Download Business Principles and Practices: Midterm Exam Review and more Exams Advanced Education in PDF only on Docsity!
MSB 201 MIDTERM EXAM WITH COMPLETE
SOLUTIONS 100% VERIFIED!!
Normative ethics builds on the social sciences such as psychology, sociology, and economics to help us better understand right from wrong. - ANSWER false
The Vision of the BYU Marriott School is as follows: "We aspire to transform the world through Christlike leadership." - ANSWER true
In his dedicatory prayer for the Bell Tower during the BYU Centennial, President Kimball prayed that "the morality of the graduates of this university will provide the music of hope for the inhabitants of this planet." - ANSWER true
The Venn Diagram model of ethical leadership contains three dimensions: values and desires, character, and knowledge and skills. - ANSWER true
It is easy to be cynical about business ethics because there are so many unethical business people in the world. - ANSWER true
Many people enjoy a good standard of living because of ethical business people. - ANSWER true
Behavioral ethics are based in the social sciences and help us to better understand why business people do what they do when it comes to ethics. - ANSWER true
what is a product life cycle - ANSWER The product life cycle is a pattern of sales and profits over time for a product or product category. (introduction, growth, maturity, decline)
introduction - ANSWER When a product enters the life cycle, it faces many obstacles. Although competition may be light, the introductory stage usually features frequent product modifications, limited distribution, and heavy promotion. The failure rate is high. Production and marketing costs are also high, and sales volume is low. Hence, profits are usually small or negative.
growth - ANSWER If a product survives the introductory stage, it advances to the growth stage of the life cycle. In this stage, sales grow at an increasing rate, profits are healthy, and many competitors enter the market
maturity - ANSWER After the growth stage, sales continue to mount ā but at a decreasing rate. This is the maturity stage. Most products that have been on the market for a long time are in this stage.
decline - ANSWER When sales and profits fall, the product has reached the decline stage. The rate of decline is governed by two factors: the rate of change in consumer tastes and the rate at which new products enter the market.
classification of consumer products - ANSWER unsought products, convenience products, shopping products, specialty products
consumer products - ANSWER Consumer products, also called consumer (or final) goods, are products purchased for personal use. Consumer products are sold directly for the customer to use and are not intended for continued production or resale.
consumer market segmentation - ANSWER demographic, geographic, psychographic, benefit, and volume segmentation
demographic segmentation - ANSWER segmenting markets by age, gender, income, race, social class, household size
geographic segmentation - ANSWER segmenting markets by region of the country, city or county size, market density, or climate.
prestige pricing - ANSWER The strategy of raising the price of a product so consumers will perceive it as being of higher quality, status, or value is called prestige pricing. This type of pricing is common where high prices indicate high status.
demand - ANSWER the amount of some good or service consumers are willing and able to purchase at a specific price
price - ANSWER what a buyers pays for a unit of a specific good or service.
law of demand - ANSWER demand will decrease when prices increse
Which of the following characteristics of a clothing product is intangible (as opposed to tangible)? - ANSWER brand image
You open a store selling electric scooters. You sell the scooters for $1,000. The wholesale price on the scooters is $600. What is your contribution margin? - ANSWER $
If it cost you $12,000 to set up your store, how many scooters do you have to sell before you will break even? - ANSWER 30
When LED televisions were first introduced, a 75-inch LED TV cost around $4000. Nowadays, a 75-inch LED TV costs as little as $500. What pricing strategy did TV sellers use when they introduced LED TVs? - ANSWER price skimming
In a paid search ad, my ad receives an ad impression - ANSWER whenever my ad shows up on the search engine results page
When running paid search advertisements, I am charged - ANSWER for each ad click
what is supply chain - ANSWER Networks of organizations that collaborate to create
and deliver all products and services to customers worldwide
Which of the following ACCURATELY depicts principles from the six main supply chain processes? - ANSWER Manufacturers can design and make new products by transforming inputs into the outputs that customers desire.
From this course, which of the following are approaches you can use to create an improvement culture? - ANSWER Kaizen, respect for people, continuous improvement
what is the PDSA cycle - ANSWER Plan, Do, Study, Act
What if you were asked to use your improvement skills to analyze challenges with the global supply of computer chips. Which of the following is the CORRECT application of process maps to help solve these chip challenges? - ANSWER Explore possible solutions by considering shared responsibilities with process boxes that go across multiple swim lanes.
Imagine that you are working for a small startup company and they are trying to figure out why their production operations seem to be working toward different goals than what the owners want. They ask you, "Which one of the six main supply chain processes would be the BEST area to help with this challenge?" - ANSWER plan
Suppose you were in charge of sourcing decisions for a hospital and were trying to decide between a few different options for some new equipment. Which of the following would be the BEST approach for making this choice? - ANSWER use total cost of ownership
Which of the following are CORRECT supply chain applications of the Triple Bottom Line of sustainability? Please select all that apply. - ANSWER Use ethical production practices for employees,
Drive positive changes that decrease pollution and energy consumption through streamlined of shipping goods,
Obtain ethically sourced raw materials,
DBMS - ANSWER refer to the software systems used to store data electronically and provide advanced features for ensuring and maintaining data quality as well as managing the security and availability of the data.
what is true of information systems - ANSWER It is the art of solving unstructured business problems with technology, It represents the matching of information technology solutions to organization strategy and the people who perform the business processes.
what is true of the ERP - ANSWER It is the backbone of an organization's set of integrated systems.
What is true of SCM information systems? - ANSWER They should help eliminate the bull-whip effect.
what does the cloud do - ANSWER The "cloud" just refers to some of the servers connected to the Internet that offer up particular functions and services (i.e., "deliver a service") to other computers (like yours). Most cloud servers are used for data storage in particular.
This type of malware is disguised to be a legitimate, useful program. However, when you install the software, it may consume the resources of your computer, cause damage to your computer, steal information, or create a backdoor that allows someone to take control of your computer. - ANSWER trojan horse
How does the economic principle of satisficing apply to business information? - ANSWER When making business decisions, it is better to leverage "good enough" data for a reasonable cost than to have "perfect" data for an unreasonable cost.
transactional information - ANSWER data created by real time business processes
what does DBMS stand for - ANSWER database management systems
whats the basic purpose of a database - ANSWER storing data for search and retrieval
why do we organize - ANSWER improve quality of life, solve problems, promote certain values, make preparations, help gods children thrive, connect with others
types of organization - ANSWER family, for profit, not for profit
the family - ANSWER Please keep your current and future family in mind as the most important organization in which you can apply the principles and skills of this course.
for profit - ANSWER For-profit businesses strive to make a profit as they provide and sell products and services desired by their customers.
not for profit - ANSWER A not-for-profit organization is an organization that exists to achieve some goal other than profit
factors of production - ANSWER natural resources, labor, capital, entrepreneurship
productivity equation - ANSWER productivity=outputs/inputs
economies of scale - ANSWER for many goods as the level of production increases, the average cost of producing each individual unit declines
specialization - ANSWER allows workers to focus on the parts of the production process where they have an advantage
circular flow diagram - ANSWER look at screenshot
