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STR 581 Final Exam Part 3

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1. A company that attempts to lead its industry in price and convenience by pursuing a focus on lean and efficient operations is pursuing what strategy?  

Operational excellence      

Low-cost leadership          

Customer intimacy  

Product leadership

2. One of the ways to change the course of a brand is to modify the product. Under product modification, ________ adds size, weight, materials, supplements, and accessories that expand the product’s performance, versatility, safety, or convenience.        

technological improvement          

feature improvement          

style improvement  

quality improvement

3. Marketers need to identify the hierarchy of attributes that guide consumer decision making in order to understand different competitive forces and how these various sets get formed. This process of identifying the hierarchy is called ________.  

market estimation    

brand association  

market partitioning  

market valuation

4. This is designed to check systematically and continuously whether the premises on which the strategy is based are still valid  

Special alert control

Strategic surveillance        

Implementation control      

Premise control

5. A firm must know where to position its product based on price and  

promotional efforts  

quality          

communication      

region

6. When performing this analysis, it is good for strategic planners to consider similarities between the benefits the customers derive from the products and services that other firms offer.  

Competitive analysis          

Business analysis  

Customer analysis  

Company analysis

7. What is the perceived monetary value of the bundle of economic, functional, and psychological benefits customers expect from a given market offering because of the product, service, people, and image?

Ultimate service benefit    

Complete marketing benefit          

Total customer benefit      

Total management benefit

8. A valuable result of task environment analysis with respect to geographic, demographic, psychographic and buyer-behavior factors is called        

competitor profile    

financial position    

vendor profile          

customer profile

9. The ability to meet humanity’s needs without harming future generations is now a top priority in most corporate agenda  

ethics

sustainability          

rules  

righteousness

10. Large-scale, future-oriented plans for interacting with the competitive environment to achieve the company objective refers to its      

strategy        

dynamic policies    

competitive analysis          

goals

11. With ________ as a target market strategy, the firm concentrates on serving many needs of a particular customer group.        

single-segment concentration      

product specialization        

market specialization        

selective specialization

12. Company X's principal strength is its inbound and outbound logistics system; its relative weakness, however, is after-sales service. Its competitor, Company Y, however is often plagued with lagging shipments and an inflexible distribution setup. Company Y remains successful because it maintains a fully staffed service department and, as a result, the company is known for its dependable service. This type of analysis allows them to identify ways to build on relative strengths and avoid dependence on capabilities at which the other firm excels.      

Disaggregating        

Benchmarking        

Past performance comparison    

Industry comparison

13. The strategic factor that involves the beliefs, values, attitudes, opinions, and lifestyles of persons in the firm’s external environment, as developed from cultural, ecological, demographic, religious, educational, and ethnic conditioning.      

Political factor          

Stakeholder factor  

Economic factor      

Social factor

14. Leaders galvanize commitment to embrace change through clarifying strategic intent, building an organization, and        

shaping organizational culture    

developing a vision

developing a mission        

planning strategy

15. How do functional tactics compare to business strategies?

Functional tactics are more focused on the general direction of the firm than business strategies.          

Functional tactics are more focused on a commitment to corporate strategy than business strategies.    

Functional tactics are more specific than business strategies.          

Functional tactics are more long-term than business strategies.

16. Under which of the following conditions is the frequency the most important factor in media selection?  

When introducing flanker brands

When going into undefined target markets      

When launching infrequently purchased brands        

When there is high consumer resistance to the product

17. New-to-the-world products are ________.          

new product enhancements that supplement established products

low-cost products designed to obtain an edge in highly competitive markets        

new products that create an entirely new market        

existing products that are targeted to new geographical markets

18. BMW’s "The ultimate driving machine," American Express' "Don't leave home without it," New York Times' "All the news that's fit to print," and AT&T's "Reach out and touch someone" are all examples of ________.    

brand mission          

brand vision

brand slogan          

brand personality

19. Which component of a marketing audit includes major developments in income, prices, savings, and credit that affect the company?          

Economic    

Political        

Cultural        

Technological

20. Prestige LLC, a small company that manufactures specialty cereals and energy bars, wants to launch a "green marketing" program in response to heightened consumer awareness about environmental issues. What should the company do to maximize the program's chances of being successful?

Explain the rules and regulations laid out by governmental agencies to protect the environment.          

Focus on the efforts and costs incurred by the company to bring these "green" products to consumers.  

Emphasize benefits to the consumer rather than environmental benefits.

Demonstrate that the products will benefit both customers and the society in the long-term.

21. When diversification involves additions of a business related to the firm in terms of technology, markets or products, it involves          

vertical diversification        

concentric diversification  

horizontal integration        

concentrated growth

22. These social responsibilities are those that are voluntarily assumed by a business or organization. They include public relations activities, good citizenship, and full corporate social responsibility.        

Economic responsibility    

Legal responsibility

Employee responsibility    

Discretionary responsibility

23. Which control should periodically reassess its approach to the marketplace with a good marketing audit?  

Strategic control      

Marketing control    

Ethical control        

Performance control

24. What type of strategy consists of geographical pricing, price discounts and allowances, promotional pricing, and differentiated pricing?      

Regular prices        

Fixed pricing

Price adaptation      

Altered pricing

25. A set of ideas on organizational control based on the belief that the separation of the ownership from management creates the potential for the wishes of owners to be ignored refers to  

agency theory          

the moral hazard problem

Adam’s theory        

ethical responsibilities

26. Firms using this generic strategy attempt to build customer loyalty by stressing a specific product attribute above other product qualities.      

Cost leadership      

Concentrated growth        

Focus

Differentiation

27. A company can learn a great deal by analyzing the degrees of brand loyalty. For example, ________ can show the firm which brands are most competitive with its own.          

switchers      

hard-core loyals      

shifting loyals          

split loyals

28. This is an important structural decision and resultant separate activities need to be coordinated and integrated back together as a whole so the business functions effectively.        

Broadening  

Differentiation        

Diversification        

Preferencing

29. This is a historically popular technique through which managers create a quick overview of a company's strategic situation—it is based on achieving a sound fit between internal resources and the external situation.      

Internal analysis    

Value chain analysis        

External analysis    

SWOT analysis

30. The marketing manager needs to know the cost of the research project before approving it. During which stage of the marketing research process would such a consideration most likely take place?          

Step 4 – analyzing the information        

Step 5 – drafting the report

Step 1 – defining the problem

Step 2 – developing the research plan

Strategic Planning & Implementation – str581 Course Content include Topics and Objectives for STR 581 Capstone Final Exam Part 3

STR 581 Capstone Final Exam Part 3 has a well-defined syllabus. We have presented the entire syllabus with both compulsory and optional modules for the Strategic Planning & Implementation Course. Past trend suggests that the focus of exam has changed year-on-year. So, we have covered the entire topics important for the exam. The course is designed to give students a thorough background in the latest advances in environmental scanning, strategic analysis, corporate social responsibility, implementation and evaluation, and risk management.

