Marketing EOPA Study Guide

Front

This is an example of how grapevine communication can: Rumors were flying at Bennett Corporation that the company was planning staff layoffs. Management did not address the issue with employees, so the work environment became tense and distrustful.

Back

generate fear in the workplace.

Answer explanation

Generate fear in the workplace. Gossip is rumor or talk that discloses confidential information. In many

instances, the information disclosed is exaggerated or untrue. Rumors about layoffs generate fear

because employees are afraid that they will lose their jobs, and the fear tends to escalate when

management ignores the rumors. And if management ignores the rumors, the company's credibility and

image are likely to suffer. In the example, grapevine communication is not preparing the employees for

changes because they are not certain that the changes (layoffs) are going to occur. There is no evidence

that grapevine communication has influenced the company's various policies.

Front

Which stage of negotiation do many people consider the most important part of the process: Preparation, Concession, Assessment, Mediation?

Back

Preparation

Answer explanation

Preparation. Many experts believe that the key to getting what you want out of a negotiation depends

upon how prepared you are for the session. It's crucial to determine your BATNA and your walk-away

point. Also, it is important to research and obtain information you don't have, analyze the other side, and

practice your responses by visualizing various situations and strategies. A concession is something that a

person gives up during the negotiation. Assessment is the last step in the negotiation process in which

the negotiator reviews how the negotiation went and determines changes s/he should make for the next

negotiating session. Mediation is the involvement of a neutral third party to help resolve a conflict.

Front

Your coworker Tim tells you that he has been experiencing a lot of stress at work lately. What is the best advice that you could give Tim that may help him more effectively manage his stress on a daily basis?

Back

Tell him to use deep breathing and visualization techniques

Answer explanation

Tell him to use deep breathing and visualization techniques. Everyone experiences stress on the job at

some time. Many techniques can help workers manage their daily stress. Exercise, deep breathing,

counting, and visualization techniques are common ways that people manage their stress levels. Tim

may not be in a position to delegate his work. Encouraging Tim to take on additional projects may add to

Tim's stress levels. Tim may not be in a financial position to take an unpaid leave of absence from work.

In addition, Tim's employer may not be able to let Tim take time off at busy times of the year.

Front

Which of the following is a true statement about the consensus-building process:
Options:
It should involve only one or two ideas.
It should always be conducted formally.
It varies from group to group.
It works best with only two people.

Back

It varies from group to group.

Answer explanation

It varies from group to group. The consensus-building process isn't "one size fits all"—it varies from

group to group according to the group's needs. Sometimes, it's best to conduct consensus building

formally, and other times, an informal method is appropriate. Group members should consider as many

ideas as possible. The more stakeholders involved, the better chance of generating the best ideas and

solutions.

Front

What technique is Eric using to motivate staff members to continue the good work after stating that their department's performance during the third quarter exceeded the company's goals, so each of them will receive a $200 bonus?

Back

Financial incentive

Answer explanation

Financial incentive. An incentive is something that will fulfill a desire or need. Incentives often help

motivate team members to keep up the good work. A financial incentive such as a bonus is a great way

to reward staff members and encourage them to continue working hard. If they continue to work hard,

they may receive another bonus. Because Eric communicated by email, there isn't enough information to

determine if the staff received verbal encouragement or public recognition, nor does the example indicate

if staff members received plaques.

Front

Businesses often obtain marketing information to

Back

monitor trends.

Answer explanation

Monitor trends. Marketing information is all of the marketing-related data available from inside and

outside the business. One reason that a business obtains marketing information is to monitor trends, or

the general direction in which people or events are moving. By monitoring trends, a business can make

decisions that will help it accomplish its goals, which may include targeting a new market or developing a

new product. Businesses do not obtain marketing information to implement procedures, delegate

authority, or investigate terms.

Front

In planning marketing activities and in making marketing decisions, marketers use a variety of data gathered by a(n)

Back

marketing-information management system.

Answer explanation

Marketing-information management system. A marketing-information management system is an

organized way of continuously gathering, accessing, synthesizing, evaluating, and disseminating

information for use in making business decisions. The system compiles data generated from many

sources such as a double-entry bookkeeping system, employee records, and inventory control. The

system's ability to compile this information and to analyze it helps marketers to make effective decisions.

Front

Computerized databases make it possible for marketing researchers to

Back

obtain desired information immediately.

Answer explanation

Obtain desired information immediately. Businesses often use computers to store large amounts of

information. Computerized databases help businesses operate in an efficient manner. For example, a

customer placing an order over the telephone might not know the appropriate account number. By

accessing the company's computer database, the sales representative can key in other data (e.g., zip

code) to locate the account number. Many times, the information is retrieved while the sales

representative is speaking with the customer. Businesses using manual databases may have to call

customers back or put them on hold to find necessary information to process an order, which can be time

consuming. Computerized databases do not necessarily reduce the need for businesses to use off-line

data collection methods. Other methods, such as focus groups, are often the most appropriate way to

collect the desired information. The research objectives determine how the information is collected and

what data is needed to identify or solve a problem. Therefore, it cannot be assumed that the use of

computerized databases limits researchers' use of biographical or statistical data. In addition, many

businesses often control or manage data by restricting access to the information.

Front

A marketing-research project that gathers sufficient information to help the business in its decision making would be described as

Back

thorough

Answer explanation

Thorough. An important characteristic of effective marketing research is that it should be thorough.

Incomplete or insufficient research won't give the business enough information to enable it to make good

decisions. The way in which the research is carried out would determine whether or not it was efficient.

Predictive research is marketing research used to help the business forecast future business

developments. Some aspects of marketing research are tedious, tiresome, monotonous, or boring, but

these aspects are not necessarily related to the amount of information gathered.

Front

Before introducing a product to the marketplace, a business might monitor its competitors' ___________ strategies.

Back

pricing

Answer explanation

Pricing. When conducting marketing research, businesses often gather information about their

competitors. Businesses often monitor the prices of their competitors' similar products to make marketing

decisions for their own products. A business might monitor its competitors' scheduling, auditing, and

training methodology; however, this information might be more difficult to obtain and use in relation to the

introduction of a product.