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All Textbook Solutions for Introduction to Business
Explain the concepts of revenue, costs, and profit.What are the five factors of production?What is role of an entrepreneur is society?Define the components of the internal and the external business environments.What factors within the economic environment affect businesses?Why do demographic shifts and technological developments create both challenges and new opportunities for business?What is economics, and how can you benefit from understanding basic economic concepts?Compare and contrast the world's major economic systems. Why is capitalism growing, communism declining, and socialism still popular?What is the difference macroeconomics and microeconomics?What is a business cycle? How do businesses adapt to periods of contraction and expansion?Why is full employment usually defined as a target percentage below 100 percent?What is the difference between demand-pull and cost-push inflation?What are the two kinds of monetary policy?What fiscal policy tools can the government use to achieve its macroeconomic goals?What problems can a large national debt present?What is the relationship between prices and demands for a product?How is market equilibrium achieved? Describe the circumstances under which the price for gasoline would have returned to equilibrium in the United States after Hurricane Katrina.Draw a graph that shows an equilibrium points for supply and demand.What is meant by market structure?Compare and contrast perfect completion and pure monopoly. Why is it rare to find perfect competition?How does an oligopoly differ from monopolistic competition?What steps can companies take to benefit from the aging of their workers and to effectively manage a multigenerational workforce?Why is the increasing demand for energy worldwide a cause for concern?Describe several strategies that companies can use to remain competitive in the global economy.Ethics Activity Historically, diesel cars have not been big sellers in the U.S. auto market, mainly because their engines couldn't pass the strict emissions standards set up the Environmental Protection Agency and the California Air Resources Board. But that all changed in 2005, when German automaker Volkswagen make a decided push to develop "clean diesel" engines, specifically manufactured to meet strict U.S. emissions standards. By 2010, VW had introduced several models of diesel cars in the United States, and their sales helped propel Volkswagen to the number two slot in global auto sales, after Toyota and ahead of GM. While VW was receiving major media attention for its clean diesel models, researchers from West Virginia University discovered that these so-called clean engines had been constructed with a "defeat device" software that could actually tell when the car was being tested off road for emissions and lower the level of emissions that harm the environment. By December 2014, Volkswagen agreed to voluntarily recall more than a half-million clean diesel cars in the United States to address the emissions issues. But the scandal continued to escalate, with accusations that senior management knew about the rigged engines, and VW's CEO resigned and several other executives were fired. Class-action lawsuits and other litigation followed, and in April 2017, VW agreed to a $4.3 billion settlement, which included a criminal fine of $2.8 billion, as well as various buyback plans for the affected diesel cars. In addition, over the last several years, VW has experienced a significant decline in U.S. sales and it now trying to win back customers. Using a web search tool, locate information about this topic, and then write responses to the following questions. Be sure to support your arguments and cite your sources. Ethical Dilemma: How can VW ensure that its diesel now comply with U.S. emissions standards? What can VW do to regain consumers' confidence after this worldwide scandal? Do you agree with the billions of dollars in fines that VW will have to pay to move beyond the emissions debacle? Source: "VW Diesel Crisis: Timeline of Events," https://www.cars.com, May 19, 2017; Jack Ewing, "Inside VW's Campaign of Trickery," The New York Times, https://www.nytimes.com, May 7, 2017; Christoph Rauwald, "How a Top-Secret Deal Could Have Stopped VW's Diesel Scandal." Bloomberg, https://www.bloomberg.com, January 12, 2017; "6 VW Excecs Indicated as Carmaker Agrees to $4.3 Billion Diesel Cheat Settlement," Fortune, https://fortune.com, January 12, 2017; Geoffrey Smith and Roger Parloff, "Hoaxwagen: Inside Volkswagen's Diesel Fraud," Fortune, https://fortune.com, March 7, 2016.What are some advantages of Walmart purchasing established web business?What impact is Walmart's acquisition of nontraditional retailers likely to have on the shopping habits of Walmart's customers?How will the aggressive e-commerce plan implemented by Walmart affect operations at its retail locations?How are individual business ethics formed?How is utilitarianism?How can you recognize unethical activities?What is the role of top management in organizational ethics?What is a code of ethics?What are the four components of social responsibility?Give an example of legal but irresponsible behavior.How do businesses carry out their social responsibilities