Internal Capabilities and Resources

Strategic Choice and Evaluation

Create and Sell Your Business Plan

Implementation, Strategic Controls, and Contingency Plans

Mission, Vision, and Values

External Environmental Scanning

Read more at -  STR 581 Capstone Final Examination Part 3

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STR 581 Final Exam Part 2

STR 581 Capstone Final Examination, Part 2

1. Internal reports that review the actual impact of decisions are prepared by:          

the controller

department heads    

factory workers        

management accountants

2. Horizontal analysis is also known as:        

trend analysis

vertical analysis        

linear analysis          

common size analysis

3. Which of the following is an advantage of corporations relative to partnerships and sole proprietorships?  

most common form of organization

reduced legal liability for investors

lower taxes    

harder to transfer ownership

4. Serox stock was selling for $20 two years ago. The stock sold for $25 one year ago, and it is currently selling for $28.  Serox pays a $1.10 dividend per year.  What was the rate of return for owning Serox in the most recent year? (Round to the nearest percent.)          

32%  

16%  

12%  

40%

5. External financing needed: Jockey Company has total assets worth $4,417,665. At year-end it will have net income of $2,771,342 and pay out 60 percent as dividends. If the firm wants no external financing, what is the growth rate it can support?          

30.3%

27.3%

32.9%

25.1%

6. An unrealistic budget is more likely to result when it:    

has been developed by all levels of management.          

has been developed in a top down fashion.        

has been developed in a bottom up fashion.

is developed with performance appraisal usages in mind.

7. Which of the following financial statements is concerned with the company at a point in time?          

balance sheet          

retained earnings statement          

statement of cash flows

income statement

8. Next year Jenkins Traders will pay a dividend of $3.00.  It expects to increase its dividend by $0.25 in each of the following three years.  If their required rate of return if 14 percent, what is the present value of their dividends over the next four years?    

$12.50          

$11.63          

$9.72

$13.50

9. An activity that has a direct cause-effect relationship with the resources consumed is a(n):          

product activity        

cost driver    

cost pool      

overhead rate

10. The major element in budgetary control is:        

the approval of the budget by the stockholders    

the valuation of inventories  

the preparation of long-term plans

the comparison of actual results with planned objectives.

11. Tule Time Comics is considering a new show that will generate annual cash flows of $100,000 into the infinite future. If the initial outlay for such a production is $1,500,000 and the appropriate discount rate is 6 percent for the cash flows, then what is the profitability index for the project?

0.11  

1.11  

0.90  

1.90

12. How firms estimate their cost of capital: The WACC for a firm is 13.00 percent. You know that the firm’s cost of debt capital is 10 percent and the cost of equity capital is 20% What proportion of the firm is financed with debt?

70%  

50%  

33%  

30%

13. The most important information needed to determine if companies can pay their current obligations is the:

relationship between current assets and current liabilities          

relationship between short-term and long-term liabilities

projected net income for next year

net income for this year

14. Process costing is used when:      

dissimilar products are involved    

production is aimed at fulfilling a specific customer order.        

the production process is continuous.      

costs are to be assigned to specific jobs.

15. A cost which remains constant per unit at various levels of activity is a:  

fixed cost      

mixed cost    

manufacturing cost  

variable cost

16.The group of users of accounting information charged with achieving the goals of the business is its:      

investors        

auditors        

creditors        

managers

17. Teakap, Inc. has current assets of $1,456,312 and total assets of $4,812,369 for the year ending September 30, 2006.  It also has current liabilities of $1,041,012, common equity of $1,500,000 and retained earnings of $1,468,347. How much long-term debt does the firm have?          

$803,010      

$2,303,010  

$1,844,022  

$2,123,612

18. The cash conversion cycle?          

begins when the firm invests cash to purchase the raw materials that would be used to produce the goods that the firm manufactures.        

estimates how long it takes on average for the firm to collect its outstanding accounts receivables balance.        

begins when the firm uses its cash to purchase raw materials and ends when the firm collects cash payments on its credit sales.

shows how long the firm keeps its inventory before selling it.

19. Ajax Corp. is expecting the following cash flows - $79,000, $112,000, $164,000, $84,000, and $242,000 – over the next five years.  If the company’s opportunity cost is 15 percent, what is the present value of these cash flows? (Round to the nearest dollar.)  

$480,906      

$429,560      

$414,322      

$477,235

20. Jack Robbins is saving for a new car. He needs to have $21,000 for the car in three years. How much will he have to invest today in an account paying 8 percent annually to achieve his target? (Round to nearest dollar)        

$26,454        

$19,444        

$22,680        

$16,670

21. Which of the following presents a summary of changes in a firm’s balance sheet from the beginning of an accounting period to the end of that accounting period?      

the statement of net worth  

the statement of cash flows

the statement of working capital    

the statement of retained earnings

22. M&M Proposition 1: Dynamo Corp. produces annual cash flows of $150 and is expected to exist forever. The company is currently financed with 75 percent equity and 25 percent debt. Your analysis tells you that the appropriate discount rates are 10 percent for the cash flows, and 7 percent for the debt. You currently own 10 percent of the stock.

If Dynamo wishes to change its capital structure from 75 percent equity to 60 percent equity and use the debt proceeds to pay a special dividend to shareholders, how much debt should they use?    

$225  

$600  

$375  

$321

23. Horizontal analysis is a technique for evaluating a series of financial statement data over a period of time:        

that has been arranged from the highest number to the lowest number.          

to determine the amount and/or percentage increase or decrease that has taken place.      

to determine which items are in error.      

that has been arranged from the lowest number to the highest number.

24. Jayadev Athreya has started his first job. He will invest $5,000 at the end of each year for the next 45 years in a fund that will earn a return of 10 percent.  How much will Jayadev have at the end of 45 years?    

$2,667,904  

$5,233,442  

$1,745,600  

$3,594,524

25. Turnbull Corp. had an EBIT of $247 million in the last fiscal year.  Its depreciation and amortization expenses amounted to $84 million.  The firm has 135 million shares outstanding and a share price of $12.80. A competing firm that is very similar to Turnbull has an enterprise value/EBITDA multiple of 5.40.

What is the enterprise value of Turnbull Corp.? Round to the nearest million dollars.        

$1,344 million          

$453.6 million          

$1,315 million

$1,787 million

26. Firms that achieve higher growth rates without seeking external financing:        

Have a low plowback ratio  

are highly leveraged

have less equity and/or are able to generate high net income leading to a high ROE.

