chapter twelve

Question 1

what are the five core business functions?

Answer 1

accounting, production, research & development, human resources, and marketing

Question 2

accounting department

Answer 2

knows how many cars need to be sold for the business to be profitable

Question 3

marketing department

Answer 3

knows what kind of cars certain people are most likely to buy and what the car’s appropriate price should be

Question 4

human resources department

Answer 4

knows how many people it takes to make a car

Question 5

research and development department

Answer 5

is betting that its new innovations will sell more cars

Question 6

production department

Answer 6

knows how many cars its department can produce

Question 7

collaboration

Answer 7

simply two or more people working towards a common goal, and in the case of the automobile manufacturer, five business departments working towards a common goal

Question 8

business

Answer 8

an organized entity designed to sell goods and/or services to make a profit

Question 9

accounting department is often…

Answer 9

the most important

Question 10

what is the FIRST of the core business behaviors

Answer 10

accounting, it measures and provides financial information about an organization primarily for its decision makers, investors, and taxing authorities

Question 11

what is the “mathematics of business”?

Answer 11

accounting

Question 12

Generally Accepted Accounting Principles (GAAP)

Answer 12

accounting rules for preparing, presenting, and reporting financial statements so an organization and its investors can have a standard set of reports regarding a business’ well being

Question 13

“firm-specific human capital” and “Human Resources” suggest that…

Answer 13

people are a commodity

Question 14

what is the most important aspect in any business?

Answer 14

people

Question 15

what is the second core of business?

Answer 15

human resourcing

Question 16

human resource departments are responsible for what?

Answer 16

recruiting and hiring new employees, evaluating and managing personnel, tracking personnel data, administering payroll and pensions and sometimes providing advice to employees regarding work-related issues

Question 17

why must Human Resources departments know all the aspects of these intra-departmental relationships and define them clearly?

Answer 17

to outline job titles, training, pay ranges, job requirements, and other work-related aspects of all personnel on the organizational chart

Question 18

marketing

Answer 18

the promotion of a business’ products

Question 19

marketing departments focus on…

Answer 19

customers and have core responsibilities like advertising and branding a business’ products and services

Question 20

The Four Ps of Marketing

Answer 20

Products
Pricing
Promotion
Placement

Question 21

products

Answer 21

the actual goods and services a business produces and how they relate to customer’s needs including warranties, guarantees, and customer support

Question 22

pricing

Answer 22

refers to what a product costs, or at least what a business is willing to exchange for their products

Question 23

promotion

Answer 23

the advertisement of a business’ products and services, as well as promotion and publicity

Question 24

placement

Answer 24

how a product or service is delivered to a customer. How, where, and to whom a product is delivered describes placement

Question 25

marketing departments must...

Answer 25

know every aspect of all the products and services a business offers and it must be able to effectively communicate this information to customers

Question 26

which department needs a strong knowledge of economic theory?

Answer 26

marketing department

Question 27

how does information technology play a role in the 4 Ps of Marketing?

Answer 27

finding a suitable market segment can involve complex database analysis and risk assessment to make sure that products are introduced to suitable customers

Question 28

if a business isn't growing...

Answer 28

its dying

Question 29

what do research and development (R&D) departments do?

Answer 29

take a creative and systematic approach to evolve a business' original idea and devise new ones

Question 30

"brainstorming"

Answer 30

a collaborative thought process by many people to come up with ideas and directions for the business, often without a predetermined outcome, but always with a commercial yield in mind

Question 31

feasible

Answer 31

if an idea can be implemented

Question 32

"goods"

Answer 32

tangible products

Question 33

"services"

Answer 33

intangible products

Question 34

what is the fifth core business behavior?

Answer 34

production departments

Question 35

production departments

Answer 35

prepare these goods and services to be sold commercially

Question 36

what is the focus of production departments?

Answer 36

most efficient and cost effective way to produce goods and maximize profits

Question 37

data and information are simply a tool used for....

Answer 37

decision-making

Question 38

Internet discussion board

Answer 38

sometimes called a forum, allows a virtual community of interested users to post electronic messages to a web page

Question 39

instant messaging and online chat

Answer 39

real-time computer communication

Question 40

mobile instant messaging

Answer 40

texting

Question 41

video and data conferencing

Answer 41

collaborate through a network through a webinar

Question 42

webinar

Answer 42

allow for collaboration and participation between an audience and a presenter

Question 43

what is a major advantage of video conferencing?

Answer 43

participants do not have to travel

Question 44

application sharing

Answer 44

two users can collaborate on the same computer and look at the same application from different networked locations

Question 45

project management software

Answer 45

provides a business with a collaborative road map for organizing and managing resources to schedule a project from start to finish

Question 46

Microsoft Project

Answer 46

project management software that provides a spreadsheet-like GUI input screen to list every aspect and goal to complete a business project, and it helps assign the people responsible for these aspects and goals

Question 47

Gantt chart

Answer 47

graphical representation of the project

Question 48

system development life cycle (SDLC)

Answer 48

shows the steps of the project

Question 49

Unified Modeling Language

Answer 49

often used for project management

Question 50

Knowledge Management Systems

Answer 50

collaborative systems that organize, create, and distribute a business' collective knowledge

Question 51

knowledge transfer

Answer 51

collaborative systems that organize, create, and distribute a business' collective knowledge

Question 52

online application software

Answer 52

newer system | ex: google docs and spreadsheets