C201 Business Acumen Exam Questions And Solutions

C201 Business Acumen Exam Questions And Solutions Number the seven steps in the recruiting and interviewing process from first to last. - ANSWER -1) Define job requirements, 2) Contact and visit colleges for applicants/interns, 3) Conduct employment tests, 4) Review resumes, 5) Conduct candidate interviews, 6) Follow up interviews, 7) Hiring determination Which primary driver does management use for an organization's structure? - ANSWER -Achievement of company goals Which step in the organizing process results in management group work activities into units within the organization? - ANSWER -Departmentalization A high tech startup company is launching a marketing campaign for its new social media portal by highlighting how the portal exceeds the connectivity and collaboration capabilities of all other social media sits. Which type of competitive advantage is this company leveraging? - ANSWER -Customer loyalty Which marketing strategy is devoted to maintaining continuous bottom line prices than relying on short term price cutting tactics such as cents off coupons, rebates, and special sales? - ANSWER -Everyday low pricing When would a pull promotional strategy enhance a competitive advantage to market a product better than a push strategy? - ANSWER -When demand for the product is driven by the end user Which marketing tool is essential to building an effective relationship marketing campaign? - ANSWER -An affinity program Which element of the promotional mix has the advantage of messaging that can be tailored for each customer, but the disadvantage of a high cost per contact? - ANSWER -Personal Selling What three factors should be addressed in a successful marketing plan? Choose 3 ANSWERs. - ANSWER -Target Market, Sales revenue goals, Plan implementation timeline (not on list, marketing budget) Which three characteristics are measured in demographic segmentation? Choose 3 ANSWERs - ANSWER -Race and ethnicity, Income, Household size In which three ways does business-buying behavior differ from consumer-buying behavior? Choose 3 ANSWERs - ANSWER -Buyers face organizational influences in addition to their own preferences, purchasers often invite selected providers to bid on a purchase, a group or committee often makes decisions Which three conditions, in a global selling environment, should a small company leverage to create a competitive advantage? Choose 3 ANSWERs - ANSWER -cultural homogeneity, mobility of labor, local labor costs With which two types of products does a marketing strategy rely on advertising more than personal selling? Choose 2 ANSWERs. - ANSWER -Consumable supplies, accessories to primary products After years of marketing a body lotion, a cosmetics company begins promoting the lotion as an the lotion as an insect repellent as well. In which three product life cycle extension strategies did this company engage? Choose 3 ANSWERs - ANSWER - Adding new users, finding new uses for the product, increasing frequency of use. What are three ways that an effective brand name can influence consumer product recognition? Choose 3 ANSWERs - ANSWER -It conveys an image, it depicts trademark protection, it reflects brand equity. A customer has purchased a product twice and intends to do so again. Which stage of brand loyalty is this customer in? - ANSWER -Brand preference Which manufacturer distribution model is enhanced by the shipping and tracking capabilities of a global package delivery service? - ANSWER -retail Which three tasks are key responsibilities of operations managers? Choose 3 ANSWERs - ANSWER -Planning the overall production process, implementing the production plan, determine the best layout for the firm's facilities. Which two characteristics does a Just-In-Time (JIT) System have? Choose 2 ANSWERs - ANSWER -A JIT system seeks to eliminate anything that does not add value in operations activities, production using JIT reduces a firm's inventory costs. Which aspect of operations management do the ISO 9000 Standards address? - ANSWER -Establishment of effective quality systems? Which manufacturing model uses technology to produce small runs of customized products cost effectively? - ANSWER -Flexible Which two of the following distribution channels would take title of the products they handle? Choose 2 ANSWERs - ANSWER -Limited function merchant wholesaler, full function merchant wholesaler Which economic graph is used by organizations to regulate production by predicting the amount of product buyers will purchase at different prices? - ANSWER -Demand curve Which part of the organizing process aids in effective and efficient progress toward planned goals and often results in changes within the organization? - ANSWER - Evaluating results What is the result of a company increasing the delegation of authority and the span of control? - ANSWER -Increased number of direct reports per manager Which two key elements does an effective organization include? - ANSWER -Human interaction, structure Why does a line organizational structure function most effectively in a crisis situation? - ANSWER -It established a direct flow of authority Which two factors drive demand in a microeconomics system? Choose 2 ANSWERs - ANSWER -Customer preference, price of substitute goods How does a sudden shortage of a commodity product affect the immediate demand for the product at its current price? - ANSWER -There is no immediate effect on demand Which two impacts result from a nation's increase in productivity? Choose 2 ANSWERs - ANSWER -Economy expands, Personal wealth increases For which two purposes will the U.S Federal Reserve System follow an expansionary monetary policy? Choose 2 ANSWERs - ANSWER -To encourage bankers to make loans, to cut the cost of borrowing Which two economic impacts should a manager anticipate when the U.S. government reduces the number of Treasury bills, Treasury Notes, and Treasury bonds it sells? Choose 2 ANSWERs - ANSWER -An increase in overall cost of debt to private borrowers, an increase of funds for public services What is one role of a financial manage? - ANSWER -Analyzing major investment decisoins Which two activities are finance activities rather than accounting activities? Choose 2 ANSWERs - ANSWER -Making capital market investments, creating a financial plan Which three sources should a business consider when seeking a long-term source? Choose 3 ANSWERs - ANSWER -Hedge funds, Venture capital, public sale of stocks