26 May 2006

26 May 2006

26 May 2006

1. Be ready to give a research update.

2. Do the quizzes for chapters 16 and 17, these are to be turned in next week (2 June 2006).

3. Be ready to turn in your interview.

4. Be prepared to discuss your interview.


Chapter 16 Quiz

Q16-1. The goal of __________ is to combine all the promotional tools used by a firm into one comprehensive and unified promotional strategy.
A) market unification planning
B) integrated marketing communication
C) the marketing matrix approach
D) the targeted media relations philosophy

Q16-2. TV programs devoted exclusively to promoting goods and services are called:
A) testimonials.
B) infomercials.
C) interactive TV.
D) online computer advertising.

Q16-3. The last stage of the selling process is:
A) follow-up.
B) closing.
C) posting.
D) order processing.

Q16-4. Kylie is a new salesperson for a company that publishes college textbooks. She is currently developing a list of professors at colleges in her sales district that teach courses that might make use of one or more of the books her company publishes. She then plans to determine which of these professors are involved in the textbook selection process so that she can visit them in the near future. The task Kylie is performing is known as:
A) prospect development.
B) sales identification.
C) preliminary sales analysis.
D) prospecting and qualifying.

Q16-5. The management function that evaluates public attitudes and executes a program of action to earn public understanding and acceptance is called:
A) marketing research.
B) public relations.
C) marketing communication system.
D) advertising.

Q16-6. Lenny has just finished writing a news release about a new product that his firm has developed. He intends to send it to all of the local radio stations as well as the newspapers in several nearby towns and cities, in hopes that some of them will find the information newsworthy and run a story about the product. Lenny's efforts indicate that he is involved in:
A) public relations.
B) institutional advertising.
C) secondary advertising.
D) interactive marketing.

Q16-7. Professor Beenthere shared with his students the wonderful experience he had at a local Asian restaurant. He described the location in relation to campus and encouraged his students to give it a try. The professor’s comments represents:
A) word-of-mouth promotion.
B) public relations.
C) sampling.
D) viral promotion.

Q16-8. __________ is the term now used to describe such tactics as paying people to say good things about a product on the Internet or setting up multilevel selling schemes that reward people for directing their friends to a company's Web site.
A) Virtual inducement
B) Inter-tie-ins
C) Viral marketing
D) Pseudo-marketing

Q16-9. Companies that make use of a pull strategy target their promotional efforts towards:
A) consumers.
B) retailers.
C) wholesalers.
D) manufacturers.

Q16-10. Alabama Manufacturing has redesigned its promotional strategy. The company now has a formal system that unites all elements in the promotion mix to create a consistent message and to make the efforts more responsive to the firm's customers and other stakeholders. Clearly, this firm is committed to a(n):
A) internal marketing program.
B) integrated marketing communication system.
C) multilevel market coordination plan.
D) stakeholder response communication system.

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Chapter 17

Q17-1. Beginning with the late 1980s the goal of information technology was to:
A) improve the flow of financial information throughout business organizations.
B) use new technologies to offer new methods of conducting business.
C) prevent proprietary information from falling into the hands of competitors.
D) use new technologies to improve old methods.

Q17-2. NASDAQ and SOFFEX are examples of how information technology can:
A) help engineers design products that exactly meet the needs of a specific target market.
B) be used to create organizations and provide services that are independent of location.
C) provide small firms with new opportunities to grow by forming alliances with larger companies.
D) help the government measure the environmental impact of business activities.

Q17-3. A __________ stores data on a single subject over a specific period of time.
A) spreadsheet file
B) data warehouse
C) data capsule
D) data packet

Q17-4. One of the most common reasons firms make use of an extranet is to:
A) prevent employees from using the Internet for private purposes on company time.
B) post information that can be accessed only by employees of the organization.
C) extend an organization's intranet to outside customers.
D) increase the speed at which employees can access information on the Internet.

Q17-5. A firm would consider establishing a virtual private network if it wanted to:
A) prevent people who are not employees from being able to access its network.
B) set up a secure network connection with another firm for a short period of time.
C) obtain a broadband connection to the Internet.
D) simulate a network before it became operational in order to identify any security leaks.

