Comprehensive Marketing, Data Analysis, and Business Strategy Concepts

What part of the SWOT analysis does Eco Tech Inc.'s ability to mass-produce water filters represent?

Strength

What type of income is used to purchase clothing from retailers like Old Navy?

Disposable income

Which social force most influences consumer attitudes and consumption behavior in Claire's marketing strategy?

Cultural factors

What type of data is Andrew gathering when he collects information about age, gender, and income?

Demographics

What do people born during the same time period and sharing similar life experiences represent in marketing?

Generational cohorts

What part of the SWOT analysis does the trend of eating healthier pose for McDonald's?

Threat

What type of income is used to purchase luxury products like Bulgari jewelry?

Discretionary income

What is the main goal of marketing analytics?

Draw meaningful conclusions from raw business data

What is the primary focus of data wrangling?

Turn messy data into something that is usable

Which of the following is NOT included in the Three Vs of Big Data?

High veracity

What is the first step marketers need to take to maximize marketing analytics?

Understand the key managerial decisions and business context

What is an important tool in Google Analytics for implementing marketing analytics?

Conversion funnel

What do conversion funnels help marketers identify?

Points along the purchasing process where consumers drop off

How does Big Data benefit Amazon?

Enhances customer experience by making purchase recommendations

What authority does Jidoka give individual workers at Toyota?

Enlist engineering help when quality or other problems arise

What are workers at Toyota accountable for?

Continually improving product quality

What is NOT a characteristic of a pet project program?

Only high-potential employees are given the resources needed to pursue a pet project

What is the answer to whether strategic intent translates into results?

No, not very often

According to Robert Kaplan, what are characteristics of correct measurement?

Accurate, relevant & timely

What is NOT an important source of information for balanced scorecards?

Best-in-class Benchmarks

What is NOT a key role of a supplier scorecard?

They are very hard to use

What does productivity measurement lead to?

Greater efficiency and more satisfied customers

What does TCO stand for in the context of costs?

Total Cost of Ownership

What two conditions must be met for cross-training to be effective?

Give workers the chance to make real decisions and reward them for the value they create

In a goal-setting environment, how should change be perceived?

As an opportunity to experiment and excel

What is the key to getting people to set stretch goals?

Encouragement rather than punishment for failure

What is the equation for winning results in a goal-setting environment?

Understanding + Execution = Winning Results

What are the reasons for developing the balanced scorecard concept?

Existing measures were too short-term focused and too financially oriented

What is NOT a key dimension of the balanced scorecard?

Balance statement

What is the definition of productivity growth?

Productivity growth is defined as inputs divided by outputs.

What is a core reason escape rooms and ropes courses fail to change work culture?

They don't change measurement systems to support socialization efforts.

What role does a choreographer play in an organization?

A choreographer is a manager who drives the right changes throughout the organization.

Which of the following is not one of the seven rights of an empowerment culture?

Demand the right behavior.

Which of the following is not one of the pillars of empowerment at Newmont Gold?

Pay for performance.

Complete Lord Kelvin's quote: 'When you cannot measure it, your knowledge is ____________.'

Of a meager and unsatisfactory kind.

What does the equation Understanding + Behavior + Execution equal?

Knowledge.

Which of the following is not a key measurement dimension of a balanced scorecard?

Stock Price.

What percentage of the workforce can't articulate the company's strategy when a scorecard is not in use?

Up to 40%.

What does TCO stand for?

Total Cost of Ownership.

What is the focus of non-competitive benchmarking?

Benchmarking practices/process that are not essential to competitive success.

What is a key characteristic of empowerment programs/strategies?

They emphasize personal accountability.

What is necessary to understand why a productivity measure changed?

Talk to the people who do the work and observe the actual process.

Do you need a portfolio of customers to generate cash flow for profit?

False.

Is it necessary to have products in every stage of the life-cycle for success?

True.

What type of process does the cycle of satisfaction represent?

A cross-functional process requiring extensive collaboration.

What are in-depth interviews designed for?

To identify underlying motives regarding attitudes and behaviors.

What do expert panels rely on for product insight?

A group of experts to gain insight into product characteristics and viability.

Why is it important to involve suppliers early in the NPD process?

They possess vital materials expertise and technical expertise related to processes or products.

What is Operations' contribution to the New Product Development Team?

Technical expertise needed to translate concepts into product/service designs.

What happens when an idea is tossed from one function to another in a sequential product design process?

Costs go up and product launch is delayed.

What is the NPV if design and launch costs are $120,000 and expected sales are 500 pairs at $99 each?

$70,233.60.

What must be identified during the cost breakdown analysis?

All components that make up the product.

What accurately describes highly innovative companies?

They grow three to six times faster than rivals and earn double the profits.

Which of the following is not part of the Product Life Cycle?

Product extension.

