Question 1

Empowerment requires that managers focus more on __________ lower-level employees.
A)directly supervising
B)training
C)simplifying the jobs of
D)controlling and correcting

Accepted Answer

Empowerment involves giving lower-level employees more responsibility and autonomy. This requires managers to train and develop their employees so they can handle this increased responsibility. Directly supervising, simplifying jobs, and controlling and correcting are not necessarily helpful in empowering employees.

Question 2

To implement a policy of empowerment,the organization will restructure so that:
A)managers have more responsibility and employees learn to follow directions.
B)employees assume more responsibility.
C)workers agree to work overtime without extra pay.
D)an entire level of management is removed from the organization.

Accepted Answer

To implement a policy of empowerment, the organization needs to give employees more responsibility and decision-making power. This requires a restructuring that involves delegating authority and creating opportunities for employees to use their skills and knowledge to contribute to the organization's success. Removing a level of management may be necessary in some cases, but it is not a guarantee of empowerment. Asking workers to work overtime without extra pay is not a method of empowerment and may actually undermine employee morale and motivation. Option A also suggests a traditional top-down approach, while empowerment requires a more collaborative and inclusive approach.

Question 3

Diversity is more than recruiting and keeping minorities and women.Diversity means appreciating and understanding other differences in our customers and in our workforce.The statement that best describes this difference is:
A)disabilities,sexual orientation,religious preferences,and even personality differences such as extroverts and introverts.
B)gender roles.
C)surface level things such as green eyes versus brown eyes.
D)racial differences and gender differences.

Accepted Answer

Diversity encompasses a wide range of differences, including but not limited to race and gender. It includes differences in disabilities, sexual orientation, religious preferences, and even personality traits like extroversion and introversion. By understanding and appreciating these differences in both our customers and our workforce, we can create a more inclusive environment that fosters creativity and innovation.

Question 4

People between the ages of 65 and 74 represent:
A)the unemployed generation
B)the single-parent family generation
C)a lucrative market
D)a group that has never contributed to social security

Accepted Answer

People between the ages of 65 and 74 represent a lucrative market as they are often retired and have disposable income. This demographic is also projected to grow in the coming years with the aging of the baby boomer generation.

Question 5

Which of the following statements about the competitive environment is most accurate?
A)Firms that produce a quality product will almost always succeed in the competitive marketplace.
B)Traditional firms will be unable to successfully compete against the new Internet firms unless they immediately create a way to reach customers through this technology.
C)Firms that empower their employees will continue to perform poorly in the competitive environment.
D)Companies now have to offer both high-quality products and outstanding service at competitive prices.

Accepted Answer

The most accurate statement about the competitive environment is that companies now have to offer both high-quality products and outstanding service at competitive prices. This is because in today's global marketplace, consumers have more options than ever before and are not solely focused on the quality of a product. They also expect excellent customer service and competitive prices. Companies that can offer all of these things are more likely to succeed in the competitive environment.

Question 6

Greg is working as a marketing trainee for an online Music CD and video retailer.His boss called a meeting for next week with one thing on the agenda: "Bring with you your ideas about how we can gain a competitive advantage." Greg plans to provide the following response:
A)Create a management-driven environment with lots of employee training.
B)Create a customer-driven environment where we constantly try to create customer value.
C)Restructure the organization so that there is always a manager on duty to chat with online customers who are having problems with their orders.
D)Always match the promotions of our competitors.Price is the only thing customers care about.

Accepted Answer

Creating a customer-driven environment is the best way to gain a competitive advantage in the online music CD and video retail industry. By constantly trying to create customer value, the company can not only attract new customers but also retain existing ones, leading to increased sales and profits. Creating a management-driven environment or always matching the promotions of competitors may be beneficial, but it does not necessarily set the company apart from its competitors in terms of customer experience and value. Restructuring the organization to have a manager on duty to chat with online customers may be helpful, but it may not lead to a significant competitive advantage unless it is coupled with other customer-centric strategies.

Question 7

Lamar is a salesperson for Bi-State Direct.He really appreciates the amount of freedom and authority Bi-State gives its sales people in order to better meet the needs of customers.Lamar's experience suggests that Bi-State practices:
A)Centralized management.
B)Fast response theory.
C)Enfranchisement.
D)Empowerment.

Accepted Answer

Lamar's experience suggests that Bi-State practices empowerment, which is a management approach that gives employees the power and authority to make decisions and take actions to meet customer needs without seeking approval from higher-ups. This approach is different from centralized management, which refers to a management approach in which decision-making power is concentrated at the top of the hierarchy. Fast response theory and enfranchisement are not relevant to the scenario described.