Q17-6. In a ___________ computing system, the tasks are performed by personal computers using information stored in databases controlled by a server computer.
A) mainframe
B) data exchange
C) network
D) hold and use

Q17-7. Which of the following individuals would be most excited by an announcement by IBM about a breakthrough in its SMASH program?
A) Carolyn is looking for a better way to recycle old computers in her company's offices.
B) Jerry is frustrated by frequent breakdowns in the computer hardware used by his company.
C) Roberta wants to find a way to identify and destroy software viruses before they have a chance to infect her company's computers.
D) Allen is looking for a cheap alternative to increase the bandwidth of his company's intranet.

Q17-8. A defining characteristic of shareware is that it is:
A) designed to help people in different organizations share ideas and collaborate on projects.
B) not protected by copyrights and is distributed free for the taking.
C) an older, less powerful version of a well-known software package that the developer is distributing at reduced cost.
D) protected by a copyright, but users are allowed to try it out for free and are asked to send a specified fee to the developer if it meets their needs.

Q17-9. The _____________ was created as a part of the Office of Homeland Security and given the responsibility to devise a plan for improving the security of America's critical infrastructure.
A) Homeland Security Board
B) Critical Infrastructure Protection Board
C) Electronic Communications Security Commission
D) Committee on Infrastructure Security Procedures

Q17-10. Which of the following statements best reflects the projections made by the Bureau of Labor Statistics about job growth in the next several years?
A) There are so many college students majoring in information technology that by the year 2009, the number of new information technology workers entering the job market is likely to far exceed the number of new jobs created in this field.
B) Pay scales for technology workers are likely to lag behind those of other types of workers over the next few years.
C) Most high growth jobs in the next few years are likely to be related to computers and information technology.
D) Though the market for information technology workers grew rapidly in the 1990s, this job market is currently in a stable equilibrium, with little change in overall employment expected until 2010 or later.

19 May 2006 – For Class – Instructor will explain

1. Do Quick Quiz for Chapter 13

Q13-1. The __________ is based on three elements: (1) a customer orientation, (2) a service orientation, and (3) a profit orientation.
A) mercantilist philosophy
B) hierarchy of needs
C) pluralistic approach to marketing
D) marketing concept

Q13-2. The last step in the marketing process often includes:
A) sending the bill to the customer.
B) developing a written report to summarize the results of the period's marketing activities.
C) deciding the best way to distribute the product.
D) building relationships with customers.

Q13-3. The Mucho Tacos Restaurants, Inc., has restaurants featuring authentic Mexican cuisine in seven states. The company is looking to open restaurants in additional states and also wants to expand and improve its menu. Which of the following is an example of secondary data the owners of Mucho Tacos might find useful?
A) Information published by the U.S. Bureau of the Census that identifies which regions of the United States are experiencing the most rapid growth in Mexican-American population.
B) A telephone survey by the marketing department of Mucho Tacos asking for opinions about the quality of the food at the restaurants.
C) A focus group of teenagers who like Mexican food who are asked about their reactions to new food dishes the restaurant may offer.
D) E-mail responses the chain receives to a series of customer satisfaction questions posted on its Web site.

Q13-4. Jorge Martinez is a marketing manager for Belltown Financial Services. He has been looking at a variety of factors, such as technological, social and economic trends and competitive conditions, in an effort to identify factors that could be vital to Belltown's future marketing success. Jorge's efforts are an example of:
A) target marketing.
B) concept testing.
C) relationship marketing.
D) environmental scanning.

Q13-5. A firm is using ___________ segmentation when it divides a market into groups based on age, income, or level of education.
A) demographic
B) psychographic
C) sociological
D) econometric

Q13-6. Firms that adopt relationship marketing attempt to:
A) develop products that exactly meet the requirements of individual customers .
B) maximize market share by designing products that appeal to large numbers of customers.
C) develop a promotion strategy that effectively utilizes mass media such as television, newspapers and radio to reach a large audience.
D) maximize market share by keeping price low.

