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TestBankBusinessStrategyDevelopmentApplicationCE

c1

Student:___________________________________________________________________________

1.Anyactivitywhichseekstoearnaprofitbyprovidingagoodorserviceisknownasa(n):
A.industry
B.corporation
C.business
D.service

2.____________istheamountabusinessearnsoverandabovewhatitspendsforsalariesandotherexpenses.
A.Profit
B.Revenue
C.Interest
D.Dividends

3.Alossoccurswhenexpensesaregreaterthan:
A.assets
B.profit
C.revenue
D.costs
4.Abusinessincursa___________ifitscostsandexpensesexceeditsrevenues.
A.loss
B.liability
C.debit
D.dividend

5.Thetotalamountofmoneythatbusinessesearnbysellinggoodsandservicesiscalled________.
A.profit
B.revenue
C.loss
D.retainedearnings

6.Lastyear,MacTeckEnterpriseshadtotalrevenuesof$34millionwhileitstotalexpenseswere$22million.
Basedonthisinformation,MacTeck:
A.earnedaprofitof$12million.
B.earnedaprofitof$56million.
C.sufferedalossof$12million.
D.sufferedalossof$22million.

7.Whichofthefollowingisthebestexampleofabusiness?
A.Acommunitycollege
B.TheSalvationArmy
C.TheGirlGuidesofCanada
D.WalMart

8.Businessesdifferfromnonprofitorganizationsinthatabusiness'sfocusison
A.price.
B.goods.
C.profit.
D.organization.
E.plans.

9.Thegoalofbusinessistoearn
A.respect.
B.resources.
C.aprofit.
D.responsibility.
E.independence.
10.WhichofthefollowingisNOToneofthethreefundamentalcharacteristicthatanefficientandeffective
operatingplatformwillpossess?
A.Asystemofintegratedactions
B.CommercialEndeavours
C.EmployeeInteractionmodel
D.OrganizationalEfficiency&Structure
E.Noneoftheabove

11.WhichofthefollowingisNOTintegralinhowanorganizationcansucceedinidentifyingsolutionstoneeds
themarketplacedesires?
A.righttime
B.rightcustomer
C.rightplace
D.rightinvention
E.rightprice

12.__________________referstothevaluecreatingskillswhichanorganization'semployeesbringtothe
marketplace.
A.Organizationalefficiency
B.Employeeinteraction
C.Laboursupply
D.Organizationalvalue
E.Stakeholderefficiency

13.WhichofthefollowingdoesNOTmakeupabusiness?
A.Asystemofintegratedactions
B.developsandgrowsamarketforitsgoodsand/orservices
C.createsorganizationalvalue(wealth)onbehalfofitsstakeholders
D.developswealthforitsemployees
E.deliverstherightsolutiontotherightcustomer

14.Thefunctionsoforganizing,staffing,planning,andcontrollingaremostcloselyassociatedwith
A.employees.
B.customers.
C.managers.
D.stockholders.
E.accountants.
15.Tobesuccessfulintoday'smarkets,businessesmust:
A.providethegreatestvarietyofproductstoconsumers.
B.spendmoremoneyonmarketingandlessonproduction.
C.focustheirresourcesonachievingthegoalofzerodefects.
D.delightcustomerswithaqualityproductatagoodpriceandoutstandingservice.

16.Businesshaschangedovertime,traditionallybusinesswasmorefocusedontheproductandhowtosellit.
Todaybusinessismorefocusedon:
A.qualityandservice.
B.reliability.
C.marketing.
D.production.

17.______________referstotheabilityofmanagerstoestablishadirectionfortheorganizationbasedonthe
needsidentifiedinthemarketplaceandthemission(reasonforbeing)oftheorganization.
A.Humancapital
B.Assets
C.BusinessAcumen
D.Visionaryleadership
E.ManagerialAcumen

18.____________referstothehumanresourcerequirementsofthebusiness.
A.Labour
B.Capital
C.Assets
D.Efficiency
E.Noneoftheabove

19._________referstothemoneyneededbyanorganization.
A.Assets
B.Labour
C.Capital
D.Managerialacumen
E.Structure
20.WhichofthefollowingisNOToneofthefourcorefundamentalresourceareasanorganizationwillbuild
itsbusinessmodelorsystemaround:
A.Assets
B.Labour
C.Capital
D.Managerialacumen
E.Structure

21.______________referstotheabilityofmanagerstoestablishadirectionfortheorganizationbasedonthe
needsidentifiedinthemarketplaceandthemission(reasonforbeing)oftheorganization.
A.Visionaryleadership
B.Assets
C.BusinessAcumen
D.Humancapital
E.ManagerialAcumen

22.Whenpurchasingaproduct,theconsumerisactuallybuyingitsanticipatedbenefitsand
A.satisfaction.
B.price.
C.costs.
D.productivity.
E.form.

23.Ifabusinessistobesuccessfulinthelongrun,itmusttreatitscustomers,employees,andcommunitywith
social
A.meetings.
B.responsibility.
C.agendas.
D.insight.
E.interests.

24.Whichofthefollowingisnotaproduct?
A.ADellpersonalcomputer
B.Aveterinarian'streatmentofapet'sinjuries
C.Alawyer'sadviceinadivorcecase
D.Businessprofit
E.Acheckupbyadoctor
25.Tostartanybusinessyoumustfirsthave
A.investors.
B.anidea.
C.capital.
D.employees.
E.abusinessplan.

26.Aprecisestatementoftherationaleforabusinessandastepbystepexplanationofhowitwillachieveits
goalsisa
A.missionstatement.
B.corporatecharter.
C.businessplan.
D.corporatestatement.
E.balancesheet.

27.Thebusinessplanshoulddoallofthefollowingexcept
A.explainthebusiness.
B.includeestimatesofincomeandexpenses.
C.establishastrategyforacquiringsufficientfunds.
D.includeananalysisofthecompetition.
E.actasashackletolimitthebusiness'sflexibilityanddecisionmaking.

28.WhichofthefollowingisNOTpartoftheprocesscalledTheBusinessPlanningCycle?
A.Managementteamunderstandsitsstrategicopportunitiesanditscapabilities,competenciesandoverall
capacity
B.Managementteamdevelopsabusinessplanviaaprocesswhichoutlinesitsfocusandmethodologyforusing
itsresources
C.Managementteamcapitalizesonitsidentifiedstrategicopportunities
D.Managementteamcreatesvaluableproductsandservices
E.Managementteamcreatesauniquepositioninthemarketplacebuiltaroundacompetitiveadvantage.

29.Acompanyhasacompetitiveadvantagewhenitcan:
A.offercustomersaproduct/servicethathasmorevaluetothemthansimilarproductsofferedbyother
companies
B.thebusinessplaniscompetitiveandexecutedproperly
C.customersareattractedtothecompany'sproduct/serviceoffering(s)
D.thecompanygeneratesmoney,orrevenue,fromthesaleoftheproduct.
E.Alloftheabove
30.Abusiness'objectivesshouldNOTbewhichofthefollowing:
A.Specific
B.Measurable
C.Easy
D.Controllable
E.Alloftheabove

31.Whatmakesupthe3Cassessment?
A.ceremony,competencies,capacity
B.capabilities,customers,cyclical
C.company,competencies,capacity
D.ceremony,customers,capacity
E.capabilities,competencies,capacity

32.Acompanyhasacompetitiveadvantagewhenitcan:
A.offercustomersaproduct/servicethathasmorevaluetothemthansimilarproductsofferedbyother
companies
B.thebusinessplaniscompetitiveandexecutedproperly
C.customersareattractedtothecompany'sproduct/serviceoffering(s)
D.thecompanygeneratesmoney,orrevenue,fromthesaleoftheproduct.
E.Alloftheabove

33.Abusiness'objectivesshouldbe:
A.specific
B.measurable
C.actionable
D.controllable
E.alloftheabove

34.Inordertoachievelongtermgrowthandprofitability,businessesareconstantlysearchingfornewmarkets
andnewopportunitiestofurthergrowthescopeandfocusoftheirorganizations:
A.topayitsbillsandreinvestinthefuture
B.becausetheyrecognizethatthedemandforcurrentproductsandservicescoulddisappear
C.toensuretheimmediatesurvivalofthefirm
D.inordertoachievelongtermgrowthandprofitability
E.a)andd)
35.Toomuchemphasisondevelopingfutureproductsand/orservices,versusrespondingtocustomerneeds
today,mayresultinthebusiness:
A.fallingshortofsocialresponsibilityexpectations
B.liquidityissuesifitisunabletocoveritsexpensesintheshortterm
C.remaininghealthyandcontinuestogrow
D.acquiringexternalcapitalfundingcommitmentswhichwillenablethemtoreinvestintheorganization
E.ensuringthatitremainsvibrantandresponsivetocommunityneeds

36.Profitabilityanalysistakesintoconsideration:
A.returnonthecapitalinvested
B.returnonequity
C.financialleverage
D.comparisonsbetweencompetitorstodeterminewhichorganizationsarethemosteffectiveintheirutilization
oftheirresources
E.Alloftheabove

37.Anyactivitywhichseekstoearnaprofitbyprovidingagoodorserviceisknownasa(n):
A.industry
B.corporation
C.business
D.service

38.____________istheamountabusinessearnsoverandabovewhatitspendsforsalariesandother
expenses.
A.Profit
B.Revenue
C.Interest
D.Dividends

39.Alossoccurswhenexpensesaregreaterthan:
A.assets
B.profit
C.revenue
D.costs
40.Abusinessincursa___________ifitscostsandexpensesexceeditsrevenues.
A.loss
B.liability
C.debit
D.dividend

41.Thetotalamountofmoneythatbusinessesearnbysellinggoodsandservicesiscalled________.
A.profit
B.revenue
C.loss
D.retainedearnings

42.Nonprofitorganizations,
A.lastforonlyshortperiodsoftimeastheirobjectiveisnottocreateprofitsfortheirowners.
B.Haveahardtimehiringemployeesastheyhavenomeansofpayingthem.
C.Arenotconcernedaboutmeetingtheirfinancialneeds.
D.Canprovideanopportunityforindividualstoaddresssocialissues.

