BUSN258 Midterm Exam 2

1.

Question :

(TCO 1) The letter L in the acronym LIFE stands for ________.

Points Received:

5 of 5

2.

Question :

(TCO 2) Customer loyalty is:

Points Received:

5 of 5

3.

Question :

(TCO 9) Despite many similarities between them, Wal-Mart and K-Mart have very different results, largely because of "little things" that seem to result in better customer service. How do the sales of these two companies compare?

Points Received:

5 of 5

4.

Question :

(TCO 10) Customer loyalty is NOT:

Points Received:

5 of 5

5.

Question :

(TCO 3) One of the main principles behind globalization and expansion across cultural and geographic boundaries is:

Points Received:

5 of 5

6.

Question :

(TCO 4) What percent of shopping decisions are made at the point of purchase?

Points Received:

5 of 5

7.

Question :

(TCO 1) A business will lose 10—30% of its customers in what time frame?

Points Received:

5 of 5

8.

Question :

(TCO 1) A company's culture is made up of:

Points Received:

5 of 5

9.

Question :

(TCO 6) In any conversation, many of the things we communicate are ________.

Points Received:

5 of 5

10.

Question :

(TCO 7) Which of the following factors does NOT complicate the listening process?

Points Received:

5 of 5

11.

Question :

(TCO 8) To end a call:

Points Received:

5 of 5

12.

Question :

(TCO 7) Listening is the only communication skill that is:

Points Received:

5 of 5

13.

Question :

(TCO 6) The end result of CAA is that you:

Points Received:

5 of 5

14.

Question :

(TCO 6) Taking notes during a conversation is:

Points Received:

5 of 5

15.

Question :

(TCO 13) Which of the following benefits does NOT apply to the advantages of a company using websites?

Points Received:

5 of 5

16.

Question :

(TCO 13) Which of the following is NOT a method for providing the customers with human contact despite high-tech communication systems?

Points Received:

5 of 5

17.

Question :

(TCO 13) Structured knowledge bases are:

Points Received:

5 of 5

18.

Question :

(TCO 6) The key to holding interest in a conversation is:

Points Received:

5 of 5

Page:

1 2

1.

Question :

(TCO 1, 4) Your author cites Ockham's razor, a logical approach that asserts that when trying to understand a situation, the simplest explanation is usually the right one. What does this mean in the context of customer service?

Points Received:

15 of 15

2.

Question :

(TCO 7, 8) How can you keep a caller on track?

Points Received:

15 of 15

3.

Question :

(TCO 8) Explain ways to diffuse the customer's anger or frustration.

Points Received:

15 of 15

BUSN258 Final Exam 1

1.

Question :

(TCO 1) The best way to win customer loyalty is to:

Points Received:

5 of 5

2.

Question :

(TCO 2) Which of the following problems is NOT listed as a people turnoff?

Points Received:

5 of 5

3.

Question :

(TCO 3) Small companies can compete against larger ones if they offer:

Points Received:

5 of 5

4.

Question :

(TCO 4) Which of the following is NOT an example of something a company can do to enhance extrinsic value?

Points Received:

5 of 5

5.

Question :

(TCO 5) Companies cannot wait years for their customers to see long-term value, so they should:

Points Received:

5 of 5

6.

Question :

(TCO 4) Smart companies connect with their customers through:

Points Received:

5 of 5

7.

Question :

(TCO 5) Intrinsic value arises from:

Points Received:

5 of 5

8.

Question :

(TCO 5) Communication efficiency is:

Points Received:

5 of 5

9.

Question :

(TCO 5) Customer convenience stems from:

Points Received:

5 of 5

10.

Question :

(TCO 4) How long do Americans want to spend preparing a meal?

Points Received:

5 of 5

11.

Question :

(TCO 9) To avoid requiring customers to do repetitive tasks:

Points Received:

5 of 5

12.

Question :

(TCO 8) A company's culture is made up of:

Points Received:

5 of 5

13.

Question :

(TCO 8) Many customers get their first impression of your company from:

Points Received:

5 of 5

14.

Question :

(TCO 9) Calling yourself Mr. or Ms. may give the impression that:

Points Received:

5 of 5

15.

Question :

(TCO 8) Which employees do most customers associate with a company?

Points Received:

5 of 5

16.

Question :

(TCO 10) The three-step process for acting on complaints does NOT include:

Points Received:

5 of 5

17.

