Question 1

Xbox video game consoles were developed through a joint venture between Microsoft and the WWF (World Wrestling Federation)and first marketed in the fall of 2001.Complaints about the video game began immediately after its introduction.These complaints ranged from missing parts to incorrect programming.It would seem obvious that the manufacturer of Xbox video game consoles should adopt _____ goals.
A)profit
B)sales revenue
C)market share
D)quality

Accepted Answer

The complaints about missing parts and incorrect programming indicate quality issues with the Xbox video game consoles. Therefore, the manufacturer should adopt quality goals to address these issues. While profit, sales revenue, and market share are important, they may not be the primary concern if customers are dissatisfied with the product itself.

Question 2

Pfizer Pharmaceuticals is offering low-income senior citizens some of its most widely used prescriptions for $15 each a month - much below the regular costs for these drugs.This program to better serve senior citizens likely grew out of a _____ goal.
A)profit
B)unit sales
C)sales revenue
D)social responsibility

Accepted Answer

The best choice is D, social responsibility, as Pfizer's offering of low-cost drugs to low-income senior citizens is an example of corporate social responsibility. The company is taking it upon itself to make its products more accessible and affordable to those who may struggle to afford them otherwise. It is a philanthropic effort to better serve this group of individuals and is not primarily driven by profit, unit sales, or sales revenue.

Question 3

When Telus calculates their market share,they calculate the ratio of their sales revenue to the total sales revenue of all:
A)firms in the industry, including themselves
B)firms they directly compete against
C)firms they indirectly compete against
D)firms in the industry

Accepted Answer

Telus calculates their market share by comparing their sales revenue to the total sales revenue of all firms in the industry, including themselves.

Question 4

Market share is:
A)the ratio of the profit of the firm to the total profits of all firms in the industry, not including the firm itself.
B)the ratio of the profit of the firm to the total profits of all firms in the industry, including the firm itself.
C)the ratio of the sales revenue of the firm to the total sales revenue of all firms in the industry, not including the firm itself.
D)the ratio of the sales revenue of the firm to the total sales revenue of all firms in the industry, including the firm itself.

Accepted Answer

Market share is the percentage of total sales revenue of the firm in comparison to the total sales revenue of all firms in the industry, including the firm itself. This indicates the firm's position and strength in the market.

Question 5

A firm that includes an ergonomic expert on staff,one that provides recommendations on chair choice to employees,is most likely concerned with:
A)satisfaction
B)sales revenue
C)employee productivity
D)employee welfare

Accepted Answer

The fact that the firm includes an ergonomic expert on staff and provides recommendations on chair choice to employees suggests that they prioritize the welfare of their employees. Ergonomic experts focus on designing and arranging work environments in a way that reduces the risk of injury or discomfort to employees, with the aim of improving their overall health and wellbeing. Therefore, the firm is most likely concerned with promoting employee welfare.

Question 6

Brittany read on the second page of the stockholder's report for a manufacturer of automobile parts,"Our goal for the next five year period is to double our return on investment." She now knows the company has _____ goals.
A)profit
B)sales revenue
C)market share
D)unit sales

Accepted Answer

The company's goal to double its return on investment indicates that it has profit goals.

Question 7

The "Big Three" wireless carriers in Canada are constantly battling each other for customers,as a result,they frequently determine the ratio of the sales revenue of their firm to the total sales revenue of all firms in the industry,including the firm itself.The ratio they are calculating is known as:
A)sales quality.
B)market share.
C)industry potential.
D)contribution margin.

Accepted Answer

The ratio being described is the market share, which is the percentage of total sales revenue that a company holds within its industry. The Big Three wireless carriers in Canada are using this ratio to determine their position in the market compared to their competitors.

Question 8

Terence,a small business owner was explaining how he was planning for the upcoming holiday season,"We've got to maximize our dollars of sales because profits are adequate at the moment." From this statement,he is most concerned with _____ goals.
A)profit
B)sales revenue
C)market share
D)social responsibility

Accepted Answer

Terence is emphasizing the need to maximize sales revenue to increase profits during the upcoming holiday season. Therefore, his primary concern is sales revenue goals.

Question 9

Assuming all ethical and legal principles are followed,what might be the cause of a company having decreased sales revenue next year,even though they sell the same number of products as last year?
A)inaccurate accounting practices.
B)inflation.
C)incomplete cost projections.
D)inadequate sales forecasting.

