Question 1

Lands' End ships each order within 48 hours and its guarantee is 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 their strong guarantee exemplified by their tagline "Guaranteed. Period." are both efforts to enhance customer satisfaction.

Question 2

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]

Accepted Answer

The definition provided in the question is of market share, which is the ratio of a firm's sales revenue to the total sales revenue of all firms in the industry, including itself. Therefore, the correct answer is E - market share.

Question 3

Market share refers to

Accepted Answer

Market share refers to the proportion of total sales revenue a firm has in comparison to the total sales revenue of all firms within the industry, including itself. Option D is the only choice that reflects this definition.

Question 4

A small businesswoman was preparing her staff for the upcoming holiday season. Her women's apparel retail store has 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.

Accepted Answer

The small businesswoman's statement emphasizes the goal of increasing sales by moving as much inventory as possible, including marking down seasonal items, during the holiday season. This indicates that her primary concern is with achieving high sales during the busy shopping period.

Question 5

American Express 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.

Accepted Answer

American Express's program to restore, preserve and revitalize historic sites in New York City is an example of the company fulfilling its social responsibility goals.

Question 6

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

Accepted Answer

The goal of growing the proportion of the flavors segment of carbonated soft drink industry to 45% indicates a desire to increase Dr. Pepper's market share within that segment. Therefore, the best choice is market share.

Question 7

Toyota had some difficulty recovering from a recall crisis several years ago when it was forced to recall about 6 million vehicles due to 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

The blank is asking for a word that would improve the safety and reliability of Toyota's vehicles. Out of the options given, only "quality" directly relates to this. Toyota's stricter quality goals helped it to improve the safety and reliability of its vehicles after the recall crisis.

Question 8

Motorola invented the Six Sigma program that sets as a goal of no more than one defect in one million parts manufactured. This is an example of a(n) __________ goal.

Accepted Answer

The goal mentioned of no more than one defect in one million parts manufactured is related to quality, hence the correct option is C) quality.

Question 9

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 a(n) __________ goal.

Accepted Answer

The goal set by L.L. Bean to reduce merchandise returns by 20 percent for the holiday season focuses on customer satisfaction. The firm aims to improve the customers' experience and reduce the number of products returned, reflecting its concern for customer satisfaction.

Question 10

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 11

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

Perceptions of customers are related to their satisfaction, which can be assessed through surveys or the number of complaints made by customers. Option A, satisfaction, is the most appropriate choice for completing the sentence.

Question 12

Hasbro is a $4-plus billion 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(n)

Accepted Answer

Hasbro's commitment to donating to organizations that help children aligns with a social responsibility goal. This is a corporate strategy that focuses not just on maximizing profits, but also on making a positive impact on society and the environment.

Question 13

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 calculated by dividing the sales revenue of the firm by the total sales revenue of all firms in the industry, including the firm itself. Therefore, choice A - "firms in the industry" - is the correct answer.

Question 14

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 a(n) __________ goal.

Accepted Answer

The retirement benefits provided by the university are an example of an employee welfare goal, as they are aimed at improving the well-being of the university's employees by encouraging them to participate in retirement planning.

Question 15

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 is discussing the number of units sold for the Volt, indicating that the missing word refers to sales rather than profit, market share, customer satisfaction, or survival.

Question 16

The number one consumer complaint about bananas is how soon they start getting brown spots. Dole most likely set a(n) __________ goal when it recently began adding stickers to bananas to promote the use of overripe bananas in the Yonanas machine (Dole owns 30% 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 to make a creamy, guilt-free dessert is focused on addressing the customer complaint of bananas getting brown spots and providing customer satisfaction.

Question 17

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

Accepted Answer

Pursuing a social responsibility goal involves considering the impact of business decisions on society and the environment, and making choices that promote both profit and the overall welfare of stakeholders. This may involve actions that benefit society but reduce profits in the short-term, such as investing in sustainable practices or supporting community initiatives.

Question 18

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

Accepted Answer

The sentence specifically mentions Medtronic's implantable medical devices and wanting to offer customers the highest level of something. Quality would be the most appropriate choice in this context. While innovation, service, value, and warranty are all important factors in a firm's offerings, they may not be the top priority for Medtronic and its medical devices.

Question 19

The founder of Starbucks, Howard Schultz, 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.

Accepted Answer

Howard Schultz's statement shows that one of Starbucks' goals is to prioritize the welfare of their employees by providing them with health care coverage.

Question 20

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 should adopted a more rigorous __________ goal.

Accepted Answer

A more rigorous quality goal would have helped ensure that the consoles were free from defects and issues, addressing the complaints about missing parts and incorrect programming.

Quiz 2: Developing Successful Organizational and Marketing Strategies