to consumer?What is corporate philanthropy?Is a company's only responsibility to its investors to make a profit? Why or why not?Describe strategic giving.What role do employees have in improving their job security?How do multinational corporations demonstrate social responsibility in a foreign country?The Honest Company is a consumer-goods business that sells nontoxic, eco-friendly items for baby and personal care, household cleaning, and a healthy lifestyle. Cofounded by actress Jessica Alba a little more than six years ago, Honest Co. is built on the promise of "telling all and doing our best to live up to your expectations." Over the years the company has received high praise and media buzz about its ethical approach to making products that are not only good for people but good for the environment. On its website, Honest Co. goes to great lengths to share with consumers its guiding principles that products are made without harming people or the planet. A little over two years ago, however, the company experienced some bad press when The Wall Street Journal reported that two independent lab tests found samples of Honest laundry detergent contained a cleaning agent on the list of chemicals the company pledged to avoid. At first, pushback from company officials was loud and clear: they denied their products were anything but eco-friendly and safe for consumers and went as far as calling the report "false" and "junk science." Unfortunately, the reports about Honest products and their harmful ingredients didn't go away. After the laundry detergent story faded, the company quietly reconfigured the ingredients that went into the detergent as well as other products. But that wasn't the end of the story. Several months later, Honest Co. voluntarily recalled organic baby powder that might cause infections and more recently recalled diaper wipes that appeared discolored. Despite these recent challenges, Honest Co. continues to be successful and was rumored to be on the short list of possible acquisitions for global conglomerates such as Procter & Gamble, Johnson & Johnson, and Unilever. These consumer-good giants are snapping up smaller, eco-friendly firms that have blossomed into full-fledged ethically and environmentally conscious organizations with strong sales and solid reputations among consumers. Recently, however, Unilever acquired one of Honest Co,'s biggest rivals, Seventh Generation, Inc., leaving Honest Co. to again rethink its business strategies, including hiring a new CEO. Using a web search tool, locate information about this topic and then write responses to the following questions. Be sure support your arguments and cite your sources. Ethical Dilemma: Do you think the company's reaction to reports of hazardous ingredients hurt its reputation for honesty and ethical behavior? Do you think the company's missteps caused Unilever to shy away from acquiring the company? Or, do you take the stance that Alba's entertainment background played a part in the press going after the company? If you were an advisor to the new CEO, what suggestions would you give him for getting the company back on track, especially when it comes to corporate social responsibility?According to recent data, only 36 percent of Uber's current employees are women. How do you think this situation helped perpetuate a flawed corporate culture?What can Uber do to ensure its competitors are not chipping away at its dominant market share as a result of such bad press?Do you think installing an experienced female CEO would help the company change its culture and workplace environment? Explain your reasoning.What is global vision, and why is it important?What impact does international trade have on the U.S. economy?Explain the impact of a currency devaluation.Describe the policy of free trade and its relationship to comparative advantage.Why do people fear globalization?What are the benefits of globalization?Discuss the concept of natural trade barriers.Describe several tariff and nontariff barriers to trade.Describe the purpose and role of the WTO.What are the roles of the World Bank and the IMF in world trade?Explain the pros and cons of NAFTA.What is the European Union? Will it ever be a United States of Europe?Discuss several ways that a company can enter international trade.Explain the concept of countertrade.Explain how political factors can affect international trade.Describe several cultural factors that a company involved in international trade should consider.How can economic conditions affect trade opportunities?What is a multinational corporation?What are the advantages of multinationals?What trends will foster continued growth in world trade?Describe some of the ways businesses can take advantage of these trends to "go global."The executives of a clothing manufacturer want to outsource some of their manufacturing to more cost-efficient locations in Indonesia. After visiting several possible sites, they one and begin to negotiate with local officials. They discover that it will take about six months to get the necessary permits. One of the local politicians approaches the executives over dinner and hints that he can speed up the process for an advisory fee of $5,000. Using a web search tool. locate articles about this and then write responses to the questions. Be sure to support your arguments and cite your sources. Ethical Dilemma: Is paying the advisory fee a bribe or an acceptable cost of doing business in that area of the world? What should the executives do before agreeing to pay the fee? Sources: Eric Markowitz, "The Truth about Bribery and Doing Foreign Business: Inc., https.