What is customer profiling?

Tracking behavior through preferred customer cards or cookies.

What is ethnography in market research?

Research that involves 'living' the life of the customer to understand cultural trends and attitudes.

What is the Customer's contribution to the New Product Development Team?

Feedback on design and how customers will actually use the product.

What can help evaluate individual concepts in a company's portfolio?

Stage gate scorecard.

What is the NPV if design and launch costs are $80,000 and expected sales are 500 pairs at $89 each?

$29,543.89.

Is product innovation a cultural priority at high-leverage innovators?

True.

How many stages are in the product adoption life cycle?

Four stages: Innovators, Early Adopters, Late Majority, and Laggards.

What is a common issue faced by companies during the maturity stage of the product life cycle?

Fewer customers are entering the market.

Which element is NOT part of an effective New Product Development (NPD) process?

Use e-commerce to understand what the customers want.

What is the purpose of a focus group in product development?

To bring a number of customers together to discuss their experiences and needs regarding a new product concept.

What did Desi DeSimone, previous CEO of 3M, imply about interesting products?

They are the ones that people need but can't articulate that they need.

What does business case analysis involve in product development?

Running the numbers to evaluate whether a product's expected sales, growth, and profit justify required investments.

What is the purpose of creating a physical model of a product during development?

To evaluate manufacturability and use considerations.

Which NPD phase allows for the final go/no-go decision?

Launch.

How is contribution to fixed costs calculated?

Profit minus total costs (fixed and variable).

What do product characteristics define?

What it should do and how it will do it.

Who is responsible for bringing new products to market?

Everyone is responsible for innovation.

What defines a Need Seeker in innovation strategy?

They go straight to customers to generate ideas.

How do companies that understand their products' value perform compared to their rivals?

They achieve double the profits of their less-in-touch rivals.

What is Finance's contribution to the New Product Development Team?

Ability to assess financial viability.

What does a Work Breakdown Structure (WBS) depict?

A hierarchical decomposition of the work to be completed by a project team.

What are the two axes on the risk prioritization matrix?

Probability and Impact.

What is the primary purpose of a Gantt Chart?

To display activities in a bar chart format.

What is a key step in creating a Gantt Chart?

Create an activity schedule.

What does brainstorming help with in project management?

It is used to assess risks.

What is the first step after building the 5Ws table for a project?

Create a simple mind map to decompose the project into sub-deliverables.

What is the #1 reason projects fail according to the chapter?

Lack of planning.

What percentage of cargo to and from the United States does the Panama Canal handle?

30%.

In which phase of project management are you defining objectives, scope, feasibility, and constraints?

Planning.

What is the significance of the balance sheet equation: Assets = Liabilities + Owner's Equity?

It describes the relationship between financial resources and obligations.

What must assets generate in relation to a firm's liabilities and owner's equity?

Revenues equal to the firm's liabilities and owner's equity.

In what order are current assets typically listed on the balance sheet?

From most liquid to least liquid.

What do Accounts Payable represent?

Money a firm owes to suppliers for purchases made on credit.

How do you calculate Kirkland Inc.'s Gross Fixed Assets if Current Assets are $139 million, Owner's Equity is $176 million, Total Liabilities are $165 million, and Accumulated Depreciation is $35 million?

Gross Fixed Assets = Total Assets - Current Assets = $341 million.

If KitchenMate reported an increase in retained earnings of $234,500 with a net income of $400,000, how much would retained earnings have increased if no dividends were paid?

$400,000.

What is the formula for Operating Profit?

Revenues - Cost of Goods Sold - Operating Expenses.

What elements are included in Cost of Goods Sold?

Direct materials and direct labor associated with the production process.

In the statement of cash flows, what two items can net income be allocated to?

Dividends and retained earnings.

What are LeftAid's earnings before interest and taxes (EBIT) if revenues are $28,121, cost of goods sold is $19,327, operating expenses are $6,531, depreciation expense is $100, and interest expense is $529?

$2,163.

How much did PH Computer pay in dividends to its stockholders in 20X5 if retained earnings were $3,870 at the end of 20X4 and $4,560 at the end of 20X5?

$490.

What is a true statement regarding accrual accounting?

Amounts reported on financial statements can be managed or manipulated without violating GAAP.

What does a decrease in Accounts Receivable suggest if a firm's reported revenue is constant?

It may mean the firm has not collected all the revenue reported in the current year.

Which company is likely to have higher accounts receivable if Mapple has 1/3 of sales on credit and Doll has 2/3 on credit?

Mapple.

Which of the following is NOT a component of the cash flow statement?

CFA.

What does an increase in an asset account like Inventory indicate in cash flow evaluation?

An outflow of cash.

If XYZ Corporation's inventory decreased by $100,000, how will this affect cash flow from operations?

Add $100,000.