Question 1

Ben & Jerry's uses two marketing metrics to assess how it is doing in the super premium ice cream market, dollar __________ and dollar market share.
A)profit
B)ROI
C)sales
D)customer satisfaction
E)survival

Accepted Answer

Dollar sales and dollar market share are two common metrics used to evaluate a company's performance in a particular market. In the case of Ben & Jerry's, they use these metrics to assess their position in the super premium ice cream market. Profit and ROI are also important metrics, but they are not specifically mentioned in the question. Customer satisfaction and survival are also important factors, but they are not metrics typically used to evaluate market performance. Therefore, the best choice is C, sales.

Question 2

American Express, the credit card and travel organization, has a long history of working for the good of all in its New York community. In 1885, it engaged its employees to help raise money to build the pedestal of the Statue of Liberty. Today, it has a program to help restore, preserve, and revitalize historic sites in New York City. These actions by American Express are partial fulfillment of the __________ the firm has established for itself as a corporate citizen.
A)unit sales goals
B)market share goals
C)sales revenue goals
D)customer satisfaction goals
E)social responsibility goals

Accepted Answer

American Express's actions to raise money for the Statue of Liberty and its program to restore historic sites in New York City demonstrate the company's commitment to social responsibility, which aligns with its established goals as a corporate citizen. Unit sales goals, market share goals, sales revenue goals, and customer satisfaction goals do not accurately describe American Express's actions or goals as a corporate citizen.

Question 3

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
A)a sales proportionality.
B)a marketing metric.
C)an industry potential.
D)a contribution margin.
E)a market share.

Accepted Answer

The ratio of a firm's sales revenue to the total sales revenue of all firms in the industry, including the firm itself, is called market share. Market share is a key metric for a firm's competitiveness and helps to evaluate its position in the industry.

Question 4

If Dr. Pepper plans to grow its proportion of the flavors segment of the carbonated soft drink industry to 45 percent, it has set __________ goal.
A)a sales proportionality
B)a company sales
C)an industry potential
D)a contribution margin
E)a market share

Accepted Answer

Dr. Pepper has set a market share goal, as it aims to increase its proportion of the flavors segment of the carbonated soft drink industry to 45 percent. Market share represents a company's share of the total market demand for a product or service, so this goal is focused on increasing Dr. Pepper's market share within the industry.

Question 5

A small-business owner was preparing her staff for the upcoming holiday season. Her women's apparel retail store had a great year-sales and profits were up 20 percent. In a meeting with her sales staff before opening the store on Black Friday, the day after Thanksgiving, she said, "We want to move as much inventory as possible. Not only can we highlight our holiday items, why don't we also mark down some of our other seasonal items while people are in a shopping mood?" From this statement, she is concerned with a __________ goal.
A)profit
B)sales
C)market share
D)customer satisfaction
E)survival

Accepted Answer

The small-business owner's statement focuses on increasing sales during the holiday season by selling as much inventory as possible and offering markdowns on other seasonal items, indicating that her goal is to increase sales.

Question 6

Motorola, a pioneer firm in the mobile communications space, invented a program known as Six Sigma, that sets as a goal no more than one defect in one million parts manufactured. This is an example of __________ goal.
A)a profit
B)a sales revenue
C)a quality
D)a market share
E)an employee welfare

Accepted Answer

The goal of Six Sigma is a quality goal, as it aims to minimize defects in the manufacturing process. The other options listed are not relevant to the Six Sigma program.

Question 7

Customers' perceptions are of vital importance to an organization. Customer __________ can be measured with surveys or by the number of customer complaints an organization receives.
A)satisfaction
B)welfare
C)lifetime benefit
D)value
E)responsibility

Accepted Answer

Customer perception can be evaluated through their level of satisfaction with the organization's products and services. This can be measured by conducting surveys or analyzing the number of customer complaints received. The other options are not directly related to the measurement of customer perceptions.

Question 8

Market share refers to
A)the ratio of the profit of the firm to the total profits of all firms in the industry, excluding the firm itself.
B)the ratio of the profit of the firm to the total profits of all firms in the industry, including the firm itself.
C)the ratio of sales revenue of the firm to the total sales revenue of all firms in the industry, excluding the firm itself.
D)the ratio of sales revenue of the firm to the total sales revenue of all firms in the industry, including the firm itself.
E)the ratio of the profits of all firms in an industry to the profits of the firm.

Accepted Answer

Market share refers to the ratio of sales revenue of the firm to the total sales revenue of all firms in the industry, including the firm itself. It is a measure of the firm's competitiveness and market power within its industry.

Question 9

Hasbro is a more than $4 billion global toy company that prides itself on donating to organizations that help children, since this group and their parents comprise the target market for its business. This is an example of a
A)unit sales goal.
B)market share goal.
C)social responsibility goal.
D)sales revenue goal.
E)customer satisfaction goal.

Accepted Answer

Hasbro's focus on donating to organizations that help children shows that the company has a social responsibility goal. This goal aligns with the company's values and target market.

