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business
understanding business ethics
Better Business 5th Edition Solomon, Michael R;Poatsy, Mary Anne;Martin, Kendall - Solutions
Securing Financing Go to the website of a local bank and research its options for short-term business financing. What are the terms of its small business loans and lines of credit?Does it offer other commercial financing options, such as factoring? If you were going to open a small business, how
Exploring Career Possibilities Visit job search sites, such as Monster.com, and find postings for financial managers and accountants.What are the job specifications and requirements?What companies are advertising the openings? Are these careers you are interested in pursuing? Why or why not?
Successful Social Funding Suppose you want to start a business and have decided to finance it with funds raised on a crowdfunding website. Research two or three different crowdfunding sites. What are the similarities and differences between them? Which site would you choose, and why?
Balancing a Budget Companies are not the only entities that must create budgets. Cities, states, and other governmental agencies must also prepare budgets, but unlike corporations, they can raise or lower taxes to help balance their budgets. Raising taxes is not always politically popular. Lowering
The text lists only a few ratios that are used to analyze financial statements. Research three more ratios, explain how they are calculated, and explain why they are important to financial analysis.
What are the key financial statements, and what is the importance of financial statements?What information does each contain? Which statement do shareholders typically find most useful? Why? What about independent contractors considering working with a firm?
Jason owns a sandwich deli that offers delivery service. Because of the quality of the service and the sandwiches, Jason is experiencing increased demand for his products, especially in his town’s business district. He now wants to buy a food truck to operate from 10:00 am to 2:00 pm in the
Balance sheets show what a company owns and what it has borrowed (owes) along with the net worth of a business.True or False
A project budget includes all the costs necessary to operate an organization, including inventory, sales, manufacturing, marketing, and operating expenses.True or False
Personal loans are not a recommended long-term or permanent strategy because they can lead to severed relationships if the loans are not paid back promptly.True or False
An operating budget focuses on financial needs for significant purchases, such as real estate, manufacturing equipment, plant expansions, or technology.True or False
A new supplier for a retail store is expected to invoice them 90 days after the delivery of the stock. What is this called?a. Deferred paymentb. Loanc. Trade debitd. Trade credit
Which of the following is an example of accrued expenses?a. trade creditb. smart phone billsc. payrolld. insurance premiums
Hunter Wentworth is reviewing last quarter’s financial statements and realizes that there has been an increase in working capital. The most likely cause for an increase in working capital is a(n)a. decrease in long-term liabilities and an increase in total assets.b. increase in current assets and
Corporate accounting has two separate functions:a. producing budgets and financial documents for managers.b. auditing and tax accounting.c. auditing corporate and producing financial documents for outside investors’ financial statements.d. managerial accounting and financial accounting.
Cash flow management is important for which business?a. Spring Mountain Ski Shop, which operates between November and Marchb. Lederach Tea Room, which serves breakfast and lunch all yearc. Tailwinds Airlines, which just had its first stock offeringd. All of the above
What kind of financing is best described as occurring when funds are generated by the owners of a company rather than being borrowed from outside lenders?a. Debt financingb. Equity financingc. Venture capitald. Securities
Ted White owns Soup & Salad Café. The terms of his last order for produce were 3/15 net 60. The total amount of the order is $1,500. How much will Ted pay if he pays within two weeks?a. $1,500.b. $1,300.c. $1,455.d. $1,440.
What is the role of a CFO?a. Managing a company’s short- and long-term needs.b. Overseeing the company’s financial activities.c. Monitoring cash flow and investing excess funds.d. Dealing with creditors and debtors.
On a balance sheet, assets are organized into three categories. Which of the following is not one of those categories?a. Currentb. Fixedc. Tangibled. Intangible
Social media and mobile marketing are big components of most companies’promotional campaigns. Discuss how these methods of marketing affect you and your buying behavior. Do these marketing techniques influence you to consume in a different way? Why or why not?