43.Businessesdifferfromnonprofitorganizationsinthatabusiness'sfocusison
A.price.
B.goods.
C.profit.
D.organization.
E.plans.

44.Whenpurchasingaproduct,theconsumerisactuallybuyingitsanticipatedbenefitsand
A.satisfaction.
B.price.
C.costs.
D.productivity.
E.form.
45.Ifabusinessistobesuccessfulinthelongrun,itmusttreatitscustomers,employees,andcommunitywith
social
A.meetings.
B.responsibility.
C.agendas.
D.insight.
E.interests.

46.____________istheamountabusinessearnsoverandabovewhatitspendsforsalariesandother
expenses.
A.Profit
B.Revenue
C.Interest
D.Dividends
E.Assets

47.Whenconsumerscalculatethevalueofaproduct,they:
A.subtractcostofproductionfrommarketprice.
B.eliminateallnontangibleelementsthatmightaffecttheirperceptionoftheproduct.
C.lookatthebenefitstheproductprovidesthensubtractthecost.
D.identifythevariableandthefixedcomponentsoftheproduct'sbenefits.

48.Thecombinationofallthefactorsthatconsumersevaluatewhendecidingwhetherornottobuyagoodor
serviceiscalleda:
A.totalproductoffer.
B.productmix.
C.productdifferentiation.
D.productpackage.

49.Whenpeopleconsiderpurchasingagood,they:
A.arerespondingtothemarketforcesofsupplyanddemand.
B.aremostinfluencedbythepriceoftheproductorservice.
C.willnotconsidergoodsthatrequirethemtomakeaspecialefforttopurchase.
D.mayevaluateandcompareavarietyoffactors.
50.Whichofthefollowingreferstoagroupofproductsofferedbyafirmthatarephysicallysimilarorare
intendedforasimilarmarket?
A.Productmatrix.
B.Productline.
C.Productmix.
D.Totalproductoffer.

51.Allofthefollowingwouldbeincludedinthetotalproductofferofbenefitsthatconsumersconsiderwhen
buyingagoodorserviceexceptthe:
A.price.
B.consumer'sincome.
C.buyer'spastexperience.
D.store'satmosphere.

52.Thepurposeof__________istocreaterealorperceivedproductdifferences.
A.nichemarketing
B.productdifferentiation
C.productmixing
D.targetmarketing

53.Forsmallbusinesses,productdifferentiation:
A.ismoredifficultthanitisforlargerfirmsbecauseofthehighcostofproductresearchanddevelopment.
B.usuallyconcentratesonthepricingcomponentofthetotalproductoffer.
C.canbeanimportantstrategytogainmarketshare.
D.islessimportantthanitisforbigfirmswithmultipleproductlines.

54.LoRiderWheelssellshighqualitybicyclesandaccessories.Thestoreisknownforapleasantenvironment,
friendlysalespeopleandanexcellentservicedepartment.Alloftheseelementsarepartofthe___________
offeredbyLoRider.
A.totalproductoffer
B.productline
C.competitiveenvironment
D.marginalutilitypackage
55.Whenconsumersdecidetopurchaseaparticularproduct,they:
A.willsearchfortheretailerthatoffersthelowestprice.
B.considerthetotalcollectionofbenefitsthattheproductoffers.
C.basetheirdecisiononabrandnamenearlyallofthetime.
D.initiallyevaluatetheproduct'spackage.

56.Successfulproductdifferentiation:
A.ofconsumergoodsisdeterminedexclusivelybyprice.
B.canbebasedoneitherrealorperceiveddifferencesinproducts.
C.isprohibitedifitrestrictspricecompetitionandmarketaccess.
D.islessimportantduetothegrowthoftheInternet.

57.Allofthefollowingwouldallowafirmtoutilizeproductdifferentiationexcept:
A.pricingdifferences.
B.increasedproduction.
C.elaboratepackaging.
D.intensiveadvertising.

58.The_______ofthevaluepropositionistheperceivedsumofyourcompany'sabilitytodeliverineachof
theareasnotedwithinthevaluepropositionequation,versusthe_____ofyourcompetitors'valuepropositions
measuredacrossthesesamebenefitareas.
A.Total;strength
B.Strength;strength
C.Strength;weakness
D.Weakness;weakness
E.Weakness;strength

59.Avaluepropositionwhichhasapositiveprice/qualityrelationshipisconsideredsuperiortothoseofyour
competitors,ifit:
A.ismoreunique
B.ismoreimportant
C.yourproductismorevaluedriven
D.providesgreateropportunitytocommunicatetothepotentialpurchaser
E.alloftheabove
60._______expendituresareexpensesincurredasaresultofthenormalbusinessoperations.The
salaries/wagesofemployees,thepurchaseofrawmaterialsforthefabricationofproducts,thecostsofshipping
productsfrompointAtopointB,orthecostsofadvertisingcampaigns,areexamplesofsuchexpenses.
A.Assetbased
B.Working
C.Operating
D.Functioning
E.Past

61.SweetDreamConfectionersusesthesameingredientsasmostotherproducersofchocolatecandies.Infact,
tastetestssuggestthatthecandyitself,whilequitegood,isn'tmuchbetterthanotherwellknownbrandsof
chocolate.However,thecompanywrapsitscandiesinexpensivelookingfoilandplacestheminveryattractive
boxes.Itpromotesitsproductsinadvertisementsas"theultimateinchocolateexperience."SweetDream
chargesamuchhigherpricethanmostcompetitors,butsalescontinuetogrow.Thissuccessindicatesthat:
A.consumersoftenbehaveinanirrationalmanner.
B.thereismoretothetotalproductofferthanthephysicalproduct.
C.consumersseldomconsiderpricewhenmakingabuyingdecisionforgoodssuchaschocolate.
D.chocolateisbestclassifiedasaconveniencegood.

62.Inevaluatingcolleges,studentsandparentsarelikelytojudgeaschool:
A.strictlyonthebasisofmajorcurriculumsoffered.
B.basedonthetuition.
C.bythecollectionofbenefitsofferedbytheschool.
D.ontheanticipatedrateofreturnontheirtuitioninvestment.

63."ICan'tBelieveThatIt'sMedicine"isanadvertisingsloganforanewantacid.Themanufacturerclaimsthat
theirantacidworksfasterandtastesbetterthananycompetingbrand.Theseclaimsarepartofthefirm's
strategytoachieve:
A.deceptivemarketingrecognition.
B.thecreationofknockoffproducts.
C.newproductdevelopment.
D.productdifferentiation.
64.AsrestaurantchainsthatspecializeinMexicancuisine,Fernando'sandCarmelita'soffersimilaritemson
theirmenus.However,Fernando'srestaurantsarepositionedinthemarketaselegantestablishmentswithhigh
prices.Carmelita'srestaurants,ontheotherhand,arelocatedinmiddleclassneighborhoods,withacasual
atmospherethatwelcomesfamilieswithyoungchildren.ThepricesatCarmelita'sareinthemoderaterange.
Whenevaluatingthemarketingstrategiesusedbytheserestaurants,wecanconcludethat:
A.bothpracticeproductmixeffectiveness.
B.theyutilizeproductdifferentiation.
C.Fernando'shaschosenashoppinggoodstrategy.
D.theirtargetmarketsdiffer,withoneintendedtoappealtotheindustrialmarket,andtheotherdesignedto
attracttheconsumermarket.

65._______________istheartofgettingthingsdoneusingorganizationalresources.
A.Socialization
B.Justification
C.Preparation
D.Management

66.Today'sprogressivemanagers:
A.usuallyprefertousetheautocraticstyleofleadership.
B.tendtoemphasizeteamworkandcooperationratherthandisciplineandordergiving.
C.facefewerchallengesandproblemsthanmanagersinthepast.
D.canrelyonamuchhigherlevelofworkerloyaltytotheorganizationthaninthepast.

67.Today,managershavetomakeallocationdecisionsaroundtheuseofwhichscarceresources,
A.financial
B.human
C.natural
D.allresources

68.___________isthedevelopmentofplansanddecisionswhichwillguidethedirectionofthefirmand
determineitslongtermperformance.
A.Vision
B.Planning
C.Strategy
D.Execution
E.Tactic
69.Strategy:
A.Isthedevelopmentofplansanddecisionswhichwillguidethedirectionofthefirmanddetermineitslong
termperformance
B.Focusesonthevisionofthefirmandtheopportunitywhichitbelievesexistsinthemarketplace
C.checksthatthelifeexpectancyoftheproductorserviceislongenoughtoensurethattheinitialinvestment
canberecoveredandthatthefirmcanmakeaprofit.
D.a)andc)
E.a),b)andc)

70._______,managersneedtounderstandwherethemarketisgoingandhowtheirproductsandserviceswill
fitintothemarketandmeetcustomerneeds.________,theyneedtoensurethattherightproductreachesthe
rightcustomerattherighttimeandattherightplacefortherightprice.
A.Tactically;tactically
B.Strategically;strategically
C.Strategically;Tactically
D.Decisively;tactically
E.defensively;tactically

71.____________isthedevelopmentofplansanddecisionswhichwillguidethedirectionofthefirmand
determineitslongtermperformance.
A.Vision
B.Planning
C.Strategy
D.Execution
E.Tactic

72.Nonprofitorganizations,
A.lastforonlyshortperiodsoftimeastheirobjectiveisnottocreateprofitsfortheirowners.
B.Haveahardtimehiringemployeesastheyhavenomeansofpayingthem.
C.Arenotconcernedaboutmeetingtheirfinancialneeds.
D.Canprovideanopportunityforindividualstoaddresssocialissues.

