Chapter 5. Business - Introduction To Business

A push strategy emphasizes the use of mass media rather than personal selling.

Tina's Tiny Treats bakes an assortment of cookies and candies for corporate accounts and restaurants. On a good day, Tina's receives orders for from 600 to 800 custom cookies, with a variety of uniqueness, although the company is famous for delicate shortbread and butter cookies. Some cookies have round shapes, but others are elongated rectangles, and yet others are triangles. The bakers can quickly change the cookie cutting machine to reflect the orders for the day, while computers program the ovens bake each cookie to perfection. Refrigeration is also computer controlled. Tina's Tiny Treats embraces flexible manufacturing and mass customization.

3

If the Land of Mercury had total exports of $150 billion and total imports of $234 billion, it had a

4

What are the five steps in the marketing process?

5

Name three types of investments that can make up a portfolio

6

A large sporting goods store has recently been involved in a controversy involving its suppliers' use of child labor. As it works to resolve this controversy, what should the company monitor to get a better idea of how consumers feel about the company and its brand?

7

The best option for creating a training module on the features of a software program would be

8

Differentiate among strategic, tactical, and operational plans

9

One of the biggest differences between unions of the 1950s and unions of today is

10

The type of pay raise in which the employee can receive the entire amount of the increase at the beginning of the year is called a(n)

11

Sony is most correctly classified as a marketing intermediary type of business.

12

What must a monopoly, such as a public utility, account for when setting its prices?

13

Macy's, Sears, and JCPenney are examples of _____ stores in that they typically have large stores stocked with a wide range of consumer goods in different sections of the store

14

Describe the operations of a flexible manufacturing system (FMS)

15

Established by the Sarbanes-Oxley Act of 2002, it is the responsibility of the _____ to protect the interests of investors and further the public interest in the preparation of informative, fair, and independent audit reports

16

According to Maslow's hierarchy of needs, the need for love, companionship, and friendship and the desire for acceptance by others are a part of ________ needs.

17

Which of the following statements about the B2B market is true?

18

In the NCPM, which of the following is an acceptable PES statement?

19

What group term life feature permits an individual to depart from the group and continue to be covered without providing evidence of insurability?

20

A time deposit that earns interest is a

21

Which of the following helps a firm to preempt available demand, gain cost advantages related to volume, and build an enduring brand ahead of later competitors?

22

Suppose Pearce has a pre-existing condition that requires regular treatment. Which factor makes creating a flexible savings account (FSA) a less attractive option for this employee?

23

In 1770, Thomas Pine I was a tobacco merchant in Virginia. In 2014, Thomas Pine VI, the descendant of Thomas Pine I, was a tobacco merchant in Virginia. In terms of the global competitive environment, which of the following isnota difference between the competitions faced by Thomas Pine I and Thomas Pine VI?

24

What two essential questions do employers seek to answer about each candidate in interviews?

25

Some producers sell their products directly to consumers through a direct channel

26

Because e-businesses use the Internet, there is no need to meet the needs of their customers.

27

Ransomware only infects individuals' personal computers. Big organizations have too many firewalls in place to allow the virus in.

28

Which of the following can be done when using messaging systems in order to minimize the number of messages required?

29

________ is the process of performing research and analysis of a business to uncover any hidden problems associated with it

30

Kristy Martin is getting married on Saturday. She purchases flowers for the church ceremony early Saturday morning from a local flower shop. Which of the following types of utility is not created by this activity?

31

A _____ is a requirement a lender imposes on the borrower as a condition of the loan.

32

NAFTA member nations include those located in

33

Explain the term collective bargaining and the various approaches to collective bargaining

Collective Bargaining
The process by which representatives of labor and employers attempt to negotiate a
mutually acceptable labor agreement is called collective bargaining. There are two
broad basic approaches to collective bargaining. In distributive bargaining, the
process tends to be adversarial. The sides begin with predetermined positions and an
initial set of demands. They then use persuasion, logic, and even threats to gain as
much as they can. The other approach is called interest-based bargaining. In this
approach, the two sides do not present initial demands. Instead, they raise issues and
concerns and try to work together to develop mutually beneficial solutions.
Approaches To Collective Bargaining
Distributive bargaining is the traditional approach to collective bargaining. The two
sides negotiate, but they don't explicitly cooperate. Each side usually assumes that a
gain for one party is a loss for the other, resulting in an adversarial bargaining
environment.
In distributive bargaining, the two parties typically enter negotiations with
predetermined positions and specific proposals. In fact, union negotiators often present
a long "laundry list" of demands at the beginning of negotiations. Many of the demands
may be inflated to give the negotiators some room to bargain.
Interest-based bargaining takes a different approach. Rather than beginning with
predetermined positions and a long list of inflated demands, each side identifies
concerns it wants to discuss. During the negotiations, the two sides explore the issues
in depth and work together to find mutually acceptable solutions. They often form
teams consisting of members from both sides to work on specific issues. The goal is to
find a "win–win" outcome that benefits both sides.

34

Prudent firms follow domestic markets exclusively in order to keep their focus on immediate sales and to avoid the additional expenses incurred in the global marketplace

35

The limited liability provided to limited partners means that they are not responsible for the debts of the business beyond

36

A discount from the list, or retail, price offered to intermediaries is a(n) ____ discount.

37

The IMF's goal is to maintain a global monetary system.

38

Geoff works in the Lagos, Nigeria, office of KleenCorp., a Baltimore-based industrial cleaning products business. He is frustrated because he wanted to interview for a management position that recently opened up in his office, but the home-country office offered the job to a home-country employee. This isn't the first time that host-country employees were bypassed for jobs. Which political ideology would be used to explain this decision?

39

Which of the following clarifies structure and shows employees where they fit into a firm's operations?

40

________ draw(s) on economic theory to construct sophisticated econometric models for predicting exchange rate movements.

41

When discussing exchange rate forecasting, the inefficient market school of thought would agree that

42

The rule of strict product liability holds a firm liable for a defective product only if the firm knowingly placed a hazardous product on the market.

43

Which of the following is NOT normally a benefit of corporate social responsibility?

44

Trade credit is the practice of buying goods now and paying for them later.

45

What are nontariff barriers? How do nontariff barriers restrict international trade?

46

Which of the following situations does a Critical Illness plan cover?

47

Nielsen market research measures and tracks key performance indicators regarding retention, representation, supplier diversity, and promotions in an effort to further its diversity and inclusion efforts. Nielsen has created Employee Resource Groups such as the Asian American Link (AAL) and Sustaining Active Black Leadership and Empowerment (SABLE) group to provide an outlet for professional

48

The owner of a convertible bond can exchange the bond for a specified number of shares of common stock in the same corporation.

49

One of the more frequent political arguments for government intervention states that it is necessary to protect industries from foreign competition.

50

The primary objective of the International Monetary Fund is to:

51

To bring _____ to life, experts advocate a forceful, integrated approach to ethics that includes establishing expectations for ethical behavior at all levels of the organization, from the CEO to the night-time cleaning crew

52

Explain how the notion of scarcity is related to personal as well as business decision making.

53

Nuno owns a recording studio with high-quality equipment. He allows artists to schedule sessions based on their flexibility, and he also allows them to bring their own sound engineer and work with him or her to achieve the desired result. As a result, his customers frequent his studio and recommend it to their friends and colleagues. The opportunity of _____ is highlighted in the given scenario.

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Chapter 5. Business - Introduction To Business

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