Distribution Logistics The text discussed the distribution channels for several products. Complete a similar diagram to Figure 14.7 using examples of other products with a one-step distribution channel (producer to consumer), a twostep distribution channel (producer to retailer to consumer), and so
Multilevel Marketing Suppose you want to earn a few dollars but don’t want a full-time job. Research the benefits and requirements of working for a multilevel marketing company doing in-home product demonstrations.Some companies to consider are the Pampered Chef, Amway, Discovery Toys, Herbalife,
Personal Selling There are many different careers in sales. To determine whether sales is a good career path for you, use the Internet to research careers in sales. You might want to start by looking at the Occupational Outlook Handbook on the Bureau of Labor and Statistics website. What are the
Viral Marketing Find an example of a viral marketing campaign on YouTube. Discuss the features of this campaign that made it go viral. Research to see if the company reported any benefit from this campaign. Discuss whether you think viral marketing is an effective type of marketing.
Getting to the Top of the List Many companies spend a significant part of their marketing budget on search engine optimization(SEO). Research what SEO is. Why is it so important for companies to do? Discuss why you think companies feel it is worth spending millions of dollars to do.
Consider the tactics pharmaceutical companies use in print and television ads. When or where are the side effects mentioned? Do the ads help raise the awareness of certain illnesses and treatments, or do they give false hope and/or incomplete information to people about powerful medications?
Is DTC advertising more appropriate for certain drugs? For example, do the ethics of advertising cholesterol-lowering drugs differ from the ethics of advertising antidepressants? Why?
If you were a legislator voting on a bill that proposed a ban on DTC advertising of pharmaceuticals in the United States, would you vote for it or against it? Why?
Describe which distribution strategy—intensive, selective, or exclusive—would be most appropriate for each of the following products and explain why: laundry detergent, cigarettes, Mercedes sports cars, and Snickers candy bars.
Businesses need to not only find potential customers but also identify those who are qualified to buy.True or False
The first step in a promotional campaign is to determine the marketing objectives.True or False
Sales promotion is not one of the four promotional tools that are used to promote a good or a service True or False
The product itself can be considered part of the promotional mix because samples of it can be given away to demonstrate its features.True or False
Advertising aims to increase public awareness of brands or products, but which of the following are problems associated with advertising?a. It can be impersonal.b. It can be expensive.c. It is not that helpful in closing a sale.d. All of the above
Which of the following statements is untrue with regard to infomercials?a. They appear to be actual television programs, often in the form of talk showsb. They have little direct reference to the fact that they are actually adsc. Celebrities often appear as guests or hosts to endorse and push the
Which of the following is untrue with regard to brokers?a. They never own the products traded.b. They operate mainly in B2C markets.c. They operate only in B2B markets.d. They facilitate negotiations between buyers and the sellers.
Which of the following has had the biggest impact on traditional high-street retailers?a. Credit and debit cardsb. Contactless transactionsc. Electronic retailingd. High rental charges
Which of the following statements is correct?a. Retailers tend to sell only consumer products.b. Wholesalers sell primarily B2B products.c. Wholesalers are intermediaries that buy and resell products to retailers.d. All of the statements are true.
What is the more modern term used to describe a middleman or reseller?a. Business partnerb. Marketing intermediaryc. Stockistd. Franchisor
Your college professors take on what kind of sales role when they select books for their class?a. Order takerb. Order influencerc. Support personneld. None of the above
McDonald’s advertises that any size coffee is$0.99 all day. This is an example of __________ advertising.a. productb. retailc. comparatived. corporate
Which of the following is a step involved in a promotional campaign?a. Identify the target marketb. Determine the budgetc. Implement an integrated marketing communications pland. All of the above
Look at the automobile industry over the past 10 years, and discuss how various types of automobiles fit into the product life cycle.
Why is it important for marketers to think of a good or a service in terms of the total product offering?