Q13-7. In the past, PicaPrints Print Shops has tried to appeal to everyone. Marketers at PicaPrints now believe that to succeed in an increasingly competitive market they must find small market segments that have been ignored by bigger competitors. PicaPrints believes that by offering these smaller segments customized services it can attract a loyal group of customers who are willing to pay premium prices, thus earning a decent profit. The strategy PicaPrints is adopting is known as:
A) random marketing.
B) niche marketing.
C) micro-marketing.
D) narrow-cast selling.

Q13-8. Art Sotak has just accepted a job as an salesperson in a firm that sells in the business-to-business market. He has always sold in consumer markets in the past, and wonders what type of buyers he will encounter in his new job. It's very likely Art will:
A) find little difference between buyers in the consumer market and those in the business-to-business market.
B) discover all buying in the business-to-business market is based on formal bids so the salesperson is little more than an order taker.
C) learn that industrial buyers generally require more personal service than buyers in the consumer market.
D) find that industrial buyers tend to purchase more on impulse than consumer buyers.

Q13-9. The purpose of competitive benchmarking is to:
A) keep accurate tax records.
B) prevent competitors from learning trade secrets.
C) learn how to improve the organization's processes and procedures.
D) encourage a firm's cross-functional teams to compete against each other to exceed established performance objectives.

Q13-10. Martin Maiers works as a marketing manager at a major manufacturing firm. He recently sent a memo to his boss promoting the idea of producing green products. This means that Martin wants to:
A) produce only products that have the potential for high profits.
B) establish a new policy that prevents firms from producing products that have not been given final approval (received the "green light") by the marketing department.
C) produce products using cross-functional teams.
D) produce products that do not harm the environment.

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2. Do Quick Quiz for Chapter 14

Q14-1. Which of the following is the best example of a product line?
A) General Motors offers passenger cars, small trucks, and tractor trailers.
B) Sony offers DVD players, compact disk players, and video game consoles
C) Kellogg offers Special K, Raisin Bran, Corn Flakes, and a variety of other cold ready-to-eat cereals.
D) Hewlett Packard offers scanners, printers and personal computers.

Q14-2. __________ are products that the consumer buys only after comparing quality and price from a variety of sellers.
A) Shopping goods
B) Specialty goods
C) Convenience goods
D) Unsought goods

Q14-3. June Daye lives in the southern part of Alabama where winters are normally fairly mild. Last January, during an unusually cold spell, the water pipes in her house froze and burst. She had to look in the Yellow Pages to find a plumber who was able to come out and repair the pipes the same day. Prior to the frozen pipes, the plumber's services represent an example of a(n):
A) unsought service.
B) industrial service .
C) specialty service.
D) convenience service.

Q14-4. Which of the following statements about packaging is the most accurate?
A) Changes in packaging can actually change the product itself and open up large new markets.
B) Packaging is usually the simplest and least critical element of a firm's promotional strategy.
C) For most products, packaging performs only one basic function, to protect the goods inside during shipping, handling and storage. However, this is a critical function, so packaging must be given a high priority.
D) Packaging is crucial in the marketing of goods, but much less important in the marketing of services.

Q14-5. The brand names that are used by producers that distribute products nationally are called:
A) manufacturers' brand names.
B) product category brands.
C) generic brand names.
D) universal brand names.

Q14-6. ___________ is the stage of new product development that involves promoting the product to distributors and developing advertising and sales campaigns to generate and maintain consumer interest in the product.
A) Commercialization
B) Brand identification
C) Product differentiation
D) Merchandising

Q14-7. The stages of the product life cycle include:
A) production, inventory, exchange, usage, and disposal.
B) conception, testing, production, commercialization, and obsolescence.
C) introduction, growth, maturity, and decline.
D) opportunity recognition, product proposal, production commitment, market acceptance, market preference, market decay, and obsolescence.

Q14-8. The number of units that must be sold for the total revenue to equal the total cost is called the ________.
A) adaptive price.
B) equilibrium price.
C) contribution margin.
D) break-even point.

Q14-9. A skimming pricing strategy is designed to:
A) allow lower income households the ability to purchase a particular good or service.
B) drive competitors out of business in order to achieve a monopoly position in the market.
C) create an exclusive, global image for a company's products.
D) price the product high in order to earn the highest possible profit while there is little competition.

