Questions and Answers of Foundations of Business

Describe the major components of human resources management.
Identify the steps in human resources planning.
Discuss workplace diversity and some of the challenges and opportunities associated with it.
Explain the objectives and uses of job analysis.
Describe the processes of recruiting, selecting employees, and onboarding.
Examine decisions associated with employee compensation and benefits.
Explain the purposes and techniques of employee training and development.
Discuss performance appraisal techniques and performance feedback.
List common forms of employee turnover and explain why firms strive to minimize it.
Explore some of the major legal issues affecting human resources management.
For some companies, onboarding and orientation are synonymous. How are they different?
With intense competition in the fast-food space, Taco Bell has leaned into innovation as a way to stand out with new restaurant concepts, delivery services, creative menu partnerships, and
LinkedIn (www.linkedin.com) is the largest and best-known social network for professionals. Many of you are probably already familiar with it.1. Do you have a profile? If not, you might want to
The New Therapy Company is soliciting a contract to provide five nursing homes with physical, occupational, speech, and respiratory therapists. The therapists will rotate among the five nursing
A résumé provides a summary of your skills, abilities, and achievements. It also may include a description of the type of job you want. An effective résumé clearly communicates your career
Explain motivation and its importance.
Describe some major historical perspectives on motivation.
Explore three contemporary views of motivation: equity theory, expectancy theory, and goal-setting theory.
Discuss the effects of organizational culture on employee performance.
Explain several techniques for increasing employee motivation.
How can managers nurture organizational cultures that motivate employees?
Which type of organizational culture do you think would best motivate employees? Least motivate?
How do flexible scheduling strategies and telecommuting increase motivation?
How can employee empowerment and ownership increase motivation?
Google is continually recognized for its employee-centric culture and is considered one of the best companies to work for. This is due in large part to Google’s wide array of employee benefits.
Although you might think working for an ice cream company would be motivating under almost any circumstances, Graeter’s doesn’t take its employees’ commitment for granted.Including full-time
Empowerment makes workers feel more involved in their jobs and the operations of the organization by involving them in decision making. However, empowerment is a tool that is used inconsistently in
Because a manager’s job varies from department to department within firms, as well as among firms, it is virtually impossible to write a generic description of a manager’s job.If you are
Explain how marketing adds value by creating several forms of utility.
Discuss the development of the marketing concept and how it is implemented.
Define what markets are and classify them.
Describe the two major components of a marketing strategy—target market and marketing mix.
Explain how the marketing environment affects strategic market planning.
Examine the major components of a marketing plan.
Describe how market measurement and sales forecasting are used.
Explain how marketers collect and analyze information useful for marketing decision making.
Identify the major steps in the consumer buying decision process and the sets of factors that may influence this process.
Define marketing in your own words.
Why are companies so interested in relationship marketing?
How is a customer-oriented firm different from a production- oriented firm or a sales-oriented firm?
How can marketing analytics help marketers improve marketing performance?
With more than 32,000 stores across more than 80 markets, Starbucks is the world’s largest coffeehouse chain. In 50 years of business, the company grew from a single coffee shop in Seattle to a
Review the text definitions of market and target market.Markets can be classified as consumer or industrial. Buyer behavior consists of the decisions and actions of those involved in buying and using
Before interviewing for a job, you should learn all you can about the company to help prepare you to ask meaningful questions during the interview. To find out more about a company, you can conduct
Explain what a product is and how products are classified.
Describe the product life cycle and how it leads to new-product development.
Define product line and product mix and distinguish between the two.
Identify the methods available for managing a product mix.
Examine the uses and importance of branding, packaging, and labeling.
Describe the economic basis of pricing and the means by which sellers can control prices and buyers’ perceptions of prices.
Specify the major pricing objectives used by businesses.
Compare the three major pricing methods that businesses employ.
Explain the different strategies available to companies for setting prices.
Why should businesses introduce new products?