Accepted Answer

Inflation can cause the value of money to decrease, meaning that even if the company sells the same number of products, the revenue in terms of purchasing power could be lower if prices have not been adjusted for inflation.

Question 10

A nonprofit organization is a nongovernmental organization that does not have profit as an organizational goal.What other quality characterizes nonprofit organizations?
A)They make a great deal of money.
B)They need not be concerned with efficiency.
C)They are not concerned with quality as a rule.
D)They serve the public good

Accepted Answer

Nonprofit organizations are primarily focused on serving the public good, whether it be through charitable work, advocacy, or other means. This sets them apart from for-profit organizations, which prioritize making a profit for their shareholders. Nonprofits may make money through their activities, but this revenue is typically reinvested back into the organization rather than distributed as profits. Efficiency and quality are important considerations for nonprofits, just as they are for any organization, but they may prioritize different goals and metrics of success than for-profit companies.

Question 11

CIBC is focused on earning a profit for employees and shareholders,while also giving back to the community through their CIBC Run For the Cure campaign,this balance of conflicting goals is referred to as.
A)return on investment
B)market share
C)sales revenue
D)social responsibility

Accepted Answer

The balance of conflicting goals mentioned in the statement, where CIBC is focused on earning a profit while also giving back to the community, refers to social responsibility. Therefore, the best choice is D. Choices A, B, and C do not fully capture the idea presented in the statement.

Question 12

Facebook has a stated goal that they provide free,onsite day care for employee's children,and free,healthy lunches for employees.Facebook is concerned with:
A)return on investment
B)market share
C)employee welfare
D)sales revenue

Accepted Answer

Facebook's provision of free onsite day care for employee's children and free healthy lunches for employees indicates a concern for employee welfare. The company is prioritizing the needs and well-being of its employees by providing these benefits, which can help improve employee satisfaction, retention, and productivity.

Question 13

When the Federal Government places Carbon Tax Caps on oil sand producers in Alberta,they are trying to balance the profit goals of businesses with their _____ goals.
A)return on investment
B)market share
C)unit sales
D)social responsibility

Accepted Answer

Carbon Tax Caps are a way for the Federal Government to promote social responsibility among oil sand producers in Alberta by reducing their carbon emissions. In doing so, they are not only concerned with the profit goals of businesses, but also with their impact on the environment and society as a whole.

Question 14

Telus accepts their current profit level and focuses on increasing their market share,even though profitability may not be maximized.They are attempting to do what:
A)abandon green marketing
B)decrease employee loyalty
C)maintain or increase sales
D)decrease social responsibility

Accepted Answer

Telus is focusing on increasing their market share, which leads to maintaining or increasing sales. This may not result in maximizing profitability, but it is a common strategy for companies looking to increase their customer base and market share. The other options listed (abandoning green marketing, decreasing employee loyalty, and decreasing social responsibility) are not related to the actions Telus is taking.

Question 15

Pfizer Canada offering day-care facilities to its employees; and BC Biomedical offering flex-work opportunities illustrates what type of goals?
A)return on investment
B)market share
C)employee welfare
D)sales revenue

Accepted Answer

Pfizer Canada and BC Biomedical are offering employee benefits that focus on the welfare of their employees, specifically day-care facilities and flex-work opportunities, respectively. These benefits are aimed at attracting and retaining employees, promoting work-life balance and ultimately improving employee satisfaction and well-being. Therefore, the goals illustrated in these examples are related to employee welfare.

Question 16

Which aspect of a firm,assuming classic economic theory,are shareholders most concerned about?
A)profit
B)sales revenue
C)market share
D)quality

Accepted Answer

According to classic economic theory, firms aim to maximize profit as their primary goal. Shareholders, as owners of the company, are most concerned about the financial performance of the firm and the returns on their investments. Therefore, they focus on the profits generated by the company as an indicator of its success. While sales revenue, market share, and quality are important aspects of a business, shareholders are primarily interested in the company's profitability.

Question 17

Lenovo Computers implemented a new manufacturing strategy that reduced warranty calls by 20 percent.This is an example of setting a ________ goal.
A)customer satisfaction
B)employee welfare
C)market share
D)social responsibility

Accepted Answer

The reduction of warranty calls indicates an improvement in product quality, which ultimately leads to higher customer satisfaction. Therefore, implementing a manufacturing strategy with this goal in mind aligns with improving customer satisfaction.