//www.inc.com, accessed March 19.2018: Roberto A Ferdman. "How the World's Biggest Companies Bribe Foreign Governments," The Washington Post https://www.washingtonpost.com. accessed March 19, 2018; David Rising, "The 10 Countries Most Likely to Use Bribery in Business, Huffington Post, https://www.huffngtonpost.com, accessed March 19, 2018.Do you think that MTV's future lies mostly in its international operations? Explain your reasoning.What types of political, economic, and competitive challenges does MTV Networks International face by operating worldwide?How has MTV Networks International overcome cultural differences to create a world brand?What is a sole proprietorship?Why is this a popular form of business organization?What are the drawbacks to being a sole proprietor?How does a partnership differ from a sole proprietorship?Describe the four main types of partnerships, and explain the difference between a limited partner and a general partner.What are the main advantages and disadvantages of a partnership?What is a corporation? Describe how corporations are formed and structured.Summarize the advantages and disadvantages of corporations. Which features contribute to the dominance of corporations in the business world?Why do S corporations and limited liability companies (LLCs) appeal to small businesses?Describe the two types of cooperatives and the advantages of each.What are the benefits of joint ventures?Describe franchising and the main parties to the transaction.Summarize the major advantages and disadvantages of franchising.Why has franchising proved so popular?Differentiate between a merger and an acquisition.What are the most common motives for corporate mergers and acquisitions?Describe the different types of corporate mergers.What are some of the demographic trends currently impacting American business?As a prospective business owner, what could you do to capitalize on these trends?What other economic trends are influencing today's business organizations?After seeing a Quiznos franchise recruitment infomercial to recruit franchisees, you are tempted to apply to open your own Quiznos sub shop. However, your research on the company turns up some disturbing information. Many current franchisees are unhappy with the company's management and practices, among them excessive food costs, lack of promised support, and selling new franchise locations that are close to existing stores. A group of New Jersey franchisees sued Quiznos for selling them franchises but not providing locations 18 months after taking their franchise fees. Some franchise question Quiznos's purchasing tactics, food and beverage suppliers based on the referral fees it receives instead of the lowest-cost provider. Other franchisees have suffered major financial losses. Quiznos, which owned or operated more than 5,000 sub shops at one time and now has less than I locations with less than 900 in the United States, disputes the various claims. The president of the company points out that in a franchise operation, there will always be unhappy franchisees and those who can't make a success of their units. Besides, Quiznos's franchise offering materials clearly state that the company may open stores in any locations it selects. Using a web search tool, locate articles about this topic, and then write responses to the questions. Be sure to support your arguments and cite your sources. Ethical Dilemma: What are Quiznos's obligations to its franchisees? Is it ethical for the company to new franchises very close to existing units and to choose vendors based on fees to the parent company rather than the cost to franchisees? Sources: The Franchise King, "What Happened to Quiznos?" accessed September 14.2017: Karsten Strauss. "Is Quiznos Toast?" Forbes. https://www.forbes.com June 17.201 S: Venessa Wong. "Can Quiznos Be Saved? - BuzzFeed News, https://www.buzzfeed.com, December 8.201 S: Kristi Arellano. "Quiznos" Success Not without Problems." Denver Post June 19.2005, p. Kl; Dina Berta. "Quiznos Denies Franchisees' Charges of Cost Gouging, Encroachment Problems," Nation's Restaurant News. June 20, 2005, p. 1 "Quiznos Denies Fraud Suit Charges by 17 Franchisees," Nation's Restaurant News. May 16, 2005, p. 102.Is the not-for-profit form of business organization appropriate for the Green Bay Packers? Why or why not?Why has this form of ownership not been replicated in other cities?What are the limitations and constraints that this form of business has on the operations of the Green Bay Packers?Describe several types of entrepreneurs.What differentiates an entrepreneur from a small-business owner?What are some major factors that motivate entrepreneurs to start businesses?Describe the personality traits and skills characteristic of successful entrepreneurs.What does it mean when we say that an entrepreneur should work on the business, not in it?What are three ways small businesses can be defined?What social and economic factors have prompted the rise in small business?How can potential