Shinola Watch Company is a luxury design brand that sells timepieces, leather goods, jewelry, and more. The Shinola brand dates back to 1877 when it was a shoe polish company in Rochester, New York.
In his book, The Post-Industrial Society, Peter Drucker wrote: Society, community, and family are all conserving institutions. They try to maintain stability and to prevent, or at least slow down,
Marketing involves creating, delivering, and communicating about products that have value for customers. Within this exciting and evolving field are many jobs that may offer a lucrative and rewarding
Examine the various distribution channels and market coverage of products.
Explain how supply chain management facilitates partnering among channel members.
Describe the types of wholesalers and the services they provide.
Distinguish among the major types of retailers and shopping centers.
Identify the five most important logistics activities.
Examine advertising, including types of advertising, the advertising campaign, and social and legal considerations.
Explore personal selling, including the types of salespersons, the personal-selling process, and major sales management tasks.
Identify sales promotion objectives and methods.
Describe the types and uses of public relations.
Differentiate among the types of retailers.
What is logistics? Which major functions does it include?
Can a middleman be eliminated from a marketing channel?Explain.
Known for its “bed-in-a-box” concept, Casper Sleep Inc. was created in 2014 with the simple idea of selling a mattress online. The company’s goal was to create an affordable foam mattress that
When a 150-year-old company finally redesigns its logo and launches its first national ad campaign, that’s big news. Graeter’s, the beloved Cincinnati-based maker of premium, hand-packed ice
Social media allows brands to share their personalities and culture as well as their products with others. Some brands are more successful than others at this. Wendy’s has gained a reputation on
Surveys are a common tool in marketing research. The information they provide can reduce business risk and facilitate decision making. Retail outlets often survey their customers’ wants and needs
When you are looking for a job, the people closest to you can be a great resource. Family members and friends may be able to answer your questions directly or put you in touch with someone else who
Examine why it is important for a business to use social media.
Discuss how businesses use social media tools.
Explain the business objectives for using social media.
Describe how businesses develop a social media plan.
Explain the meaning of e-business.
Define the fundamental models of e-business.
Identify the factors that will affect the future of the internet, social media, and e-business.
Experts predict that the internet, social media, and e-business will continue to expand along with related computer technologies. What effect will this expansion have on how businesses (1) Market
When Target’s CEO Brian Cornell announced the company would spend $7 billion for capital improvements and $1 billion more per year for operating costs to modernize operations for the digital age,
The purpose of the first part of this chapter is to introduce you to social media and its importance to business. After reading the chapter, choose a business that you either know something about,
After graduating from college with a degree in marketing, your first job was working in the marketing department for a fast-food chain located in the southwestern part of the United States. After
Today, there are a wide assortment of career opportunities in companies that are involved in technology, social media, and e-business. In many cases, these firms want people with a fresh outlook on
Examine how information can reduce risk when making a decision.
Discuss management’s information requirements.
Outline the five functions of an information system.
Explain why accurate accounting information and audited financial statements are important.
Interpret a balance sheet.
Interpret an income statement.
Describe business activities that affect a firm’s cash flow.
Summarize how managers evaluate the financial health of a business.
Larry Ellison is an American businessperson and is one of the wealthiest people in the world. He is chairperson, chief technology officer, and co-founder of Oracle, an integrated cloud applications
All of the Big Four accounting firms are active on Twitter, as well as posting messages, content, and photos on Facebook, listing job openings on LinkedIn, and posting videos on YouTube. The idea is
This has been a bad year for Park Avenue Furniture. The firm increased sales revenues to $1,400,000, but total expenses ballooned to $1,750,000. Although management realized that some of the firm’s
To improve productivity, employers expect employees to use computers and computer software. Typical business applications include email, word processing, accounting, graphics, spreadsheets, and other
Explain why financial management is important in today’s competitive economy.
Identify a firm’s short- and long-term financial needs.

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