OM 300 Exam 1 Study Materials
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Management
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Feb 20, 2024
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OM 300 TEST 1 STUDY MATERIAL Excel What is a model? -
A model is a purposeful representation of the key elements of an object or system and the relationships among those elements. -
Models are abstract representations of something that is real. -
Models have enough detail so that key elements and relationships are accurately represented. -
Models omit unnecessary details. What are the 4 different types of models? -
Mental models, Visual models, Physical models, and Mathematical models What are the ABCs of spreadsheet modeling? -
A
ll your work must B
e C
orrect, D
ocumented, E
ngineered, and F
lexible. What is an influence chart? Why is it used? -
An influence chart is a simple diagram to show the relationship between inputs and outputs in a spreadsheet model. -
The goal of an influence chart is to define the problem structure while ignoring all available numerical data. -
An influence chart identifies the main elements of a model and helps to define the assumptions of the model.
OM 300 TEST 1 STUDY MATERIAL Chapter 1: Operations & Productivity What is Operations Management? -
Operations Management is the set of activities that create value in the form of goods and services by transforming inputs into outputs. -
Challenges in OM: globalization, supply-chain partnering, sustainability, technological change, mass customization, lean operations What are the 3 main functions of any business? -
Marketing: generates demand -
Finance/Accounting: tracks how well the organization is doing, pays bills, collects the money -
Production/Operations: creates the product What types of decisions do Operation Managers make? (there are 10) -
The Base o
people, product, process -
The Place o
location, layout -
The Stuff o
quality management, inventory management, supply chain management -
The Face o
scheduling, maintenance What are the differences between goods and services? -
Goods: Manufacturers produce tangible products (cars, shoes, paper, etc.) -
Services: Economic activities that typically produce an intangible product (education, entertainment, lodging, government, etc.) What is Productivity? How is it calculated? -
Productivity is the ratio of outputs (goods and services) divided by the inputs (resources like labor and capital) -
Productivity is a measure of process improvement; standard of living can only improve through productivity increases -
Single- and Multi-factor productivity calculations Which 3 factors affect productivity? -
Quality: may change while the quantity of inputs and outputs remains constant -
External Elements: may cause an increase or decrease in productivity -
Precise Units: of measure may be lacking
OM 300 TEST 1 STUDY MATERIAL Chapter 2: Operations Strategy in a Global Environment A Global View of Operations -
Examples of global companies: o
Apple, Microsoft, McDonald’s, Google, Starbucks, Amazon, etc. -
Why do companies choose to expand globally? Expanding globally... o
Improves supply chain o
Reduces costs and exchange rate risks o
Improves operations o
Helps to understand markets o
Improves products o
Attracts and retains global talent Developing Mission and Supporting Strategies -
Hierarchy of strategies (i.e., business strategy vs. operations strategy): -
How do companies achieve competitive advantages? o
Differentiation: better or different o
Cost leadership: cheaper o
Response: rapid response -
Product life cycle implications: How do companies go about developing strategies? -
Identify key success factors (KSF) -
Build and staff the organization -
Integrate Operations Management with other activities What is Outsourcing? What are the benefits/risks? -
Outsourcing: transferring activities that traditionally been internal to external suppliers Benefits Risks -
Cost savings -
Increased logistics and inventory costs -
Gaining outside expertise -
Loss of control (quality, delivery, etc) -
Improving operations and service -
Potential creation of future competition -
Maintaining a focus on core competencies -
Negative impact on employees -
Accessing outside technology -
Risks may not manifest themselves for years
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Related Questions
Please do not give solution in image format thanku
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3Answers to questions are in second image
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1 Advertising model
> Inputs
* Exposures to various groups per ad
Men 18-351
7 Men 36-55
Men >55
Women 18-35
10 Women 36-55
11 Women >55
2Total viewers
13
14 Cost per ad
17
Advertising plan
22 Men 18-35
23 Men 36-55
24 Men >55
25 Women 18-35
26 Women 36-55
27 Women >55
29 Objective to minimize
30 Total cost
45.9
Number ads purchased
Constraints on numbers of exposures
Actual exposures
62.800
60.100
28.000
38.6
Revenge
28.9
28
6
4
1
6
4
3
24
Revenge
120
7
60.500
60.400
???
???
Sunday Night
Football
Q: What is the value in cell B27?
Sunday Night
Football
>
>
>
>=
S
>
3
5
3
1
1
1
14
100
5
D
The
Simpsons
5
2
0
4
2
0
13
80
0
Required exposures
60
60
Rachael
Sports
Center Homeland Ray
28
60
60
28
0.5
0.5
0.2
0
0.1
The SportsCente
Simpsons
r
0
1.3
9
3
0.7
0.2
0
0.9
od
0.1
0
1.9
13
Homeland
1
26
0.1
0.1
0
0.6
1.3
0.4
2.5
15
Rachael
Ray
18
CNN
0.1
0.2
0.3
dood
0.1
0.2
0.3
1.2
CNN
8
18
The Good
Wife
2
5
1
3
5
5
21
140
The Good
Wife
0
Minimum
Required
exposures
60
60
28
60
60
28
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I Gathering superior customer knowledge saves a firm the effort of codifying it.
II Accumulating customer knowledge facilitates efficient investment decisions by a firm.
III Customer information is transformed into knowledge through systematic organisation and analysis by a firm.
Choose one correct option.
(a) Both I and II
(b) Both II and III
(c) All of the listed choices
(d) I only.
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What is marketing?
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QUESTION 1
The Internal Information search that is part of the buying process involves
O searching your memory.
reading customer reviews on websites.
searching the internet for information.
O asking friends and family for advice.