None of these

27. In a process cost system, product costs are summarized:    

on job cost sheets.  

when the products are sold.

after each unit is produced.

on production cost reports.

28. The convention of consistency refers to consistent use of accounting principles:        

within industries        

among accounting periods

throughout the accounting period  

among firms

29. If a company’s weighted average cost of capital is less than  the required return on equity, then the firm:          

is financed with more than 50% debt        

is perceived to be safe        

partnership    

has debt in its capital structure

30. Your firm has an equity multiplier of 2.47.  What is the debt-to-equity ratio?        

0        

1.74  

0.60  

1.47

31. The accumulation of accounting data on the basis of the individual manager who has the authority to make day-to-day decisions about activities in an area is called:  

master budgeting    

static reporting        

responsibility accounting

flexible accounting

32. Regatta, Inc., has six-year bonds outstanding that pay a 8.25 percent coupon rate. Investors buying the bond today can expect to earn a yield to maturity of 6.875 percent. What should the company’s bonds be priced at today? Assume annual coupon payments. (Round to the nearest dollar.)      

$1014

$972  

$923  

$1,066

33. Variance reports are:

internal reports for management    

SEC financial reports          

external financial reports

all of these

34. The break-even point is where:      

contribution margin equals total fixed costs.        

total sales equal total variable costs.        

total sales equal total fixed costs.

total variable costs equal total fixed costs.

35. When a company assigns the costs of direct materials, direct labor, and both variable and fixed manufacturing overhead to products, that company is using:      

operations costing  

product costing        

absorption costing  

variable costing

36. Which of the following is considered a hybrid organizational form?          

sole proprietorship  

partnership    

limited liability partnership  

corporation

37. Gateway, Corp.  has an inventory turnover of 5.6.  What is the firm’s days’s sales in inventory?  

57.9  

61.7  

65.2  

64.3

38. The process of evaluating financial data that change under alternative courses of action is called:          

incremental analysis

contribution margin analysis          

cost-benefit analysis

double entry analysis

39. What decision criteria should managers use in selecting projects when there is not enough capital to invest in all available positive NPV projects?    

the modified internal rate of return

the profitability index

the discounted payback      

the internal rate of return

Read more at -  STR 581 Capstone Final Examination Part 2

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STR 581Final Exam Part 1

STR 581 Capstone Final Examination, Part 1

Question 1 Because practical considerations make job tryouts for all candidates infeasible, it is necessary to __________ the relative level of job performance for each candidate on the basis of available information. Answer

predict          

accept          

assign          

abandon

Question 2 Some studies indicate the best approach for transformational change may have the chief executive officer create an atmosphere for change Answer

but let others decide how to initiate change    

and begin establishing a vision  

but carefully set limits for the program  

and establish a reward system

Question 3 Which of the following is a desirable strategy for managers aiming to reduce the negative consequences of rumors?         Answer

Initiating disciplinary action against the employee who started the rumor  

Encouraging employees to communicate their concerns and suggestions

Creating a more informal communication environment at the workplace  

Refusing to comment on issues that appear to be controversial and unfair

Question 4 A project can be segmented into which of the following?         Answer

Work packages      

Success markers  

Sub-jobs      

Events

Question 5 Which of the following is an element that addresses elimination of waste under lean production?           Answer

Group plant loading technology

Minimized run times          

Production ahead of demand      

Kanban production control system

Question 6 The Civil Rights Act of 1991 offered what for victims of unintentional discrimination?   Answer

race norming          

adverse impact      

affirmative action  

monetary damages and jury trials

Question 7 Active listening requires:         Answer

summarizing all areas of the performance-interview feedback discussion.

verbal communications only        

summarizing only the areas of agreement        

interruptions to get your point across

Question 8 Which of the following is ISO 14000 primarily concerned with?         Answer

Time management

Quality management        

Environmental management      

Continuous improvement management

Question 9 Training that results in ______ is costly because of the cost of training (which proved to be useless) and the cost of hampered performance.   Answer

negative transfer of training        

applicability of training      

reinforcement of training  

simulation of training

Question 10 As a university student, your institution’s social principles and practices reflect on you, as a stakeholder, in the organization. Therefore, it is your right to question how these practices should be evaluated in relation to the social issues that the school is addressing. If your university provides job-share programs, builds a day-care facility, and only uses recycled paper, it could be said to be ________.         Answer

fulfilling its social obligation        

socially image conscious

socially responsive

socially aware

Question 11 According to the job characteristics model, autonomy is defined as the degree to which         Answer

a job requires completion of a whole and identifiable piece of work

a job has an impact on the lives or work of other people        

a job generates direct and clear information about performance      

a job provides the worker freedom, independence, and discretion

Question 12 Which of the following is considered a major process flow structure?     Answer

Lean Manufacturing        

Project          

Lead Time  

Fabrication

Question 13 An example of control criteria that can be used in any situation is ________.     Answer

employee satisfaction      

average time to process paperwork        

client requests completed per hour        

number of calls taken per day

Question 14 What can affirmative action assist organizations in achieving that diversity initiatives cannot?

Answer      

Maximizing creativity        

Maximizing workforce commitment        

Correcting specific problems of the past

Increased productivity

Question 15 Adoration of a charismatic leader by followers can lead to     Answer

greater understanding of the company mission          

difficulty in developing a successor      

a competitive work environment

limiting suggestions of fixes and improvements

Question 16 Which of the following is considered an organizational blueprint, which prescribes the quantity and time frame for when each end product will be assembled? Answer

WBS (Work Breakdown Structure)        

MRP (Material Requirements Plan)      

ERP (Enterprise Resource Planning)  

MPS (Master Production Schedule)

Question 17 In performing a SWOT analysis, which of the following would be considered as a threat?     Answer

Lack of a strategic plan    

Competitors

Recognized brand

Increased product demand

Question 18 When an employee volunteers to run a canned food drive, this is an example of           Answer

employee happiness        

employee productivity      

organizational citizenship behavior      

job satisfaction

Question 19 Conflicts can be resolved by withdrawing from them or suppressing them. This conflict-management technique is known as ________.

Answer

compromising        

forcing          

accommodating      

avoiding

Question 20 Sam Meyers manages a telemarketing call center. He has 20 employees working for him who are displeased with the way he yells and threatens to terminate them for what they see as small issues. Which kind of power is Sam using to get the job done? Answer

Reward power        

Referent power      

Coercive power      

Legitimate power

Question 21 In _____, workers have been fired for refusing to quit smoking, for living with someone without being married, drinking a competitor’s product, motorcycling, and other legal activities outside of work. Answer

invasion of privacy

lifestyle discrimination      

defamation  

constructive discharge

Question 22 Mary arrives at her new job. Before she can begin actually doing the work, she must complete a series of activities including role playing and virtual reality interactions.  What type of training method does Mary’s new employer use?     Answer

Simulation  

Information presentation  

On-the-job training

Organizational development

Question 23 Which of the following is one of Dr. Eli Goldratt's rules of production scheduling for optimized production technology? Answer

Utilization and activation of a resource are not the same.    

