Intro To Business Chapter 15 Test Answers


  • What are they like? At this point in their lives, most are at their peak earning power and affluent enough to make marketers stand up and take notice. Generation Y When they became parents, baby boomers delivered a group to rival their own....
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  • Advertisers keep trying, because Generation Y is big enough to wreck a brand by giving it a cold shoulder. What information did you collect before making the decision? What factors did you consider when evaluating alternatives? How did you make your...
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  • Maybe your parents insisted. Information search. Once you recognized the need to go to college, you probably started gathering information about colleges. You may have gone online and studied the Web sites posted by a few schools. Perhaps you attended college fairs or spoke with your high school guidance counselor. You probably talked with friends about your options. Once you let colleges know that you were interested, admissions departments likely sent you tons of information. First, you probably decided what you wanted from a college. Perhaps price was your number-one criterion, or maybe distance from home. Maybe size was important, or reputation or available majors. Maybe it was the quality of the football team or the male-to-female ratio. In so doing, you focused on what was most important to you. Naturally, you could choose only among schools that had accepted you.
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  • Postpurchase evaluation. How many times have you rethought your decision? Are you happy with it? Would you make the same choice again? Objectively, you may have made a bad decision, but not all decisions are made on a purely objective basis. Psychological and social influences come into play. Psychological Influences Under this category, we can identify at least the following five variables: Motivation. The internal process that causes you to seek certain goals. The way you select, organize, and interpret information. Knowledge gained through experience and study. Your predisposition to respond in particular ways because of learned values and beliefs. The collection of attributes that characterize an individual. Social Influences Here, we find the following four factors: Family. Reference groups. Friends or other people with whom you identify. Economic or social status.
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  • Your set of accepted values. For instance, suppose the travel agency that sold you your spring-break getaway found that you bought the package because you viewed it as a reward for studying hard and doing well academically. Taken together, they make up its external marketing environment, which includes regulatory and political activity, economic conditions, competitive forces, changes in technology, and social and cultural influences. Successful marketing often hinges on understanding consumer behavior—the decision process that individuals go through when purchasing or using products. They go through a series of steps in reaching the decision to buy a product: need recognition, information search, evaluation, purchase, and postpurchase evaluation. Check Your Understanding Answer the question s below to see how well you understand the topics covered in this section. This short quiz does not count toward your grade in the class, and you can retake it an unlimited number of times.
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  • Use this quiz to check your understanding and decide whether to 1 study the previous section further or 2 move on to the next section. Authored by: Linda Williams and Lumen Learning. Provided by: Tidewater Community College. Authored by: Anonymous. Provided by: Anonymous.
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  • A low-cost products designed to obtain an edge in highly competitive markets B new product enhancements that supplement established products C new versions of an existing product that has been less successful D new products that create an entirely new market E existing products that are targeted to new geographical markets D 3 3 Which of the following firms is most likely to seek radical innovation? A changing the target markets B developing new-to-the-world products C introducing backward integration D improving existing products E changing the existing market dynamics D 5 5 Which of the following is the best example of a new-to-the-world product? A Walmart, the retail giant, opens new stores in an underdeveloped African country. B Pestorica, a publishing company, decides to launch a new sports magazine.
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  • C Tata Motors, an Indian automobile company, acquires Jaguar to extend its business. E Kids-Med, a company that produces childcare products, launches a non-contact thermometer. A incremental B continuous C spontaneous D radical E competitive A 7 7 Jordan's firm enters new markets by tweaking products for new customers, uses variations on a core product to stay one step ahead of the market, and creates interim solutions for industry-wide products. A disruptive technologies B incremental innovation C complex innovations D discontinuous innovations E radical innovations E 8 8 Fewer than 10 percent of all new products are truly innovative and new to the world. TRUE 9 14 It has been observed that most new products have shorter product life cycles. What is the reason for this? A Most new products do not use technology. B Most new products are not backed by a marketable idea. C New products do not get adequate management support. D Social and governmental constraints lead to this failure.
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  • The company refines the prototype to correct the mistakes found in in-house testing. What should be the next step? A commercializing the product B performing concept testing C conducting beta testing with customers D creating a marketing strategy for the product E performing business analysis C 18 Organic growth refers to increasing the profitability of the organization by increasing employee productivity. TRUE 15 20 High-tech firms that function in a market with high technological uncertainty, high market uncertainty, and high investment costs are not likely to seek radical innovation. FALSE 16 21 Companies that fail to develop new products leave their existing offerings vulnerable to increased domestic and foreign competition.
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  • TRUE 22 Most established companies focus on incremental innovation rather than radical innovation. TRUE 23 Shorter product life cycles are common in industries characterized by low level of competition. FALSE 19 27 Identify a shortcoming of giving the responsibility to develop new products to the product managers of a company. A They would not be familiar with the industry standards. B Product managers would not have an operational focus. C Product managers are often busy managing existing lines. D They will find it difficult to gain support from employees. E Product managers are less likely to use participative management. The company observes that its growth has stagnated over a period of two years.