Question 8

Maintaining a competitive advantage is very important to the success of today's businesses.All of the following strategies will help a firm remain competitive,except:
A)Ignoring competitor movements,including new products and services offered by the competition.
B)Restructuring internal processes,including the elimination of some jobs.
C)Spending funds on customer service training for front-line employees.
D)Adhering to a vision of employee empowerment and striving to exceed customer expectations.

Accepted Answer

Ignoring competitor movements will not help a firm remain competitive as it will lead to lack of awareness about industry trends and new products or services offered by the competition. All the other strategies mentioned - restructuring internal processes, investing in customer service training, and adhering to a vision of employee empowerment - will help a firm remain competitive.

Question 9

The social security system,
A)continues to burden businesses due to the fact that businesses must provide and pay for this benefit for their employees.
B)met the needs of our nation when it was conceived,but needs an overhaul.
C)will continue to serve the needs of U.S.citizens into the distant future,due to the fact that there are so few retirees placing a strain on it.
D)is failing because the U.S.government failed to invest the money that employees contributed.

Accepted Answer

The social security system was designed to meet the needs of our nation at the time of its conception, but as the population ages and the number of retirees increases, the system needs an overhaul to ensure its sustainability in the future. While it may continue to serve the needs of citizens, action must be taken to address its long-term viability. Option A is incorrect because the burden of paying for the social security system falls on employees, not businesses. Option C is incorrect because the number of retirees is increasing, contributing to the strain on the system. Option D is incorrect because the money contributed by employees is actually invested, but the issue is the long-term sustainability of the system.

Question 10

Which of the following industries will benefit from an aging population?
A)Financial services to help clients plan for their education
B)Home health care businesses
C)Children's day-care centers
D)Auto industry

Accepted Answer

The aging population is likely to require increasing levels of medical and home health care services as they age, so home health care businesses will benefit from this trend. Financial services may also see some benefit, but this is less direct and more dependent on the specific needs and behaviors of the aging population. Children's day-care centers and the auto industry are less likely to benefit.

Question 11

Which of the following statements best describes how firms must treat their front-line workers in order to remain competitive? Front-line workers must be ____________.
A)empowered with the authority to respond quickly to the unmet needs of customers
B)closely supervised to reduce the risk of product liability and discrimination law suits
C)eliminated and replaced with automated equipment whenever possible
D)relieved of any burden to make a customer decision

Accepted Answer

Empowering front-line workers with the authority to respond quickly to the unmet needs of customers is essential for firms to remain competitive. This allows for a faster response time and enhances the customer experience. Close supervision may actually hinder the ability of front-line workers to respond quickly and effectively. Eliminating front-line workers and replacing them with automated equipment may result in reduced costs, but it also eliminates the human touch that can often make a difference in the customer experience. Relieving front-line workers of any burden to make a customer decision may result in a lack of autonomy and initiative on their part, which can lead to a less satisfactory experience for the customer.

Question 12

In order to compete well and gain market share,contemporary businesses are changing to be more _________________.
A)customer-driven
B)cash-driven
C)management-driven
D)production-driven

Accepted Answer

As customer behavior and preferences change rapidly, businesses need to adapt and focus on becoming more customer-driven in order to compete successfully and gain market share. This means gathering customer feedback, analyzing it, and using it to improve products and services. Cash-driven, management-driven, and production-driven approaches may not be sustainable in the long term.

Question 13

Efforts are underway to serve the needs of a diverse population.Diversity means:
A)selling products to immigrants.
B)dealing sensitively with workers and cultures around the world.
C)providing government programs such as free health care for illegal and legal immigrants.
D)meeting employment quotas so that diverse groups are always represented in your workforce.

Accepted Answer

Diversity refers to the inclusion of different races, cultures, genders, religions, and other characteristics. Therefore, serving the needs of a diverse population entails being sensitive and respectful towards workers and cultures worldwide. It does not necessarily involve selling products to immigrants or providing government programs specifically for immigrants or meeting employment quotas.

Question 14

It was 8:00 A.m.on Saturday morning.Liz just learned that her well-meaning cousins were headed over to help her unpack her household.She had just moved back to Chicago from the west coast.Were they really planning to work,or were they expecting brunch? A bagel and pastry shop was just up the road.She would call in a food order.When she arrived to pick up,it was not what she ordered.The store associate quickly made it right,and offered an extra dozen bagels to make-up for the mistake.There was no need to check with the supervisor,as the employee was _______________ to make decisions that translate into good customer service.
A)structured
B)empowered
C)asked by the customer
D)deputized

Accepted Answer

The word "empowered" means given the authority or power to do something. In this case, the store associate was able to make a decision on their own to make things right for the customer without having to check with a supervisor. This demonstrates that the employee was empowered to provide good customer service.

Question 15

Empowerment means:
A)giving employees the authority to make decisions.
B)making certain that employees always defer to management when making decisions.
C)hiring employees that do not require training due to the costly nature of this activity.
D)asking employees to write the policies which govern their jobs.