73.Anyorganizationthatproducesagoodorservicecanbeclassifiedasabusiness.
TrueFalse

74.Thegoalofbusinessactivitiesisprofit.
TrueFalse
75.NonprofitorganizationssuchastheCanadianCancerSocietydonotengageinmanagement,marketing,or
financeactivities.
TrueFalse

76.Profitiswhatitcoststomakeandsellaproduct.
TrueFalse

77.Businesseshavetherighttokeepandusetheirprofitsastheychoose,withoutlimitations.
TrueFalse

78.Businessesseektoearnaprofitbyprovidinggoodsandservicestoothers.
TrueFalse

79.Revenueistheamountabusinessearnsaboveandbeyondwhatitspendsforexpensesandcosts.
TrueFalse

80.Amanagerisanindividualwhoassumestheriskofstartingabusiness.
TrueFalse

81.Ifabusiness'costsandexpensesaregreaterthanitsrevenue,itwillsufferaloss.
TrueFalse

82.Wellmanagedbusinesseswillgrowandprosperregardlessofthebusinessenvironmentinwhichthey
operate.
TrueFalse

83.Technologycanhelpbusinessesbecomemoreefficientandproductive.
TrueFalse
84.TechnologyenablesCanadianworkerstomakemoremoneythanworkersinlowwageratecountries.
TrueFalse

85.Technologyaffectspeopleinmost,butnotallindustries.
TrueFalse

86.Toremaincompetitiveintoday'smarket,firmsmustproduceaqualityproductandofferoutstandingservice
atareasonableprice.
TrueFalse

87.Producingahighqualityproductwillensuresuccessinthecompetitiveenvironment.
TrueFalse

88.Successfulfirmsfollowacustomerdrivenstrategy,asopposedtothemanagementdrivenstrategyusedin
thepast.
TrueFalse

89.Thecompetitiveenvironmentnowempowersmanagerstomakedecisionsquicklyfortheirfrontline
employees.
TrueFalse

90.Managerscoordinateresourcestoachieveorganizationalobjectives.
TrueFalse

91.Theamountofprofitorlossearnedbyabusinesscanbefoundbysubtractingthefirm'sexpensesfromits
revenues.
TrueFalse

92.Akeyelementofbusinesssuccessisabusinessplan.
TrueFalse
93.Businessesseektoearnaprofitbyprovidinggoodsandservicestoothers.
TrueFalse

94.Revenueistheamountabusinessearnsaboveandbeyondwhatitspendsforexpensesandcosts.
TrueFalse

95.Ifabusinesscostsandexpensesaregreaterthanitsrevenue,itwillsufferaloss.
TrueFalse

96.Profitsofabusinessincludethesalariespaidtotheownersandemployeesofthatbusiness.
TrueFalse

97.Theonlywayafirmcanincreaseitsprofitsistoincreaseitssalesrevenue.
TrueFalse

98.Theamountofprofitorlossearnedbyabusinesscanbefoundbysubtractingthefirm'sexpensesfromits
revenues.
TrueFalse

99.Thegoalofbusinessactivitiesisprofit.
TrueFalse

100.NonprofitorganizationssuchastheCanadianCancerSocietydonotengageinmanagement,marketing,or
financeactivities.
TrueFalse

101.Profitiswhatitcoststomakeandsellaproduct.
TrueFalse
102.Businesseshavetherighttokeepandusetheirprofitsastheychoose,withoutlimitations.
TrueFalse

103.TheBuckmakerCorporationgeneratedtotalrevenuesof$30milliondollarswhileincurringexpensesof
$17million.DuringtheyearBuckmakerearnedaprofitof$13million.
TrueFalse

104.Successfulbusinessesconstantlymonitorconsumerwantsandneeds.
TrueFalse

105.Fromastrategicmarketingviewpoint,atotalproductofferincludesallofthetangibleattributesofagood
orservice,andexcludesanyintangibleattributes.
TrueFalse

106.Theimagecreatedbyadvertisingispartofthetotalproductofferofaproduct.
TrueFalse

107.Thereputationofthemanufacturerandtheretailstoresurroundingsareconsideredpartofthevalue
enhancersofatotalproductoffer.
TrueFalse

108.Successfulmarketersattempttothinklikeaconsumerandevaluatethevaluepackageofferedbyagoodor
service.
TrueFalse

109.Marketingmanagersareawarethatproductscantakeonthecharacteristicsofthestoreinwhichtheyare
sold.
TrueFalse

110.Thecriticalcomponentofatotalproductofferisalwaysalowprice.
TrueFalse
111.Lowpricescanhelpretailerscreateanattractivetotalproductoffer.
TrueFalse

112.Inorderforproductdifferentiationtobeeffective,realproductdifferencesmustbeidentifiedsothatone
productisclearlybetterthanothers.
TrueFalse

113.Marketersutilizepricing,advertising,andpackagingtosuccessfullydifferentiatetheirproductsfrom
competitors'productsevenwhenactualdifferencesarequitesmall.
TrueFalse

114.Creativeproductdifferentiationcanenableasmallbusinesstoincreasemarketshare.
TrueFalse

115.AtIsuzu'sApplianceStore,allnewproductsareofferedwithanextendedservicecontract,aswellasfree
deliveryinstallation.Byofferingthesevalueenhancers,Isuzu'shasaddedtotheirtotalproductoffer.
TrueFalse

116.Price,storesurroundings,service,andbrandnameareallelementsthatconsumersevaluateinatotal
productoffer.
TrueFalse

117.MysticBeverages,aproducerofsoftdrinks,wantstodifferentiateitsproductsfromthoseofothersoft
drinkproviders.ToimplementthisstrategysuccessfullywillrequireMystictocreaterecognizabledifferences
inthephysicalproductitoffers.
TrueFalse

118.Dutchownsandoperatesasmallpizzeriathatcompeteswithavarietyofotherrestaurantsofferingpizza
ontheirmenus.Hislargestcompetitorsarelargenationallyknownorganizations.ThesmallsizeofDutch's
businesspreventshimfromsuccessfullyutilizingaproductdifferentiationstrategy.
TrueFalse
119.Managementistheartofgettingthingsdonethroughorganizationalresources.
TrueFalse

120.Amodernmanager'smainjobistoissueorders,thenfollowuptomakesureemployeesdoastheywere
told.
TrueFalse

121.Managersinprogressiveorganizationstendtoemphasizeteamworkandcooperationratherthandiscipline
andgivingorders.
TrueFalse

122.Managersinmanyoftoday'shightechfirmsrealizethatworkersoftenknowmuchmoreabouttechnology
thantheydo.
TrueFalse

123.Despiteallofthechangesinthebusinessenvironment,thebasicwayamanagerperformshisorherjob
hasremainedremarkablyconstant.
TrueFalse

124.Giventhelackofdisciplineandshortattentionspansoftoday'sworkers,modernmanagersmustwatch
theirworkersclosely,setstrictrules,andvigorouslyenforcethem.
TrueFalse

125.Inmosthightechindustries,thebestwaytorespondquicklytorapidtechnologicalchangesistokeep
mostauthorityandresponsibilityinthehandsofafewkeymanagerswhoprovideprecise,detaileddirectionsto
theworkers.
TrueFalse

126.Theneedforbettereducatedandselfdirectedworkershasmadeiteasierformanagerstoobtainthetrust
andloyaltyoftheirworkers.
TrueFalse
127.Everybusinessisfacedwiththerealityofhavinglessusesforresourcesthanresourcesavailable.
TrueFalse

128.Becauseofadvancementsintechnology,managersnowhaveaneasiertimeobtaininglongterm
commitmentsfromworkers.
TrueFalse

129.Whatisabusiness?

130.Whatarethethreefundamentalcharacteristicsagainstwhichanorganizationcanbeassessed?

131.Whatisvisionaryleadership?

132.Whatisabusinessmodelorsystem?
133.Whatisthe"second"businessobjective(aftermakingprofit)?

134.WhatareStakeholders?

135.Whenconsumerscalculatethevalueofaproduct,theylookatthebenefitsandthensubtractthecost.

136.Fromamarketingmanagementperspective,whatisthemeaningofatotalproductoffer?Whatarethe
importantelementsinthetotalproductofferofyourcollegeoruniversity?

137.WhatisthedifferencebetweenAssetbasedandOperatingexpenditures,giveanexampleofeach?
138.WhatisStrategy?

139.Explainthedifferencesbetweenstrategic,tactical,operational,andcontingencyplanning.

140.Whatisa3Cassessment?

141.Whendoesabusinesshaveacompetitiveadvantage?

