Questions and Answers of Foundations of Business

Differentiate between FOB origin and FOB destination pricing.
Describe the three types of pricing associated with business products.
Describe two specific pricing strategies in each category.
Identify the five categories of pricing strategies.
List and explain the three kinds of pricing methods. Give an advantage and a disadvantage for each method.
Explain the various types of pricing objectives.
Why is it important to consider the buyer’s sensitivity to price when pricing products?
Differentiate price competition and non-price competition.
How does change in price affect the demand and supply of a product?
What factors must be considered when pricing products?
What are the major functions of packaging?
Define brand equity and describe the four major factors that contribute toward brand equity. What issues must be considered while choosing a brand name?
How do brands help customers in product selection? How do brands help companies introduce new products? Explain the three levels of brand loyalty.
Describe the major types of brands.
Describe the seven phases of new-product development.
What is the aim of test marketing?
Why is it important to delete certain products? The largest number of product ideas are rejected during which stage?
What are the ways to improve a product mix? Describe two approaches to use existing products to strengthen a product mix.
Can a product line be a product mix?
How does a product line differ from a product mix?
How does knowledge of product life-cycle relate to introduction of new products?
Explain the four stages of the product life-cycle.
Based on their characteristics, business products can be classified into what categories?
Describe the classifications of consumer products.
Identify the general categories of products.
1. After exploring @comcastcares on Twitter, do you think that this helps with customer service? Why or why not?2. Do you see other applications for Twitter for a communications giant
1. Is Huy Fong using the marketing concept? Explain.2. What type of market is Huy Fong targeting with its sriracha sauce?3. Of the four categories of segmentation variables, which is most
Is it a good strategy to focus most marketing efforts on the most profitable customers?
How is a marketing-oriented firm different from a production-oriented firm or a sales-oriented firm?
What is the difference between disposable income and discretionary income?
What are the five stages of the consumer buying decision process?
How does a customer’s decision-making time vary with the type of product?
Why is it important to understand buying behavior?
How does technology facilitate collecting and analyzing marketing information?
Identify and describe the six steps of the marketing research process.
What are the major reasons for conducting marketing research?
Data from a marketing information system is collected from which internal and external sources?
What methods do businesses use to forecast sales?
Why is sales forecasting important?
Why is developing a well-written marketing plan important?
What are the major components of a marketing plan?
How are marketing decisions affected by environmental forces?
Describe the environmental forces that affect a firm’s marketing decisions and activities.
Identify the four elements of the marketing mix.
Describe the major approaches used in target market selection.
Identify and describe the major types of markets.
What is a market?
What steps are involved when implementing the marketing concept?
How did the customer orientation evolve?
Identify the major components of the marketing concept.
Explain the four kinds of utility. Provide an example of each.
What are the benefits of retaining customers?
How can technology help to build long-term customer relationships?
1. Do you think social media is an effective way to engage employees who are in large organizations? Why or why not?2. Do you think social media would work well in smaller companies? Why
1. When Chris Mittelstaedt says, “People like to be part of something bigger than them-selves,” what are the implications for employee motivation?2. Why would an accounting firm spend money
What are the five levels of needs in Maslow’s hierarchy? How are a person’s needs related to motivation?
What are some of the benefits and limitations of a team?
How can team conflict be reduced?
Identify and describe the stages of team development.
Highlight some differences between cross-functional teams and virtual teams.
What are the major types of teams?
How do employee ownership and employee empowerment help in increasing employee motivation and satisfaction?
What benefits does a company receive when using flextime, job sharing, and telecommuting?
What is behavior modification and how is it used in organizations?
How can companies use job enrichment as a method for motivating employees?
What are the five steps of most MBO programs?
What is expectancy theory and how is it different from goal-setting theory?
How do managers use Equity in order to decide the pay structure of employees?
What is equity theory?
What are the underlying assumptions of Theory X and Theory Y?
What are the major elements of Herzberg’s motivation–hygiene theory?
What are the different levels in Maslow’s hierarchy of needs?
What were Elton Mayo’s conclusions from the Hawthorne Studies?
What are the major elements of Taylor’s “scientific management”?
Why is understanding motivation important?
1. What effect does low turnover have on the Container Store’s ability to forecast human resources supply and match supply with demand?2. Do you agree with the Container Store’s
Of the laws discussed in the text, which are the most important, in your opinion?
What is the purpose of the Americans with Disabilities Act?
What is the Occupational Safety and Health Act?
How does the Civil Rights Act influence the selection and promotion of employees?
How is the National Labor Relations Act different from the Fair Labor Standards Act?
Describe the three approaches to performance feedback interviews.
What are the main objectives of performance appraisal?
What are the primary training and development methods used by firms?
What is the difference between employee training and management development?
How do flexible benefit plans work?
What are the major types of employee benefits?
What are the different forms of compensation?
Identify the major compensation decisions that HRM managers make.
Identify and briefly describe the types of practices and tools that are used in the selection process.
Under what conditions are external and internal recruiting used?
What are the differences between internal and external recruiting?
How can it be used to hire the right person for the job?
What are some of the benefits and challenges of cultural diversity in an organization?
What is cultural diversity in an organization?
To match human resources supply and demand, how is attrition used?
What are the techniques used to forecast human resources supply?
How do firms forecast the demand for human resources?
How does the responsibility of HRM change with the size of a firm?
1. Visit the https://ideas.starbucks.com/ site. Do you have an idea for Starbucks? If so, post it. Do you have a feeling about one of the current ideas? If so, then vote for it.2. Do you

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