Question 10

Howard Schultz, the founder of the American coffee chain Starbucks, provides health care for all employees who work over 20 hours per week. He says, "The companies that are doing the right thing by covering their employees [with health care coverage] are paying for the companies who don't do the right thing." This is an example of one of Starbucks' __________ goals.
A)profit
B)market share
C)employee welfare
D)customer satisfaction
E)sales

Accepted Answer

Howard Schultz's statement suggests that Starbucks values the welfare of its employees and believes in providing them with health care coverage, even if it may be costly for the company. This aligns with the goal of employee welfare.

Question 11

A firm may have a goal to offer its customers the highest __________, as Medtronic does with its implantable medical devices.
A)innovation
B)quality
C)service
D)value
E)warranty

Accepted Answer

The sentence mentions Medtronic offering its customers the highest quality implantable medical devices, which suggests that the firm's goal is to prioritize quality.

Question 12

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.
A)profit
B)market share
C)employee welfare
D)social responsibility
E)customer satisfaction

Accepted Answer

Lands' End's focus on shipping each order within 48 hours and guaranteeing customer satisfaction with its "Guaranteed Period" tagline suggests that its main goal is to prioritize customer satisfaction.

Question 13

Market share is the ratio of sales revenue of the firm to the total sales revenue of all __________, including the firm itself.
A)firms in the industry
B)firms in the competitive set
C)firms in the WTO
D)product groupings
E)domestic firms in a country

Accepted Answer

Market share is calculated by dividing the firm's sales revenue by the total sales revenue of all firms in the industry.

Question 14

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.
A)a profit
B)a customer satisfaction
C)a market share
D)an employee welfare
E)a social responsibility

Accepted Answer

The goal to reduce merchandise returns by 20 percent is related to customer satisfaction, as it aims to improve the customer experience by reducing the need for returns.

Question 15

Complaints about one of Microsoft's Xbox video game consoles began immediately after its introduction. These complaints ranged from missing parts to incorrect programming. Microsoft should have adopted a more rigorous __________ goal.
A)profit
B)sales revenue
C)customer satisfaction
D)employee welfare
E)quality

Accepted Answer

Microsoft should have adopted a more rigorous quality goal to ensure that the Xbox consoles were free from defects and issues such as missing parts and incorrect programming.

Question 16

Businesses sometimes pursue __________ goal to balance the conflicting goals of stakeholders to promote their overall welfare, even at the expense of profits.
A)a customer satisfaction
B)a shareholder
C)a profit minimization
D)a social responsibility
E)an employee welfare

Accepted Answer

Pursuing social responsibility as a goal allows businesses to take into account the impact of their actions on various stakeholders, such as the community, the environment, and their employees, even if it may not lead to maximum profits. This approach can promote the overall welfare of stakeholders and result in long-term sustainability for the business.

Question 17

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.
A)profit
B)sales revenue
C)customer satisfaction
D)quality
E)employee welfare

Accepted Answer

Stricter quality goals would address the safety and reliability concerns and help Toyota improve its brand image after the recall crisis. Profit and sales revenue goals are focused on financial performance, which is not the root cause of the recall crisis. Customer satisfaction goals alone may not be enough to address the safety concerns, and employee welfare goals are not directly related to the recall crisis.

Question 18

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.
A)a satisfaction
B)a sales revenue
C)a market share
D)a quality
E)an employee welfare

Accepted Answer

The provision of retirement benefits by matching the employee contribution is an example of an employee welfare goal, aimed at attracting and retaining competent employees by promoting their welfare and well-being.

Question 19

When a firm recognizes the critical importance of its employees by attempting to provide good conditions and opportunities, it sets an employee __________ goal.
A)satisfaction
B)responsibility
C)compensation
D)core value
E)welfare

Accepted Answer

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

Question 20

The top consumer complaint about bananas is how soon they start getting 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.
A)a profit
B)a market share
C)an employee welfare
D)a customer satisfaction
E)a social responsibility

Accepted Answer

The goal set by Dole is most likely related to customer satisfaction, specifically addressing the top consumer complaint about brown spots on bananas. The addition of stickers promoting the use of overripe bananas in a dessert is a way for Dole to provide a solution to this complaint and increase customer satisfaction.

Quiz 2: Developing Successful Organizational and Marketing Strategies

Ben & Jerry's uses two marketing metrics to assess how it is doing in the super premium ice cream market, dollar __________ and dollar market share.

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

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

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

Customers' perceptions are of vital importance to an organization. Customer __________ can be measured with surveys or by the number of customer complaints an organization receives.

Market share refers to

Hasbro is a more than $4 billion global toy company that prides itself on donating to organizations that help children, since this group and their parents comprise the target market for its business. This is an example of a

A firm may have a goal to offer its customers the highest __________, as Medtronic does with its implantable medical devices.

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.

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

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.

Complaints about one of Microsoft's Xbox video game consoles began immediately after its introduction. These complaints ranged from missing parts to incorrect programming. Microsoft should have adopted a more rigorous __________ goal.

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

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.

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