142.Whatisavalueproposition?
c1Key

1. (p.4) Anyactivitywhichseekstoearnaprofitbyprovidingagoodorserviceisknownasa(n):
A. industry
B. corporation
C. business
D. service

BissonetteChapter01#1
Difficulty:Easy
LearningObjective:1

2. (p.4) ____________istheamountabusinessearnsoverandabovewhatitspendsforsalariesandother
expenses.
A. Profit
B. Revenue
C. Interest
D. Dividends

BissonetteChapter01#2
Difficulty:Easy
LearningObjective:1

3. (p.4) Alossoccurswhenexpensesaregreaterthan:
A. assets
B. profit
C. revenue
D. costs

BissonetteChapter01#3
Difficulty:Easy
LearningObjective:1
4. (p.4) Abusinessincursa___________ifitscostsandexpensesexceeditsrevenues.
A. loss
B. liability
C. debit
D. dividend

BissonetteChapter01#4
Difficulty:Easy
LearningObjective:1

5. (p.4) Thetotalamountofmoneythatbusinessesearnbysellinggoodsandservicesiscalled________.
A. profit
B. revenue
C. loss
D. retainedearnings

BissonetteChapter01#5
Difficulty:Easy
LearningObjective:1

6. (p.4) Lastyear,MacTeckEnterpriseshadtotalrevenuesof$34millionwhileitstotalexpenseswere$22
million.Basedonthisinformation,MacTeck:
A. earnedaprofitof$12million.
B. earnedaprofitof$56million.
C. sufferedalossof$12million.
D. sufferedalossof$22million.

BissonetteChapter01#6
Difficulty:Medium
LearningObjective:1

7. (p.4) Whichofthefollowingisthebestexampleofabusiness?
A. Acommunitycollege
B. TheSalvationArmy
C. TheGirlGuidesofCanada
D. WalMart

BissonetteChapter01#7
Difficulty:Medium
LearningObjective:1
8. (p.5) Businessesdifferfromnonprofitorganizationsinthatabusiness'sfocusison
A. price.
B. goods.
C. profit.
D. organization.
E. plans.

BissonetteChapter01#8
Difficulty:Medium
LearningObjective:1

9. (p.4) Thegoalofbusinessistoearn
A. respect.
B. resources.
C. aprofit.
D. responsibility.
E. independence.

BissonetteChapter01#9
Difficulty:Medium
LearningObjective:1

10. (p.4) WhichofthefollowingisNOToneofthethreefundamentalcharacteristicthatanefficientand


effectiveoperatingplatformwillpossess?
A. Asystemofintegratedactions
B. CommercialEndeavours
C. EmployeeInteractionmodel
D. OrganizationalEfficiency&Structure
E. Noneoftheabove

BissonetteChapter01#10
Difficulty:Medium
LearningObjective:1
11. (p.4) WhichofthefollowingisNOTintegralinhowanorganizationcansucceedinidentifyingsolutionsto
needsthemarketplacedesires?
A. righttime
B. rightcustomer
C. rightplace
D. rightinvention
E. rightprice

BissonetteChapter01#11
Difficulty:Medium
LearningObjective:1

12. (p.4) __________________referstothevaluecreatingskillswhichanorganization'semployeesbringtothe


marketplace.
A. Organizationalefficiency
B. Employeeinteraction
C. Laboursupply
D. Organizationalvalue
E. Stakeholderefficiency

BissonetteChapter01#12
Difficulty:Medium
LearningObjective:1

13. (p.4) WhichofthefollowingdoesNOTmakeupabusiness?


A. Asystemofintegratedactions
B. developsandgrowsamarketforitsgoodsand/orservices
C. createsorganizationalvalue(wealth)onbehalfofitsstakeholders
D. developswealthforitsemployees
E. deliverstherightsolutiontotherightcustomer

BissonetteChapter01#13
Difficulty:Medium
LearningObjective:1
14. (p.5) Thefunctionsoforganizing,staffing,planning,andcontrollingaremostcloselyassociatedwith
A. employees.
B. customers.
C. managers.
D. stockholders.
E. accountants.

BissonetteChapter01#14
Difficulty:Easy
LearningObjective:2

15. (p.5) Tobesuccessfulintoday'smarkets,businessesmust:


A. providethegreatestvarietyofproductstoconsumers.
B. spendmoremoneyonmarketingandlessonproduction.
C. focustheirresourcesonachievingthegoalofzerodefects.
D. delightcustomerswithaqualityproductatagoodpriceandoutstandingservice.

BissonetteChapter01#15
Difficulty:Easy
LearningObjective:2

16. (p.5) Businesshaschangedovertime,traditionallybusinesswasmorefocusedontheproductandhowtosell


it.Todaybusinessismorefocusedon:
A. qualityandservice.
B. reliability.
C. marketing.
D. production.

BissonetteChapter01#16
Difficulty:Easy
LearningObjective:2

17. (p.5) ______________referstotheabilityofmanagerstoestablishadirectionfortheorganizationbasedon


theneedsidentifiedinthemarketplaceandthemission(reasonforbeing)oftheorganization.
A. Humancapital
B. Assets
C. BusinessAcumen
D. Visionaryleadership
E. ManagerialAcumen

BissonetteChapter01#17
Difficulty:Easy
LearningObjective:2
18. (p.5) ____________referstothehumanresourcerequirementsofthebusiness.
A. Labour
B. Capital
C. Assets
D. Efficiency
E. Noneoftheabove

BissonetteChapter01#18
Difficulty:Easy
LearningObjective:2

19. (p.5) _________referstothemoneyneededbyanorganization.


A. Assets
B. Labour
C. Capital
D. Managerialacumen
E. Structure

BissonetteChapter01#19
Difficulty:Easy
LearningObjective:2

20. (p.5) WhichofthefollowingisNOToneofthefourcorefundamentalresourceareasanorganizationwill


builditsbusinessmodelorsystemaround:
A. Assets
B. Labour
C. Capital
D. Managerialacumen
E. Structure

BissonetteChapter01#20
Difficulty:Easy
LearningObjective:2
21. (p.5) ______________referstotheabilityofmanagerstoestablishadirectionfortheorganizationbasedon
theneedsidentifiedinthemarketplaceandthemission(reasonforbeing)oftheorganization.
A. Visionaryleadership
B. Assets
C. BusinessAcumen
D. Humancapital
E. ManagerialAcumen

BissonetteChapter01#21
Difficulty:Easy
LearningObjective:2

22. (p.15) Whenpurchasingaproduct,theconsumerisactuallybuyingitsanticipatedbenefitsand


A. satisfaction.
B. price.
C. costs.
D. productivity.
E. form.

BissonetteChapter01#22
Difficulty:Medium
LearningObjective:3

23. (p.10) Ifabusinessistobesuccessfulinthelongrun,itmusttreatitscustomers,employees,andcommunity


withsocial
A. meetings.
B. responsibility.
C. agendas.
D. insight.
E. interests.

BissonetteChapter01#23
Difficulty:Medium
LearningObjective:3
24. (p.5) Whichofthefollowingisnotaproduct?
A. ADellpersonalcomputer
B. Aveterinarian'streatmentofapet'sinjuries
C. Alawyer'sadviceinadivorcecase
D. Businessprofit
E. Acheckupbyadoctor

BissonetteChapter01#24
Difficulty:Medium
LearningObjective:3

25. (p.10) Tostartanybusinessyoumustfirsthave


A. investors.
B. anidea.
C. capital.
D. employees.
E. abusinessplan.

BissonetteChapter01#25
Difficulty:Medium
LearningObjective:3

26. (p.6) Aprecisestatementoftherationaleforabusinessandastepbystepexplanationofhowitwillachieve


itsgoalsisa
A. missionstatement.
B. corporatecharter.
C. businessplan.
D. corporatestatement.
E. balancesheet.

BissonetteChapter01#26
Difficulty:Medium
LearningObjective:3
27. (p.6) Thebusinessplanshoulddoallofthefollowingexcept
A. explainthebusiness.
B. includeestimatesofincomeandexpenses.
C. establishastrategyforacquiringsufficientfunds.
D. includeananalysisofthecompetition.
E. actasashackletolimitthebusiness'sflexibilityanddecisionmaking.

BissonetteChapter01#27
Difficulty:Medium
LearningObjective:3

28. (p.6) WhichofthefollowingisNOTpartoftheprocesscalledTheBusinessPlanningCycle?


A. Managementteamunderstandsitsstrategicopportunitiesanditscapabilities,competenciesandoverall
capacity
B. Managementteamdevelopsabusinessplanviaaprocesswhichoutlinesitsfocusandmethodologyforusing
itsresources
C. Managementteamcapitalizesonitsidentifiedstrategicopportunities
D. Managementteamcreatesvaluableproductsandservices
E. Managementteamcreatesauniquepositioninthemarketplacebuiltaroundacompetitiveadvantage.

BissonetteChapter01#28
Difficulty:Medium
LearningObjective:3

29. (p.6) Acompanyhasacompetitiveadvantagewhenitcan:


A. offercustomersaproduct/servicethathasmorevaluetothemthansimilarproductsofferedbyother
companies
B. thebusinessplaniscompetitiveandexecutedproperly
C. customersareattractedtothecompany'sproduct/serviceoffering(s)
D. thecompanygeneratesmoney,orrevenue,fromthesaleoftheproduct.
E. Alloftheabove

BissonetteChapter01#29
Difficulty:Medium
LearningObjective:3
30. (p.7) Abusiness'objectivesshouldNOTbewhichofthefollowing:
A. Specific
B. Measurable
C. Easy
D. Controllable
E. Alloftheabove

BissonetteChapter01#30
Difficulty:Medium
LearningObjective:3

31. (p.6) Whatmakesupthe3Cassessment?


