Question 1

Motorola, a pioneer firm in the mobile communications space, invented a program known as Six Sigma, which sets as a goal no more than one defect in one million parts manufactured. This is an example of ________ goal.

Accepted Answer

Six Sigma is a quality management program aimed at reducing defects and improving the quality of products and processes.

Question 2

Lands' End, an American apparel and outerwear firm, ships each order within 48 hours and its guarantee is said to be the best in the world, as exemplified by its tagline "Guaranteed Period." These marketing actions by Lands' End most likely reflect its ________ goals.

Accepted Answer

Lands' End's focus on quick shipping and a strong guarantee indicates a priority on ensuring customer satisfaction, as these actions are designed to enhance the customer experience and build trust.

Question 3

Toyota had some difficulty recovering from a recall crisis several years ago when it was forced to recall about 6 million vehicles due to a variety of problems, most notably one with the accelerator pedal. To "polish" its brand, it implemented stricter ________ goals to improve the safety and reliability of its vehicles.

Accepted Answer

Toyota implemented stricter quality goals to improve the safety and reliability of its vehicles after the recall crisis.

Question 4

If Dr. Pepper Snapple Group plans to grow its proportion of the flavors segment of the carbonated soft drink industry to 45 percent, it has set ________ goal.

Accepted Answer

The goal to grow its proportion of the flavors segment to 45 percent is a market share goal, as it refers to the company's share of the total market sales in that segment.

Question 5

Market share is the ratio of sales revenue of the firm to the total sales revenue of all ________, including the firm itself.

Accepted Answer

Market share is typically calculated as the firm's sales revenue divided by the total sales revenue of all firms in the industry, including the firm itself.

Question 6

GM's original first-year ________ goal for the Volt was 10,000 units, although the product was well into its second year before reaching that level.

Accepted Answer

The context of the sentence indicates that the goal was related to the number of units, which aligns with "sales" as the correct choice.

Question 7

Steep markdowns at a retail store for end-of-year sales are likely to help with which goal, rather than a profit one?

Accepted Answer

The answer of Steep markdowns at a retail store for...

Question 8

Suppose L. L. Bean, a catalog retailer, has set a goal to reduce merchandise returns by 20 percent for the holiday season. The firm would most likely have set ________ goal.

Accepted Answer

Reducing merchandise returns is directly related to improving customer satisfaction, as it indicates that customers are more satisfied with their purchases and less likely to return them.

Question 9

Howard Schultz, the founder of the American coffee chain Starbucks, provides health care for all employees who work over 20 hours per week. This is an example of one of Starbucks' ________ goals.

Accepted Answer

Providing health care for employees is directly related to employee welfare, as it focuses on the well-being and benefits of the employees.

Question 10

The ratio of sales revenue of the firm to the total sales revenue of all firms in the industry, including the firm itself, is referred to as

Accepted Answer

Market share is the term used to describe the ratio of a firm's sales revenue to the total sales revenue of all firms in the industry, including the firm itself.

Question 11

Businesses sometimes pursue ________ goal to balance the conflicting goals of stakeholders to promote their overall welfare, even at the expense of profits.

Accepted Answer

Businesses pursue a social responsibility goal to balance the conflicting goals of stakeholders and promote overall welfare, even if it means sacrificing profits.

Question 12

The top consumer complaint about bananas is how soon they get brown spots. Dole, a multinational agricultural company, most likely set ________ goal when it recently began adding stickers to bananas to promote the use of overripe bananas in the Yonanas machine (Dole owns 30 percent of the firm) to make a creamy, guilt-free dessert.

Accepted Answer

The goal of promoting the use of overripe bananas in the Yonanas machine is likely aimed at increasing customer satisfaction by providing a solution to a common complaint about bananas, thus enhancing the customer experience.

Question 13

Sometimes maximizing sales will come at the expense of ________, so it is necessary to ensure that the latter remains at acceptable levels.

Accepted Answer

Maximizing sales often involves reducing prices or increasing marketing expenses, which can reduce profit margins.

Question 14

When a firm recognizes the critical importance of its employees by attempting to provide good conditions and opportunities, it sets an employee ________ goal.

Accepted Answer

The answer of When a firm recognizes the critical importance...

Question 15

Market share refers to

Accepted Answer

Market share is typically defined as the firm's sales revenue divided by the total sales revenue of all firms in the industry, including the firm itself.

Question 16

A firm may have a goal to offer its customers the highest ________, as Medtronic does with its implantable medical devices that meet its customers' critical performance expectations.

Accepted Answer

The goal of offering the highest "quality" aligns with Medtronic's focus on meeting critical performance expectations for its implantable medical devices. Quality ensures that the products are reliable and meet the necessary standards for performance.

Question 17

Pharmavite LLC recently recalled several lots of Nature Made vitamin products due to possible salmonella or staphylococcus contamination. It should have adopted a more rigorous ________ goal.

Accepted Answer

The recall due to contamination suggests a failure in maintaining product quality standards, indicating the need for a more rigorous quality goal.

Question 18

Seeking to obtain as high a financial return on their investments (ROI) as possible, firms will often set ________ goals.

Accepted Answer

Firms aiming for high financial returns typically set profit goals, as profit directly correlates with ROI.

Question 19

Customers' perceptions are often central to an organization's goals, and their ________ can be measured with surveys or by the number of customer complaints an organization receives.

Accepted Answer

Customer satisfaction is a key metric for organizations and can be measured through surveys or by tracking the number of complaints received.

Question 20

Some universities provide retirement benefits by matching the percentage an employee pays into a retirement account up to a certain percentage. This encourages a larger percentage of employees to participate in retirement planning. This is an example of ________ goal.

Accepted Answer

This is an example of an employee welfare goal, as it focuses on providing benefits that enhance the well-being and financial security of employees.

Quiz 2: Developing Successful Organizational and Marketing Strategies