business owners find new business ideas?Why is it important to develop a business plan? What should such a plan include?What financing options do small-business owners have? What risks do they face?How does the small-business owner's role change over time?How does managing a small business contribute to its growth?What are the benefits to small firms of doing business internationally, and what steps can small businesses take to explore their options?Why are small businesses becoming so popular?Discuss the major advantages and disadvantages of small businesses.What is the Small Business Administration (SBA)?Describe the financial and management assistance programs offered by the SBA.What significant trends are occurring in the small-business arena?How is entrepreneurial diversity impacting small business and the economy?How do ethics impact decision-making with small-business owners?As the owner of a small factory that makes plastic sheeting, you are constantly seeking ways to increase profits. As the new year begins, one of your goals is to find additional funds to offer annual productivity and/or merit bonuses to your loyal, hardworking employees. Then a letter from a large national manufacturer of shower curtains seems to provide an answer. As part of a new "supplier diversity" program it is putting in place, the manufacturer is offering substantial purchase contracts to minority-owned suppliers. Even though the letter clearly states that the business must be minority owned to qualify for the program, you convince yourself to apply for based on the fact that all your employees are Latino. You justify your decision by deciding they will benefit from the increased revenue a larger contract will bring, son-'e of which you plan to pass on to them in the form of bonuses later in the year. Using a web search tool, locate articles about this topic, and then write responses to the following questions. Be sure to support your arguments and cite your sources. Ethical Dilemma: Is it wrong for this business owner to apply for this program even though it will end up benefiting his employees as well as his business?What characteristic made Vic Ahmed a successful entrepreneurs?How did their Ahmed and Steven Case's partnership and shared vision of "Rise of the Rest" serve their business goals?Is focusing on smaller cities rather than areas like silicon valley a good strategy, why? Sources: Innovation Pavilion website http://www.innovationpavilion.com/accessed February, 13, 2018; TamaraDefine the term management.What are the four key functions of managers?What is the difference between efficiency and effectiveness?What is the purpose of planning, and what is needed to do it effectively?Identify the unique characteristics of each type of planning.Explain the managerial function of organizing.What is the managerial pyramid?How do leaders influence other people's behavior?How can managers empower employees?What is corporate culture?Describe the control process.Why is the control process important to the success of the organization?What are the three types of managerial roles?Give examples of things managers might do when acting in each of the different types of roles.List the five steps in the decision-making process.Define the basic managerial skills.How important is each of these skill sets at the different levels of the management pyramid?How can information technology aid in decision-making?What are three principles of managing multinational cultures?Describe several guidelines for crisis management.Are top executives paid too much? A study of CEO compensation revealed that CEO bonuses nose considerably—from 20 percent to 30 percent—even at companies whose revenues or profits dropped or those that reported significant employee layoffs. Such high for CEOs at underperforming companies. as well as CEO compensation at companies with stellar results, has raised many questions from investors and others. The highest gap in pay was in 2000. CEO pay at the largest U.S. firms was 376 times higher than that of average workers. The gap has shrunk to only 271 times higher in 2016, but that is still a lot higher than the 59-to-l ratio in 1989. The Securities and Exchange Commission (SEC) now requires public companies to disclose full details of executive compensation, including salaries, bonuses, pensions, benefits, stock options, and severance and retirement packages. Even some CEOs question the high levels of CEO pay. Edgar Woolard, Jr. former CEO and chairman of DuPont, thinks so. "CEO pay is driven today primarily by outside consultant surveys," he says. Companies all want theirWhat type of manager is T.K. Kurien? How would you characterize his leadership style?What managerial role does T.K. Kurien assume in his approach to attaining his division's goal of improved customer service?What management skill sets does he exhibit?How does specialization lead to greater efficiency and consistency in production?What are the five types of departmentalization.Why does the matrix structure have a dual chain of command?Why does a matrix structure increase power struggles or reduce accountability?What are advantages of a committee structure? Disadvantages?What is the difference between a work team and a work group?Identify and describe three types of work teams.What are some ways to build