If you lose an hour at a bottleneck it is better than making scrap.    

An hour saved at a bottleneck operation does not increase the process flow.      

Do not allow bottlenecks to govern the flow of the line.

Question 24 Deming’s PDCA (plan, do, check, and act) cycle underlies what inherent Six Sigma principle?           Answer

Standard deviation

Project management        

Control charting    

Continuous improvement

Question 25 ________ refers to an individual’s belief that he or she is capable of performing a task. Answer

Emotional contagion        

Self-determination

Self-efficacy

Affect intensity

Question 26 ____________ is the biggest hurdle to overcome in a pay-for-performance plan. Answer

Inflation      

Merit-pay increases

Salary cap performance level      

Compensation equation

Question 27 In order to make their firm a learning organization, managers should       Answer

avoid the use of cross-functional teams

penalize mistakes  

reinforce interdependence and reduce boundaries  

increase the degree of departmentalization

Question 28 During the implementation of a project, which of the following should be the primary focus of a consulting firm?   Answer

People management skills

Application of the learning curve theory

The correct project software        

Tools and materials availability

Question 29 The concept that some leadership attributes will work in some situations but not in others can be described by the         Answer

leadership effectiveness theory  

behavioral theory  

contingency theory

tactical theory

Question 30 Which of the following statements is true with regard to the effectiveness of tactics? Answer

All tactics are equally effective with regard to upward influence.    

Individuals from collectivist cultures are typically more likely to use soft tactics that reflect personal power.          

Soft tactics are less effective than hard tactics when used individually

The combination of a soft tactic with reasonable persuasion is more effective than a combination of two hard tactics.

Strategic Planning & Implementation – str581 Course Content include Topics and Objectives for STR 581 Capstone Final Examination Part 1

STR 581 Capstone Final Examination Part 1 has a well-defined syllabus. We have presented the entire syllabus with both compulsory and optional modules for the Strategic Planning & Implementation Course. Past trend suggests that the focus of exam has changed year-on-year. So, we have covered the entire topics important for the exam. The course is designed to give students a thorough background in the latest advances in environmental scanning, strategic analysis, corporate social responsibility, implementation and evaluation, and risk management.

Internal Capabilities and Resources

Strategic Choice and Evaluation

Create and Sell Your Business Plan

Implementation, Strategic Controls, and Contingency Plans

Mission, Vision, and Values

External Environmental Scanning

​Read more at  STR 581 Capstone Final Examination Part 1

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MKT 421 Final Exam

Question 1

Which of the following statements best describes the modern view of marketing?

Answer

A. Marketing is concerned with generating a single exchange between a firm and a customer.

B. The job of marketing is to get rid of whatever the company is producing.

C. Marketing should take over production, accounting, and financial services within a firm.

D. Marketing begins with anticipating potential customer needs

Question 2

Predicting what types of bicycles different customers will want and deciding which of these customers the business will try to satisfy are activities a firm should do as part of

Answer

A. Marketing.

B. Production.

C. A command economy.

D. Making goods or performing services

Question 3

For Tesla, a new firm that makes an electric sports car, estimating how many competitors will make electric vehicles and what kinds they will make, is:

Answer

A. An example of the micro-macro dilemma.

B. A part of marketing.

C. A production activity.

D. One of the universal functions of innovation

Question 4

To compete more successfully with its many competitors offering packaged cookies, Famous Amos added its own line of extra chunky premium cookies. This seems to be an effort at:

Answer

A. Market development.

B. Product development.

C. Market penetration.

D. Combination

Question 5

Professional Dental Supply has been successfully selling dental instruments to dentists for the past 20 years, and has developed strong customer relations. When looking for new marketing opportunities, Professional Dental Supply will most likely look first at

Answer

A. Market development.

B. Product development.

C. Diversification.

D. Market penetration.

Question 6

Which of the following statements regarding marketing strategies is FALSE?

Answer

A. Developing successful marketing strategies does not need to be a hit-or-miss proposition.

B. These strategies require decisions about the specific customers the firm will target and the marketing mix the firm will develop to appeal to that target market.

C. These strategies must meet the needs of target customers, and a firm is likely to get a competitive advantage if it just meets needs in the same way as some other firm.

D. It is useful to think of the marketing strategy planning process as a narrowing-down process

Question 7

Which of the following is true?

Answer

A. The product P in the marketing mix stands for only tangible merchandise.

B. The product P in the marketing mix stands for both physical goods and tangible

C. The product P in the marketing mix stands for both physical goods and services.

D. The product P in the marketing mix stands for only physical goods

Question 8

The four Ps of a marketing mix are:

Answer

A. Product, Price, Promotion, and Profit

B. Product, Place, Promotion, and Price

C. Promotion, Production, Price, and People

D. Production, Personnel, Price, and Physical Distribution

Question 9

A firm's marketing mix decision areas would NOT include:

Answer

A. Price

B. People

C. Product

D. Promotion

Question 10

Big Fizz Co., a manufacturer of cola-flavored drinks, wants to add packaged fruit juices to its existing product line. Big Fizz must make some decisions regarding packaging and branding of the fruit juices. These decisions would fall under which variable of the marketing mix?

Answer

A. Promotion

B. Place

C. Price

D. Product

Question 11

When one considers the strategy decisions organized by the four Ps, branding is related to packaging as:

Answer

A. Store location is to sales force selection.

B. Production is to marketing.

C. Personal selling is to mass selling.

D. Branding is to pricing

Question 12

The ______ area of the marketing mix is concerned with decisions about getting the right product to the target market when and where it is wanted.

Answer

A. Promotion

B. People

C. Place

D. Product

Question 13

The main difference between a marketing strategy and a marketing plan is that:

Answer

A. A marketing strategy provides more detail.

B. A marketing plan includes several marketing strategies.

C. A marketing strategy omits pricing plans.

D. Time-related details are included in a marketing plan.

Question 14

Which of the following would probably NOT be in a proposed marketing plan?