Q14-10. Which of the following statements about nonprice competition is most accurate?
A) While still important, nonprice competition is becoming less critical to many firms as the Internet grows.
B) Marketers often rely on nonprice differences in their competitive strategy because price changes are easy to match.
C) Nonprice competition is much more important to large firms than it is to small firms.
D) Just as microeconomic theory suggests, in the real world firms have always found that nonprice competition must play a secondary role that supplements the more important competition based on price.

19 May 2006

1. Quiz will cover chapter 11.

2. Be ready to discuss Dave’s Baby Steps.

3. Bring ten resumes for last week.

4. Bring your own resume and any information that would be helpful in putting together your resume.

5. Be prepared to give an update on your final research project.

6. Be ready to do research for your term paper.
7. Be ready to work on the research paper.

The blog is working fine, now. I have put the current information on it. If you have any questions, contace me at mrelliott@taelliott.net

Quick Review Quiz for Chapter 11

Q11-1. In coming years, high tech growth areas such as computers, biotechnology, and robots are likely to experience a:
A) surplus of labor.
B) significant decline in market demand, leading to a stagnant labor market.
C) shortage of skilled labor.
D) stable equilibrium in the labor market.

Q11-2. Ben Eisner is a human resource manager at Claymont Communications who is currently involved in human resource planning. Which of the following tasks would Ben perform as a part of the planning process?
A) prepare a human resource inventory.
B) appraise the performance of individual workers.
C) establish the budget for the human resource department.
D) interview potential workers.

Q11-3. Which of the following would be used by a manager who wanted to fill a position using an internal source?
A) promotion of a current employee
B) public employment agencies
C) help wanted ads
D) private employment agencies

Q11-4. _____________ workers do not have the expectation of regular, full time employment.
A) Contingent
B) Apprenticed
C) Indentured
D) Underemployed

Q11-5. Which of the following types of work would be best suited to the use of on-the-job training as the primary training method?
A) Working with heavy construction equipment.
B) Checking out customers at a local convenience store.
C) Creating advertising copy for Procter & Gamble.
D) Wiring homes for an established electrical contractor.

Q11-6. The information contained in performance appraisals helps managers:
A) write job descriptions.
B) compute the firm's overall performance in terms of a rate of return on investment.
C) evaluate job applicants.
D) make decisions about promotions, compensation, training, and firing.

Q11-7. A common way of compensating teams is a ___________ system, in which bonuses are based on improvements over a previous performance baseline.
A) commission
B) stock option
C) gain-sharing
D) skill-based

Q11-8. Which of the following firms would have the strongest incentive to adopt a job sharing plan?
A) The ABC Company wants to simplify its hiring and training procedures.
B) The CDE Corporation wants to offer employees more flexibility in the types of fringe benefits they receive.
C) EFG Clothiers wants to reduce the span of control of its supervisors.
D) GHI Health Services wants to reduce absenteeism and tardiness.

Q11-9. A(n) __________ is a financial incentive a firm offers to encourage employees to accept an early retirement offer.
A) ESOP
B) green fair-way
C) golden handshake
D) silver lining

Q11-10. Probably the most controversial program enforced by the Equal Employment Opportunity Commission concerns:
A) mandatory retirement.
B) affirmative action.
C) equal pay reporting.
D) green card requirements for illegal aliens.

12 May 2006 – For Class will be explained by instructor

1. Look at the following resume web sites. view at least 2 (two) resumes on each site.
print any that you would like to share with the class.

career library

career resumes

job web

monster

Resume Resource


2. Do the Quick Review for chapter 11

12 May 2006

1. Remember the quiz over chapter 7.

2. Listen to dave for an hour.

3. Bring numbers 7 – 12 for class discussion.

4. We have added an interview that will be due on the 26th of May.

5. Look for Dave’s steps to Financial Peace on his web site.

For class – will be explained by instructor

For class – will be explained by instructor

1. Go to Sonic’s web site and surf around and get familiar with the site. Look at the small business resources and find two articles that are helpful for understanding small business.