a high-performance team?How does the chain of command clarify reporting relationships?What is the role of a staff position in a line-and-staff organization?What factors determine the optimal span of control?What are the characteristic of a centralized organization?What are the benefits of a decentralized organization?What factors should be considered when choosing the degree of centralization?Compare and contrast mechanistic and organic organizations.What factors determine whether an organization should be mechanistic or organic?What is the informal organization?How can informal channels of communication be used to improve operational efficiency?How does technology enable firms to organize as virtual corporations?What effect could the gig economy have on a company's decision to outsource?What are some organizational issues that must be addressed when two firms merge?Training IT Replacements Recently the University of California at San Francisco (UCSF) announced it would lay off more than 80 IT workers and outsource their jobs to India. This change part of a larger plan by UCSF to increase its technology outsourcing, which over time could save the organization more than $30 million. A large part of UCSF's IT work focuses on its hospital services, and many other health care facilities have already outsourced these types of "back-end" jobs to foreign countries. Working through a multinational contractor that will manage the outsourcing process, UCSF has also asked workers who will soon be out of a job to train their overseas replacements via videoconferencing calls to India. One such worker remarked, "I'm speechless. How can they do this to us?" A UCSF spokesperson explained that the organization provides millions of dollars in charity care for the poor, and that to continue providing those services, the school has to focus on more specialized tech work related to patients and medical research and send other IT work overseas. UCSF is not alone in sending IT jobs overseas and making the laid-off workers train their Indian replacements. Recently Manpower Group, a staffing and workforce services firm with more than 3,000 offices worldwide, issued pink slips to 150 workers in Milwaukee whose jobs were outsourced to India. Using a web search tool, locate articles about this topic and then write responses to the following questions. Be sure to support your arguments and cite your sources. Ethical Dilemma: Are UCSF and other companies justified in outsourcing technology jobs to India? Do they have any obligation to find other jobs or provide training for displaced workers? Should organizations ask employees who are being laid off to train their replacements? Sources: Sam Harnett, "Outsourced: In a Twist, Some San Francisco IT Jobs Are Moving to India," All Tech Considered, http://www.npr.org, accessed July 19, 201 7; Dan Shafer, "Exclusive: ManpowerGroup HQ Workers Being Laid Off Required to Train Overseas Replacements," Milwaukee Business Journal, https://www.bizjoumals.com, March 30, 2017; Bill Whitaker, "Are U.S. Jobs Vulnerable to Workers with H-IB Visas?" 60 Minutes, http://%%w.cbsnews.com, March 19, 2017; Louis Hansen, "After Pink Slips, UCSFTech Workers Train Their Foreign Replacements," The Mercury News, ttp://www.mercurynews.com, November 3, 2016.Given the lack of formal structure, how important do you think Gore's informal structure becomes?Is W.L. Gore a mechanistic or an organic organization? Support your answer with examples from the case.How do you think Gore's flat organizational structure affects innovation at the company?Define human resource management.Distinguish between job analysis, job description, and the job specification.Describe the human resource management process.What are the two sources of job applicants?What are some methods firms use to recruit applicants?What is meant by recruitment branding?Describe the employee selection process.What are some of the ways that prospective employees are tested?Describe several types of on-the-job training.What are the advantages of simulation training?How is technology impacting off-the-job training?What are the steps in the performance planning and appraisal process?What purposes do performance appraisals serve?Describe some sources of information for the performance appraisal.How does a firm establish a pay scale for its employees?What is the difference between direct and indirect pay?Why are health insurance and benefits so important to employees?Discuss the modern labor movement.What are the various topics that may be covered during collective bargaining?Explain the differences among a union shop, agency shop, and an open shop.Describe the grievance procedure.In what ways do arbitrators act like judges?What are some tactics for pressuring for a contract settlement?Discuss the laws that govern wages, pensions, and employee compensation.Describe the Americans with Disabilities Act.How do the Wagner and Taft-Hartley Acts impact labor-management relations?How can employee diversity give a company a competitive advantage?Explain the concept of hiring for fit.Why does the service industry provide an opportunity for labor union growth?Tracking employee information through global positioning system (GPS)in particular, on company vehicles driven by employee-is becoming commonplace. Location information