Study Guide :: Quiz 4A
Principles
of
Business
Types of business activities
With Rosita's pizza shop, financial analysis is used to obtain funding for supplies. Attracting customers is
part of marketing. Overseeing a process is likely to take place within operations management, not
financial analysis. And, developing recipes is part of operations management.
Human resources management involves taking care of the responsibilities associated with having
employees. Giving preferred customers a special discount is part of marketing. Including top-level
managers in long-term planning is part of strategic management. And, acting on new information about
a competitor can be marketing and/or operations management.
When TeJuan's Fishing Shack accesses a list of fishing equipment appropriate for a particular customer,
the business is demonstrating effective information management. Removing wasted materials from a
process is part of operations management. Promoting new fishing equipment is part of marketing.
Hiring fishing experts to explain how to use the goods offered is part of marketing and/or human
resources management.
Since Franco's Bread Shop is introducing a new type of sandwich bread to the community this week, the
bread shop is now performing the business activity of marketing by promoting the new bread through
advertising. Collecting information and developing a system for storing information are both part of
information management. (Collecting information can be part of marketing, too.) Planning for long-term
results can be part of marketing and/or strategic management.
Since the primary business activities are interrelated, when one business activity changes, the others
must adjust in response. Changes in the products introduced, changes in specific employee roles, and
changes in business strategies/tactics do not represent the interrelationship of business activities
overall. They represent smaller changes that take place within specific business activities.
Marketing and its importance in a global economy
Promoting is a marketing activity, along with planning, pricing, and distributing. Leading could be a
person's customary inclination. Balancing could be used during pricing to weigh the customer's view of
value with the firm's objectives. Committing could describe what a company should do to make sure
that everyone is part of marketing, from the top down.
Advertisements, stores, and trucks are part of marketing and can be present when marketing occurs.
But marketing occurs where customers live, work, study, recreate, etc.
According to the marketing concept, customer orientation is finding out what a buyer wants and
providing it for him/her. Convincing a buyer to buy could be part of the selling process. Researching a
firm's competitors could be part of the planning process. Advertising the features of a product could be
part of promotion.
Overall, marketing allows us to live our daily lives since marketing is involved in almost everything we
do. Limiting our spending and not buying online anymore are negative responses that may or may not
have anything to do with marketing. Feeling better about shopping could be a positive side effect of
marketing.
Study Guide :: Quiz 4A
Principles
of
Business
Of the options given, "problem solver" is the term that best represents marketing's role in society.
Marketing connects producers to customers by solving customers' problems. Pioneers lead and
peacemakers make peace — with or without being involved in marketing or its role in society.
Human resources management
A human resources manager might be involved in employee benefits by developing a benefits plan and
determining eligibility and costs for employees. An HR manager would not be responsible for selecting
an employee's personal plan options, collecting insurance payments from employees, or choosing an
employee's vacation days.
After a company's training needs are determined, HR or other managers will determine what training
resources are available, such as who will conduct the training and what materials will be used. HR
management may also manage employee performances, keep records for personnel files, and dismiss
employees who are not up to standard, but none of these is the next step after determining training
needs.
Labor-union relations and negotiations are part of the HR management activity of employee relations.
Staffing involves making sure human resources needs are filled. Training and development involves
making sure employees are productive and knowledgeable. Compensation and benefits involves making
sure employees get paid.
Human resources are a company's most important resource because they control all other company
resources. That's why it's so vital to have appropriate human resources in place at all times. Human
resources are not necessarily a company's most expensive or least expensive resource.
Greater diversity now exists in the workforce, in terms of gender, age, culture, and ability. The average
employee is no longer a white male—a greater variety of backgrounds, perspectives, and needs are
represented. Human-resources managers must take this diversity into account when performing their
job tasks. The workforce is older than ever before. Business costs are constantly rising, and employees
now place a greater emphasis on finding balance between their work and personal lives.