ADM 2320 Chapter Notes - Chapter 8: Marketing Mix, Voice Of The Customer, Takers
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Question 1
Identify the item below that is not one of the four different types of data processing activities.
| deleting | ||
| reading | ||
| creating | ||
| using |
Question 2
All of the following are advantages of an ERP system except
| ERPs permit manufacturing plants to receive new orders in real time. | ||
| in an ERP, data input is captured or keyed once. | ||
| it takes considerable experience and training to use an ERP system effectively. | ||
| ERPs permit management to gain greater visibility into every area of the enterprise. |
Question 3
Sam Jones has been the controller of Downtown Tires for 25 years. Ownership of the firm recently changed hands and the new owners are conducting an audit of the financial records. The audit has been unable to reproduce financial reports that were prepared by Sam. While there is no evidence of wrongdoing, the auditors are concerned that the discrepancies might contribute to poor decisions. Which of the following characteristics of useful information is absent in the situation described above?
| relevant | ||
| reliable | ||
| complete | ||
| timely | ||
| understandable | ||
| verifiable | ||
| accessible |
Question 4
An ERP system might facilitate the purchase of direct materials by all of the following except
| preparing a purchase order when inventory falls to reorder point. | ||
| routing a purchase order to a purchasing agent for approval. | ||
| communicating a purchase order to a supplier. | ||
| selecting the best supplier by comparing bids. |
Question 5
Antia Carmie is the largest collector and retailer of Japanese fans in the St. Louis area. Antia uses computer technology to provide superior customer service. The store's database system was designed to make detailed information about each Japanese fan easily accessible to her customers. Accordingly, the fan price and condition are provided for each fan, along with many pictures of each fan. In Antia's database, the price of the Japanese fans is a(n)
| entity. | ||
| attribute. | ||
| field. | ||
| record. |
Question 6
Which of the following is not considered a source document?
| A copy of the company's shipping document. | ||
| A copy of the company's ledger. | ||
| A copy of the company's sales journal. | ||
| A copy of the company's financial statements. |
Question 7
In an ERP system, the module used to record data about transactions in the disbursement cycle is called
| financial. | ||
| order to cash. | ||
| customer relationship management. | ||
| purchase to pay. |
Question 8
Baggins Incorporated identifies new product development and product improvement as the top corporate goals. An employee developed an innovation that will correct a shortcoming in one of the company's products. Although Baggins current Return on Investment (ROI) is 12%, the product innovation is expected to generate ROI of only 10%. As a result, awarding bonuses to employees based on ROI resulted in
| goal conflict. | ||
| information overload. | ||
| decreased value of information. | ||
| goal congruence. |
Question 9
________ are examples of activities that constitute inbound logistics.
| Activities that transform inputs into final products or services | ||
| Activities that provide post-sale support to customers | ||
| Activities that consist of receiving, storing, and distributing the materials used as inputs by the organization to create goods and/or services it sells | ||
| Activities that help customers to buy the organization's products or services |
Question 10
In which transaction cycle would information for inventory purchases be most likely to pass between internal and external accounting information systems?
| the revenue cycle | ||
| the expenditure cycle | ||
| the human resources / payroll cycle | ||
| the financing cycle |
Question 11
The collection of customer payment is part of which transaction cycle?
| the human resources cycle | ||
| the production cycle | ||
| the revenue cycle | ||
| the expenditure cycle |
Question 12
Which of the following is an example of source data automation?
| POS (point-of-sale) scanners in retail stores | ||
| a bill of lading | ||
| a subsidiary ledger | ||
| a utility bill |
Question 13
All of the following are guidelines for developing a good coding system except
| be as sophisticated as possible to promote usage. | ||
| be consistent with its intended use. | ||
| be flexible to allow for growth. | ||
| be consistent with the company's organization structure. |
Question 14
What is a key decision that needs to be made with regards to borrowing money from lenders?
| the location | ||
| pro forma income statement | ||
| how much capital to acquire | ||
| job descriptions |
Question 15
Identify the false statement below.
| A service company does not have an inventory system. | ||
| Retail stores do not have a production cycle. | ||
| Financial institutions have installment-loan cycles. | ||
| Every organization should implement every transaction cycle module. |
Question 16
The chart of accounts of a fast-food restaurant would probably include
| a list of customers. | ||
| a list of financial statement accounts. | ||
| a list of vendors. | ||
| a list of employees. |
Question 17
Which statement below regarding the AIS is false?
| Traditionally, most AIS have been designed so that both financial and operational data are stored in a manner that facilitates their integration in reports. | ||
| The AIS must be able to provide managers with detailed and operational information about the organization's performance. | ||
| Both traditional financial measures and operational data are required for proper and complete evaluation of performance. | ||
| The AIS was often just one of the information systems used by an organization to collect and process financial and nonfinancial data. |
Question 18
In Petaluma, California, electric power is provided to consumers by Pacific Power. Each month Pacific Power mails bills to 186,000 households and then processes payments as they are received. What is the best way for this business to ensure that payment data entry is efficient and accurate?