is transmitted to a server via the cell phone network (and sometimes via satellite phone service) and is then available to the company through the web or mobile apps. As the cost of GPS drops and the number of mobile workers risesby some accounts, to as much as 75 percent of the workplace by 2020companies are depending on GPS to monitor the movement of and products to improve customer service and help with time management. "I wanted to see how much time was spent on each job, says one small business owner with a fleet of seven vehicles. "We've had a few problems the past—people weren't where they said they'd be. With GPS, we can defend to the customers. We know how fast the drivers drove, what route they took, and how long they spent on each job." Late in 2017, four wastewater plant mechanics employed by the city or Modesto, California, fired after GPS showed they used "work hours to socialize at the lift stations with (each other), go home, shop, sleep and drive around in the City utility vehicle." Companies are not only tracking vehicle, but many now track employees through their mobile phones. Understandably, many employees don't like the idea of Big Brother following their every move; most states allow employees to track their employee's location even in off hours. Many employees take their company vehicle home after their shifts, but even employees with company-owned phones may be tracked about hours, too. Survey show that many GPS-tracked employees have serious concerns about after-hours tracking, micromanagement, and privacy [https://tsheets.com/gps-survey]. In 2015, a woman in California sued her employer, claiming that she was tracked 24 hours a day through her company-issued iPhone. And when she uninstalled the tracking apps, she was fired. Using a web search tool, locate article about this topic, and then write responses to the following questions. Be sure to support your arguments and cite your sources. Ethical Dilemma: Do GPS devices constitute an invasion of employee privacy? Are there guidelines companies can develop for appropriate GPS use? Sources: Kevin Valine, "Modesto Disciplines Sewer Workers for Goofing Off," The Modesto Bee, http://www.modbee.com, Janunary 1, 2018; Keveh Waddell, "Why Bosses Can Track Their Employees 24/7," The Atlantic, http://www.theatlantic.com. January 6, 2017; Andrew Burger, "IDC: Mobile workers Will Make up Nearly 75 percent of U.S. Workforce," http://www.telecompetitor.com, June 23, 2015, David Kravets, "Worker Fired for Disabling GPS App That Tracked Her 24 Hours a Day." Ars Technica, https://arstechica.com , May 11, 2015.Why is workplace diversity so important in today's business environment?What are the major sources of workplace discrimination? Cite specific examples from the case.What steps are companies taking to ensure that employees are not discriminated against?How did Frederic Taylor's studies contribute to the early understanding of human motivation?How are Taylor's insights still seen in today's management practices?How did Mayo's studies at the Hawthorne plant contribute to the understanding of human motivation?What is the Hawthorne effect?Was the practice of dimming and brightening the lights ethical?What is Maslow's hierarchy of needs, and how does it help in understanding human motivation?What are some criticisms of Maslow's hierarchy?How do the Theory X, Theory Y, and Theory Z management styles differ?What is Herzberg's theory, and how does it relate to an understanding of motivation?How can a manager use an understanding of Herzberg's theory to motivate employees?What are the limitations of Herzberg's theory?Discuss the three relationships central to expectancy theory.Explain the comparison process that is a part of equity theory.How does goal-setting theory contribute to our understanding of motivation?What are the main elements of reinforcement theory?Explain the difference between job enlargement and job enrichment.What are the four work-scheduling options that can enhance employee performance?Are all employees motivated by the same economic incentives? Explain.What benefits can an organization derive from training and educational opportunities and stock ownership programs?Why are sabbaticals growing in popularity as work-life balance tools?How are knowledge workers different from traditional employees?Why are absenteeism and turnover rates increasing, and what is the impact on companies?You join a large bank that encourages and promotes employee volunteerism, allowing employees one day a month, or up to 12 days a year, to volunteer for a cause of their choosing. Shortly after you start working there as a junior teller, your boss's wife is diagnosed with a particularly aggressive form of breast cancer that carries a very poor prognosis. Realizing it will win you kudos with your boss. you choose the local chapter of the Susan G. Komen for the Cure foundation—a breast cancer charity that sponsors an annual Race for the Cure—for your company-sponsored volunteer work. In addition to working at the foundation'soffice day a month, you spend your own time actively soliciting other staffers at firm to sign up for the charity walk in a few months' time. Impressed with your qualities of tireless dedication, your boss puts your name forward for promotion to junior bank officer, well before the