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  • In an attempt to promote growth, it considers adding new features to the existing products and introducing a few new products. The company forms a committee consisting of three top executives, one of the production mangers, a few operational managers, and a representative of the HR department to generate ideas. Most of the meetings are conducted at informal locations away from office.
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  • A Will this product meet our profit goals? B Have we got a technically and commercially sound product? C Can we find a cost-effective, affordable marketing strategy? D Can this product meet sales expectations? E Can we find a good concept consumers say they would try? D 26 34 During which of the following stages in new product development decision making do managers analyze if they can find a good thought consumers say they would try? A spiral development B reactive development C market testing D proactive development E concept testing A 36 Companies should use normal investment criteria to budget for new-product developments. FALSE 37 Almost all companies use the conventional percentage-of-sales figure while budgeting for new product development. FALSE 38 Skunkworks are formal workplaces where intrapreneurial teams attempt to develop new products. FALSE 39 Venture teams are cross-functional groups charged with developing a specific product or business.
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  • TRUE 32 40 A business analysis is performed mainly to identify if a company has got a technically and commercially sound product. FALSE 33 41 A spiral development process recognizes the value of returning to an earlier stage to make improvements before moving forward. TRUE 34 42 Angell Healthcare, the world's largest manufacturer of protective gloves and clothing, adopted a spiral development process, which divided the innovation process into stages with checkpoints at the end of each stage, to develop products that increased overall sales from 4.
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  • A venture agents B internal customers C buzz agents D lead users E connectors D 38 52 Many people believe that customer focus does not help to create better, or new, products. This belief rests on which of the following ideas? A Such new product developments decrease the chances of success. B Customers do not consider the cost of design when making suggestions. C Customers are at times unaware of what they really want. D It increases the cost of testing a product or service. E Having too much customer focus leads to a negative brand image.
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  • A attribute listing B reverse assumption analysis C mind mapping D lateral marketing E morphological analysis E 41 55 In an attempt to improve the product, a company that manufactures screwdrivers discusses the modification of each attribute, such as replacing the wooden handle with plastic, providing torque power, adding different screw heads, and so on. Bono, a hybrid car brand that the company produces, is a market leader in the hybrid vehicles segment. With the increased global focus on nature-friendly vehicles and governmental subsidies for companies that manufacture hybrid vehicles, competition has increased for flex-fuel cars like Bono.
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  • They consider each part of the car and discuss the possibilities of improvements in each of them. Identify the creativity technique used here. A reverse assumption analysis B lateral marketing C attribute listing D forced relationships E morphological analysis B 46 60 A group of college graduates decides to start a business.
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  • Though they are knowledgeable in various business domains, they are unable to arrive at a valuable business idea. They decide to search for ideas in a structured manner. They meet and start discussing everyone's ideas. Each idea is recorded and then the thoughts that come up in relation to the ideas are written down and discussed. This process helps them to finalize a business plan. What technique is used here? The company decided to expand its business by incorporating restaurants and automobile service stations as a part of its fuel outlets. A idea screening B product development C test marketing D product soft launch E concept testing A 50 64 Crowdsourcing means inviting an Internet community to help create content or software, often with prize money or a moment of glory as an incentive.
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  • TRUE 65 Cocreation can help a company create favorable word of mouth. TRUE 66 Employees can be a source of ideas for improving production, products, and services. TRUE 67 Attribute listing lists several ideas and considers each in relationship to the others. FALSE 54 68 Reverse assumption analysis lists all the normal assumptions about an entity and then turns them around.
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  • TRUE 55 69 Morphological analysis starts by forming a new dimension and then thinks about the possible problems of the dimension. A test brand B alpha product C beta product D business schedule E product concept E 78 A category concept defines the product's attributes and features. FALSE 60 79 When a company combines two product concepts or ideas to create a new offering, it is called reverse assumption analysis. Before approving a new design, the company draws it on a computer and then produces models to show potential consumers and get their reactions. This allows the company to analyze the possible customer reaction. Identify the concept testing method used here. The company offers services such as local and long distance voice, data, and Internet and broadband product offerings.
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  • The company, in an attempt to increase the attractiveness of its offerings, decides to provide special voice and data packages to its customers. The company designs eight different packs that offer varying voice and data benefits to customers. The company then asks a few of its customers to rank the packs in order to choose two best packs. Which of the following testing methods is being used in this scenario? A quality function deployment B quality control processes C rapid prototyping D marketing control E control system formation A 74 95 Which of the following methodologies takes the list of desired customer attributes CAs generated by market research and turns them into a list of engineering attributes EAs that engineers can use? A guaranteed response B price sensitivity C purchase frequency D usage convenience E preferential treatment C 77 98 A large FMCG company decides to test market Kora, a new brand of face cleanser, to be launched soon.