2. Go to the Small Business Administration’s site and look at the articles on starting a small business. Find a couple of these articles to bring in for discussion.

5 May 2006

1. Read the prologue (pages p-6 through p-11 and p-2 through p-29, only) to the textbook and prepare for a class discussion on the relevant points in these sections.

2. Go to Dave Ramsey’s web site and listen to one hour of his radio program.

3. Go to Dave Ramsey’s web site and find an article that describes his financial management philosophy.

4. Do Quiz 4 (located on this web site). This may be done open book. It is due on the 5th of May.

5. The interview is also due on the 5th of May

6. Quiz 5 (12 May) will cover chapter 7.

7. See page 169 in your textbook. Go to The Virtual Franchise Expo and do numbers 1-3 (you may have trouble finding #1, if so, just skip doing #1 and go onto numbers 2 and 3).

8. What is a franchise? Look this up in your textbook and on the internet. Bring at least one internet article that describes what a franchise is.

9. Choose a type of partnership in chapter 5 and be ready to describe and discuss this type of partnership.

10. Go to bizmove and take the quiz. Bring the results to class for discussion.

11. Go to Quicken’s site and read this business plan. See page 201 in your textbook for questions to answer about the plan.

12. There is no number 12 have a good week and I will see you on the 5th.

Quiz 4 - Chapters 5 and 6

Chapter 5 True or False:
5-1. The corporation is the most common form of business ownership.

5-2. The three major forms of business ownership in the U.S. are sole proprietorships, partnerships, and corporations.

5-3. Few people today start their own business.

5-4. Once a business is established, it's almost impossible to change from one form of business ownership to another.

5-5. A comparison of the three major forms of business ownership shows that sole proprietorships are usually the most difficult type of business to establish.

5-19. A general partner can take an active role in the management of the business.

5-20. All of the partners in a general partnership have limited liability for the debts of their firm.


5-21. In a general partnership, all owners share in both management of the business and in the assumption of liability for the firm's debts.

5-22. In a general partnership, all active partners are entitled to an equal share of the firm’s profits.

5-23. Limited partnerships are just like general partnerships, except that they are organized to operate as a going concern for only a limited time period.

5-45. A conventional corporation is a state-chartered legal entity, with authority to act and have liability separate from its owners.

5-46. In today's economy, only large business enterprises should operate as corporations.

5-47. The owners of a corporation are known as general corporate partners.

5-48. A corporation can raise financial capital by selling shares of stock to interested investors.

5-49. Stockholders in a corporation must accept unlimited liability for the corporation’s debts.

5-80. Though popular during the early and middle 1900s, mergers and acquisitions were quite rare in the 1990s and early 2000s.

5-81. In a merger, two firms combine to form one company.

5-82. The three major types of mergers are rectangular, triangular, and circular.

5-83. An acquisition is when one company buys the property and obligations of another company.

5-84. One of the major reasons for the wave of mergers in the late 1990s and early 2000s was the desire of firms to expand within their own markets to save on costs.

5-100. A franchise agreement is an arrangement where a franchisor sells the rights to a business name and to sell a product or service within a given territory to a franchisee.

5-101. A franchise may be organized as a sole proprietorship, partnership, or corporation.

5-102. Recent figures suggest that franchising has declined in importance over the last ten years.
5-103. Franchisors give franchisees the right to use their name and product, but franchisees must obtain all financing and develop all marketing strategies on their own.

5-104. Today, franchising accounts for nearly 50 percent of the national retail sales in the United States.

5-124. A cooperative is simply another name for a corporation.

5-125. A cooperative consists of people with similar needs who pool their resources for mutual gain.

5-126. It is not unusual for members of cooperatives to work for and help manage their cooperative.

5-127. Farm cooperatives were originally established to help farmers increase their economic power by acting as a group rather than as individuals.

5-128. One thing Blue Diamond, Ocean Spray, and Land O Lakes have in common is that they all are cooperatives.

Chapter 6: Multiple Choice:
6-2. An entrepreneur:
A) manages businesses for others.
B) has a controlling interest in the ownership of a corporation.
C) manages businesses that operate in multiple countries.
D) accepts the risk of starting and running a business.

