Explain the three levels of strategy and how they relate to organizations.
What will be an ideal response?
*Organizational strategy is an overarching plan of action to guide top-level managers in creating,
evaluating, and implementing decisions and objectives that lead to success
*Divisional strategy focuses on how the different departments of the organization comply with the
company’s vision
*Functional strategy is a set of rules determining how each department will implement the strategic plan
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For a small coffee cafe, which of the following is a nonvalue-adding activity?
A) Importing coffee beans B) Purchasing ingredients C) Accounting for materials and conversion costs D) Operating the drive-through window
Fetzer Company declared a $0.55 per share cash dividend. The company has 200,000 shares authorized, 190,000 shares issued, and 8,000 shares in treasury stock. The journal entry to record the dividend declaration is:
A. Debit Common Dividends Payable $100,100; credit Cash $100,100. B. Debit Retained Earnings $100,100; credit Common Dividends Payable $100,100. C. Debit Common Dividends Payable $104,500; credit Cash $104,500. D. Debit Retained Earnings $110,000; credit Common Dividends Payable $110,000. E. Debit Retained Earnings $104,500; credit Common Dividends Payable $104,500.
Which of the following is NOT true?
a. Quartz rocks made good money in ancient times because of their excellent portability. b. Money must be accepted by the general population it is meant to serve. c. Money must be easily divisible so that buyers can receive “change” if the item they bought was not worth as much as the money they gave the merchant. d. Paper makes good money because of its portability. e. Coins make good money because of their durability.
The total amount of money a marketer allocates for advertising for a specific time period is the
A. marketing budget. B. advertising appropriation. C. objective-and-task approach. D. promotion grant. E. finances for advertising.