| well-designed paper forms | ||
| turnaround documents | ||
| source data automation | ||
| sequentially numbered bills |
Question 19
Data must be converted into information to be considered useful and meaningful for decision making. There are seven characteristics that make information both useful and meaningful. If the same information can be reproduced by two independent and knowledgeable people, it is representative of the characteristic of
| verifiability. | ||
| truthful. | ||
| relevance. | ||
| reliability. |
Question 20
Antia Carmie is the largest collector and retailer of Japanese fans in the St. Louis area. Antia uses computer technology to provide superior customer service. The store's database system was designed to make detailed information about each Japanese fan easily accessible to her customers. Accordingly, the fan price and condition are provided for each fan, along with many pictures of each fan. In Antia's database, the data about each Japanese fan represents a(n)
| entity. | ||
| attribute. | ||
| field. | ||
| record. |
| (Please Summerize the work down below, thank you) | |
| Political | Economic |
| Growing political influences on healthcare advances | Cost of living increases |
| Global government influence on healthcare cost | Cost of insurance prices |
| Government control of Medicaid, Medicare funding | Rise of forecasted interest rates |
| Social/Cultural | Technical or Technology |
| Increase average age of population | Demand on new medical treatments |
| Patient expectations increase | Customize treatments |
| Demographics are in constant change | More advance service facilities |
| Environmental | Legal |
| Growing need for green business | Constant change of government drug Regulations |
| Environmental agenda and community awareness | Consumer laws |
| Health and safety regulations | |
| Porters 5 forces of business model | |
| Competitive Rivalry | |
| Growth opportunity for healthcare companies are expected to growing the next few years | |
| Increase in new revolutionary drugs both in and outside of the US | |
| Threat if New Entrants | |
| Strict government regulations | |
| Difficult to keep up due to constant change | |
| Huge startup cost | |
| Substitute Products | |
| Threat of other substituting product and service at lower cost | |
| Bargaining Power of Customers | |
| Generic drugs offered at large discount to consumer | |
| Larger less customized healthcare facility with lower housing costs | |
| Several facilities offering similar services. | |
| Bargaining power of supplier | |
| Medical suppliers have a large pricing power | |
| Bargaining power of physicians and nurses is huge because of large hospital benefits | |
Swot Analysis
Strengths
Highly trained and capable employees
Market experience
Strong leadership
High level of organizational efficiency
Excellent facilities
Strong commitment to bettering the community
Weaknesses
Increased cost of healthcare could lower our clientele
Limited staff resources
Limited cash flow to hire and train new employees
Lack of resources
Opportunities
| Fast growing technology opens new doors for using state of the art equipment to better serve the patients. Nursing and residential care is one of the fastest growing industries Aging population Threats Uncertainty in political and economic climate causes hesitation for receiving new patients. Funding constraints Highly competitive market Product or Service Analysis Our services will be used by patients who cannot afford experimental treatments and patients who have been abandoned by the system because hospitals can no longer provide medical assistance. At our facility, we will be able to work with the families and provide them with different payments options, such as low monthly payment plans. Our main goal is to be able to treat the patient at a very affordable cost; however, if any patient does not possess the means to pay for treatment, he or she would not be turned away; our facility will tap into government and private funding to cover treatment cost. The beauty of this service is that there isnât a charge of any kind to take part in our program because it is completely funded by government grants. Individuals that would take part would more than likely not have the means to pay a monthly deductible. Due to the nature of the business listed as a non-profit agency, there is no way to make a profit of any kind, as it would jeopardize the business in its entirety. Some of the market factors that create a demand for our services include the need of medical care after having maximized all resources, the number of low income families, and the number of patients facing health issues needed extended medical care. Opportunities that may derive from this business is the opportunity to expand and open multiple facilities, while extending a helping hand to many more in need. The risk, however, is the unstable funds deriving from grants. This can pose a huge treat to the business, as grants often times come and go and cannot be counted on as a constant income. After studying the healthcare system and current policies in place, data shows many individuals facing severe health issues usually go untreated and uncared for due to the outrageous cost of medical care. It is devastating to see how often people, especially the elderly, are sent home and forgotten for the mere reason that hospitals and doctors are not willing to care for patients without financial means. In fact, in 2009 Harvard news reported 45,000 annual deaths due to lack of health coverage in the U.S. alone, which is significantly higher than the 18,000 reported by USA Today in 2002. Financial Analysis Clermont will be a nonprofit organization, dedicated to help the most needed. To open the facility fully operational we must take in consideration some fixed expenses like the land acquisition, permits, interest, brokers, administration fees, professionals (facility setup), staff, reports (environmental, occupational, fire, FDA), electricity, water, phone, water & sewer , connections, taxes, insurance, management, security, advertising, accountants, food, lawn mowers, bank fees, etc. The facility will need have a total value of approximately three million dollars, but if we break the price of the land acquisition in to a thirty (30) year mortgage we can star up the business with an investment of approximately $ 233,944.61 USD to cover the first month of operation including all the startup permits and connections. After the first month the fixed expenses will be $184,444.00 USD with the exception of the months were taxes are due; taxes are around $ 43,000.00 USD paid quarterly will increase the tax month (depending on the facility fiscal year) for $ 10,750.00 USD approximately. We will fund all the costs with private and public funding, fundraiser, events, raffles, and most important with the help of the community. As we mentioned before, Clermont is a nonprofit organization and we will do everything in our power to give the relief to the families in need. No one will be rejected because they do not have the money or the insurance cannot help. No money will be required from patient and every single dollar received will be spent in the patients, and in improving our facility and our service every day. We believe our financial even breaking point will be a year after we begin operations, and be profitable soon after. There are many patients in need, and with the government and public grants each person will receive the treatment they need, and we will become the hope of many. |