Comparison Shopping Websites Go to an online comparison shopping website such as mySimon, PriceGrabber, or DealTime and research the prices for at least three products. Describe the different prices for each product, noting the kind of stores that offer the lowest and the highest prices. Does there
Toothpaste Differential Look at Walmart’s website or a website for an online drugstore. List the various manufacturers of toothpaste. Then, for each one, list the various products they make. How are companies trying to differentiate their products from each other? How do you think consumers react
Research a Brand Choose a favorite brand of clothing or food and use the Internet to gather information about it. What type of brand is it—manufacturer’s, private, individual, or other? Is it part of a brand extension? Is it associated with a co-brand or a licensing arrangement?How do packaging
Organic Coke?Organic products are increasing in popularity.Suppose Coca-Cola came out with an organic soda product. Use the Internet to research other organic beverages and sodas. Where among Coca-Cola’s product lines would this item fit? How would Coca-Cola’s established branding help or hurt
The iPhone as a Product Go to Apple’s iPhone website. Describe Apple’s marketing mix strategy for its product and its price.When would an iPhone be a consumer product, and when would it be a B2B product? What does Apple do to augment its product? What type of branding strategy is Apple
What about pricing? How might you reconcile the need to keep the drug company profitable with the ethical responsibility to make medications affordable for those in need?
How do the potential profits of Team B’s drug affect your stance from both financial/business and medical/ethical perspectives?
Which team would you recommend the company fund? Why?
Describe when it might be appropriate to use each of the following pricing strategies: discounting, rebates, bundling, dynamic pricing, prestige pricing, psychological pricing, loss leader pricing, and reference pricing.
Describe the core, actual, and augmented product benefits for the following goods and services:a hamburger purchased at McDonald’s, a gym membership, and this textbook.
How are brand loyalty, specialty goods and services, and prestige pricing related?
Labelling serves two functions: to persuade and to inform.True or False
Shopping goods are products that are purchased frequently, immediately, and without much deliberation.True or False
The local small appliance store has microwave ovens for sale at a price of $149.95. The price tag notes that the manufacturer’s suggested retail price is $160. This type of pricing is referred to as a loss leader.True or False
A local pizza joint increased its prices, so now you buy pizza elsewhere. Pizza is therefore an inelastic good.True or False
The core product is the primary benefit or service that satisfies the basic need or want that motivates a consumer’s purchase.True or False
Sally and Brian only go shopping on Tuesdays because they can get the senior discount.Which pricing strategy are they taking advantage of?a. Predatory pricingb. Price discriminationc. Target costingd. Psychological pricing True/False You can find the answers on the last page of this book.
A retailer realizes that sales have fallen as a result of a 5 percent increase in prices across the store. What might this say about the products they sell?a. They are dynamically priced.b. They are price inelastic.c. They are price elastic.d. They are prestige priced.
Bundling takes place when two or more products that usually complement one another are combined and sold at a single price. Which of the following markets are most likely to use this approach?a. Cinemasb. Fast Foodc. High-end jewelersd. Automobile resellers
In what stage in the product life cycle would you consider Tesla automobiles to be?a. Introductionc. Maturityb. Growthd. Decline
Which type of brand is also known as a national brand, even though it may be distributed globally?a. genericb. manufacturer’sc. privated. licensed
A brand that markets several different products under the same brand name is aa. manufacturer’s brand.b. family brand.c. private brand.d. co-brand.
When businesses hire celebrities to endorse their products and connect their brands with positive attributes, they are focusing on enhancing their branda. loyalty.b. awareness.c. association.d. extension.
Which of the following statements is untrue about branding?a. It helps sellers highlight the special qualities of their products.b. It reduces the risks involved in purchases where buyers are unable to objectively determine quality.c. It allows consumers to compare descriptions and ingredients.d.
What is the general term used to describe goods and services purchased by households for personal consumption?a. Consumer-orientated offeringsb. Consumer productsc. Consumer brandsd. Consumer product ranges
Which of the following statements is untrue with regard to augmented products?a. They are the actual product plus other real or perceived benefitsb. Value enhancement should not have any influence on the final pricec. Benefits might include customer service and support, delivery, installation, a
Think of the last major purchase you made. Discuss how sociocultural, personal, psychological, situational, and marketing mix influences impacted this purchase.
Choose a business in your local or college community, and discuss how each of the elements of the marketing environments (Global, Technological, Economic, Social and Cultural, Competitive, and Political and Regulatory) affect that business.