Question :

(TCO 10) What percent of customers whose complaints are dealt with report a willingness to do business with a company again?

Points Received:

5 of 5

18.

Question :

(TCO 10) Feedback is a form of:

Points Received:

5 of 5

19.

Question :

(TCO 10) A quick response to a customer's problem should convey:

Points Received:

5 of 5

20.

Question :

(TCO 11) When it comes to listening versus speaking:

Points Received:

5 of 5

21.

Question :

(TCO 12) A good strategy with an angry customer is:

Points Received:

5 of 5

22.

Question :

(TCO 6) Which of the following behaviors is NOT characteristic of aggressive people?

Points Received:

5 of 5

23.

Question :

(TCO 11) Abrasiveness refers to:

Points Received:

5 of 5

24.

Question :

(TCO 13) In the NPS formula, the P stands for:

Points Received:

5 of 5

25.

Question :

(TCO 13) Market share refers to:

Points Received:

5 of 5

1.

Question :

(TCO 1, 2) Define and explain the NPS formula and how it applies to customer satisfaction.

Points Received:

25 of 25

Superb response

2.

Question :

(TCO 4,5) Explain the concept of goodness of product fit.

Points Received:

25 of 25

Awesome response

3.

Question :

(TCO 6, 7) Describe the two personalities a customer will encounter when doing business with an organization, and provide examples of each from your own experience.

Points Received:

25 of 25

Fantastic response

4.

Question :

(TCO 8, 9) Describe at least three techniques that companies can use to successfully engage their customers. What are your recommendations for improving a company's ability to engage their customers?

Points Received:

25 of 25

Brilliant response

5.

Question :

(TCO 13) Describe the difference between customer share and market share. Explain which concept is more important.

Points Received:

25 of 25

Outstanding response

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BUSN258 Final Exam 2

1.

Question :

(TCO 1) The first step to reduce waiting time is to:

Points Received:

5 of 5

2.

Question :

(TCO 2) Communication turnoffs often occur when employees are ignorant of:

Points Received:

5 of 5

3.

Question :

(TCO 3) Small companies can compete against larger ones if they offer:

Points Received:

5 of 5

4.

Question :

(TCO 4) Value arises from a tradeoff between:

Points Received:

5 of 5

5.

Question :

(TCO 5) To enhance value through goodness of product fit:

Points Received:

5 of 5

6.

Question :

(TCO 4) If several people are asking the same question, you have:

Points Received:

5 of 5

7.

Question :

(TCO 5) Intrinsic value arises from:

Points Received:

5 of 5

8.

Question :

(TCO 5) The best companies to work for:

Points Received:

5 of 5

9.

Question :

(TCO 5) Customer convenience stems from:

Points Received:

5 of 5

10.

Question :

(TCO 4) Communication effectiveness is NOT best achieved when the message is:

Points Received:

5 of 5

11.

Question :

(TCO 9) Excellent organizations are:

Points Received:

5 of 5

12.

Question :

(TCO 8) Behavior is:

Points Received:

5 of 5

13.

Question :

(TCO 8) One problem with not seeing the person you are talking to is:

Points Received:

5 of 5

14.

Question :

(TCO 9) How far from your mouth should the telephone mouthpiece be?

Points Received:

5 of 5

15.

Question :

(TCO 8) To end a call:

Points Received:

5 of 5

16.

Question :

(TCO 10) Customer dissatisfaction with a firm's phone call handling stems from:

Points Received:

5 of 5

17.

Question :

(TCO 10) Open communication occurs best when:

Points Received:

5 of 5

18.

Question :

(TCO 10) Feedback is a form of:

Points Received:

5 of 5

19.

Question :

(TCO 10) Which of the following strategies is NOT a great method of soliciting feedback?

Points Received:

5 of 5

20.

Question :

(TCO 12) Positive language conveys more of what than negative language?

Points Received:

5 of 5

21.

Question :

(TCO 12) A good strategy with an angry customer is:

Points Received:

5 of 5

22.

Question :

(TCO 6) Assertiveness and abrasiveness are:

Points Received:

5 of 5

23.

Question :

(TCO 11) An average company will lose what percentage of its customers every five years?

Points Received:

5 of 5

24.

Question :

(TCO 13) Interactivity between businesses and customers:

Points Received:

5 of 5

25.

Question :

(TCO 13) The fastest growing population in the U.S. today is:

Points Received:

5 of 5

Page:

1 2

1.

