Question 1

Objectives refer to

Accepted Answer

Objectives are statements of specific accomplishments to be achieved, often by a particular time frame. They are not the means, criteria, strategies, or day-to-day decisions in marketing.

Question 2

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

Accepted Answer

The Six Sigma program sets a goal for quality, specifically aiming for no more than one defect in one million parts manufactured.

Question 3

Regarding goals and objectives,which of the following statements would be MOST ACCURATE?

Accepted Answer

Objectives are the specific, measurable targets that help organizations achieve their mission and business goals. Goals are broader statements of direction and purpose, while objectives are the detailed, specific steps required to reach those goals. Therefore, option A is the most accurate statement about goals and objectives.

Question 4

Toyota had some difficulty recovering from a recall crisis from a couple of 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

Stricter quality goals would directly improve the safety and reliability of Toyota's vehicles, which is the area that was affected by the recall crisis. Goals related to profit, sales revenue, customer satisfaction, and employee welfare would not necessarily address the root issue of safety and reliability of the vehicles.

Question 5

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 businesswoman's statement indicates that her goal is to increase sales by moving as much inventory as possible and marking down some seasonal items.

Question 6

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

Accepted Answer

The sentence specifies that the firm's goal is to offer the highest level of something to its customers, and the example given is Medtronic and its implantable medical devices. "Quality" is the best choice, as this would align with Medtronic's focus on producing high-quality medical devices.

Question 7

Statements of an accomplishment of a task to be achieved,often by a specific time are referred to as __________.

Accepted Answer

Objectives are statements of specific and measurable targets to be achieved in a particular timeframe. Plans are the strategies and actions to achieve the objectives, procedures are the steps or process to carry out a task, strategies are the overall plan or approach to achieve a goal and core values are the guiding principles that define an organization's culture and behavior.

Question 8

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 of exceeding expenses with sales within the first year is an example of a profit goal.

Question 9

Complaints about 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 Xbox consoles were free from defects such as missing parts and incorrect programming, addressing the complaints effectively.

Question 10

If profits are acceptable,a firm that has set sales as its goal may elect to __________,even though profits may not be maximized.

Accepted Answer

If a firm's goal is to maximize sales, then maintaining or increasing sales would be the best choice, even if profits are not being maximized. This is because the firm's focus is on sales, and as long as they are at an acceptable level, the firm may prioritize other goals over profits. Advertising more frequently and maximizing customer satisfaction could also be viable options to maintain or increase sales, but reducing the salesforce or decreasing sustainability efforts could negatively impact sales in the long run.

Question 11

__________ convert an organization's mission and business into long- and short-term performance targets.

Accepted Answer

Goals are specifically designed to convert an organization's mission and business into long- and short-term performance targets. Plans, tactics, strategies, and visions are all related, but they are not specifically designed for this purpose.

Question 12

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

Accepted Answer

Maximizing profits is the primary objective of most firms. By generating higher returns on their investments, firms can sustain growth, expand their operations, provide better employment opportunities, and create value for their shareholders.

Question 13

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

Accepted Answer

Profit goals are directly tied to achieving a high ROI. By setting profit goals, firms prioritize increasing their financial return on investments, which translates into higher profits for the company.

Question 14

Market share refers to

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 relative position in the market and its ability to generate revenue compared to the competition.

Question 15

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 a measure of a company's sales in relation to the total sales of the industry in which it operates. Therefore, the correct option is A, which refers to all firms in the industry.

Question 16

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 ratio of sales revenue of a firm to the total sales revenue of all firms in the industry, including the firm itself, is called market share. It indicates the proportion of the market that a particular company has captured in terms of sales revenue.

Question 17

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 mentions "GM's original first-year" goal for the Volt, and the only option related to the number of units sold is "sales." Therefore, the best choice is C.

Question 18

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

The sentence mentions measuring "Customer _____" and the options given all relate to ways of measuring customer satisfaction.

Question 19

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

Growing its proportion of the flavors segment of carbonated soft drink industry to 45% is a market share goal. Market share refers to the percentage of total sales in an industry that a particular company holds.

Question 20

Statements of an accomplishment of a task to be achieved,often by a specific time are referred to as __________.

Accepted Answer

Statements of an accomplishment of a task to be achieved, often by a specific time are referred to as goals. Plans, procedures, and strategies are all related to accomplishing goals, but they are not the same as the actual accomplishment. Core values are beliefs or guiding principles that guide decision-making, behavior, and actions.

Quiz 2: Developing Successful Organizational and Marketing Strategies

Objectives refer to

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

Regarding goals and objectives,which of the following statements would be MOST ACCURATE?

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

Statements of an accomplishment of a task to be achieved,often by a specific time are referred to as __________.

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?

Complaints about 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.

If profits are acceptable,a firm that has set sales as its goal may elect to __________,even though profits may not be maximized.

__________ convert an organization's mission and business into long- and short-term performance targets.

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

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

Market share refers to

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

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]

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.

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.

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.

Statements of an accomplishment of a task to be achieved,often by a specific time are referred to as __________.