A. ceremony,competencies,capacity
B. capabilities,customers,cyclical
C. company,competencies,capacity
D. ceremony,customers,capacity
E. capabilities,competencies,capacity

BissonetteChapter01#31
Difficulty:Medium
LearningObjective:3

32. (p.6) Acompanyhasacompetitiveadvantagewhenitcan:


A. offercustomersaproduct/servicethathasmorevaluetothemthansimilarproductsofferedbyother
companies
B. thebusinessplaniscompetitiveandexecutedproperly
C. customersareattractedtothecompany'sproduct/serviceoffering(s)
D. thecompanygeneratesmoney,orrevenue,fromthesaleoftheproduct.
E. Alloftheabove

BissonetteChapter01#32
Difficulty:Medium
LearningObjective:3
33. (p.7) Abusiness'objectivesshouldbe:
A. specific
B. measurable
C. actionable
D. controllable
E. alloftheabove

BissonetteChapter01#33
Difficulty:Medium
LearningObjective:3

34. (p.10) Inordertoachievelongtermgrowthandprofitability,businessesareconstantlysearchingfornew


marketsandnewopportunitiestofurthergrowthescopeandfocusoftheirorganizations:
A. topayitsbillsandreinvestinthefuture
B. becausetheyrecognizethatthedemandforcurrentproductsandservicescoulddisappear
C. toensuretheimmediatesurvivalofthefirm
D. inordertoachievelongtermgrowthandprofitability
E. a)andd)

BissonetteChapter01#34
Difficulty:Difficult
LearningObjective:4

35. (p.11) Toomuchemphasisondevelopingfutureproductsand/orservices,versusrespondingtocustomer


needstoday,mayresultinthebusiness:
A. fallingshortofsocialresponsibilityexpectations
B. liquidityissuesifitisunabletocoveritsexpensesintheshortterm
C. remaininghealthyandcontinuestogrow
D. acquiringexternalcapitalfundingcommitmentswhichwillenablethemtoreinvestintheorganization
E. ensuringthatitremainsvibrantandresponsivetocommunityneeds

BissonetteChapter01#35
Difficulty:Difficult
LearningObjective:4
36. (p.11) Profitabilityanalysistakesintoconsideration:
A. returnonthecapitalinvested
B. returnonequity
C. financialleverage
D. comparisonsbetweencompetitorstodeterminewhichorganizationsarethemosteffectiveintheirutilization
oftheirresources
E. Alloftheabove

BissonetteChapter01#36
Difficulty:Difficult
LearningObjective:4

37. (p.12) Anyactivitywhichseekstoearnaprofitbyprovidingagoodorserviceisknownasa(n):


A. industry
B. corporation
C. business
D. service

BissonetteChapter01#37
Difficulty:Easy
LearningObjective:4

38. (p.12) ____________istheamountabusinessearnsoverandabovewhatitspendsforsalariesandother


expenses.
A. Profit
B. Revenue
C. Interest
D. Dividends

BissonetteChapter01#38
Difficulty:Easy
LearningObjective:4

39. (p.12) Alossoccurswhenexpensesaregreaterthan:


A. assets
B. profit
C. revenue
D. costs

BissonetteChapter01#39
Difficulty:Easy
LearningObjective:4
40. (p.12) Abusinessincursa___________ifitscostsandexpensesexceeditsrevenues.
A. loss
B. liability
C. debit
D. dividend

BissonetteChapter01#40
Difficulty:Easy
LearningObjective:4

41. (p.12) Thetotalamountofmoneythatbusinessesearnbysellinggoodsandservicesiscalled________.


A. profit
B. revenue
C. loss
D. retainedearnings

BissonetteChapter01#41
Difficulty:Easy
LearningObjective:4

42. (p.12) Nonprofitorganizations,


A. lastforonlyshortperiodsoftimeastheirobjectiveisnottocreateprofitsfortheirowners.
B. Haveahardtimehiringemployeesastheyhavenomeansofpayingthem.
C. Arenotconcernedaboutmeetingtheirfinancialneeds.
D. Canprovideanopportunityforindividualstoaddresssocialissues.

BissonetteChapter01#42
Difficulty:Easy
LearningObjective:4

43. (p.12) Businessesdifferfromnonprofitorganizationsinthatabusiness'sfocusison


A. price.
B. goods.
C. profit.
D. organization.
E. plans.

BissonetteChapter01#43
Difficulty:Easy
LearningObjective:4
44. (p.12) Whenpurchasingaproduct,theconsumerisactuallybuyingitsanticipatedbenefitsand
A. satisfaction.
B. price.
C. costs.
D. productivity.
E. form.

BissonetteChapter01#44
Difficulty:Easy
LearningObjective:4

45. (p.12) Ifabusinessistobesuccessfulinthelongrun,itmusttreatitscustomers,employees,andcommunity


withsocial
A. meetings.
B. responsibility.
C. agendas.
D. insight.
E. interests.

BissonetteChapter01#45
Difficulty:Easy
LearningObjective:4

46. (p.12) ____________istheamountabusinessearnsoverandabovewhatitspendsforsalariesandother


expenses.
A. Profit
B. Revenue
C. Interest
D. Dividends
E. Assets

BissonetteChapter01#46
Difficulty:Easy
LearningObjective:4
47. (p.15) Whenconsumerscalculatethevalueofaproduct,they:
A. subtractcostofproductionfrommarketprice.
B. eliminateallnontangibleelementsthatmightaffecttheirperceptionoftheproduct.
C. lookatthebenefitstheproductprovidesthensubtractthecost.
D. identifythevariableandthefixedcomponentsoftheproduct'sbenefits.

BissonetteChapter01#47
Difficulty:Easy
LearningObjective:5

48. (p.15) Thecombinationofallthefactorsthatconsumersevaluatewhendecidingwhetherornottobuyagood


orserviceiscalleda:
A. totalproductoffer.
B. productmix.
C. productdifferentiation.
D. productpackage.

BissonetteChapter01#48
Difficulty:Easy
LearningObjective:5

49. (p.15) Whenpeopleconsiderpurchasingagood,they:


A. arerespondingtothemarketforcesofsupplyanddemand.
B. aremostinfluencedbythepriceoftheproductorservice.
C. willnotconsidergoodsthatrequirethemtomakeaspecialefforttopurchase.
D. mayevaluateandcompareavarietyoffactors.

BissonetteChapter01#49
Difficulty:Easy
LearningObjective:5

50. (p.15) Whichofthefollowingreferstoagroupofproductsofferedbyafirmthatarephysicallysimilarorare


intendedforasimilarmarket?
A. Productmatrix.
B. Productline.
C. Productmix.
D. Totalproductoffer.

BissonetteChapter01#50
Difficulty:Easy
LearningObjective:5
51. (p.15) Allofthefollowingwouldbeincludedinthetotalproductofferofbenefitsthatconsumersconsider
whenbuyingagoodorserviceexceptthe:
A. price.
B. consumer'sincome.
C. buyer'spastexperience.
D. store'satmosphere.

BissonetteChapter01#51
Difficulty:Easy
LearningObjective:5

52. (p.15) Thepurposeof__________istocreaterealorperceivedproductdifferences.


A. nichemarketing
B. productdifferentiation
C. productmixing
D. targetmarketing

BissonetteChapter01#52
Difficulty:Easy
LearningObjective:5

53. (p.15) Forsmallbusinesses,productdifferentiation:


A. ismoredifficultthanitisforlargerfirmsbecauseofthehighcostofproductresearchanddevelopment.
B. usuallyconcentratesonthepricingcomponentofthetotalproductoffer.
C. canbeanimportantstrategytogainmarketshare.
D. islessimportantthanitisforbigfirmswithmultipleproductlines.

BissonetteChapter01#53
Difficulty:Easy
LearningObjective:5

54. (p.16) LoRiderWheelssellshighqualitybicyclesandaccessories.Thestoreisknownforapleasant


environment,friendlysalespeopleandanexcellentservicedepartment.Alloftheseelementsarepartofthe
___________offeredbyLoRider.
A. totalproductoffer
B. productline
C. competitiveenvironment
D. marginalutilitypackage

BissonetteChapter01#54
Difficulty:Easy
LearningObjective:5
55. (p.15) Whenconsumersdecidetopurchaseaparticularproduct,they:
A. willsearchfortheretailerthatoffersthelowestprice.
B. considerthetotalcollectionofbenefitsthattheproductoffers.
C. basetheirdecisiononabrandnamenearlyallofthetime.
D. initiallyevaluatetheproduct'spackage.

BissonetteChapter01#55
Difficulty:Easy
LearningObjective:5

56. (p.15) Successfulproductdifferentiation:


A. ofconsumergoodsisdeterminedexclusivelybyprice.
B. canbebasedoneitherrealorperceiveddifferencesinproducts.
C. isprohibitedifitrestrictspricecompetitionandmarketaccess.
D. islessimportantduetothegrowthoftheInternet.

