Business Management and Marketing Quiz

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.