The Jeep Experience The Jeep brand uses a nontraditional marketing approach by offering Jeep owners invitations to special events. Go to the Jeep website and research the events that this company offers to its customers. How effective do you think engaging customers in ongoing events is in getting
Daily Deals Groupon and LivingSocial pioneered the concept of daily deals. Over time, many more daily deal websites, such as Woot and Google Offers, have evolved.Research three daily deal websites and comment on their marketing plans. How does each attract, retain, and communicate with its
Organic Differences Visit the websites of Trader Joe’s and Whole Foods Market. Both companies are in the organic and health-conscious food industries. Compare the two websites. What marketing techniques does each site use? Do you think the companies are targeting the same type of customer? Why or
Mobile Marketing Marketers are offering coupons on mobile devices, sending alerts to them to announce special sales or discounts, using QR codes, and creating mobile shopping applications. Starbucks is a leader in mobile marketing. Research and comment on Starbuck’s mobile marketing efforts. What
Apple’s Marketing Mix Go to Apple’s website and click on the Apple Watch link. Describe Apple’s marketing mix strategy for the product—that is, the product/customer, price/cost, promotion/communication, and place/ convenience. How does Apple attempt to foster good customer relations? What
In The Footprint Chronicles, the company lists ways other companies can use Patagonia’s strategies to reduce their carbon footprint. Choose a local company or even your college and discuss how you think the organization could implement Patagonia’s practices.
Discuss how Patagonia’s environmental and corporate social responsibility practices drive customer loyalty.
Go to Patagonia’s website and look at all the actions the company has taken and is currently pursuing in their efforts to become a responsible company. Briefly summarize their current campaign “The Responsible Economy.”
Suppose you were hired by Apple to develop a marketing campaign for a new iPhone.Describe the new features, and then identify who would be the target market? List at least four characteristics and the corresponding market segment that define the ideal customer.Repeat the exercise for a Toyota Prius
List as many brands of cars as you can think of. Group the car brands into target markets.What features of each brand identify its target market?
Think of an example of how a specific organization(for-profit or not-for-profit) tried to establish a better customer relationship with you.What did the organization do? Was it effective?Why or why not?
Societal marketing began after the Great Depression when the economy was improving and most of society wanted to spend.True or False
Employees can benefit from successful marketing because new job opportunities may be created as production expands to satisfy the growing demand for highly valued products.True or False
The process of developing a unique marketing mix that best satisfies a target market is known as positioning.True or False
The two basic elements of a marketing strategy are the product design and the marketing mix.True or False
The consumer decision-making process is part of a broader environmental context that influences each step.True or False
Which of the following is not an example of secondary data?a. Commercial sourcesb. Government datac. Customer feedbackd. Magazines and newspapers True/False You can find the answers on the last page of this text.
Which of the following is not a usual threat found in the external environment?a. The economyb. Sociocultural forcesc. Global, political, and regulatory environmentsd. They are all external environment threats
Which of the following represents a shift from the four Ps to the four Cs of marketing?a. Considering the complete cost of a product to the consumerb. Making the product convenient to buyc. Focusing on the consumer’s wants and needsd. All of the above
Market segmentation based on lifestyles, personality traits, motives, and values is calleda. geographic segmentation.b. demographic segmentation.c. psychographic segmentation.d. behavioral segmentation.
Which of the following is not part of the consumer buying process?a. Purchase or no purchase decisionb. Post-purchase evaluationc. Peer pressurized decisiond. Evaluation of alternatives
Bill Wertz runs a transportation service that caters exclusively to the residents of retirement communities. Bill’s business is taking advantage of which of the following marketing environments?a. The competitive environmentb. The sociocultural environmentc. The technological environmentd. The
Which of the following is not one of the four Cs of marketing?a. Convenienceb. Commercializationc. Communicationd. Cost
A business sets a marketing objective of opening ten new stores this financial year. What kind of marketing objective does this represent?a. A written marketing objectiveb. An outline of sales goalc. A realistic, quantifiable, and time-specific objectived. A financial objective
Apple Inc. is listed as a leader in supply chain management. Research Apple’s supply chain model, and explain why it is a standard of excellence.Discuss what, if any, aspects of its supply chain management might still need improving.
What technological changes have enabled mass customization to take place? What are the advantages and disadvantages of this type of production process compared to mass production?
Award-Winning Quality Providers Several companies have received the Malcolm Baldrige National Quality Award multiple times. Research at least two of these companies and discuss the quality initiatives each company has in place to enable them to receive the Baldrige Award multiple times.
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