Business Management and Marketing Quiz

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Questions and Answers

What is the first resource of interest for many managers?

Money

Time

Materials

People (correct)

What is an element of the modern management functions?

Coordinating

Commanding

Forecasting

Empowering (correct)

What type of inventory management pattern is ABC ANALYSIS?

ABC ANALYSIS (correct)

VED ANALYSIS

SDE ANALYSIS

All of the above

Which of the following is true about leadership?

Has an element of the future Signup and view all the answers

What is hospital pharmacy concerned with?

More complex clinical medication management issues Signup and view all the answers

What is inventory?

Any stored resource that is used to satisfy a past or future need Signup and view all the answers

What is the purpose of advertising?

To keep the product in the minds of the customer and stimulate demand for the product Signup and view all the answers

Which of the following is not a mistake administrators make?

Give clear directions Signup and view all the answers

What is the correct statement about inventory in many pharmacies?

Inventory is one of the cheapest assets Signup and view all the answers

What is the correct term for individual activities that are required to be carried out to fulfill a strategy?

Tactics Signup and view all the answers

Which of the following is an example of considering mental activities of customers?

Making conclusions about a product or service's qualities from advertising information Signup and view all the answers

Which of the following is NOT a function of managers?

Executing Signup and view all the answers

What is the correct number of rights that a pharmacist should consider when purchasing products?

4 Signup and view all the answers

What is the correct term for the process of relating activities to resources?

Organizing Signup and view all the answers

What is the correct term for the aspect of management that involves preventing and resolving medication-related problems?

Risk management Signup and view all the answers

What is the correct term for the aspect of management that is dependent on the unique personal touch?

Subjective Signup and view all the answers

What is the role of a middle administrator?

To supervise first-line managers Signup and view all the answers

What is personal selling?

A direct verbal contact between the sales person and the customer Signup and view all the answers

Which of the following is NOT a reason for keeping inventory?

To reduce employee turnover Signup and view all the answers

What is pharmacy management about?

The use of resources to achieve goals Signup and view all the answers

What do leaders do?

Do the right thing Signup and view all the answers

Which of the following is not a dimension of management?

Levels of management Signup and view all the answers

What is an important indicator for the evaluation of inventory management?

ITOR Signup and view all the answers

What are holding costs associated with?

Carrying inventory over time Signup and view all the answers

Which of the following features is true about principled bargaining?

Both parties committed to a mutual benefit Signup and view all the answers

What is the main objective of any business?

To get customers and keep them forever Signup and view all the answers

What is the purpose of using a series of closed probes?

To confirm clear need Signup and view all the answers

What type of discounts are offered when the pharmacy exceeds certain purchasing volume per a given time period?

Quantity discounts Signup and view all the answers

What is leadership primarily concerned with?

The future Signup and view all the answers

Which of the following management components can be studied, learned, and approached through rationality and logic?

Objective components Signup and view all the answers

What is the purpose of inventory?

To learn more about customers' needs and behaviors Signup and view all the answers

What is the correct statement about benefit, feature, want, and motive?

Motive is what causes people to act Signup and view all the answers

Which of the following statements is NOT correct about today's customers?

They have high Gross Profit Margins Signup and view all the answers

What is the meaning of stock-out in the context of inventory management?

The cost of not having a product on the shelf when a patient needs it Signup and view all the answers

What is an objective aspect of pharmacy management?

It is based on established facts and knowledge Signup and view all the answers

What does the word 'control' refer to in the context of management?

Monitoring and correcting deviations Signup and view all the answers

What is a characteristic of a first-line administrator?

They form the top management team Signup and view all the answers

What is the importance of salesperson in the context of pharmacy management?

They increase the value of the products Signup and view all the answers

What is one of the advantages of Customer Relationship Management (CRM)?

To stabilize fluctuations in consumption Signup and view all the answers

What is one of the advantages of inventory management?

To pay the highest possible prices Signup and view all the answers

Study Notes

Management Functions

Organizing, planning, and leading are not the only functions of managers.
Relating activities to resources involves organizing and planning.

Leadership

Leadership is concerned with the future.
Inspiring others to work hard to achieve the pharmacy's tasks is a part of leadership.
Leaders do things right.
Leadership is primarily concerned with the future.

Inventory Management

Inventory is any stored resource that is used to satisfy a past or future need.
Holding costs are the costs associated with carrying inventory over time.
Stock-out means the probability that the inventory available during lead time will meet demand.
Carrying cost is the cost of not having a product on the shelf when a patient needs or wants it.
Inventory management is important to ensure that drugs are available whenever required.
Advantages of inventory management include having adequate products on hand when needed, taking advantage of bulk discounts, and withstanding fluctuations in supply and demand.

Customer Relationships

Customer relationships are important in pharmacy management.
Customers are better educated and have many choices available.
Advertising keeps the product in the minds of the customer and stimulates demand for the product.
Personal selling is a direct verbal contact between the salesperson and the customer.

Pharmacy Management

Pharmacy management is about the use of pharmacy resources to achieve goals.
Hospital pharmacy is concerned with providing pharmacy services to hospitals and differs from community pharmacy in that it is more complex and involves clinical medication management issues.
Preventing and resolving medication-related problems by the pharmacist can be considered an example of risk management.

Management Aspects

Some management aspects are subjective, depending on the unique personal touch.
Management involves empowering, forecasting, and commanding.
Controlling includes collection of feedback and adjustment of systems.
One of the following is not considering dimensions of management: Levels of management.

Sales and Marketing

The main objective of any business is to get customers and keep them related to the business forever.
Salesperson importance includes increasing the value of the products.
Use a series of closed probes to uncover areas of customer need to confirm clear needs, specific problems, and dissatisfaction.
One of the following statements is incorrect regarding customers: They do not trust prices.

Administration Techniques

One of the following is not considered effective administration techniques: Loss of responsibility.
First-line administrators are responsible for day-to-day operations and supervise people performing activities required to make the good or service.

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Description

Test your knowledge of business management and marketing concepts with this quiz. Covers topics such as strategy, tactics, and consumer behavior.