BissonetteChapter01#56
Difficulty:Easy
LearningObjective:5

57. (p.16) Allofthefollowingwouldallowafirmtoutilizeproductdifferentiationexcept:


A. pricingdifferences.
B. increasedproduction.
C. elaboratepackaging.
D. intensiveadvertising.

BissonetteChapter01#57
Difficulty:Easy
LearningObjective:5

58. (p.15) The_______ofthevaluepropositionistheperceivedsumofyourcompany'sabilitytodeliverineach


oftheareasnotedwithinthevaluepropositionequation,versusthe_____ofyourcompetitors'value
propositionsmeasuredacrossthesesamebenefitareas.
A. Total;strength
B. Strength;strength
C. Strength;weakness
D. Weakness;weakness
E. Weakness;strength

BissonetteChapter01#58
Difficulty:Easy
LearningObjective:5
59. (p.15) Avaluepropositionwhichhasapositiveprice/qualityrelationshipisconsideredsuperiortothoseof
yourcompetitors,ifit:
A. ismoreunique
B. ismoreimportant
C. yourproductismorevaluedriven
D. providesgreateropportunitytocommunicatetothepotentialpurchaser
E. alloftheabove

BissonetteChapter01#59
Difficulty:Easy
LearningObjective:5

60. (p.19) _______expendituresareexpensesincurredasaresultofthenormalbusinessoperations.The


salaries/wagesofemployees,thepurchaseofrawmaterialsforthefabricationofproducts,thecostsofshipping
productsfrompointAtopointB,orthecostsofadvertisingcampaigns,areexamplesofsuchexpenses.
A. Assetbased
B. Working
C. Operating
D. Functioning
E. Past

BissonetteChapter01#60
Difficulty:Easy
LearningObjective:5

61. (p.16) SweetDreamConfectionersusesthesameingredientsasmostotherproducersofchocolatecandies.In


fact,tastetestssuggestthatthecandyitself,whilequitegood,isn'tmuchbetterthanotherwellknownbrandsof
chocolate.However,thecompanywrapsitscandiesinexpensivelookingfoilandplacestheminveryattractive
boxes.Itpromotesitsproductsinadvertisementsas"theultimateinchocolateexperience."SweetDream
chargesamuchhigherpricethanmostcompetitors,butsalescontinuetogrow.Thissuccessindicatesthat:
A. consumersoftenbehaveinanirrationalmanner.
B. thereismoretothetotalproductofferthanthephysicalproduct.
C. consumersseldomconsiderpricewhenmakingabuyingdecisionforgoodssuchaschocolate.
D. chocolateisbestclassifiedasaconveniencegood.

BissonetteChapter01#61
Difficulty:Easy
LearningObjective:5
62. (p.16) Inevaluatingcolleges,studentsandparentsarelikelytojudgeaschool:
A. strictlyonthebasisofmajorcurriculumsoffered.
B. basedonthetuition.
C. bythecollectionofbenefitsofferedbytheschool.
D. ontheanticipatedrateofreturnontheirtuitioninvestment.

BissonetteChapter01#62
Difficulty:Easy
LearningObjective:5

63. (p.16) "ICan'tBelieveThatIt'sMedicine"isanadvertisingsloganforanewantacid.Themanufacturer


claimsthattheirantacidworksfasterandtastesbetterthananycompetingbrand.Theseclaimsarepartofthe
firm'sstrategytoachieve:
A. deceptivemarketingrecognition.
B. thecreationofknockoffproducts.
C. newproductdevelopment.
D. productdifferentiation.

BissonetteChapter01#63
Difficulty:Easy
LearningObjective:5

64. (p.16) AsrestaurantchainsthatspecializeinMexicancuisine,Fernando'sandCarmelita'soffersimilaritems


ontheirmenus.However,Fernando'srestaurantsarepositionedinthemarketaselegantestablishmentswith
highprices.Carmelita'srestaurants,ontheotherhand,arelocatedinmiddleclassneighborhoods,withacasual
atmospherethatwelcomesfamilieswithyoungchildren.ThepricesatCarmelita'sareinthemoderaterange.
Whenevaluatingthemarketingstrategiesusedbytheserestaurants,wecanconcludethat:
A. bothpracticeproductmixeffectiveness.
B. theyutilizeproductdifferentiation.
C. Fernando'shaschosenashoppinggoodstrategy.
D. theirtargetmarketsdiffer,withoneintendedtoappealtotheindustrialmarket,andtheotherdesignedto
attracttheconsumermarket.

BissonetteChapter01#64
Difficulty:Easy
LearningObjective:5
65. (p.21) _______________istheartofgettingthingsdoneusingorganizationalresources.
A. Socialization
B. Justification
C. Preparation
D. Management

BissonetteChapter01#65
Difficulty:Easy
LearningObjective:6

66. (p.21) Today'sprogressivemanagers:


A. usuallyprefertousetheautocraticstyleofleadership.
B. tendtoemphasizeteamworkandcooperationratherthandisciplineandordergiving.
C. facefewerchallengesandproblemsthanmanagersinthepast.
D. canrelyonamuchhigherlevelofworkerloyaltytotheorganizationthaninthepast.

BissonetteChapter01#66
Difficulty:Easy
LearningObjective:6

67. (p.21) Today,managershavetomakeallocationdecisionsaroundtheuseofwhichscarceresources,


A. financial
B. human
C. natural
D. allresources

BissonetteChapter01#67
Difficulty:Easy
LearningObjective:6

68. (p.21) ___________isthedevelopmentofplansanddecisionswhichwillguidethedirectionofthefirmand


determineitslongtermperformance.
A. Vision
B. Planning
C. Strategy
D. Execution
E. Tactic

BissonetteChapter01#68
Difficulty:Easy
LearningObjective:6
69. (p.21) Strategy:
A. Isthedevelopmentofplansanddecisionswhichwillguidethedirectionofthefirmanddetermineitslong
termperformance
B. Focusesonthevisionofthefirmandtheopportunitywhichitbelievesexistsinthemarketplace
C. checksthatthelifeexpectancyoftheproductorserviceislongenoughtoensurethattheinitialinvestment
canberecoveredandthatthefirmcanmakeaprofit.
D. a)andc)
E. a),b)andc)

BissonetteChapter01#69
Difficulty:Easy
LearningObjective:6

70. (p.21) _______,managersneedtounderstandwherethemarketisgoingandhowtheirproductsandservices


willfitintothemarketandmeetcustomerneeds.________,theyneedtoensurethattherightproductreaches
therightcustomerattherighttimeandattherightplacefortherightprice.
A. Tactically;tactically
B. Strategically;strategically
C. Strategically;Tactically
D. Decisively;tactically
E. defensively;tactically

BissonetteChapter01#70
Difficulty:Easy
LearningObjective:6

71. (p.20) ____________isthedevelopmentofplansanddecisionswhichwillguidethedirectionofthefirmand


determineitslongtermperformance.
A. Vision
B. Planning
C. Strategy
D. Execution
E. Tactic

BissonetteChapter01#71
Difficulty:Easy
LearningObjective:6
72. (p.8) Nonprofitorganizations,
A. lastforonlyshortperiodsoftimeastheirobjectiveisnottocreateprofitsfortheirowners.
B. Haveahardtimehiringemployeesastheyhavenomeansofpayingthem.
C. Arenotconcernedaboutmeetingtheirfinancialneeds.
D. Canprovideanopportunityforindividualstoaddresssocialissues.

BissonetteChapter01#72
Difficulty:Medium
LearningObjective:3

73. (p.4) Anyorganizationthatproducesagoodorservicecanbeclassifiedasabusiness.


FALSE

BissonetteChapter01#73
Difficulty:Easy
LearningObjective:1

74. (p.5) Thegoalofbusinessactivitiesisprofit.


TRUE

BissonetteChapter01#74
Difficulty:Easy
LearningObjective:1

75. (p.5) NonprofitorganizationssuchastheCanadianCancerSocietydonotengageinmanagement,marketing,


orfinanceactivities.
FALSE

BissonetteChapter01#75
Difficulty:Easy
LearningObjective:1

76. (p.5) Profitiswhatitcoststomakeandsellaproduct.


TRUE

BissonetteChapter01#76
Difficulty:Easy
LearningObjective:1
77. (p.5) Businesseshavetherighttokeepandusetheirprofitsastheychoose,withoutlimitations.
FALSE

BissonetteChapter01#77
Difficulty:Easy
LearningObjective:1

78. (p.4) Businessesseektoearnaprofitbyprovidinggoodsandservicestoothers.


TRUE

BissonetteChapter01#78
Difficulty:Easy
LearningObjective:1

79. (p.4) Revenueistheamountabusinessearnsaboveandbeyondwhatitspendsforexpensesandcosts.


FALSE

BissonetteChapter01#79
Difficulty:Medium
LearningObjective:1

80. (p.5) Amanagerisanindividualwhoassumestheriskofstartingabusiness.


FALSE

BissonetteChapter01#80
Difficulty:Easy
LearningObjective:1

81. (p.4) Ifabusiness'costsandexpensesaregreaterthanitsrevenue,itwillsufferaloss.


TRUE

BissonetteChapter01#81
Difficulty:Easy
LearningObjective:1
82. (p.5) Wellmanagedbusinesseswillgrowandprosperregardlessofthebusinessenvironmentinwhichthey
operate.
FALSE

BissonetteChapter01#82
Difficulty:Easy
LearningObjective:2

83. (p.5) Technologycanhelpbusinessesbecomemoreefficientandproductive.


TRUE

BissonetteChapter01#83
Difficulty:Easy
LearningObjective:2

84. (p.5) TechnologyenablesCanadianworkerstomakemoremoneythanworkersinlowwageratecountries.


TRUE

BissonetteChapter01#84
Difficulty:Easy
LearningObjective:2

85. (p.5) Technologyaffectspeopleinmost,butnotallindustries.


