Question 1

Lockheed Martin's Skunk Works is a leader in delivering world-class aircraft. About 50 engineers and designers and 100 expert machinists closely follow this guideline for organizational structure and implementation: Use a small number of good people who

Accepted Answer

C

Question 2

Reflecting on the research study of over 200 management tools and techniques, which of the following companies is an example of a firm that excels based on its organizational structure?

Accepted Answer

The Lockheed Martin Skunk Works is known for its highly effective and efficient organizational structure, which allows for rapid innovation and development of new technologies. This is often attributed to the autonomous and cross-functional nature of the Skunk Works team, which operates independently from Lockheed Martin's main organizational structure. This structure promotes quick decision-making, flexibility, and a focus on results, which has contributed to the success of many of its projects.

Question 3

Toyota is generally acknowledged as the best in the world in revolutionizing the design and manufacture of autos. Toyota managers created the doctrine of kaizen, or

Accepted Answer

Toyota's doctrine of kaizen emphasizes continuous improvement in all aspects of the manufacturing process, including design, production, and quality control. This approach has been credited with helping Toyota create some of the most reliable and efficient vehicles in the world.

Question 4

In a five-year study, researchers conducted in-depth analysis of 160 companies and more than 200 management tools and techniques. What was their principal finding?

Accepted Answer

The principal finding of the five-year study was that individual management tools and techniques did not have a direct relationship to superior business performance in the companies that were studied.

Question 5

Reflecting on the research study of over 200 management tools and techniques, which of the following companies is an example of a firm that excels based on a performance-oriented culture?

Accepted Answer

The research study found that firms with a performance-oriented culture tend to excel, and Google is known for its strong performance-based culture, including its use of data-driven decision making and performance metrics. Costco, Coca-Cola, Kodak, and Toyota were not specifically mentioned in the context of the study.

Question 6

Four basic business and management practices are what matter-"what really works," to use the phrase of the researchers who studied more than 200 management tools and techniques. These are: (1) strategy, (2) __________, (3) culture, and (4) structure.

Accepted Answer

The missing basic business and management practice is execution, which refers to the ability to implement strategies effectively and efficiently. The other options are not considered one of the four basic practices.

Question 7

Which of the following statements about the four basic business and management practices that researchers identified is most accurate?

Accepted Answer

Researchers concluded that four basic business and management practices are what matter: (1)strategy,(2)execution,(3)culture,and (4)structure.Firms with excellence in all four of these areas are likely to achieve superior business performance.The researchers concluded that which of these a firm chooses to use is less important than flawless execution of the one(s)it does use.

Question 8

Reflecting on the research study of over 200 management tools and techniques, which of the following companies is an example of a firm that excels in terms of operational execution?

Accepted Answer

The research study found that Toyota excels in terms of operational execution, with the company's production system, known as the Toyota Production System, being a major factor in its success. The system focuses on continuous improvement, waste reduction, and standardization of processes, leading to increased efficiency and quality.

Question 9

Four basic business and management practices are what matter-"what really works," to use the phrase of the researchers who studied more than 200 management tools and techniques. These are: (1) strategy, (2) execution, (3) culture, and (4) __________.

Accepted Answer

The other options (B, C, D, E) might be important factors in business and management practices, but the article specifically mentions strategy, execution, culture, and structure as the four basic practices that matter.

Question 10

Economists would most likely recommend that marketing managers allocate the firm's marketing resources to the markets and products where

Accepted Answer

Economists would recommend allocating marketing resources to the markets and products where the excess of incremental revenues over incremental costs is greatest, as this is where the firm can maximize its profits. This approach is known as marginal analysis, where decisions are based on the incremental benefits and costs of each alternative. Therefore, the focus should be on maximizing the marginal benefit (incremental revenue) relative to the marginal cost (incremental marketing expense).

