The Goal that . . . Questions:

1. What changes are described for IBM in this article?  Why?
2. Describe the philosophical changes that have occurred as a result of this change in goal.  How has this impacted behavior?
3. What about Social Responsibility?

BUSI544 Week 8 Final Exam SCORE 100 PERCENT

Question 1 (2 points) ________ brand equity is the differential effect that brand knowledge has on consumer response to the marketing of that brand.
Question 1 options:
1)     Mission-driven
2)    Customer-based
3)     Product-driven
4)     Service-driven
5)     Function-based

Question 2 (2 points)
A consumer who expresses rational and emotional attachments to a brand to the exclusion of most other brands has reached the ________ level in the BrandDynamics Pyramid.
Question 2 options:
1)    advantage
2)    relevance
3)    presence
4)    performance
5)    bonding

Question 3 (2 points)
With respect to the "six brand building blocks," brand ________ describes the extrinsic properties of the product or service, including the ways in which the brand attempts to meet customers' psychological or social needs.
Question 3 options:
1)    imagery

2)    judgment

3)    resonance
4)    salience
5)    performance

Question 4 (2 points)Adam wants to buy a washing machine and is looking for something that is not too expensive. When he goes to make the purchase, he finds there are two options that meet his requirements. One is a Maytag product, while the other is a newly imported South Korean brand. Adam is not very familiar with the latter and does not hesitate in choosing Maytag. This example implies that ________.
Question 4 options:
1)    the imported brand will not survive the competition from Maytag
2)    Maytag has a positive customer brand equity
3)    the South Korean company has a low advertising budget
4)    the imported brand is unreliable
5)    the Maytag washing machine has better features than the imported brand

Question 5 (2 points)If a consumer who is trying to decide between alternatives believes that a particular brand delivers acceptable product performance and can be shortlisted, she is in the ________ level of the BrandDynamics Pyramid.
Question 5 options:
1)    presence
2)    relevance
3)    performance
4)    advantage
5)    bonding

Question 6 (2 points)
Brand ________ are devices that can be trademarked and serve to identify and differentiate the brand.
Question 6 options:
1)    elements
2)    value propositions
3)    perceptions
4)    images

5)    extensions

Question 7 (2 points)
When Starbucks extended its brand into coffee drinks and ice creams to reach customers who did not use its brand, it was using a(n) ________ strategy.
Question 7 options:
1)    geographical-expansion
2)    new-market segment
3)    market-penetration
4)    larger package size
5)    increased frequency

Question 8 (2 points)
A marketing manager has planned a strategy that will require the organization to erect outposts to protect its weak front-running brands. In this ________ defense, the outposts will be central to the organization's new competitive strategy.
Question 8 options:
1)    position
2)    flank
3)    preemptive
4)    counteroffensive
5)    mobile

Question 9 (2 points)
When Procter & Gamble used Gain and Cheer laundry detergents as outposts to protect a weak front or support a possible counterattack, they were using a ________ defense.
Question 9 options:
1)    flank
2)    position
3)    preemptive
4)    counteroffensive
5)    mobile

Question 10 (2 points)
An alternative to being a market follower in a large market is to be a leader in a small market. This type of competitor is called a ________.
Question 10 options:
1)    marketing king
2)    market nicher
3)    segment king
4)    guerilla marketer
5)    strategic clone

Question 11 (2 points)
________ defense is an aggressive maneuver where the firm attacks first, perhaps with guerrilla action across the market and keeps everyone off balance.
Question 11 options:
1)    Position
2)    Flank
3)    Contraction
4)    Preemptive
5)    Lateral

Question 12 (2 points)
________ are formal statements of expected product performance by the manufacturer.
Question 12 options:
1)    Insurance
2)    Warranties
3)    Bonds
4)    Invoices
5)    Balance sheets

Question 13 (2 points)
Happy Home Products produces detergents, toothpaste, bar soap, disposable diapers, and paper products. This company has a product ________ of five lines.
Question 13 options:
1)    type
2)    length
3)    class
4)    mix
5)    width