FALSE

BissonetteChapter01#85
Difficulty:Easy
LearningObjective:2

86. (p.5) Toremaincompetitiveintoday'smarket,firmsmustproduceaqualityproductandofferoutstanding


serviceatareasonableprice.
TRUE

BissonetteChapter01#86
Difficulty:Easy
LearningObjective:2
87. (p.5) Producingahighqualityproductwillensuresuccessinthecompetitiveenvironment.
FALSE

BissonetteChapter01#87
Difficulty:Easy
LearningObjective:2

88. (p.5) Successfulfirmsfollowacustomerdrivenstrategy,asopposedtothemanagementdrivenstrategyused


inthepast.
TRUE

BissonetteChapter01#88
Difficulty:Easy
LearningObjective:2

89. (p.5) Thecompetitiveenvironmentnowempowersmanagerstomakedecisionsquicklyfortheirfrontline


employees.
FALSE

BissonetteChapter01#89
Difficulty:Easy
LearningObjective:2

90. (p.5) Managerscoordinateresourcestoachieveorganizationalobjectives.


TRUE

BissonetteChapter01#90
Difficulty:Easy
LearningObjective:2

91. (p.6) Theamountofprofitorlossearnedbyabusinesscanbefoundbysubtractingthefirm'sexpensesfrom


itsrevenues.
TRUE

BissonetteChapter01#91
Difficulty:Easy
LearningObjective:3
92. (p.6) Akeyelementofbusinesssuccessisabusinessplan.
TRUE

BissonetteChapter01#92
Difficulty:Medium
LearningObjective:3

93. (p.12) Businessesseektoearnaprofitbyprovidinggoodsandservicestoothers.


TRUE

BissonetteChapter01#93
Difficulty:Easy
LearningObjective:4

94. (p.12) Revenueistheamountabusinessearnsaboveandbeyondwhatitspendsforexpensesandcosts.


FALSE

BissonetteChapter01#94
Difficulty:Easy
LearningObjective:4

95. (p.12) Ifabusinesscostsandexpensesaregreaterthanitsrevenue,itwillsufferaloss.


TRUE

BissonetteChapter01#95
Difficulty:Easy
LearningObjective:4

96. (p.12) Profitsofabusinessincludethesalariespaidtotheownersandemployeesofthatbusiness.


FALSE

BissonetteChapter01#96
Difficulty:Medium
LearningObjective:4
97. (p.15) Theonlywayafirmcanincreaseitsprofitsistoincreaseitssalesrevenue.
FALSE

BissonetteChapter01#97
Difficulty:Medium
LearningObjective:4

98. (p.12) Theamountofprofitorlossearnedbyabusinesscanbefoundbysubtractingthefirm'sexpensesfrom


itsrevenues.
TRUE

BissonetteChapter01#98
Difficulty:Easy
LearningObjective:4

99. (p.12) Thegoalofbusinessactivitiesisprofit.


TRUE

BissonetteChapter01#99
Difficulty:Easy
LearningObjective:4

100. (p.12) NonprofitorganizationssuchastheCanadianCancerSocietydonotengageinmanagement,


marketing,orfinanceactivities.
FALSE

BissonetteChapter01#100
Difficulty:Easy
LearningObjective:4

101. (p.12) Profitiswhatitcoststomakeandsellaproduct.


FALSE

BissonetteChapter01#101
Difficulty:Easy
LearningObjective:4
102. (p.12) Businesseshavetherighttokeepandusetheirprofitsastheychoose,withoutlimitations.
TRUE

BissonetteChapter01#102
Difficulty:Easy
LearningObjective:4

103. (p.12) TheBuckmakerCorporationgeneratedtotalrevenuesof$30milliondollarswhileincurringexpenses


of$17million.DuringtheyearBuckmakerearnedaprofitof$13million.
TRUE

BissonetteChapter01#103
Difficulty:Easy
LearningObjective:4

104. (p.15) Successfulbusinessesconstantlymonitorconsumerwantsandneeds.


TRUE

BissonetteChapter01#104
Difficulty:Easy
LearningObjective:5

105. (p.15) Fromastrategicmarketingviewpoint,atotalproductofferincludesallofthetangibleattributesofa


goodorservice,andexcludesanyintangibleattributes.
FALSE

BissonetteChapter01#105
Difficulty:Easy
LearningObjective:5

106. (p.15) Theimagecreatedbyadvertisingispartofthetotalproductofferofaproduct.


TRUE

BissonetteChapter01#106
Difficulty:Easy
LearningObjective:5
107. (p.16) Thereputationofthemanufacturerandtheretailstoresurroundingsareconsideredpartofthevalue
enhancersofatotalproductoffer.
TRUE

BissonetteChapter01#107
Difficulty:Easy
LearningObjective:5

108. (p.16) Successfulmarketersattempttothinklikeaconsumerandevaluatethevaluepackageofferedbya


goodorservice.
TRUE

BissonetteChapter01#108
Difficulty:Easy
LearningObjective:5

109. (p.15) Marketingmanagersareawarethatproductscantakeonthecharacteristicsofthestoreinwhichthey


aresold.
TRUE

BissonetteChapter01#109
Difficulty:Easy
LearningObjective:5

110. (p.15) Thecriticalcomponentofatotalproductofferisalwaysalowprice.


FALSE

BissonetteChapter01#110
Difficulty:Easy
LearningObjective:5

111. (p.15) Lowpricescanhelpretailerscreateanattractivetotalproductoffer.


TRUE

BissonetteChapter01#111
Difficulty:Easy
LearningObjective:5
112. (p.16) Inorderforproductdifferentiationtobeeffective,realproductdifferencesmustbeidentifiedsothat
oneproductisclearlybetterthanothers.
FALSE

BissonetteChapter01#112
Difficulty:Easy
LearningObjective:5

113. (p.15) Marketersutilizepricing,advertising,andpackagingtosuccessfullydifferentiatetheirproductsfrom


competitors'productsevenwhenactualdifferencesarequitesmall.
TRUE

BissonetteChapter01#113
Difficulty:Easy
LearningObjective:5

114. (p.15) Creativeproductdifferentiationcanenableasmallbusinesstoincreasemarketshare.


TRUE

BissonetteChapter01#114
Difficulty:Easy
LearningObjective:5

115. (p.16) AtIsuzu'sApplianceStore,allnewproductsareofferedwithanextendedservicecontract,aswellas


freedeliveryinstallation.Byofferingthesevalueenhancers,Isuzu'shasaddedtotheirtotalproductoffer.
TRUE

BissonetteChapter01#115
Difficulty:Easy
LearningObjective:5

116. (p.15) Price,storesurroundings,service,andbrandnameareallelementsthatconsumersevaluateinatotal


productoffer.
TRUE

BissonetteChapter01#116
Difficulty:Easy
LearningObjective:5
117. (p.15) MysticBeverages,aproducerofsoftdrinks,wantstodifferentiateitsproductsfromthoseofother
softdrinkproviders.ToimplementthisstrategysuccessfullywillrequireMystictocreaterecognizable
differencesinthephysicalproductitoffers.
FALSE

BissonetteChapter01#117
Difficulty:Easy
LearningObjective:5

118. (p.15) Dutchownsandoperatesasmallpizzeriathatcompeteswithavarietyofotherrestaurantsoffering


pizzaontheirmenus.Hislargestcompetitorsarelargenationallyknownorganizations.Thesmallsizeof
Dutch'sbusinesspreventshimfromsuccessfullyutilizingaproductdifferentiationstrategy.
FALSE

BissonetteChapter01#118
Difficulty:Difficult
LearningObjective:5

119. (p.21) Managementistheartofgettingthingsdonethroughorganizationalresources.


TRUE

BissonetteChapter01#119
Difficulty:Easy
LearningObjective:6

120. (p.21) Amodernmanager'smainjobistoissueorders,thenfollowuptomakesureemployeesdoasthey


weretold.
FALSE

BissonetteChapter01#120
Difficulty:Easy
LearningObjective:6

121. (p.21) Managersinprogressiveorganizationstendtoemphasizeteamworkandcooperationratherthan


disciplineandgivingorders.
TRUE

BissonetteChapter01#121
Difficulty:Easy
LearningObjective:6
122. (p.21) Managersinmanyoftoday'shightechfirmsrealizethatworkersoftenknowmuchmoreabout
technologythantheydo.
TRUE

BissonetteChapter01#122
Difficulty:Easy
LearningObjective:6

123. (p.21) Despiteallofthechangesinthebusinessenvironment,thebasicwayamanagerperformshisorher


jobhasremainedremarkablyconstant.
FALSE

BissonetteChapter01#123
Difficulty:Easy
LearningObjective:6

124. (p.21) Giventhelackofdisciplineandshortattentionspansoftoday'sworkers,modernmanagersmust


watchtheirworkersclosely,setstrictrules,andvigorouslyenforcethem.
FALSE

BissonetteChapter01#124
Difficulty:Easy
LearningObjective:6

125. (p.21) Inmosthightechindustries,thebestwaytorespondquicklytorapidtechnologicalchangesistokeep


mostauthorityandresponsibilityinthehandsofafewkeymanagerswhoprovideprecise,detaileddirectionsto
theworkers.
FALSE

BissonetteChapter01#125
Difficulty:Easy
LearningObjective:6

126. (p.21) Theneedforbettereducatedandselfdirectedworkershasmadeiteasierformanagerstoobtainthe


trustandloyaltyoftheirworkers.
FALSE

BissonetteChapter01#126
Difficulty:Easy
LearningObjective:6
127. (p.21) Everybusinessisfacedwiththerealityofhavinglessusesforresourcesthanresourcesavailable.
FALSE

BissonetteChapter01#127
Difficulty:Easy
LearningObjective:6

128. (p.21) Becauseofadvancementsintechnology,managersnowhaveaneasiertimeobtaininglongterm


commitmentsfromworkers.
FALSE

BissonetteChapter01#128
Difficulty:Easy
LearningObjective:6

129. (p.5) Whatisabusiness?