Answer

A. Expected sales and profit results.

B. A statement of how frequently the design of the website will be changed.

C. A description of the target market and marketing mix.

D. A list of what company resources (costs) would be required.

Question 15

A marketing plan is:

Answer

A. A marketing strategy—plus the time-related details for carrying it out.

B. A marketing strategy.

C. A target market and a related marketing mix.

D. A marketing program.

Question 16

Marketing strategy planners should recognize that:

Answer

A. Large firms like General Electric, Target, and Procter & Gamble are too large to aim at clearly defined markets.

B. Mass marketing is often very effective and desirable.

C. Target marketing is not limited to small market segments.

D. Target markets should not be large and spread out.

Question 17

Good marketing strategy planners know that:

Answer

A. Mass marketing is often very desirable and effective.

B. Target marketing does not limit one to small market segments.

C. The terms mass marketing and mass marketer mean basically the same thing.

D. Firms like Nabisco and WalMart are too large to aim at clearly defined target markets

Question 18

Target marketing, in contrast to mass marketing,

Answer

A. Ignores markets that are large and spread out.

B. Is limited to small market segments.

C. Focuses on fairly homogeneous market segments.

D. Assumes that all customers are basically the same.

Question 19

______________ is the process of naming broad product-markets and then segmenting these broad product-markets in order to select target markets and develop suitable marketing mixes.

Answer

A. Mass marketing

B. Market positioning

C. Diversification

D. Market segmentation

Question 20

Clustering techniques applied to segmenting markets

Answer

A. Usually require computers to group people based on data from market research.

B. Remove the need for managerial judgment.

C. Eliminate the need for marketing managers to specify in advance what dimensions might be relevant for grouping consumers.

D. All of the above are true.

Question 21

The process of naming broad product-markets and then segmenting them in order to select target markets and develop suitable marketing mixes is called:

Answer

A. Market development.

B. Market penetration.

C. Market research.

D. Market segmentation.

Question 22

________________ ________________ utilizes qualitative and quantitative analysis procedures to help marketing managers make more informed decisions.

Answer

A. Marketing structure.

B. Marketing planning.

C. Marketing research.

D. Marketing processing.

Question 23

Procedures that develop and analyze new information to help marketing managers make decisions are called:

Answer

A. Analytical research.

B. Strategy planning.

C. Marketing research.

D. Operational planning.

Question 24

A ______________ is an organized way of continually gathering and analyzing data to get information to help marketing managers make ongoing decisions.

Answer

A. Marketing research project

B. Marketing information system

C. Marketing research department

D. Marketing model

Question 25

Marketing research which seeks structured responses that can be summarized is called:

Answer

A. Qualitative research.

B. Focus group research.

C. Situation analysis research.

D. Quantitative research.

Question 26

When focus group interviews are used in marketing,

Answer

A. It is primarily as a follow-up to more quantitative research.

B. Each person in the group answers the same questionnaire, to focus the discussion.

C. The research conclusions will vary depending on who watches the interview whether online or off-line.

D. The typical group size is 15 to 20 typical consumers whether online or off-line.

Question 27

One of the major disadvantages of the focus group interview approach is that

Answer

A. It is difficult to get in-depth information about the research topic.

B. There is no interviewer, so the research questions may not be answered.

C. It is difficult to measure the results objectively.

D. Ideas generated by the group cannot be tested later with other research.

Question 28

Which of the following statements about consumer products is true?

Answer

A. Specialty products are those that customers usually are least willing to search for.

B. Unsought products are not shopped for at all.

C. Shopping products are those products for which customers usually want to use routinized buying behavior.

D. Convenience products are those that customers want to buy at the lowest possible price.

Question 29

The marketing manager at Massimino & McCarthy, a chain of retail stores that sells men's clothing, is reviewing marketing research data to try to determine if changes in marketing strategy are needed. Which of the following sources of data would be a secondary data source?

Answer

A. Making phone calls to some of the best customers to learn their interest in a new line of clothing.

B. Spending time in stores observing customers' behavior.

C. Reviewing videotapes of a recent focus group.

D. Looking through the company's marketing information system to see past sales trends.

Question 30

The attitudes and behavior patterns of people are part of the

Answer

A. Competitive environment.

B. Firm's resources and objectives.

C. Social and cultural environment.

D. Political environment.

Question 31

______________ is the process of naming broad product-markets and then segmenting these broad product-markets in order to select target markets and develop suitable marketing mixes.

Answer

A. Mass marketing

B. Market positioning

C. Strategic planning

D. Market segmentation

Question 32

Which is the first step in market segmentation?

Answer

A. Naming a broad product-market of interest to the firm.

B. Evaluating market segments to determine if they are large enough.

C. Clustering people with similar needs into a market segment.

D. Finding one or two demographic characteristics to divide up the whole mass market.

Question 33

The first step in market segmentation should be:

Answer

A. Finding a demographic group likely to use your products.

B. Defining some broad product-markets where you may be able to operate profitably.

C. Evaluating what segment(s) you currently serve.

D. Deciding what new product you could develop.

Question 34

Tom and Sally Jones are preparing to purchase a new car. He currently has a Toyota Camry and she has a Honda Accord. They now have two children under age 5, so they plan to trade in Sally's car to purchase a minivan. Sally and Tom decided on a Honda Odyssey because Sally is familiar with Hondas and thinks they are very reliable. In this purchase situation, Tom and Sally's family life cycle stage is a _____________ segmentation dimension, and the benefit Sally seeks (reliability) is a _____________ segmentation dimension.

Answer

A. Geographic; behavioral.

B. Demographic; geographic.

C. Demographic; behavioral.

D. Geographic; demographic.

Question 35

The product life cycle:

Answer

A. Applies more to individual brands than to categories or types of products.

B. Shows that sales and profits tend to move together over time.

C. Has five major stages.

D. Describes the stages a new product idea goes through from beginning to end.

Question 36

The product life cycle has four stages. Which of the following is NOT one of these?

Answer

A. Market maturity

B. Market growth

C. Market introduction

D. Economic competition

Question 37

Which of the following observations concerning the market maturity stage is NOT TRUE?

Answer

A. New firms cannot enter the market at this stage.

B. There is a long-run downward pressure on prices.

C. Many aggressive competitors have entered the race for profits.

D. Promotion costs rise and some competitors cut prices to attract business.

Question 38

During the market introduction stage of the product life cycle:

Answer

A. Most potential customers are quite anxious to try out the new-product concept.

B. Products usually show large profits if marketers have successfully carved out new markets.

C. Considerable money is spent on promotion while place development is left until later stages.

D. Funds are being invested in marketing with the expectation of future profits.

Question 39

Cargill, Inc. is finally earning a profit on the unique product it introduced 6 months ago. Cargill's advertising is both informative and persuasive. Much money is being spent on Place development. There is little price competition, although several competitors have come out with reasonable imitations. Total industry sales and profits are both rising. In which stage of the product life cycle is Cargill operating?