customary years of service normally required for being considered for promotion. Using a web search tool, locate articles about this topic and then write responses to the following questions. Be sure to supportyour arguments and cite your sources. Ethical Dilemma: Your company is generous in its approach to employee volunteerism. It gives you paid time off, and you acquire enhanced job skills through your volunteer activities. Have you just been smart in recognizing the value of volunteering for a charity that you know will earn your boss's personal appreciation? Or are you taking unfair advantage of your boss's vulnerability manipulating the situation?How are social and economic factors influencing companies' approach to hiring, motivating, and retaining employees?What are some of the nonmonetary strategies companies must develop to attract and reward employees and keep them motivated?What "reward factors" would be important to you when working for a company? List at least five in order of importance, and list your reasons for each.What are the three types of decisions that must be made in production planning?What are the three phases of production planning?Describe the different types of production processes.How are inputs transformed into outputs in a variety of industries?What factors does a firm consider when making a site-selection decision?What should be considered when deciding on a production approach?What are the approaches to inventory that businesses can consider?How is technology being used in resource planning?What is production control, and what are its key aspects?How can value-stream mapping improve routing efficiency?Identify and describe three commonly used scheduling tools.How can managers use techniques to improve efficiency?Define Six Sigma.What was Edward Damming's contribution to operations management?Describe total quality management and the role that Six Sigma, ISO 9000, and ISO 14000 play in it.How can lean manufacturing and just-in-time inventory management help a firm improve its production and operations?How are both manufacturing and nonmanufacturing firms using technology and automation to improve operations?Describe the impact of the anticipated worker shortage on U.S. business.How are today's educational trends affecting the future of manufacturing?What is business process management (BPM, and how do businesses use it to improve operations management?A recent spate of mine disasters that caused numerous fatalities refocused national attention on the question: is management doing enough to protect employees on the job? Recent serious Occupational Safety and Health Administration (OSHA) violations resultingin the deathof two workers from falls due to the lack of harnesses or guardrails suggest there is still a long way to go. Companies are responsible for providing a safe workplace for employees.So why like these continue to happen? In a word—money. It takes money to purchase harnesses, install guardrails, and otherwise ensure a safe and healthy work environment. And even more is needed to employ the staff to enforce company safety policies. It is often less costly for a company to just pay the fines that are levied for violations. As a supervisor at a company with frequent violations of OSHA regulations, you worry about your employees' safety. But each time your company needs to implement a new safety feature, end-of-year employee bonuses get smaller. The money has to come from somewhere, management claims. Using a web search tool, locate articles about topic, and then write responses to the sure to following questions. Be sure to support your arguments and cite your sources. Ethical Dilemma: Doyou report safety violations to management in the hope they will be corrected before someone gets hurt, or do you stage a total work stoppage to force management's hand, knowing that either way you risk losing popularity at every level, and very possibly your job? Or, of course, you could say nothing and hope for the best. It is not a problem you created and you're just there to do a job, after all. Sources: George Avalos. "PG&E Violated Safety Rules. Was Late on Thousands of Wine Country Electricity Inspections and Work Orders. - The Mercury News,https://www.mercurynews.com.October 25, 2017: BarryWhy would an e-mail rules memo like this work better at an innovation-driven company such as Tesla rather than at a manufacturing-driven company such as General Motors?What are the potential problems that could arise out of this approach to e-mail?Explain the marketing concept.Explain the difference between customer value and customer satisfaction.What is meant by relationship marketing?What is environmental scanning?What is a target market, and why should a company have one?Explain the four types of competitive advantages and provide examples of each.What is meant by the marketing mix?What are the components of the marketing mix?How can marketing techniques help not-for-profit organizations?Explain the consumer purchase decision-making process.Explain the difference between the business purchase decision-making process and the consumer purchase decision-making process.How do business markets differ from consumer markets?Define market segmentation.List and discuss the five basic forms of consumer market segmentation.What are some