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Questions and Answers
What is the first resource of interest for many managers?
What is an element of the modern management functions?
What type of inventory management pattern is ABC ANALYSIS?
Which of the following is true about leadership?
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What is hospital pharmacy concerned with?
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What is inventory?
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What is the purpose of advertising?
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Which of the following is not a mistake administrators make?
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What is the correct statement about inventory in many pharmacies?
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What is the correct term for individual activities that are required to be carried out to fulfill a strategy?
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Which of the following is an example of considering mental activities of customers?
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Which of the following is NOT a function of managers?
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What is the correct number of rights that a pharmacist should consider when purchasing products?
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What is the correct term for the process of relating activities to resources?
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What is the correct term for the aspect of management that involves preventing and resolving medication-related problems?
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What is the correct term for the aspect of management that is dependent on the unique personal touch?
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What is the role of a middle administrator?
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What is personal selling?
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Which of the following is NOT a reason for keeping inventory?
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What is pharmacy management about?
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What do leaders do?
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Which of the following is not a dimension of management?
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What is an important indicator for the evaluation of inventory management?
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What are holding costs associated with?
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Which of the following features is true about principled bargaining?
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What is the main objective of any business?
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What is the purpose of using a series of closed probes?
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What type of discounts are offered when the pharmacy exceeds certain purchasing volume per a given time period?
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What is leadership primarily concerned with?
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Which of the following management components can be studied, learned, and approached through rationality and logic?
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What is the purpose of inventory?
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What is the correct statement about benefit, feature, want, and motive?
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Which of the following statements is NOT correct about today's customers?
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What is the meaning of stock-out in the context of inventory management?
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What is an objective aspect of pharmacy management?
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What does the word 'control' refer to in the context of management?
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What is a characteristic of a first-line administrator?
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What is the importance of salesperson in the context of pharmacy management?
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What is one of the advantages of Customer Relationship Management (CRM)?
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What is one of the advantages of inventory management?
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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.