Answer

A. Sales decline

B. Market introduction

C. Market growth

D. Market maturity

Question 40

Noise (in the traditional communication process) refers to:

Answer

A. Messages which are too loud or bold.

B. Radio advertising interference only.

C. Any distractions that reduce the effectiveness of the communication process.

D. Efforts by a firm's competitors to block its message channel.

Question 41

While watching a television program, Liza gets a phone call just as a commercial is starting. She presses the mute button on the television's remote control and takes the call, so she pays no attention to the commercial. In terms of the communication process, the telephone call is an example of:

Answer

A. Decoding.

B. Noise.

C. Encoding.

D. Feedback.

Question 42

Advertising allowances

Answer

A. Allow for coordination and integration of ad messages in the channel.

B. Involve intermediaries and producers sharing in the cost of ads.

C. Are price reductions to firms further along in the channel to encourage them to advertise or otherwise promote the firm's products locally.

D. Set the allowance amount as a percent of the retailer's actual purchases.

Question 43

A producer using very aggressive promotion to get final consumers to ask intermediaries for a new product has:

Answer

A. A selective distribution policy.

B. A target marketing policy.

C. A pulling policy

D. A pushing policy.

Question 44

A producer using normal promotion efforts—personal selling, sales promotion, and advertising—to help sell a whole marketing mix to possible channel members has:

Answer

A. An intensive distribution policy.

B. A target marketing policy.

C. A selective distribution policy.

D. A pushing policy.

Question 45

Integrated direct-response promotion:

Answer

A. Is not necessary or useful when the channel of distribution involves intermediaries.

B. Is usually part of a pushing effort rather than part of a pulling approach.

C. Focuses on achieving a measurable, direct response from specific target customers.(Correct answer)

D. None of these are true.

Question 46

Positioning analysis

Answer

A. Is not a product-oriented approach.

B. Helps managers understand the actual characteristics of their products.

C. Is a visual aid to understanding a product-market.

D. Shows that managers and customers usually view present brands similarly.

Question 47

Which of the following statements about positioning is NOT TRUE?

Answer

A. It refers to how customers think about proposed or present brands in a market.

B. It often makes use of techniques such as perceptual mapping.

C. Positioning issues are especially important when competitors in a market are very dissimilar.

D. It helps marketing managers know how customers view the firm's offering.

Question 48

When segmenting broad product-markets, cost considerations tend

Answer

A. To lead to more aggregating.

B. To encourage managers to disregard the criterion that a product-market segment should be substantial.

C. To be unimportant as long as the segmenting dimensions are operational.

D. To lead to a large number of small, but very homogeneous, product-market segments.

Question 49

When a company grows globally, this is an example of:

Answer

A. Product development.

B. Market development

C. Diversification.

D. Market penetration.

Question 50

Which of the following is NOT a trend affecting marketing strategy planning in the area of international marketing?

Answer

A. More attention to exporting by small companies.

B. Tensions between have and have-not cultures.

C. Global communication over the Internet.

D. Decreasing role of airfreight.

Question 51

A _____ is a market with very similar needs and sellers offering various close substitute ways of satisfying those needs.

Answer

A. Standard market

B. Generic market

C. Target market

D. Product-market

Question 52

Which of the following is a key trend affecting marketing strategy planning?

Answer

A. Slower new-product development.

B. Senior and ethnic submarkets are getting smaller.

C. Less use of technology in personal selling.

D. Growth of marketing information systems.

Question 53

It is usually the _________ job, perhaps with help from specialists in technology, to decide what types of sales technology tools are needed and how they will be used.

Answer

A. Procurement manager's

B. Sales manager's

C. Marketing executive's

D. Purchasing manager's

Question 54

Identify the incorrect statement about sales promotions.

Answer

A. Sales promotions can be used as tools to overcome customer price resistance.

B. Changes in technology have made sales promotions more efficient.

C. Sales promotions have increased because of competition in emerging markets.

D. The availability of more ad agencies and specialists has spurred growth in sales promotions.

Question 55

Which of the following is a key trend affecting marketing strategy planning?

Answer

A. Slower new-product development.

B. Less use of technology in personal selling.

C. Growth of marketing information systems.

D. Senior and ethnic submarkets are getting smaller.

Question 56

The future poses many challenges for marketing managers because:

Answer

A. New technologies are making it easier to abuse consumers' rights to privacy.

B. The marketing concept has become obsolete.

C. It is marketing managers who have full responsibility to preserve our macro-marketing system.

D. Social responsibility applies only to firms—not to consumers.

Question 57

Many Internet sites, such as Autobytel.com and Edmunds.com, have extensive information about the prices of new and used vehicles that anyone can use for free. In light of the availability of this information, what is the responsibility of consumers to use it?

Answer

A. Consumers should not trust any information they receive from any source except the government.

B. Consumers should not use it because it gives them an unfair advantage over car dealers.

C. Consumers have a responsibility to use the information and be smarter customers.

D. Consumers can use it, but should not feel a responsibility to do so.

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QNT 561 Final Exam

Click and download the answers of QNT 561 Final Exam through Student E Help. And find best answers, solution paper, solved paper, test series of QNT 561 Final Exam 30 Questions, QNT 561 Final Exam Mymathlab, QNT 561 Final Exam Questions, QNT 561 Final Exam Free Answers.