6-3. The importance of entrepreneurs to our economy is found in their:
A) impact on the political process.
B) ability to create jobs for others.
C) contributions of money to organizations that help people in need.
D) ability to influence national macroeconomics polices.

6-4. Which of the following would not be helpful in explaining why individuals accept the risks of business ownership?
A) The potential for profit and wealth.
B) The sense of self-satisfaction and independence.
C) The challenge of taking calculated risks.
D) The desire to work fewer hours.

6-5. All of the following are characteristics of successful entrepreneurs except:
A) self-disciplined.
B) tolerant of uncertainty.
C) willingness and desire to follow others.
D) action-oriented

6-6. The management of charities, government agencies, and schools is ________ the management of a business.
A) much different than
B) much the same as
C) less well defined than
D) better organized than.

6-7. All of the following are elements of the Small Business Administration's definition of a small business except that these firms:
A) have fewer than 100 stockholders.
B) are independently owned.
C) are not dominant in its field.
D) have annual receipts of less than a specified amount depending upon the industry.
6-8. Small businesses create about ____ percent of the new jobs in the United States.

A) 10
B) 25
C) 75
D) 10

6-9. About 80% of all Americans find their first jobs in:
A) government agencies.
B) large corporations.
C) the manufacturing sector.
D) small businesses.

6-10. A Small Business Management course at a community college may offer entrepreneurs an opportunity to:
A) meet with experienced entrepreneurs and learn from their advice.
B) try out ideas on a computer simulation before risking real time and money.
C) listen to a qualified instructor solve all of the problems of small business owners.
D) do a research paper on a topic of interest.

6-11. Conversations with people who start their own business often reveal that:
A) many small business owners got their entrepreneurial idea from a previous job.
B) it is unusual for experienced corporate managers to start their own businesses.
C) the most successful entrepreneurs often start their business ventures right after high school.
D) most small business owners begin with significant personal wealth.

6-12. ________ are the primary concerns of someone starting a business.
A) Human relations and accounting.
B) Financing and planning.
C) Marketing and public relations.
D) Staffing and controlling.

6-13. The business plan of a new entrepreneur should include all of the following except:
A) target market.
B) capital required.
C) competitive advantages.
D) names of employees.

6-14. A detailed written statement that describes the nature of the business, the target market, the firm’s competitive advantages, as well as the owner’s resources and qualifications is a:
A) business plan.
B) entrepreneurial mission statement.
C) profit and loss statement.
D) professional action plan.

6-15. Entrepreneurs seeking financial support from bankers and potential investors should:
A) be vague regarding their creative business plans to avoid having their idea stolen.
B) seek their assistance in developing their business plan.
C) create a detailed business plan to help the bankers and investors understand why this business will succeed.
D) ask for a relatively small amount of capital initially, postponing a full funding request until the investors better understand the business concept.

6-16.There are about ________ people in the United States, but over ________ in the world.
A) 5 million; 6 billion
B) 280 million; 6 billion
C) 5 million; 10 million
D) 275 million; 500 million



6-17. According to the Commerce Department, a ________of small businesses export their goods.

A) small percentage
B) large percentage
C) decreasing number
D) decreasing percentage

6-18. All of the following are hurdles small businesses face when considering exporting except?
A) Financing is often difficult to find.
B) Overseas buyers prefer dealing with large corporate bureaucracies.
C) There is great deal of required paperwork.
D) Cultural differences are not easily understood.

6-19. One reason why many U.S. small businesses are not involved in exporting is:
A) there is a limited market for their products.
B) the government’s new homeland security programs limit opportunities for small businesses.
C) many of these firms do not know how to get started.
D) U.S. products are perceived as inferior.

Guest speaker at 11:00am

1. Quiz will cover chapter 2.

2. Be ready for the guest speaker. Bring at least two questions on networking. These will be worth 100 points.

For Class-Will be explained by instructor

1. Read the following article on Informational Interviewing.

2. Read this article on email etiquette. Be prepared to explain at least two of the items on this list.

Welcome to Introduction to Business 101. I hope you enjoy this challenging course.

My email address is:

mrelliott@taelliott.net