ABusinesscanmosteasilybethoughtofasmissionfocusedactivitiesaimedatidentifyingtheneedsofa
particularmarket,ormarkets,andthedevelopmentofasolutiontosuchneedsthroughtheacquisitionand/or
transformationofgoodsandservicesthatcanbedeliveredtothemarketplaceataprofit

BissonetteChapter01#129
Difficulty:Medium
LearningObjective:1

130. (p.4) Whatarethethreefundamentalcharacteristicsagainstwhichanorganizationcanbeassessed?

Anefficientandeffectiveoperatingplatformwillalsopossessthreefundamentalcharacteristicsagainstwhichit
canbeassessed.ThesethreecharacteristicsareitsCommercialEndeavours,itsEmployeeInteractionmodel,
anditsOrganizationalEfficiency&Structure

BissonetteChapter01#130
Difficulty:Medium
LearningObjective:1
131. (p.5) Whatisvisionaryleadership?

Visionaryleadershipreferstotheabilityofmanagerstoestablishadirectionfortheorganizationbasedonthe
needsidentifiedinthemarketplaceandthemission(reasonforbeing)oftheorganization.Thisisthen
translatedintoastrategicplandesignedtoguidetheorganizationtofulfillingsuchneedswhilemeetingits
mission.

BissonetteChapter01#131
Difficulty:Easy
LearningObjective:2

132. (p.5) Whatisabusinessmodelorsystem?

Combined,theapplicationofassets,labour,capital,andmanagerialacumen,insupportofthetransformation
andsaleofgoodsandservices,determinesacompany'scostbaseandoveralloperatingplatform,orwhatis
calleditsbusinessmodelorsystem.

BissonetteChapter01#132
Difficulty:Easy
LearningObjective:2

133. (p.10) Whatisthe"second"businessobjective(aftermakingprofit)?

Thissecondobjectiveistosetinmotiontheabilityoftheorganizationtoachievelongtermgrowthand
profitability.Businessesrecognizethatthedemandfortheproductsandserviceswhichtheycurrentlyofferwill
change,andcould,infact,disappearovertime.Giventhis,businessesareconstantlysearchingfornewmarkets
andnewopportunitiestofurthergrowthescopeandfocusoftheirorganizations.Althoughimmediateterm
operatingperformanceisbasedontheproductsandserviceswhichabusinessofferstoday,newproductsand
serviceswillneedtobedevelopedinordertoensurethattheorganizationremainshealthyandcontinuesto
grow.

BissonetteChapter01#133
Difficulty:Easy
LearningObjective:4
134. (p.11) WhatareStakeholders?

Stakeholdersareindividuals,groups,ororganizationswhichhaveadirectorindirectrelationshipwithan
organization,andwhichcanbeimpactedbyitspolicies,actionsanddecisions.Stakeholderscouldinclude
customers,suppliers,government,employees,etc.

BissonetteChapter01#134
Difficulty:Easy
LearningObjective:4

135. (p.15) Whenconsumerscalculatethevalueofaproduct,theylookatthebenefitsandthensubtractthecost.

Answerswillvary

BissonetteChapter01#135
Difficulty:Easy
LearningObjective:5

136. (p.16) Fromamarketingmanagementperspective,whatisthemeaningofatotalproductoffer?Whatare


theimportantelementsinthetotalproductofferofyourcollegeoruniversity?

Atotalproductofferconsistsofalltheelements,tangibleandintangiblebenefits,thatconsumersevaluatewhen
decidingwhetherornottobuyaproduct.

Elementsinatotalproductoffercaninclude:price,brandname,package,service,storesurroundings,buyers'
pastexperience,imagecreatedbyadvertising,guarantee,speedofdelivery,andproducers'reputation.
Studentswillgenerallyidentifyseveralimportantelementsintheircollege'soruniversity'stotalproductoffer.
Amongthemmaybe:

Thetuitionchargedbytheinstitution.
Theacademicreputationoftheinstitution.
The"name"ofthecollege,perhapsinfluencedbythesuccessoftheathleticdepartment.
Theservicethecollegeoffersintermsofdegreeprograms,collegeplacement,etc.
Thepastexperienceoffriendsorrelatives.
Theprobabilities(guarantees)ofgettingajobaftergraduation.
Thesurroundingsorsupportfacilitiesoftheinstitution.

BissonetteChapter01#136
Difficulty:Easy
LearningObjective:5
137. (p.17) WhatisthedifferencebetweenAssetbasedandOperatingexpenditures,giveanexampleofeach?

Assetbasedexpendituresarethoseexpenditureswhichyouincurincommencingabusinessoperationor
expandingitscapacity.Examplesofsuchexpensescouldbethepurchaseofequipmentorbuilding(s).
Operatingexpendituresareexpensesincurredasaresultofthenormalbusinessoperations.Thesalaries/wages
ofemployees,thepurchaseofrawmaterialsforthefabricationofproducts,thecostsofshippingproductsfrom
pointAtopointB,orthecostsofadvertisingcampaigns,areexamplesofsuchexpenses.

BissonetteChapter01#137
Difficulty:Medium
LearningObjective:5

138. (p.20) WhatisStrategy?

Strategyisthedevelopmentofplansanddecisionswhichwillguidethedirectionofthefirmanddetermineits
longtermperformance.Strategyfocusesonthevisionofthefirmandtheopportunitywhichitbelievesexistsin
themarketplace.

BissonetteChapter01#138
Difficulty:Easy
LearningObjective:6
139. (p.21) Explainthedifferencesbetweenstrategic,tactical,operational,andcontingencyplanning.

Strategicplanningislongrangeplanningthatdeterminesmajorgoalsoftheorganizationandthepoliciesand
strategiesforobtainingandusingresourcestoachievethosegoals.Strategicplanningdealswithsuch
fundamentalquestionsaswhichcustomerstoserve,whatproductsandservicestosell,andthegeographicareas
inwhichthefirmwillcompete.Studentsmaynotethattopmanagersareveryinvolvedinstrategicplanning.

Tacticalplanningisshortrangeplanningthatinvolvestheprocessofdevelopingdetailed,shorttermdecisions
aboutwhatistobedone,whoistodoit,andhowitistobedone.Tacticalplanninginvolvessettingannual
budgetsanddecidingonotherdetailswhichcontributetoreachingstrategicobjectives.Studentsmaypointout
thatlowerlevelmanagersaremoreheavilyinvolvedintacticalplanning.

Operationalplanninginvolvessettingtheworkstandardsandschedulesneededintheshortruntoachieve
tacticalobjectives.Operationalplanningtendstofocusonspecificdepartmentmanagers,supervisors,and
employees.

Contingencyplanningisthepreparationofalternativecoursesofactionthatmaybeusediftheprimaryplansdo
notachievetheobjectivesoftheorganization.Duetorapidchangesthatcanoccurineconomicandcompetitive
environments,itiswisetohavealternativeplansreadytobeimplemented.

BissonetteChapter01#139
Difficulty:Difficult
LearningObjective:6

140. (p.6) Whatisa3Cassessment?

A3Cassessment(capabilities,competencies,capacity)meansanalyzingtheresourcesavailabletothe
organization,andthecapabilitiesandcompetencieswhichitpossesses.Thisdefinesthecapacityofwhatthe
organizationcanandcannotdo,whichthenenablesthemanagementteamtodefinehowandtowhatextentit
cancapitalizeonitsidentifiedstrategicopportunitiesinamannerwhichissuperiortothecompetitionwhichit
competesagainstonadaytodaybasis.

BissonetteChapter01#140
Difficulty:Medium
LearningObjective:3
141. (p.6) Whendoesabusinesshaveacompetitiveadvantage?

Acompanyhasacompetitiveadvantagewhenitcanoffercustomersaproduct/servicethathasmorevalueto
themthansimilarproductsofferedbyothercompanies.Ifthebusinessplaniscompetitiveandexecuted
properly,andcustomersareattractedtothecompany'sproduct/serviceoffering(s),thecompanygenerates
money,orrevenue,fromthesaleoftheproduct.

BissonetteChapter01#141
Difficulty:Medium
LearningObjective:3

142. (p.15/16) Whatisavalueproposition?

Simplystated,avaluepropositionisastatementwhichsummarizeswhomaproductorserviceisgeared
towardsandthebenefitswhichthepurchaseroftheproductorservicewillrealizeasaresultofusingthe
product.ItismadeupofServiceBenefits,ProductBenefits,BrandBenefits,CostBenefits,EmotionalBenefits.
Thestrengthofthevaluepropositionistheperceivedsumofyourcompany'sabilitytodeliverineachofthe
areasnotedwithinthevaluepropositionequation,versusthestrengthofyourcompetitors'valuepropositions
measuredacrossthesesamebenefitareas.

BissonetteChapter01#142
Difficulty:Easy
LearningObjective:5
c1Summary

Category #ofQuestions
BissonetteChapter01 142
Difficulty:Difficult 5
Difficulty:Easy 107
Difficulty:Medium 30
LearningObjective:1 24
LearningObjective:2 19
LearningObjective:3 17
LearningObjective:4 26
LearningObjective:5 37
LearningObjective:6 19