Question 14 (2 points)
Capital items are long-lasting goods that facilitate developing or managing the finished product. They include two groups: installations and ________.
Question 14 options:
1)    natural products
2)    component materials
3)    operating supplies
4)    equipment
5)    processed materials

Question 15 (2 points)
The way the user performs the tasks of getting and using products and related services is the user's total ________.
Question 15 options:
1)    consumption system
2)    consumable system
3)    consistent use system
4)    augmented system
5)    potential system

Question 16 (2 points)
Because ________ are purchased frequently, marketers should make them available in many locations, charge only a small markup, and advertise heavily to induce trial and build preference.
Question 16 options:
1)    nondurable goods
2)    durable goods
3)    services
4)    unsought goods
5)    specialty goods

Question 17 (2 points)
In increasingly fast-paced markets, price and technology are not enough. ________ is the factor that will often give a company its competitive edge and is defined as the totality of features that affect how a product looks, feels, and functions in terms of customer requirements.
Question 17 options:
1)    Conformance
2)    Design
3)    Performance
4)    Reliability
5)    Style

Question 18 (2 points)
According to the dynamic process model, two different types of expectations have opposite effects on perceptions of service quality. One of these is that ________ overall service quality.
Question 18 options:
1)    increasing customer expectations of what the firm will deliver improve the perceptions of
2)    increasing customer expectations of what the firm will deliver decrease the perceptions of
3)    decreasing customer expectations of what the firm should deliver decrease the perceptions of
4)    decreasing customer expectations of what the firm will deliver improve the perceptions of
5)    increasing customer expectations of what the firm should deliver improve the perceptions of

Question 19 (2 points)
Which of the following is true for services?
Question 19 options:
1)    All services are people-based, while goods are equipment-based.
2)    Service providers can be both for-profit or nonprofit.
3)    All service companies follow the same process to deliver their services.
4)    The client's presence is a hindrance during the service delivery process.
5)    Service providers develop similar marketing programs for personal services and business services.

Question 20 (2 points)
Angela switched to a new hair stylist after getting a bad haircut from her previous stylist. This is an example of which of the following factors leading to customer switching behavior?
Question 20 options:
1)    service encounter failure
2)    core service failure
3)    response to service failure
4)    involuntary switching
5)    Competition

Question 21 (2 points)
When sellers agree to provide free maintenance and repair services for a specified period of time at a specified contract price, they are offering ________.
Question 21 options:
1)    a complementary service
2)    payment equity
3)    a service blueprint
4)    differential pricing
5)    an extended warranty

Question 22 (2 points)
Often, a service problem arises from a customer's lack of understanding or ineptitude. Which of the following can help to minimize customer failures?
Question 22 options:
1)    giving customers exclusive primary service packages
2)    redesigning processes to simplify service encounters
3)    using differential pricing and shared services
4)    minimizing service intangibility
5)    working with more customers at the same time

Question 23 (2 points)
The ________ determinant of service quality refers to the knowledge and courtesy of employees and their ability to convey trust and confidence in the service they provide.
Question 23 options:
1)    conscientious
2)    assurance
3)    empathy
4)    reliability
5)    responsiveness

Question 24 (2 points)
Which of the following is usually referred to as a full-blown test market?
Question 24 options:
1)    an internal focus group
2)    a discussion group
3)    a country
4)    a city or a few cities
5)    a laboratory

Question 25 (2 points)
Modern firms use the ________ tool to design products on a computer and then produce rough models to show potential consumers for their reactions.
Question 25 options:
1)    morphological analysis
2)    rapid prototyping
3)    concept testing
4)    perceptual mapping
5)    conjoint analysis

Question 26 (2 points)
It has been observed that most new products have shorter product life cycles. What is the reason for this?
Question 26 options:
1)    Most new products do not use technology.
2)    Most new products are not backed by a marketable idea.
3)    New products do not get adequate management support.
4)    Social and governmental constraints lead to this failure.
5)    Rivals quickly copy products that are successful.