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  • The company initially distributes a few free samples to some prospective consumers. Later it offers the product to the customers at a discounted price and observes that not only more than seventy percent of the customers are purchasing it but the same number are also satisfied using it. The company keeps using this process times to obtain a correct count of the number of people purchasing the product repeatedly. Which of the following testing methods is being used here? A simulated testing B controlled testing C full test marketing D parallel testing E sales-wave research E 78 99 Which of the following is an advantage of sales-wave research? A It gives surprisingly accurate results on advertising effectiveness. B It allows the brand to gain favorable shelf position. C It guarantees immediate brand recognition and high sales volume. D It can be implemented quickly with a fair amount of security.
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  • Includes quizzes, games and printing. University of Valencia. The inputs. My highlights. Formulate the null hypothesis and determine the expected frequency of each answer. This is an utterly simple means to specifically get guide by on-line. Taylor Please email us with your comments on this book. Microeconomics is the study of individuals and business decisions, while macroeconomics looks at the decisions of countries and governments.
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  • Exam Question Q. There chapter wise Practice Questions with complete solutions are available for download in myCBSEguide website and mobile app. Eventually, you will certainly discover a extra experience and completion by spending more cash. What is Macroeconomics? Many people studying Economics choose to specialize in macroeconomics. Chapter - 2 : Collection of Data. Answer to: Economics for Managers 3rd Edition by Paul g. Macroeconomics Chapter 5 Quiz Answers. This is why we provide the books compilations in this website. Store of value: Money can be stored and does not lose value.
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  • Macroeconomics Chapter Labour economics. Download our prentice hall economics principles in action answers chapter 12 eBooks for free and learn more about prentice hall economics principles in action answers chapter Along with updated graphs and changes in every chapter in the text, the new edition features 12 new chapter-opening stories, 18 new business cases, and 35 new Economics in Action Applications. CliffsNotes is the original and most widely imitated study guide. You can use the same to revise whatever you learned from the chapter itself. The answer you are looking for might already be there Economics.
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  • They have been written by the Principal Economics Tutor, Mr. You have remained in right site to start getting this info. If you have time and you are from maths background, you can go for micro as well. Antonio Zabalza. It will completely ease you to look guide answers to problems in macroeconomics 6th edition as you such as.
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  • Chapter 12 Stoichiometry Prentice Hall Chemistry Chapter Stoichiometry Chapter Exam Take this practice test to check your existing knowledge of the course material. Aplia Macroeconomics Answers Chapter 2 dejavuserifcondensedb font size 11 format. Our solutions are written by Chegg experts so. This chapter is the smallest of all with only 5 questions. AD will shift to the right and may cause inflation if it goes beyond potential GDP. Chapter The Meaning and Calculation of Unemployment?. Macroeconomics 5th edition Sample Essays for Macroeconomics Chapter 1 Question 1 The business cycle is the economist's metric for describing the current state of the.
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  • Our solutions are written by Chegg experts so you can be assured of the highest quality!. Our Economists will offer the correct myeconlab answers to your quizzes, tests or homework on different chapters Some of the popular Pearson chapters we have handled are chapter 3, chapter 4, chapter 5, chapter 10 and chapter 14 We can complete an entire class for you or handle portions of a class. As community oriented and professionally responsible leaders, we celebrate diversity and inclusion and embrace our role in shaping a better future. Macroeconomics is the branch of economics that deals with the performance, structure, behavior, and decision-making of an economy as a whole. The answers to these questions. This preview shows page 2 - 6 out of 11 pages. Scarcity means human wants for goods and services exceed the available supply.
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  • Aplia Answers Macroeconomics Chapter 2 Aplia macroeconomics answers chapter 13 Aplia - Cengage Created by teachers, for teachers, Aplia in MindTap offers interactive exercises and assignments One day, you decide to skip the hour-long practice and, instead, go Aplia. The course has five sections: fundamental concepts, microeconomics, macroeconomics, international economics, and personal finance. This aspect of economics deals with principles of the correct answers to all of the sample questions Quizlet provides chapter 2 quiz economics macroeconomics activities, flashcards and games.
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  • What are five foundations ofeconomics? How does money make the circular flow model more efficient? Click or top a choice to answer the question Neither the product nor resource market. Whereas managerial economics is micro-economic in character economics is both macro-economic […]. Mankiw-Taylor, chapter 13 Lecture Clarity comes in part from the intuitive presentation style, but we have also integrated a. Business cycles are regarded as proof of market failure and justify government intervention to assure the proper degree of financial activity.
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  • Chapter 6? Supply, Demand, and 7. Because historical episodes allow diverse interpretations, many conclusions of macroeconomics are not coercive. Concept Quiz. A financial crisis occurs when an increase in asymmetric information from a disruption in the financial system. Sample questions and answers help students master Accounting principles in their revision, while exam-style questions give them plenty of opportunity to apply their skills.
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