1)??????A company?s managers should probably give serious, consideration to changing from a low cost/low price strategy for entry-level cameras to a different strategy when
a.???????The company?s market share of entry-level camera sales is below 30% in all four geographic regions, its credit rating is below an A, and its ROE is below 18%.
b.??????Sizable unfavourable shifted in exchange rates can occur in one or more region, thereby causing the company?s EPS to fall far below Investor Expectations.
c.???????The low ? price end of the market for entry ? level cameras is overcrowded with competitors, making it difficult to earn attractive profits in the low ? price end of the entry ? level cameras marketplace.
d.??????the company?s operating profits per entry ? level camera sold are not close to the higher in the industry in at least three geographic regions ( based on information reported on p.? of the most recent GLO ? BUS Statistical Review).
e.???????a big fraction of the companies in the industry are marketing 4 or more model of entry ? level cameras with a P/Q rating of 4 ? stars or higher.
2)??????Which of the following combination of actions will likely provide the biggest competitive benefits in helping a company achieve a differentiation ? based competitive advantage over some/many of its rivals that are selling multi ? featured cameras?
a.???????Charging prices for multi ? featured cameras that are $5 or more above any other company in the industry in all four geographic regions and offering buyers a choice of 3 models of multi ? featured cameras with a P/Q rating of 3.5 ? stars or higher.
b.??????Charging prices for multi ? featured cameras that are $10 higher than any other? company in the industry in all four geographic regions and striving to market multi ? featured cameras with a targeted P/Q rating that is about 0.5 ? stars above the prior ? year?s industry average (as shown In the graph at the bottom of p. 4 of the most recent GLO ? BUS Statistical Review).
c.???????Offering buyer 5 models of multi ? featured cameras with a P/Q rating of 4 ? stars or higher and a warranty period of 2 years, spending above ? average amounts on quarterly advertising in all four geographic regions, and having 2 quarterly promotions of 4 weeks each with a discount of 16% or higher in all 4 geographic regions
d.??????Striving to have a total compensation pay package for full-time PAT members that is the highest in the industry, outspending all other companies in the industry in corporate social responsibility and citizenship, and charging process for multi-featured cameras that are $2-$3 below the most-expensively priced multi-featured camera in the prior year in all four geographic regions
e.???????Spending heavily on quarterly PAT training and productivity improvement, outspending all other companies in the industry on corporate social responsibility and citizenship, and marketing multi-featured cameras with a 4-star or higher P/Q rating
3)??????Which one of the following is NOT a way to improve the P/Q rating of a company?s brand of multi-featured cameras?
a.???????Increasing the number of models in company?s line of multi-featured cameras
b.??????Improving the calibre of core component used in making the company?s multi-featured cameras
c.???????Spending additional money to improve the brand-specific components used in making the company?s multi-featured cameras
d.??????Adding more special utility features
e.???????Increasing expenditures for new product R&D, engineering, and design
4)??????Actions that can lead to higher labour productivity in assembling cameras do NOT include
a.???????increasing the quarterly bonus for perfect attendance
b.??????reducing the number of entry-level and/or multi-featured camera models being assembled
c.???????using higher calibre core components in both entry-level and multi-featured cameras (using better component speeds up camera assembly)
d.??????increased quarterly expenditures for PAT training and productivity improvement
e.???????increasing total annual compensation per full-time PAT member
5)??????Which of the following actions does not help make a company?s brand of entry-level cameras more competitive and attractive to buyers vis-?-vis the brands of rival firms?
a.???????Increasing the P/Q rating of the company?s entry-level cameras from 3 stars to 4 stars in all four geographic regions
b.??????Not outsourcing the assembly of entry-level cameras to contract suppliers (which risks damaging the company?s image rating)
c.???????Increasing the number of entry-level camera models in the company?s product line from 3 models to 5 models
d.??????Increasing advertising expenditures by $500,000 per quarter in the two geographic regions where the company?s market shares of entry-level camera sales are lowest
e.???????Increasing the price discount offered during the company?s promotional campaigns for entry-level cameras and also increasing the length of the warranty period for entry-level cameras
6)??????The industry-low, industry-average, and industry-high cost benchmarks on pp. 5-6 of the latest issue of the GLO-BUS Statistical Review
a.???????aid managers in assessing whether their company?s costs for the benchmarked items are adequately competitive-when such us not the case, the company?s managers should promptly address how best to correct the high-cost problem(s).
