Question 1

Whose perceptions of the company's products or services are the most important to the manager?

Accepted Answer

The most important perception of the company's products or services is that of the customers, as they are the ones who ultimately determine the success of the business by choosing to purchase or not. The board of directors, president, stockholders, and competitors may also have perceptions that are important to consider, but they do not have the same level of direct impact on the company's performance as the customers do.

Question 2

To be successful a company should be

Accepted Answer

A company that is customer driven focuses on meeting customer needs and providing them with the best possible experience. This approach can lead to increased customer loyalty and satisfaction, which can ultimately result in business success. Prioritizing the desires of the board of directors, employees, or management may not always align with the needs of the customer base. Therefore, being customer-driven is the best choice for success.

Question 3

There are many aspects of a company that managers should focus on.Which of the following sets most completely describes key success factors for managers in terms of delivering performance to customers?

Accepted Answer

The answer of There are many aspects of a company...

Question 4

Which of the following is TRUE concerning the value chain of business functions?

Accepted Answer

Senior managers from individual parts of the value chain have a responsibility in deciding how resources are to be obtained and used, and how rewards are to be given. This is because the value chain is a series of activities that add value to the final product, and each part of the value chain is interconnected. Therefore, decisions made by senior managers in one part of the value chain can have an impact on other parts of the value chain. Senior managers must collaborate and coordinate their efforts in order to optimize the performance of the entire value chain. The other options are incorrect because they either present a misconception or are incomplete.

Question 5

Key success factors include time management.

Accepted Answer

Time management is a critical success factor as it helps individuals and organizations optimize productivity and achieve their goals within set timelines.

Question 6

What aspect of business analysis focuses on the sequence of business functions?

Accepted Answer

The value chain is the sequence of business functions that add value to a company's products or services. Business analysis often involves analyzing the value chain to identify opportunities for streamlining processes, reducing costs, and improving customer satisfaction.

Question 7

Determining the number of components to put into a computer monitor is an example of which of the following value chain functions?

Accepted Answer

The design of products, services, and processes is responsible for determining the features and components to include in a product, such as a computer monitor. Research and development may play a role in this decision, but ultimately it falls under the design function. Production, marketing, and distribution are not directly involved in determining the components of the monitor.

Question 8

Developing a new web site to display and demonstrate the company's products would be part of which value chain function?

Accepted Answer

Developing a new website to display and demonstrate the company's products falls under the marketing function of the value chain. It helps in promoting and creating awareness of the products to potential customers.

Question 9

TQM is a method for improving quality.

Accepted Answer

TQM (Total Quality Management) is a management approach that aims to improve the overall quality of an organization's products or services by involving all employees in continuous improvement efforts, and by using data and analysis to identify and eliminate causes of defects and other quality issues.

Question 10

When a company works with its supplier to reduce material-handling costs,this is an example of

Accepted Answer

Total value chain or supply chain analysis refers to identifying all activities involved in creating and delivering a product or service, from acquiring raw materials to delivering the final product to the customer. When a company works with its supplier to reduce material-handling costs, they are collaborating to optimize the supply chain and increase efficiency, which is an example of total value chain or supply chain analysis.

Question 11

For best results,cost management emphasizes independently coordinating supply chain activities within a company and not interfering with other companies.

Accepted Answer

The answer of For best results,cost management emphasizes independently coordinating...

Question 12

Key success factors are geared to improving customer satisfaction.

Accepted Answer

Key success factors are those factors that are critical to the success of a business. Improving customer satisfaction is usually one such factor that can lead to growth and success.

Question 13

________ is an operational activity that is essential to corporate performance.

Accepted Answer

A key success factor is an operational activity that is necessary for a company to achieve its objectives and stay competitive. It is critical to improving corporate performance. Customer focus, continuous improvement, supply chain, and value chain are all important but may not be essential to corporate performance in every situation.

Question 14

The value chain is the sequence of business functions in which

Accepted Answer

The value chain refers to a series of activities that add value to an organization's products or services. Each function in the value chain adds proportionate value to the end-product, thereby increasing its overall value. The goal of an efficient value chain is to utilize resources effectively and enhance product or service quality, thus increasing customer satisfaction and profitability.

Question 15

________ describe(s)the flow of goods,services,and information from the purchase of materials to the delivery of products to consumers,regardless of whether those activities occur in the same organization or with other organizations.

Accepted Answer

The answer of ________ describe(s)the flow of goods,services,and information from...

Question 16

________ is the generation of,and experimentation with,ideas related to new products,services,or processes.

Accepted Answer

Research and development involves the generation and experimentation of ideas related to new products, services, or processes. It is the stage where new concepts are explored, designs are created, and prototypes are tested to see if they are feasible and commercially viable. This process is critical for businesses to create innovation and stay ahead of the competition.

Question 17

R&D,production,and customer service are business functions that are all included as part of

Accepted Answer

R&D, production, and customer service are three important activities that create value for the customer and are all crucial components of the value chain. The value chain is the set of activities that a firm performs to create value for its customers, such as developing new products, producing and delivering goods and services, and offering customer support. Benchmarking, marketing, supply chain management, and company strategy are all important functions in their own right, but do not encompass all of the activities that comprise the value chain.

Question 18

Key success factors such as quality,time,and the provision of innovative products and services,must be executed well to achieve corporate performance.

Accepted Answer

Key success factors are critical for achieving corporate performance, and include quality, timely delivery, innovation, and other aspects that differentiate a company from its competitors. Thus, it is important to execute these factors well to achieve success.

Question 19

Place the five business functions in the order they appear along the value chain:
A = Customer service
B = Design
C = Distribution
D = Production
E = Research and Development
F = Marketing

Accepted Answer

The answer of Place the five business functions in the...

Question 20

The supply chain refers to the sequence of business functions in which customer usefulness is added to products or services.

Accepted Answer

The value chain refers to the sequence of business functions in which customer usefulness is added to products or services.

Quiz 1: The Accountants Vital Role in Decision Making