Question 11

To overcome the problem that occurs during product development when consumers say one thing in a market research study and do another when facing a supermarket shelf, the Warm Delights team ran marketing experiments that involved all of the following except

Accepted Answer

Keeping the initial packaging was not an experiment, but rather a decision made by the Warm Delights team. All of the other options listed are strategies the team used to overcome the problem of consumer behavior differing from market research studies.

Question 12

The relationship of annual marketing effort to annual sales revenue is assumed to be __________ of the sales response function.

Accepted Answer

The S-shaped curve shows that the relationship between annual marketing effort and annual sales revenue is not linear. At the beginning, as marketing efforts increase, there is little impact on sales revenue. However, in the mid-range of the curve, a small increase in marketing effort results in a significant increase in sales revenue. As marketing efforts continue to increase beyond the mid-range, the sales response becomes less and less significant, eventually flattening out at the top of the curve.

Question 13

What is the assumed shape of the graph of the sales response function?

Accepted Answer

The sales response function is typically assumed to be S-shaped, with initial increases in sales being slow, followed by a period of rapid growth, and then a slowing of growth as the market becomes saturated. This shape is often seen in marketing and advertising research.

Question 14

The launch of a new cereal typically costs up to $30 million and usually involves

Accepted Answer

The launch of a new cereal typically involves replacing one of more than 300 competing breakfast cereals already on a supermarket shelf, which requires extensive marketing and advertising efforts to stand out and capture consumers' attention.

Question 15

Four basic business and management practices are what matter-"what really works," to use the phrase of the researchers who studied more than 200 management tools and techniques. These are: (1) __________, (2) execution, (3) culture, and (4) structure.

Accepted Answer

The four basic business and management practices that matter, according to the researchers who studied more than 200 management tools and techniques, are strategy, execution, culture, and structure. While ethics, charismatic leadership, quality, and sustainability are important in their own right, they are not included in the researchers' identified four basic practices.

Question 16

Four basic business and management practices are what matter-"what really works," to use the phrase of the researchers who studied more than 200 management tools and techniques. These are: (1) strategy, (2) execution, (3) __________, and (4) structure.

Accepted Answer

The four basic business and management practices that matter are strategy, execution, culture, and structure, according to the researchers. Quality and sustainability may be important factors in business, but they are not included in the four basic practices identified by the researchers. Charismatic leadership and ethics are important aspects of effective management, but they are encompassed within the broader practice of culture. Therefore, the best choice is B) culture.

Question 17

The mathematical function that relates the expense of marketing effort to the marketing results obtained is referred to as

Accepted Answer

The sales response function is a mathematical model used to determine the relationship between marketing expenses and the resulting sales. It helps marketers determine the most effective level of spending on marketing efforts. Other options, such as marketing ROI and market share profitability, are related to measuring the success of marketing efforts, but they do not directly refer to the mathematical function that relates marketing expenses to results.

Question 18

Reflecting on the research study of over 200 management tools and techniques, which of the following companies is an example of a firm that excels based on a "clearly stated, focused strategy"?

Accepted Answer

The research study found that firms with a clearly stated, focused strategy tend to perform better. Among the given options, Costco stands out as a company known for its clear focus on providing high-quality merchandise at lower prices than its competitors. This strategy has resulted in consistent growth and strong financial performance for the company.

Question 19

Recently, General Mills launched all of the following products except

Accepted Answer

Strawberry Cheerios was not among the recent product launches by General Mills.

Question 20

Toyota is generally acknowledged as the best in the world in revolutionizing the design and manufacture of autos. Toyota managers created the doctrine of __________, or continuous improvement.

Accepted Answer

Toyota managers created the doctrine of kaizen, which emphasizes continuous improvement in all aspects of operations. Keiretsu, kanban, meishi, and zaibatsu are other concepts associated with Japanese business practices but are not directly related to Toyota's approach to continuous improvement.

Quiz 22: Pulling It All Together: the Strategic Marketing Process