b.??????are of little value to company managers in making decisions to improve company performance in the upcoming decision round, although they may be of interest to thise managers who are curious about competition in the prior year.
c.???????are only valuable to the managers of companies whode costs are above the industry average for one or more of the benchmarked cost categories.
d.??????Have the greatest value to the managers of companies that are considering increasing their company?s advertising expenditures and promotions in the upcoming decision round.
e.???????Are of great value to the managers of companies whose costs are below the industry average for one or more of the benchmarked cost categories and are of minimal value to the managers of companies whose costs are above the industry averages.
7)??????Which one of the following is an attractive and effective way to reduce the production, marketing, and other costs of entry-level cameras and help achieve a low-cost competitive advantage over rival companies based on lower overall costs per entry-level camera sold?
a.???????Keeping the annual base wage per PAT member below $17,500.
b.??????Producing an entry-level camera with a P/Q rating of ?-star
c.???????Spending less than $500,000 annually for Corporate Social Responsibility and Citizenship initiatives
d.??????Trying several different ?what-if? entries for core components to be used in entry-level cameras in order to discover the lowest cost combination for achieving the target P/Q rating
e.???????Investing in robotic assembly equipment to reduce the number of PATs needed to assemble cameras and thus lower labour costs per camera assembled at the company?s Taiwan plant
8)??????The most important (or essential) results from the latest decision round that company managers need to review/study in order to guide their strategic moves and decisions to improve their company?s competitiveness and rank among the top-performing companies in the upcoming decision round are
a.???????The Quarterly Snapshot data at the top of the Competitive Intelligence Report for each geographic region that show each company?s competitive efforts (advertising, tech support, prices, P/Q rating, promotional activities, and so on).
b.??????The company?s competitive strengths and weaknesses for each geographic region that appear at the bottom of each Quarterly Snapshot page of the Competitive Intelligence Report.
c.???????The two graphs at the bottom of p. 4 of each issue of the GSR.
d.??????The credit rating data and the financial and operating ratios for each company that appears on p. 7 of the GSR.
e.???????The Forecasts of Retailer Sales of entry-level and multi-featured cameras that aooear on p. 4 of the GSR.
9)??????In which of the following situations/circumstances is it most reasonable for a company to consider shifting away from pursuit of a strategy to strongly differentiates its multi-featured cameras from the multi-featured camera brands of rival companies and sell them at a premium price?
a.???????When most every other rival company company seems to be pursuing a low-cost/low-price/high-volume strategy in the global market for multi-featured cameras
b.??????When a company?s strategy to differentiate its multi-featured cameras from rival brands is easily defeated by the actions of one or more rivals producing multi-featured cameras with the same (or higher) P/Q rating and the same (or higher) number of multi-featured camera models-these are the only two approaches to differentiation that lead to strong company performance
c.???????When a company?s strategy to differentiate its top-quality, premium-priced, multi-featured cameras from rival brands is easily defeated by rival companies whose multi-featured cameras have a P/Q rating that is below 3-stars
d.??????When the market for high-end multi-featured cameras is crowded with companies using more or less copycat differentiation strategies to try to outcompete one another, thus making it difficult for any of these companies to earn attractively high profits
e.???????When selling a large volume of multi-featured cameras is much more important to achieving a steadily rising stock price and credit rating than is producing and marketing top quality (4-stars or higher) multi-featured cameras that are heavily advertised and highly promoted
10)??The benefits of pursuing a strategy of social responsibility and corporate citizenship include
a.???????15% increases in the sales of entry-level and multi-featured cameras at all types if retail outlets for digital cameras (because of widespread consumer approval of the company?s commitment to being a good corporate citizen).