Question :

(TCO 1, 2) Evaluate the following statement. Your complaining customer is often your least valuable/most valuable customer. Back up your answer with concepts and examples.

Points Received:

25 of 25

2.

Question :

(TCO 4, 5) Discuss the impact of ignoring e-mails or delaying responses to e-mail from customers in a business setting.

Points Received:

24 of 25

3.

Question :

(TCO 6, 7) Describe the two personalities a customer will encounter when doing business with an organization, and provide examples of each from your own experience.

Points Received:

20 of 25

4.

Question :

(TCO 8, 9) Sometimes we walk into a store and we feel like we're the most important person in the world. Other times, we enter a business, and we might as well be invisible. What are some examples of companies that succeed and companies that fail in engaging their customers? What are your recommendations for improvement for places you do business?

Points Received:

25 of 25

5.

Question :

(TCO 13) Explain the concept of personalized self-serve solutions and the role of Web content as it relates to a customer's individual needs.

Points Received:

25 of 25

BUSN278 Midterm Exam

1.

Question :

(TCO 1) The type of budget that is updated on a regular basis is known as a ________________

2.

Question :

(TCO 2) The quantitative forecasting method that uses actual sales from recent time periods to predict future sales assuming that the closest time period is a more accurate predictor of future sales is:

3.

Question :

(TCO 3) The regression statistic that measures how many standard errors the coefficient is from zero is the ________________

4.

Question :

(TCO 4) Capital expenditures are incurred for all of the following reasons except:

5.

Question :

(TCO 5) Which of the following is not true when ranking proposals using zero-base budgeting?

6.

Question :

(TCO 6) Which of the following ignores the time value of money?

7.

Question :

(TCO 1) There are several approaches that may be used to develop the budget. Managers typically prefer an approach known as participative budgeting. Discuss this form of budgeting and identify its advantages and disadvantages.

8.

Question :

(TCO 2) There are a variety of forecasting techniques that a company may use. Identify and discuss the three main quantitative approaches used for time series forecasting models.

9.

Question :

(TCO 2) The Federal Election Commission maintains data showing the voting age population, the number of registered voters, and the turnout for federal elections. The following table shows the national voter turnout as a percentage of the voting age population from 1972 to 1996 (The Wall Street Journal Almanac; 1998):

Voter Turnout

Year

% Turnout

Year

% Turnout

1972

55

1986

36

1974

38

1988

50

1976

54

1990

37

1978

37

1992

55

1980

53

1994

39

1982

40

1996

49

1984

53

Part (a) Use exponential smoothing to forecast this time series. Consider smoothing constants of and 0.2. What is the forecast of the percentage of turnout in 1998?
Part (b) Use the mean absolute deviation (MAD) to determine which smoothing constant provides the best forecast of voter turnout.

10.

Question :

(TCO 3) Use the table “Food and Beverage Sales for Paul’s Pizzeria” to answer the questions below.

Food and Beverage Sales for Paul’s Pizzeria Restaurant

($000s)

Month

First Year

Second Year

January

55

60

February

53

54

March

53

56

April

63

44

May

64

44

June

54

34

July

33

36

August

35

37

September

25

28

October

30

30

November

35

38

December

54

52

Part (a) Calculate the regression line and forecast sales for March of Year 3.
Part (b) Calculate the seasonal forecast of sales for March of Year 3.
Part (c) Which forecast do you think is most accurate and why?

11.

Question :

(TCO 6) Jackson Company is considering two capital investment proposals. Estimates regarding each project are provided below:

Project Nuts

Project Bolts

Initial Investment

$175,000

$100,000

Annual Net Income

$30,000

52,000

Annual Cash Inflow

$70,000

$45,000

Salvage Value

$0

$0

Estimated Useful Life

3 years

3 years

The company requires a 9% rate of return on all new investments.

Part (a) Calculate the payback period for each project.
Part (b) Calculate the net present value for each project.
Part (c) Which project should Jackson Company accept and why?

12.

Question :

(TCO 6) Top Growth Farms, a farming cooperative, is considering purchasing a tractor for $468,000. The machine has a 10-year life and an estimated salvage value of $32,000. Top Growth uses straight-line depreciation. Top Growth estimates that the annual cash flow will be $78,000. The required rate of return is 9%.

Part (a) Calculate the payback period.
Part (b) Calculate the net present value.
Part (c) Calculate the accounting rate of return.