Question 27 (2 points)
A(n) ________ is an elaborated version of a product idea expressed in consumer terms.
Question 27 options:
1)    test brand
2)    alpha product
3)    beta product
4)    business schedule
5)    product concept

Question 28 (2 points)
A(n) ________ is a possible product the company might offer to the market.
Question 28 options:
1)    test brand
2)    alpha product
3)    beta version product
4)    product idea
5)    product concept

Question 29 (2 points)
Which of the following is the first step in setting a pricing policy?
Question 29 options:
1)    selecting a pricing method
2)    selecting the pricing objective
3)    determining demand
4)    estimating cost
5)    analyzing competitors' costs, prices, and offers

Question 30 (2 points)
A company has developed the prototype of a mobile phone that it plans to launch in the next few months. The phone comes equipped with the most advanced technological features. As part of its test marketing efforts, the company allows customers to examine and use the prototype and also gathers feedback regarding product features and price. The results of this test marketing effort show that customers are willing to pay at least $500, considering the phone's various features. As such, the company has discovered customers' ________.
Question 30 options:
1)    last paid price
2)    expected future price
3)    lower-bound price
4)    upper-bound price
5)    typical price

Question 31 (2 points)
When a company introduces a product at a high price and then gradually drops the price over time, it is pursuing a ________ strategy.
Question 31 options:
1)    market-penetration pricing
2)    market-skimming pricing
3)    value-pricing
4)    switching cost
5)    loss-leader pricing

Question 32 (2 points)
The key to perceived-value pricing is to ________.
Question 32 options:
1)    reengineer the company's operations
2)    deliver more unique value than competitors
3)    adopt subtle marketing tactics compared to competitors
4)    deliver more value but at a lower cost
5)    invest heavily in advertising in order to convey superior value

Question 33 (2 points)
When museums charge a lower admission fee to students and senior citizens, this form of price discrimination is known as ________ pricing.
Question 33 options:
1)    location
2)    channel
3)    customer-segment
4)    special-customer
5)    loss-leader

Question 34 (2 points)
If demand hardly changes with a small change in price, the demand is said to be ________.
Question 34 options:
1)    strained
2)    marginal
3)    inelastic
4)    flexible
5)    unit elastic

Question 35 (2 points)
If a producer wants to achieve rapid market penetration through a low-price policy, while a dealer wants to work with high margins to pursue short-run profitability, the source of the channel conflict is ________.
Question 35 options:
1)    unclear roles and rights
2)    goal incompatibility
3)    differences in perception
4)    intermediaries' dependence on the manufacturer
5)    strategic justification

Question 36 (2 points)
Spike Inc. is a sportswear manufacturer that recently launched its new line of customizable running shoes. The shoes come with a digital component that allows them to adapt to the runner's biomechanics. To promote this new product, Spike launches an advertising campaign and entices a famous athlete to endorse the product. This is an example of a ________.
Question 36 options:
1)    trade promotion
2)    reverse flow
3)    push strategy
4)    pull strategy
5)    backward flow

Question 37 (2 points)
Door-to-door sales, home parties, mail order, telemarketing, TV selling, Internet selling, and manufacturer-owned stores are examples of ________.
Question 37 options:
1)    zero-level channels
2)    jobbers
3)    wholesalers
4)    manufacturer's representatives
5)    consumers

Question 38 (2 points)
Which of the following is a major disadvantage of using the Internet as a marketing channel?
Question 38 options:
1)    It is less effective for complex products.
2)    It lacks convenience and practicality.
3)    It cannot be used to reach a wide audience.
4)    It is considered expensive.
5)    It causes the company to lose direct contact with customers.

Question 39 (2 points)
An Internet service provider (ISP) is a(n) ________ company.
Question 39 options:
1)    pure-click
2)    brick and click
3)    brick-and-mortar
4)    m-commerce
5)    one-level

Question 40 (2 points)
In a ________ marketing system, two or more unrelated companies put together resources or programs to exploit an emerging marketing opportunity.
Question 40 options:
1)    reverse flow
2)    vertical
3)    horizontal
4)    lateral
5)    forward flow

Question 41 (2 points)
Which of the following is a characteristic of the affordable method of establishing a marketing communications budget?
Question 41 options:
1)    fixed annual budget
2)    suitable for long-range planning
3)    priority given to role of promotion as an investment
4)    calculated to reflect what the company can spare for marketing communications
5)    based on the immediate impact of promotion on sales volume