b.??????the 10% increase in the sales of entry-level and multi-featured cameras that occurs when a company wins one or more Gold Star Awards for Corporate Citizenship given by the World Council to Promote Exemplary Corporate Citizenship.
c.???????the positive impact that such a strategy has on the company?s image rating, provided the company spends a meaningful amount on socially responsible activities and such spending is sustained over a multi-year period.
d.??????the strong positive impact such a strategy has on boosting the company?s ROE and stock price, whenever the amount the company spends for socially responsible activities is 10% or more above the most recent year?s industry average.
e.???????the 5% increase in the company?s global sales volume and global market share of entry-level and multi-featured cameras that occurs when the company?s spending for socially responsible activities is 10% or more above the most recent year?s industry average.
11)??A dependable and attractive strategy for managers to use in trying to boost their company?s EPS is to
a.???????provide retailers in each geographic region with at least $200,000 per quarter more tech support than any other rival company; the resulting retailer loyalty to stocking and selling your company?s camera brand will typically yield consistent annual increase in total profits and EPS.
b.??????Market multi-featured cameras with a 4 ? or 5-star P/Q rating in all four geographic regions while also striving to be the biggest seller of entry-level cameras in all 4 regions every year, the added revenues and profits on the extra sales of cameras worldwide will normally cause the company?s EPS to increase in most years.
c.???????spend at least $1 million to $3 million more on advertising than any other company in all four regions, the resulting annual increases in sales volumes, revenues, and profits will normally boost the company?s EPS.
d.??????borrow against the company?s line of credit as may be needed to finance most all of the company?s negative cash balance (to the extent that maintaining a B+ credit rating or higher will allow) and then use whatever positive cash balances are projected each quarter to repurchase shares of common stock on an ongoing basis.
e.???????offer the maximum number of entry-level and multi-featured digitak camera models in each geographic region every year, the resulting increases in sales and market share will boost EPS.
12)??If a company is being outcompeted by various rival companies in the Europe-Africa market for multi-featured cameras and consequently has an unappealingly low sales volume and market share in Europe-Africa, then company managers should
a.???????Explore correcting most or all of the company?s weaknesses (shown at the bottom of the latest Competitive Intelligence Report for the Europe-Africa region); in addition, managers should initiate actions that they believe will result in the company having at least two important competitive strengths vis-?-vis its Europe-Africa rivals in the upcoming decision round.
b.??????Produce and assemble only 1 multi-featured camera model with a P/Q rating of 1-star; increase quarterly advertising in Europe Africa by 50%, and cut the company?s multi-featured camera price in Europe-Africa to $5-$10 below the lowest price charged by any rival company in Europe-Africa in the prior decision round.
c.???????Produce and assemble 5 models of multi-featured cameras with a 3-star P/Q rating, charge a price for multi-featured cameras in Europe-Africa that is about $10 below the prior year?s industry average in Europe-Africa, and have 3 quarterly promotions of 2 weeks in length and discount of 16% or more in the Europe-Africa region.
d.??????Increase spending for corporate social responsibility and citizenship to an amount that exceeds the prior-year maximum by at least 10%, hold 4 promotions for multi-featured cameras of 2 weeks each, offer a promotional discount of 20%, and increase quarterly advertising in Europe Africa by 25%.
e.???????immediately increase quarterly advertising expenditures in Europe-Africa to 10%-15% more than the highest amount spent by a rival company in the prior year, set a price for multi-featured cameras that is no more than $10 above the lowest multi-featured camera price charged by a rival company in the prior year in the Europe-Africa region, and offer a warranty period for multi-featured cameras in Europe-Africa of at least 2 years.