Question 18

Corporate executives and world leaders of each country need to find an ideal balance between protecting its environment and providing its citizens with the additional goods and services necessary to maintain and improve their standard of living.This demonstrates a concern for:
A)corporate culture
B)profit margin
C)strategic direction
D)sustainable development

Accepted Answer

The concern highlighted in the statement is related to finding a balance between protecting the environment and maintaining/improving the standard of living. This is a direct reference to the concept of sustainable development, which aims to meet current needs without compromising the ability of future generations to meet their own needs. Therefore, option D (sustainable development) is the correct choice. The other options (A, B, and C) may be important considerations for corporate executives and world leaders, but they are not directly related to the concern mentioned in the statement.

Question 19

In a country like Zimbabwe,where inflation is a serious issue,such that,in the past,the country has experienced hyperinflation,a western company who opens an office in the country is likely to focus on which goal?
A)profits
B)unit sales
C)sales revenue
D)market share

Accepted Answer

The answer of In a country like Zimbabwe,where inflation is...

Question 20

Bell Canada issued a statement to their shareholders that said: "sales revenue is our focus over the next five years." Shareholders created a petition because they felt their concerns were not being met.The main reason why shareholders were concerned was because Bell Canada implicitly said: "we will ____________"
A)increases sales levels and strives for a constant level of profits.
B)maintains sales levels and strives for maximum profitability.
C)maintains or increases sales levels even though profitability may not be at the maximum.
D)decreases sales levels but increases profit margins.

Accepted Answer

Bell Canada's statement emphasizes their focus on sales revenue over the next five years, implying a willingness to maintain or increase sales levels, even if profitability may not be at its maximum. This suggests to shareholders that their concerns about the long-term sustainability and profitability of the company may not be adequately addressed. Choice A suggests a focus on profitability at the expense of sales, which contradicts the statement. Choice B suggests a focus on maintaining sales levels and maximizing profitability, which also contradicts the statement. Choice D suggests a decrease in sales levels, which does not align with Bell Canada's stated focus on sales revenue.

Quiz 2: Developing Successful Marketing Strategies

Pfizer Pharmaceuticals is offering low-income senior citizens some of its most widely used prescriptions for $15 each a month - much below the regular costs for these drugs.This program to better serve senior citizens likely grew out of a _____ goal.

When Telus calculates their market share,they calculate the ratio of their sales revenue to the total sales revenue of all:

Market share is:

A firm that includes an ergonomic expert on staff,one that provides recommendations on chair choice to employees,is most likely concerned with:

Brittany read on the second page of the stockholder's report for a manufacturer of automobile parts,"Our goal for the next five year period is to double our return on investment." She now knows the company has _____ goals.

Terence,a small business owner was explaining how he was planning for the upcoming holiday season,"We've got to maximize our dollars of sales because profits are adequate at the moment." From this statement,he is most concerned with _____ goals.

Assuming all ethical and legal principles are followed,what might be the cause of a company having decreased sales revenue next year,even though they sell the same number of products as last year?

A nonprofit organization is a nongovernmental organization that does not have profit as an organizational goal.What other quality characterizes nonprofit organizations?

CIBC is focused on earning a profit for employees and shareholders,while also giving back to the community through their CIBC Run For the Cure campaign,this balance of conflicting goals is referred to as.

Facebook has a stated goal that they provide free,onsite day care for employee's children,and free,healthy lunches for employees.Facebook is concerned with:

When the Federal Government places Carbon Tax Caps on oil sand producers in Alberta,they are trying to balance the profit goals of businesses with their _____ goals.

Telus accepts their current profit level and focuses on increasing their market share,even though profitability may not be maximized.They are attempting to do what:

Pfizer Canada offering day-care facilities to its employees; and BC Biomedical offering flex-work opportunities illustrates what type of goals?

Which aspect of a firm,assuming classic economic theory,are shareholders most concerned about?

Lenovo Computers implemented a new manufacturing strategy that reduced warranty calls by 20 percent.This is an example of setting a ________ goal.

Corporate executives and world leaders of each country need to find an ideal balance between protecting its environment and providing its citizens with the additional goods and services necessary to maintain and improve their standard of living.This demonstrates a concern for:

In a country like Zimbabwe,where inflation is a serious issue,such that,in the past,the country has experienced hyperinflation,a western company who opens an office in the country is likely to focus on which goal?