Accepted Answer

Empowerment involves giving employees the authority to make decisions, take action and be responsible for the outcomes of their actions. This helps to improve employee engagement, job satisfaction and productivity. Option B is incorrect as it goes against the idea of empowerment by suggesting that employees should always defer to management. Option C is incorrect as it assumes that it is better to hire employees who do not require any training, which is not always the case. Option D is incorrect as asking employees to write policies may not necessarily result in empowerment, especially if those policies are not aligned with the organization's goals and objectives.

Question 16

The statistical study of human population to learn its size,density,and characteristics is called:
A)psychographics.
B)econometrics.
C)demography.
D)geometry.

Accepted Answer

Demography is the study of human population, including its characteristics such as age, gender, race, and education level, as well as its size and density. Psychographics is a marketing research strategy that analyzes consumer behavior and attitudes, while econometrics is the application of statistical methods to economic data. Geometry is a branch of mathematics that deals with spatial relationships and measurement.

Question 17

Businesses are supporting single-parent families with:
A)social security benefits.
B)a more lenient welfare system.
C)more flexible work benefits such as flex time and family leave.
D)limited benefits due to the declining numbers of these families.Five-member families are steadily growing.

Accepted Answer

Businesses are supporting single-parent families by providing more flexible work benefits such as flex time and family leave, allowing single parents to balance their work and family responsibilities more easily. Social security benefits and welfare systems are government programs, not directly provided by businesses. The declining numbers of single-parent families does not impact the level of benefits provided by businesses.

Question 18

Due to population shifts,
A)businesses that cater to older consumers will see exceptional growth.
B)businesses that cater to older consumers will see slower growth.
C)businesses that sell electronic devices will see a significant decline.
D)healthcare will emerge as the only business sector that will grow.

Accepted Answer

As the population ages, businesses that cater to older consumers (such as healthcare, home care, pharmaceuticals, financial services, and leisure and hospitality) are likely to see exceptional growth. This is because the aging population will need more services and products catered to their specific needs.

Question 19

Businesses collect ________ information on where people live,what they buy,and how they spend their time.
A)geometric
B)econometric
C)demographic
D)anthropologic

Accepted Answer

Demographic information typically includes data on age, gender, income, education, occupation, and location. This type of information is valuable to businesses as it allows them to better understand their target audience and tailor their marketing and products to meet their customer's needs. The other answer choices (geometric, econometric, anthropologic) do not typically refer to the type of data that businesses collect on their customers.

Question 20

Max is in charge of production for a family-owned firm that makes and sells sports gloves including baseball gloves,softball gloves,golf gloves,and more.He has stated that speed of delivery is the most important factor for success in the competitive environment.Which of the following would be the best response to Max?
A)You are right on target,Max.Time is money.
B)You are the man,Max.As long as our price is competitive,speedy delivery will win in today's changing marketplace.
C)Well Max,speed isn't everything.What would exceed our customers' expectations? Some consumers may put more importance on high quality and/or lower prices.
D)Dude,you couldn't be more wrong.Quality is the name of the game.He who has the best product will win in the competitive environment.

Accepted Answer

While speedy delivery is important, it should not be the sole determining factor for success in a competitive market. It is important to consider other factors such as quality and price that may exceed customers' expectations and lead to their satisfaction and loyalty.

Quiz 1: Taking Risks and Making Profits Within the Dynamic Business Environment

Empowerment requires that managers focus more on __________ lower-level employees.

To implement a policy of empowerment,the organization will restructure so that:

Diversity is more than recruiting and keeping minorities and women.Diversity means appreciating and understanding other differences in our customers and in our workforce.The statement that best describes this difference is:

People between the ages of 65 and 74 represent:

Which of the following statements about the competitive environment is most accurate?

Greg is working as a marketing trainee for an online Music CD and video retailer.His boss called a meeting for next week with one thing on the agenda: "Bring with you your ideas about how we can gain a competitive advantage." Greg plans to provide the following response:

Lamar is a salesperson for Bi-State Direct.He really appreciates the amount of freedom and authority Bi-State gives its sales people in order to better meet the needs of customers.Lamar's experience suggests that Bi-State practices:

Maintaining a competitive advantage is very important to the success of today's businesses.All of the following strategies will help a firm remain competitive,except:

The social security system,

Which of the following industries will benefit from an aging population?

Which of the following statements best describes how firms must treat their front-line workers in order to remain competitive? Front-line workers must be ____________.

In order to compete well and gain market share,contemporary businesses are changing to be more _________________.

Efforts are underway to serve the needs of a diverse population.Diversity means:

Empowerment means:

The statistical study of human population to learn its size,density,and characteristics is called:

Businesses are supporting single-parent families with:

Due to population shifts,

Businesses collect ________ information on where people live,what they buy,and how they spend their time.