13)??If a company earns net income of $38 million in Year 8, has 10 million shares of stock, pays a dividend of $1.50 per share, and has annual interest cost of $10 million, then
a.???????The company?s earnings per share would be $1.30 (net income of $38 million less dividend payments of $15 million less interest payment of $10 million = $13 million divided by 10 million shares).
b.??????The company?s earnings per share would be $2.30 (net income of $38 million less divided payments of $15 million = $23 million divided by 10 million shares).
c.???????the company?s EPS for Year 8 would be $3.80 and its retained earnings for Year 8 would be $23 million (net income of $38 million less dividend payment of $15 million).
d.??????the company?s retained earning fir Year 8 would be $13 million (net income of $38 million less dividend payments of $15 million less $10 million in interest payments)
e.???????the company?s retained earnings for the year would be $28 million (net income of $38 million less interest payment of $10 million)
14)??Which of the following is NOT an action company co-managers can take to boost a subpar ROE?
a.???????Decrease the dividend payment so as to boost the amount of earning retained in the business
b.??????None of these
c.???????Strive to boost the company?s net income
d.??????Use available cash (or perhaps borrow against the company?s line of credit) to repurchase shares of stock
e.???????Increase dividend payment so as to reduce the amount of net income retained in the business (retained earning act to increase equity investment and thus dampen ROE)
15)??Which of the following is NOT action company co-managers should seriously consider in trying to improve the company?s credit rating? You may wish to consult the discussion of the credit rating that appears on the Help screen for the Comparative Financial Performance page of the GSR in answering this question.
a.???????Strive to boost operating profits (higher operating profits boost the company?s times interest earned ratio)
b.??????Strive to increase net income, which should help increase the company?s free cash flow (bigger free cash flows lower the number of years it takes to pay back the loans outstanding on the company?s line of credit)
c.???????Reduce dividends and use the cash saved from lower dividend payments to pay down the loans outstanding on the company?s line of credit
d.??????Issue additional shares of stock and use the proceeds to pay down the loans on the company?s line of credit
e.???????Repurchase shares of the company?s stock
16)??Assume a company?s Income Statement for a given period has the following entries:
Based on the above income statement data, the company?s operating profit margin and net profit margin are
a.???????28.8% and 16.3%
b.??????53.0% and 10.15%
c.???????26.8% and 19.1%
d.??????24.8% and 16.3%
e.???????28.8% and 17.7%
17)??According to the depreciation rates used by the company and described in the Production Cost Report, if a company adds 80 news workstations at a cost $75,000 each and also spend $20 million for an addition to its assembly plant to accommodate the new workstation, then its annual depreciation costs will rise by
a.???????4% of $26 million or $1,040,000
c.???????4% of $20 million or $800,000
e.???????1.25% of $20 million or $250,000
18)??Assume a company?s Income Statement for a given quarter is as follows:
Based on the above date, which of the following statements is false?
a.???????Delivery costs are 3.2% of revenues and are the company?s smallest operating cost
b.??????Administrative expenses are 4.0% of revenues
c.???????Net interest costs are 1.5% of revenues
d.??????Production costs are 53% of revenues, thus resulting in a gross profit margin (sales revenues less costs of goods sold) of 47%
e.???????Marketing costs are 20.0% of revenues
19)??According to explanations provided on the Help screens for the Production Cost Report, if a company pays a PAT member a base wage of $18,000, a $60 quarterly bonus for perfect attendance, and annual fringe benefits of $2,500, if a PAT is paid a $1 incentive bonus per camera assembled, and if a PAT assembles 12,000 cameras per year (or 3000 cameras per quarter), then the annual compensation cost of a single PAT member and a fully-staffed PAT would be
a.???????$23,740 and $94,969
b.??????$24,740 and $ 74,220
c.???????$30,240 and $120,960
d.??????$18,000 and $54,000
e.???????$32,740 and $130,960
20)??Given the following Financial Statement data:
Based on the above figures, the company?s capital structure (defined as the sum of total debt outstanding and total stockholder?s equity) consists of what percentages of debt and equity?
a.???????15% debt and 85% equity or 15:85
b.??????20% debt and 71& equity or 29:71
c.???????32% debt and 68% equity or 32:68
d.??????25% debt and 75% equity or 25:75
e.???????47% debt and 53% equity or 47:53
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