Question 1 A random sample of size 15 is selected from a normal population. The population standard deviation is unknown. Assume the null hypothesis indicates a two-tailed test and the researcher decided to use the 0.10 significance level. For what values of t will the null hypothesis not be rejected? Answer a)To the left of -1.645 or to the right of 1.645 b)To the left of -1.345 or to the right of 1.345 c)Between -1.761 and 1.761 d)To the left of -1.282 or to the right of 1.282 Question 2 Which of the following is a characteristic of the F distribution? Answer a)Normally distributed b)Negatively skewed c)Equal to the t-distribution d)Positively skewed Question 3 For a chi-square test involving a contingency table, suppose the null hypothesis is rejected. We conclude that the two variables are __________. Answer a)related b)curvilinear c)linear d)not related Question 4 A sales manager for an advertising agency believes that there is a relationship between the number of contacts that a salesperson makes and the amount of sales dollars earned. What is the dependent variable? Answer a)sales managers b)amount of sales dollars c)salesperson d)number of contacts Question 5 Which of the following is most appropriately displayed with a frequency table? Answer a)What percentage of people prefer Hunt's brand ketchup b)The home location of the most valuable customers c)How much explanatory value comes from the study's variables d)The relationship between gender and job performance Question 6 The manager of Paul's fruit and vegetable store is considering the purchase of a new seedless watermelon from a wholesale distributor. Since this seedless watermelon costs $4, will sell for $7, and is highly perishable, he only expects to sell between six and nine of them. What is the opportunity loss for purchasing nine watermelons when the demand is for seven watermelons? Answer a)8 b)4 c)12 d)0 Question 7 A firm offers routine physical examinations as part of a health service program for its employees. The exams showed that 8% of the employees needed corrective shoes, 15% needed major dental work, and 3% needed both corrective shoes and major dental work. What is the probability that an employee selected at random will need either corrective shoes or major dental work? Answer a).25 b)1.00 c)0.50 d).20 Question 8 When data is collected using a qualitative, nominal variable, what is true about a frequency distribution that summarizes the data? Answer a)The upper and lower class limits must be calculated. b)The number of classes is equal to the number of variables plus 2. c)The “5 to the k rule” can be applied. d)A pie chart can be used to summarize the data. Question 9 If an ANOVA test is conducted and the null hypothesis is rejected, what does this indicate? Answer a)The p-value is less than a. b)All population means are different. c)At least one pair of population means is different. d)The population means are equal. Question 10 A random sample of 20 items is selected from a population. When computing a confidence interval for the population mean, what number of degrees of freedom should be used to determine the appropriate t-value? Answer a)25 b)21 c)19 d)20 Question 11 The question, "Should products be withdrawn if even one death is associated with its prescribed use, even if no fault for the tampered product accrues to the manufacturer?" is an example of a(n) _____. Answer a)strip data mining issue b)unresearchable question c)ill-defined problem d)favored-technique problem Question 12 A large department store examined a sample of the 18 credit card sales and recorded the amounts charged for each of three types of credit cards: MasterCard, Visa, and Discover. Six MasterCard sales, seven Visa, and five Discover sales were recorded. The store used an ANOVA to test if the mean sales for each credit card were equal. What are the degrees of freedom for the F statistic? Answer a)2 in the numerator, 15 in the denominator b)6 in the numerator, 15 in the denominator c)18 in the numerator, 3 in the denominator d)3 in the numerator, 18 in the denominator Question 13 A linear trend equation is used to represent time series values when the data are changing by equal what? Answer a)amounts b)percents and proportions c)proportions d)percents Question 14 Which of the following goals should a good survey instrument accomplish? Answer a)Encourage each participant to provide accurate responses b)Encourage participants to be succinct in their responses c)Encourage participants to answer only those questions they are comfortable answering d)Encourage participants to end the survey when they feel they have contributed enough information Question 15 Kroger, a grocery store chain, wants to identify the ideal store layout for increasing store sales. Because it primarily uses two store designs, one a grid layout with vertical aisles divided by a center aisle and another using a traditional straight-aisle pattern, Kroger will match pairs of stores that have different designs but similar shopper demographics and location. Sales from each pair will then be compared to determine if store design is related to sales. Which type of study is this an example of? Answer a)Exploratory study b)Case study c)Ex post facto study d)Longitudinal study Question 16 Bones Brothers & Associates prepare individual tax returns. Over prior years, Bones Brothers has maintained careful records regarding the time to prepare a return. The mean time to prepare a return is 90 minutes and the standard deviation of this distribution is 14 minutes. Suppose 100 returns from this year are selected and analyzed regarding the preparation time. What assumption do you need to make about the shape of the population distribution of all possible tax preparation times to make inferences about the mean time to complete a tax form? Answer a)The population distribution is skewed to the left. b)The population distribution is skewed to the right. c)The shape of the population distribution does not matter. d)The population distribution is normal. Question 17 Checklists with several items to be considered by respondents may be subject to _____. Answer a)recency effects b)leniency effects c)halo effects d)primacy effects Question 18 In a multiple rating list scale, ____. Answer a)participants rate multiple items on a 3-point scale b)the participant is restricted to circling their rating c)it is possible to visualize the results better than with other numerical scales d)the data generated are always ordinal Question 19 As the size of the sample increases, what happens to the shape of the distribution of sample means? Answer a)It cannot be predicted in advance b)It is positively skewed c)It is negatively skewed d)It approaches a normal distribution Question 20 For any chi-square goodness-of-fit test, the number of degrees of freedom is found by ______. Answer a)n + k b)k -1 c)n – k - 1 d)n + 1 Question 21 BankChoice is concerned about stagnating profits and asks, "How can profitability be improved?" This is an example of a(n) _____. Answer a)research question b)measurement question c)management question d)investigative question Question 22 A machine is set to fill the small-size packages of M&M candies with 56 candies per bag. A sample revealed three bags of 56, two bags of 57, one bag of 55, and two bags of 58. To test the hypothesis that the mean candies per bag is 56, how many degrees of freedom are there? Answer a)1 b)7 c)9 d)8 Question 23 An experimental study is one that _____. Answer a)attempts to reveal why or how one variable produces changes in another b)involves manipulation of one or more variables to determine the effect on another variable c)attempts to capture a population's characteristics by making inferences from a sample's characteristics and testing resulting hypotheses d)discovers answers to the questions who, what, when, where, or how much Question 24 The monthly salaries of a sample of 100 employees were rounded to the nearest $10. They ranged from a low of $1,040 to a high of $1,720. If we want to condense the data into seven classes, what is the most convenient class interval? Answer a)$200 b)$50 c)$150 d)$100 Question 25 Consider a regression analysis, where the correlation coefficient is 0.18. Then, the coefficient of determination is _______. Answer a).0324 b).36 c)1.16 d).424 Question 26 In multiple regression analysis, when the independent variables are highly correlated, this situation is called __________________. Answer a)homoscedasticity b)curvilinearity c)multicollinearity d)autocorrelation Question 27 Sam's Club installed self-checkout stations that can track not only member's purchases but also packaging problems, as the system uses universal product codes to match the item the shopper has in their cart with its price and inventory level in the store, generating a spreadsheet style report for the researcher. If you consider the scanner as the tool for collecting data for Sam's researchers, they are doing data entry by ____. Answer a)spreadsheet b)Optical Character Recognition c)Field editing d)Voice recognition Question 28 The weekly incomes of a large group of executives are normally distributed with a mean of $2,000 and a standard deviation of $100. What is the z-score for an income of $2,100? Answer a)1.683 b)0.90 c)2.00 d)1.00 Question 29 A ranking scale is a scale that _____. Answer a)scores an object without making a direct comparison to another object b)groups participants c)groups concepts according to specific criteria d)scores an object by making a comparison and determining order among two or more objects Question 30 What is the interpretation of a 96% confidence level? Answer a)The interval contains 96% of all sample means. b)Approximately 96 out of 100 such intervals would include the true value of the population parameter. c)There's a 96% chance that the given interval includes the true value of the population parameter. d)There's a 4% chance that the given interval does not include the true value of the population parameter.

