Question 1

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

Stricter quality goals would directly address the safety and reliability concerns that led to the recall crisis, and would therefore be the most effective way to rebuild trust in the brand. The other options (profit, sales revenue, customer satisfaction, employee welfare) may also be important to the success of the company, but are not directly related to the issue at hand.

Question 2

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

The goal set by L.L.Bean to reduce merchandise returns by 20 percent for the holiday season is directly related to customer satisfaction, as returns can negatively impact a customer's experience with the brand. Therefore, the most likely type of goal that L.L.Bean has set is a customer satisfaction goal.

Question 3

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

Accepted Answer

Profit goals focus directly on achieving a high financial return on investment, which is the ultimate goal of most firms.

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.

Accepted Answer

Dr. Pepper's goal to reach a proportion of 45% in the flavors segment of the carbonated soft drink industry is a market share goal. This means they want to increase their share of the market relative to their competitors.

Question 5

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 fast shipping and a strong guarantee reflects its main goal of customer satisfaction.

Question 6

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 sentence mentions Medtronic's goal to offer its customers the highest quality implantable medical devices. Quality refers to the level of excellence or superiority of a product or service, which meets customers' expectations.

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.

Accepted Answer

Customer satisfaction is a measure of how happy customers are with an organization's products or services, and it can be measured through surveys or by the number of complaints received. Welfare (B) refers more broadly to customers' overall well-being, and may not be directly related to their satisfaction with a specific organization. Lifetime benefit (C) and value (D) both relate to the perceived benefits customers receive from doing business with an organization, but do not necessarily reflect their satisfaction or perception of the organization itself. Responsibility (E) may be important for an organization in terms of ethical or social responsibility, but is not directly related to measuring customer perceptions.

Question 8

Regarding goals and objectives,which of the following statements would be most accurate?

Accepted Answer

Objectives are specific targets that an organization aims to achieve within a given time frame, and they are derived from the broader mission and business strategy of the organization. Goals, on the other hand, refer to broader, strategic aims that the organization seeks to achieve over a longer time horizon. Therefore, statement A is the most accurate since it recognizes that objectives are performance-based targets derived from an organization's mission and business strategy.

Question 9

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.

Accepted Answer

The Six Sigma program's goal is to achieve a high level of quality by striving to have no more than one defect in one million parts manufactured. Therefore, it is an example of a quality goal.

Question 10

Most firms seek to maximize their long-run __________,achieving as high a financial return on their investments as possible.

Accepted Answer

Maximize their long-run profits means achieving as high a financial return on their investments as possible. Therefore, the best choice is E, profits.

Question 11

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 fact that Pharmavite LLC had to recall several lots of their products indicates that their quality goal was not rigorous enough. They need to improve their quality control processes to ensure that their products are safe for consumers.

Question 12

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 13

A new company projects that its sales will exceed its expenses within the first year of operation.This is an example of which type of goal?

Accepted Answer

The goal mentioned of the company exceeds its expenses within the first year of operation is related to profit.

Question 14

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

Accepted Answer

The answer of Sometimes maximizing sales will come at the...

Question 15

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 16

Market share refers to

Accepted Answer

Market share refers to the percentage of total sales revenue in an industry that is generated by a specific company, including the company itself. Therefore, choice D – "the ratio of sales revenue of the firm to the total sales revenue of all firms in the industry, including the firm itself" – is the correct answer.

Question 17

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.

Accepted Answer

The addition of stickers to promote the use of overripe bananas in the Yonanas machine suggests that Dole's goal was to increase customer satisfaction by providing a solution to the common complaint about browning bananas.

Question 18

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

The ratio of sales revenue of the firm to the total sales revenue of all firms in the industry, including the firm itself, is known as market share. This metric indicates the firm's competitiveness in the market and its ability to attract and retain customers.

Question 19

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 sentence specifically mentions "GM's original first-year sales goal", indicating that the answer is related to the number of units sold. The other options may also have been important to GM, but they are not directly mentioned in the sentence as the goal for the first year of the Volt.

Question 20

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 by dividing a firm's sales revenue by the total sales revenue of all firms in the same industry, which makes choice A the correct answer.

Quiz 2: Developing Successful Organizational and Marketing Strategies