Question 42 (2 points)
One of the possible objectives of marketing communications is helping consumers evaluate a brand's perceived ability to meet a currently relevant need. Which of the following relevant brand needs is most likely emphasized by an advertisement for a luxury car?
Question 42 options:
1)    problem removal
2)    sensory gratification
3)    normal depletion
4)    intellectual stimulation
5)    problem avoidance

Question 43 (2 points)
Gabrielle is the chief marketing officer of Boyd Pharmaceuticals. She is meeting with Trent, the chief financial officer to decide on the company's marketing communications budget. After extensive discussions, they decide that the size of the budget will be calculated as a fraction of the overall turnover. What method did Gabrielle and Trent use to arrive at the marketing communications budget?
Question 43 options:
1)    affordable method
2)    objective-and-task method
3)    competitive-parity method
4)    activity-based method
5)    percentage-of-sales method

Question 44 (2 points)
________ refers to a planning process designed to assure that all brand contacts received by a customer or prospect for a product, service, or organization are relevant to that person and consistent over time.
Question 44 options:
1)    Brand engagement
2)    Integrated marketing communications
3)    Market research
4)    Customerization
5)    Marketing research

Question 45 (2 points)
Stacey wants to use a highly relevant, engaging, and implicit communications mix mode to use a "soft sell" approach for her new makeup line. The communications mix mode that has these characteristics is ________.
Question 45 options:
1)    sales promotions
2)    events and experiences
3)    advertising
4)    direct and interactive marketing
5)    personal selling

Question 46 (2 points)
A company selling in a national market often organizes its sales force along ________.
Question 46 options:
1)    functional groups
2)    geographic lines
3)    product teams
4)    brand groups
5)    product categories

Question 47 (2 points)
Top and middle management are primarily responsible for ________ control.
Question 47 options:
1)    annual-plan
2)    efficiency
3)    profitability
4)    technological
5)    innovation
Question 48 (2 points)
Rising customer expectations, evolving employee goals and ambitions, and tighter government legislation and pressure are driving companies to ________.
Question 48 options:
1)    operate leaner manufacturing facilities
2)    manage shorter supply chains
3)    operate flatter organizations
4)    practice a higher level of corporate social responsibility
5)    vertically integrate

Question 49 (2 points)
A product-management organization ________.
Question 49 options:
1)    often proves to be cost-effective
2)    simplifies the process of developing a national strategy
3)    focuses on building market share rather than customer relationships
4)    reduces an organization's staffing requirements
5)    allows product managers to achieve functional expertise

Question 50 (2 points)
Cabot (Scenario)Cabot, a large car manufacturer, has four popular car brands in different segments. It has a manufacturing facility near Detroit, MI, where parts common to all the four brands are manufactured. Other specific parts like the brake system, windshield, bonnet, locks, and so on are manufactured in separate plants. Each make has its own product manager and support staff. All product managers report to the CEO of the company.
Suppose the manufacturer pays a commission on every car sold. Then, the salesperson's commission is classified as a(n) ________.
Question 50 options:
1)    cost of labor
2)    traceable common cost
3)    nontraceable common cost
4)    advertising cost
5)    direct cost

Question 51 (5 points)

What is a guerilla attack? Provide an example.

Question 52 (5 points)

Explain the concept of line stretching and the three uses for it. Use examples to illustrate your points

Question 53 (5 points)

The Norticon Group provides and manages computers and network systems for businesses and communities. Norticon sells its products through various means. It uses its sales force to sell to large customers and telemarketing to sell to smaller customers. The company also sells its products via the Internet. Explain the marketing approach being used by the company. Why would a company choose this approach?

Question 54 (5 points)

Karl Lipton is the marketing communications coordinator for a major electronics manufacturer. He is assigned with charting out a communications strategy for a new range of mobile phones developed by his company. How will Karl's communications strategy look over the course of the mobile phones' life cycle?

Question 55 (5 points)

What skills and competencies will marketers need to succeed in the future?