Applied Business Research & Statistics – qnt561 Course Content include Topics and Objectives for QNT 561 Final Exam

QNT 561 Final Exam has a well-defined syllabus. We have presented the entire syllabus with both compulsory and optional modules for the Applied Business Research & Statistics Course.  Past trend suggests that the focus of exam has changed year-on-year. So, we have covered the entire topics important for the exam. The course is designed to give students a thorough background in the latest advances in theoretical, applied and empirical with descriptive statistics, probability concepts, confidence intervals, sampling designs, data collection, and data analysis--including parametric and nonparametric tests of hypothesis and regression analysis.

Data Collection and Hypothesis

Data Analysis

Descriptive Statistics and Probability Distributions

Correlation and Regression Analysis

Using Research Data for Business Decisions

Research and Sampling Designs

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OPS 571 Final Exam

Student E Help is specialize in providing you with the best sources for completing the University of Phoenix Course OPS 571 Final Exam, UOP OPS 571 Final Exam, OPS 571 Operations Management Final Exam, OPS 571 Final Exam Answers Free.

Question 1 Which of the following is considered a major process flow structure? Answer

Lead Time

Fabrication

Lean Manufacturing

Project

Question 2 ISO audits result in certifications that are done by first, second, or third parties. Which of the following result in the best certification of a firm? Answer

Certification is sought by any firm assuming they pay annual dues.

2nd Party – where a customer audits its supplier

3rd Party – where a qualified national or international standards/certifying agency serves as an auditor

1st Party – where a firm audits itself against ISO standards

Question 3 Which of the following is ISO 14000 primarily concerned with? Answer

Quality management

Time management

Continuous improvement management

Environmental management

Question 4 Which is the one correct value stream principle? Answer

Look for efficiencies in the factory, office, physical, procedural, and technical operations.

Eliminate waste that stops, slows down, or diverts the value stream.

Concentrate on speeding up value-adding operations rather than removing waste.

Keep the value stream moving at minimum velocity.

Question 5 What is the starting point in developing a capacity plan for a health care operation? Answer

Determining the effective capacity over time

Estimating design capacity

Forecasting patient demand for a reasonable length of time

Discovery of the bottleneck operation

Question 6 Which of the following is considered an organizational blueprint, which prescribes the quantity and time frame for when each end product will be assembled?

Answer

MRP (Material Requirements Plan)

ERP (Enterprise Resource Planning)

MPS (Master Production Schedule)

WBS (Work Breakdown Structure)

Question 7 Which of the following is an element that addresses elimination of waste under lean production? Answer

Kanban production control system

Production ahead of demand

Minimized run times

Group plant loading technology

Question 8 In most cases, demand for products or services can be broken into several components. Which of the following is considered a component of demand? Answer

Level elements

Future elements

Past elements

Cyclical elements

Question 9 Design for manufacturing and assembly delivers product improvements by emphasizing which of the following: Answer

Reducing product quality during the assembly process

Designing products so they can be manufactured by a virtual factory

Reducing equipment in the production process

Simplification of the product by reducing the number of separate parts

Question 10 Which of the following is one of the principles of reengineering? Answer

Quality at the source

Do not select suppliers on the basis of price alone.

Have those who use the output of a process perform the process.

Leverage high cost employees with lower cost employees.

Question 11 Which of the following is a characteristic that can be used to guide the design of service systems? Answer

Services are all similar.

Services businesses are inherently entrepreneurial.

Quality work means quality service.

Services cannot be inventoried.

Question 12 Considering Hau Lee’s uncertainty framework for classifying supply chains, which of the following is given to a supply chain which has an evolving supply process based on functional products? Answer

Risk hedging

Forward looking

Efficient

Agile

Question 13 There are many applications of poka-yokes in service organizations. Which of the following is one of the three-T's used to classify poka-yokes? Answer

Trust

Teamwork

Task

Time

Question 14 Which of the following is a major factor that distinguishes service design and development from manufacturing design and development? Answer

The service package has the same legal protection available to manufactured goods.

Manufacturing is far more capital intensive than services.

The service process and service product can be developed independently.

The service package is the major output of the development process.

Question 15 A project can be segmented into which of the following? Answer

Events

Sub-jobs

Work packages

Success markers

Question 16 Which of the following is a cost impact and payoff analysis tool from the operations consulting tool kit? Answer

Statistical tools

Decision trees

Work sampling

Gap analysis

Question 17 According to the theory of constraints, which of the following can be a capacity-constrained resource (CCR)? Answer

Product design

Inoperable equipment

An employee

A customer

Question 18 The ability to rapidly and inexpensively switch production from one product to another enables which of the following: Answer

Economies of shape

Economies of size

Economies of scale

Economies of scope

Question 19 According to the theory of constraints, which of the following financial measurements can be used to measure the firm's ability to make money? Answer

Operating expenses

Dividends

Sales

Return on investment    

Question 20 Deming’s PDCA (plan, do, check, and act) cycle underlies what inherent Six Sigma principle? Answer

Continuous improvement

Control charting

Standard deviation

Project management

Question 21 Which of the following is usually included as an inventory holding cost? Answer

Order placing

Quantity discounts

Breakage

Typing up an order

Question 22 Which production process term best describes the situation when activities in a stage of production must stop because there is no work? Answer

Blocking

Starving

Staging

Buffering

Question 23 In a Gantt chart the vertical axis represents which of the following? Answer

Time

Revenue

Tasks

Cost

Question 24 The Shingo system states that the way to prevent defects from coming out at the end of a process is to do which of the following: Answer

Redesign the process in order to mitigate the bottlenecks.

Utilize SQC (statistical quality control).

Introduce controls within the process.

Slow down production rates until the process is in control.

Question 25 Which of the following terms describes the time a unit spends actually being worked on together with the time spent waiting in a queue? Answer

Flow time

Build time

Cycle time

Run time

Question 26 Which of the following is one of Dr. Eli Goldratt's rules of production scheduling for optimized production technology? Answer

An hour saved at a bottleneck operation does not increase the process flow.

If you lose an hour at a bottleneck it is better than making scrap.

Do not allow bottlenecks to govern the flow of the line.

Utilization and activation of a resource are not the same.

Question 27 During the implementation of a project, which of the following should be the primary focus of a consulting firm? Answer

The correct project software

Application of the learning curve theory

Tools and materials availability

People management skills

Question 28 Which of the following is an analytical tool used in Six-Sigma quality improvement programs? Answer

Gantt charts

Pareto charts

Tree charts

Pedigree charts

Question 29 A project manager must consider several components when overseeing the planning process of aggregate operations; specifically, whether such components are factors that are internal or external to the organization. Which of the following factors would be classified as an internal component for an organization? Answer

Inventory levels and economic conditions

Market demand and subcontractor capacity

Current physical capacity and current workforce

Competitor behavior and current workforce

Question 30 Which of the following is the net requirement using an MRP program if the gross requirement is 10,000 and the inventory on hand is 4,000? Answer

10,000

14,000

6,000

4,000

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