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3. Brand loyalty is defined as "a deeply held commitment to rebuy a preferred product or
service consistently in the future, despite situational influences and marketing efforts having
the potential to cause switching behavior" (Oliver, 1997, p. 392). Create three questions in a
Likert format, which tightly reflect the above-definition well.
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All are methods of measurement Except?
a. Ratio
b. Comparison Unit
c. Statistical analysis
d. Longitudinal measurement
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Direction Multiple Choice
1. This refers to measure of how well customer expectation from a purchased product or
service have been met
a.Consumer goods
b. Satisfaction
c.Marketing
d. Brand equity
2. This is the appreciation in a brand's value from the point of view of customers.
a. Brand equity
b. Satisfaction
c.Marketing
d. Consumer goods
3 These are products whose physical characteristics are so identical, that it would be difficult,
it not impossible, to distinguish one purchased from one vendor or another
a. Brand equity
b. Consumer goods
c. Marketing
d. Primary Demand
4. It is a form of communicating or promoting the value of a product, service, or brand to the
consumers.
a Durable
b. Primary demand
c. Marketing
d. Consumer goods
5. This can used in marketing to describe the way in which a service capacity cannot be
stored for sale in the future. Services cannot be stored, saved, returned, or resold once
they have been used Once rendered to a customer, the service is completely…
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i need to select only option in above give, so which one is correct option
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Select any two of the objections and d=lop a specific example ofhow they might lead to a bad decision in market planning
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1. From the 6 advertisements provided in the image, create an experimental design (using "X's" and "O's") for the marketing experiment. When providing the answer, mention what is/your factor/s, what type of factor/s is/are it/they, what are the factor levels, what is your dependent variable, etc.
Number of factor/s and factor name/s:
Type of factor/s:
Factor levels for the factor/s:
Dependent variable:
Experimental design (using X's and O's):
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2
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What is a characteristic that can be assessed without difficulty before the purchase?
Question 8 options:
a)
Credence quality
b)
Experience quality
c)
Intangibility
d)
Search quality
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a. illustrate an example of a marketing information system for ben and jerrys ice-cream?
b. illustrate an example of a marketing information system for amazon
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About half of the participants in a study were told that they would be putting with a Nike putter, whereas the other half of participants were NOT told what putter brand they would be using. Importantly, all participants used the exact same putter. The results showed that those who thought that it was a Nike putter on average needed significantly fewer putts to sink the golf ball. This is an example of the _____________Effect
a. Placebo
b. Brand
c. Nike
d. Ikea
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Please do not give solution in image formate thanku
Assignment - Marketing Management A stock exchange trader contacts you and explains that he is looking to enter the cryptocurrency market with his own product that is named B1. The coins currently have little to no value other than as a unit of exchange. Even though it is a new product it he claims that it would not stop consumers from buying it. He refers to similar cryptocurrencies that have entered the market in the past and have now experienced a recent surge in demand. Knowing your marketing background, your stock exchange trader thinks his cryptocurrency could see a similar surge in demand if you could help him introduce it to the market. After careful consideration you agree to offer your advice. You tell him that you will get back to him after you thoroughly studied potential value propositions, in a report. a. Which models of Marketing Communication fits your marketing communications strategy best and indicate the extent to…
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Creating a qualitative questionnaire that includes 15 different types of open questions about Internet advertisements.
Internet advertising outperforms TV ads. There are spreading at this time because they are many people who use the internet. Also, people use the internet more than watch TV or reading a magazine. Online advertising is a form of promotion that uses the Internet to send marketing messages that attract customers. Online advertisement is a traditional ads with direct access to information and content that is not limited to space or time. The essay will discuss the kinds of advertising and focus on the internet advertisement. Also, the effect of internet advertising.
Today's advertisers have a wide range of options available to them. The Internet alone provides many of these. There are many kinds of advertising such as Newspaper, Magazine, Radio, and TV and online. Newspaper ads can promote your company to a wide range of customers. The displayed ads are…
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characteristics of the business environment.
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2. Refer to problem number 1. Which of the variables are qualitative?
3. Refer to problem number 1. Which of the variables are quantitative? Classify further as discrete or continuous.
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- Please do not give solution in image format thankuarrow_forward3Answers to questions are in second imagearrow_forward1 Advertising model > Inputs * Exposures to various groups per ad Men 18-351 7 Men 36-55 Men >55 Women 18-35 10 Women 36-55 11 Women >55 2Total viewers 13 14 Cost per ad 17 Advertising plan 22 Men 18-35 23 Men 36-55 24 Men >55 25 Women 18-35 26 Women 36-55 27 Women >55 29 Objective to minimize 30 Total cost 45.9 Number ads purchased Constraints on numbers of exposures Actual exposures 62.800 60.100 28.000 38.6 Revenge 28.9 28 6 4 1 6 4 3 24 Revenge 120 7 60.500 60.400 ??? ??? Sunday Night Football Q: What is the value in cell B27? Sunday Night Football > > > >= S > 3 5 3 1 1 1 14 100 5 D The Simpsons 5 2 0 4 2 0 13 80 0 Required exposures 60 60 Rachael Sports Center Homeland Ray 28 60 60 28 0.5 0.5 0.2 0 0.1 The SportsCente Simpsons r 0 1.3 9 3 0.7 0.2 0 0.9 od 0.1 0 1.9 13 Homeland 1 26 0.1 0.1 0 0.6 1.3 0.4 2.5 15 Rachael Ray 18 CNN 0.1 0.2 0.3 dood 0.1 0.2 0.3 1.2 CNN 8 18 The Good Wife 2 5 1 3 5 5 21 140 The Good Wife 0 Minimum Required exposures 60 60 28 60 60 28arrow_forward
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Recommended textbooks for you
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