additional forms of business segmentation?How does marketing research help companies make better use of their marketing budgets?What is a product?What are the classes of consumer products?Explain how business products are classified.How do companies organize for new-product development?What are the steps in the new-product development process?How does new-product development differ for services companies?Explain the role of the product manager.What is the product life cycle?Describe each stage of the product life cycle.What are the marketing strategies for each stage of the product life cycle?What is the difference between penetration pricing and price skimming?Explain the concept of price bundling.Describe odd-even pricing and prestige pricing/Why is prestige pricing prevalent in service?How have online price-comparison engines helped consumers shop for the best price?Describe one-to-one marketing and the role of marketing databases.As cosmetics companies roll out line after line of products to satisfy consumers' quest for youth, the shelves are getting crowded. How can a company stand out? Products such as the Cosmedicine and Rodan+Fields lines promote their affiliation with research institutions and medical doctors to distinguish them from their competition. Shortly after Johns Hopkins University began consulting with the then-owner by companies that produced Cosmedicine products, claiming that its consulting work does not imply any endorsement of Cosmedicine. "We have been pretty clear about our role," said Hopkins CEO Edward Miller. "We are reporting on the scientific validity of studies that were done by outside testing agencies." Consmedicine packaging includes a disclaimer that discloses the nature of the research and financial relationship between Hopkins and the cosmetics company. Similarly, Rodan+Fields, Beachbnody, and Plexus also is controversial to some. Basically, multi-levelmarketing enlists a new salesperson by making the individual purchase training and inventory of the company product at a discount and begin selling the product at retail prices, while also recruiting new salespeople as their "downline" salespeople. The idea is that eventually you will makemost of your income viathe results of your downline salespeople—the people you brought into the business. There are numerous critiques of multi-level marketing, the most notable being investor Bill Ackman's accusation that weight loss company Herbalife was engaging in a pyramid scheme. A pyramid scheme is an arrangement whose entire whole purpose is the enrichment of the top of the pyramid at the expense of new recruits. Herbalife was able to refute Ackman's accusations in a lawsuit brought against them by that their results based on product sales rather than recruitment and that they offered money-back if the recruits unable to the product. Ethical Dilemma: Is it for research institutions like Johns Hopkins and medical doctors to endorse products such as skin care? Is the practice of multi-level marketing ethical? Does the money-back guaranttee provided by Herbalife provide evidence that they are not engaged in a pyramid scheme? Source: "Multi-Level Marketing," Investopedia.http://www.investopedia.com, accessed October l, 2017; Alissa Fleck, "How Women Making Men Rich Has Been Misbranded as Feminism."Huffington Post, http://huffingtonpost.com, August 28, 2017; Kristen Calderaro, "Why Are Doctors Becoming Rodan+Fields Consultants?" Linkedin, htttp://www.linkedin.com, October 29, 2015; Rhonda L. Rundle, "A NewName in Skin Care: Johns Hopkins,"The Wall Street Journal,April 11, 2006 p. Bl.• Oza has established several successful products in the competitive beverage industry. Why has he been able to achieve this success when large organizations with more resources, such as Coca Cola and Pepsi are forced to buy these new successful brands? • What types of unique marketing support helped to sustain Vitaminwater and Bai's tremendous growth? • Suggest a celebrity endorsement with a beverage brand,and tell why that pairing would lead to success. • What are the brand attributes and the reputation of the endorser that would resonate with specific consumer segments?• What types of unique marketing support helped to sustain Vitaminwater and Bai's tremendous growth?• Suggest a celebrity endorsement with a beverage brand,and tell why that pairing would lead to success. What are the brand attributes and the reputation of the endorser that would resonate with specific consumer segments?List and define the marketing intermediaries that make up a distribution channel.Provide an example of a strategic channel allianceHow do channels reduce the number of transactions?Define wholesaling, and describe what wholesalers do.Describe merchant wholesalers.Explain the different between agents and brokers.Describe at least five types of in-store retailing and four forms of nonstore retailing.What factors most influence a retail store's atmosphere?What is the goal of supply-chain management?What does it mean for a supply chain to be customer driven?What does distribution (place) differ for services products?what is the objective of a promotional campaign?What is the promotional mix?What are the feature of an integrated marketing communication campaign?How is technology impacting the way advertisers reach their markets?