ITB Final Exam Questions with Verified
Solutions
An analytical process: - correct Answer-Breaks raw materials into different component
parts.
What is reshoring? - correct Answer-A situation in which U.S manufactures bring
manufacturing jobs back to the United States.
Define Design Planning? - correct Answer-The development of a plan for converting an
idea into an actual product or service.
Quality control is the process of ensuring that goods and services are produced in
accordance with design specifications. True or False? - correct Answer-True
a concept built on the idea of eliminating waste from all activities required to produce a
product or service. - correct Answer-Lean Manufacturing
a computerized system that integrates production planning and inventory control. -
correct Answer-Materials Requirements Planning (MRP)
What is inventory control? - correct Answer-the process of managing inventories in such
a way as to minimize inventory costs, including both holding costs and potential stock-
out costs
What is simply the time period during which an operational plan will be in effect? -
correct Answer-Planning Horizon
Which of the following is the ability of a good or service to satisfy a human need? -
correct Answer-Utility
What are the four aspects of operation control ? - correct Answer--Purchasing
-Inventory Control
-Scheduling
-Quality Control
What is workplace diversity? - correct Answer-refers to the differences among people in
a workforce owing to factors such as age, race, ethnicity, gender, sexual orientation,
and ability.
, What is job analysis? - correct Answer-a systematic procedure for studying positions to
determine their various elements and requirements.
What are the different types of compensation? - correct Answer-hourly wage, weekly or
monthly salary, commissions, incentive payments, lump-sum salary increases, and
profit sharing.
What is a turnover? - correct Answer-occurs when employees leave their jobs
Selling is an important function of marketing because _______. - correct Answer-
marketers must communicate with consumers about how their products create value
_______ focuses on using information about customers to create marketing strategies
that develop and sustain desirable customer relationships. - correct Answer-Customer
relationship management (CRM)
The conversion of inputs into a finished form describes ______. - correct Answer-form
utility
Basic natural materials that become part of the product, such as mineral ore, lumber,
wheat, and corn, would be categorized as - correct Answer-raw materials
___ is the presentation of information on a product or its package - correct Answer-
labeling
A company uses ______ to specify whether the buyer or seller will pay delivery costs. -
correct Answer-geographic pricing
The stage of the product life cycle where industry profits peak and then start to decline
is the _______. - correct Answer-Growth Stage
A new product is considered an ______ if it is a variation of an existing product that is
intended for an established market. - correct Answer-adaptation
A ________________ brand is owned by the manufacturer. - correct Answer-
Manufacturer
A________________ brand is owned by an individual wholesaler or retailer. - correct
Answer-Store
The strategy in which a firm uses a different brand for each of its products. - correct
Answer-Individual branding
Large tools and machines used for production purposes. - correct Answer-major
equipment
Solutions
An analytical process: - correct Answer-Breaks raw materials into different component
parts.
What is reshoring? - correct Answer-A situation in which U.S manufactures bring
manufacturing jobs back to the United States.
Define Design Planning? - correct Answer-The development of a plan for converting an
idea into an actual product or service.
Quality control is the process of ensuring that goods and services are produced in
accordance with design specifications. True or False? - correct Answer-True
a concept built on the idea of eliminating waste from all activities required to produce a
product or service. - correct Answer-Lean Manufacturing
a computerized system that integrates production planning and inventory control. -
correct Answer-Materials Requirements Planning (MRP)
What is inventory control? - correct Answer-the process of managing inventories in such
a way as to minimize inventory costs, including both holding costs and potential stock-
out costs
What is simply the time period during which an operational plan will be in effect? -
correct Answer-Planning Horizon
Which of the following is the ability of a good or service to satisfy a human need? -
correct Answer-Utility
What are the four aspects of operation control ? - correct Answer--Purchasing
-Inventory Control
-Scheduling
-Quality Control
What is workplace diversity? - correct Answer-refers to the differences among people in
a workforce owing to factors such as age, race, ethnicity, gender, sexual orientation,
and ability.
, What is job analysis? - correct Answer-a systematic procedure for studying positions to
determine their various elements and requirements.
What are the different types of compensation? - correct Answer-hourly wage, weekly or
monthly salary, commissions, incentive payments, lump-sum salary increases, and
profit sharing.
What is a turnover? - correct Answer-occurs when employees leave their jobs
Selling is an important function of marketing because _______. - correct Answer-
marketers must communicate with consumers about how their products create value
_______ focuses on using information about customers to create marketing strategies
that develop and sustain desirable customer relationships. - correct Answer-Customer
relationship management (CRM)
The conversion of inputs into a finished form describes ______. - correct Answer-form
utility
Basic natural materials that become part of the product, such as mineral ore, lumber,
wheat, and corn, would be categorized as - correct Answer-raw materials
___ is the presentation of information on a product or its package - correct Answer-
labeling
A company uses ______ to specify whether the buyer or seller will pay delivery costs. -
correct Answer-geographic pricing
The stage of the product life cycle where industry profits peak and then start to decline
is the _______. - correct Answer-Growth Stage
A new product is considered an ______ if it is a variation of an existing product that is
intended for an established market. - correct Answer-adaptation
A ________________ brand is owned by the manufacturer. - correct Answer-
Manufacturer
A________________ brand is owned by an individual wholesaler or retailer. - correct
Answer-Store
The strategy in which a firm uses a different brand for each of its products. - correct
Answer-Individual branding
Large tools and machines used for production purposes. - correct Answer-major
equipment
