1. The rapid spread of brand communities has been one of the major impacts of social media. The Harley Davidson Owners Group is one example of an informal network of people with similar interests who use social media to bond and share information. Why are these brand communities effective?
The cost of consumer-oriented publications is too expensive.
Consumers now trust their peers more than any source for product information.
Consumers no longer trust salespeople.
State and local consumer protection agencies no longer review products.
2. What is a key feature of intrapreneurship?
It encourages sticking with the accepted wisdom.
It is often found in companies that are rigid and structured.
Steps are never needed to encourage, protect, and reward intrepreneurship.
It can be risky behavior that may not be rewarded.
3. Managers of employees from different cultural and geographic backgrounds have unique opportunities to reach out to new markets and understand ways to extend their products to new markets. A better understanding of other cultures’ customs and concerns helps managers’ to increase customer satisfaction and customer loyalty. Part of cultural competency is not only understanding different languages, but also understanding:
Similar food selections
Looking others in the eye when speaking to them
How much money people make
How tall people are when compared to others
How people wish to be addressed
4. _____ is a financial management function and a part of financial planning.
Understanding and allocating operational needs
Disestablishing a capital budget
Creating a long-term forecast
Establishing a strategic planning vision
Creating a short-term shipping forecast
5. You own Wash This Way Laundromat in a busy part of town. ABC Laundry, a chain store competitor, opened across the street in a busy shopping strip. You decide to improve your business by adding an internet café offering free Wi-Fi. Why?
To promote private ownership of businesses
To improve quality of life
To exceed customer expectations
To expand your market