COBA Exam UPDATED ACTUAL Exam
Questions and CORRECT Answers
Start of MARK 3321 content - CORRECT ANSWER - ...
Marketing Concept - CORRECT ANSWER - Social and economic justification for an
organization's existence is the satisfaction of customer wants and needs while meeting
organizational objectives
Elements of a Marketing Plan - CORRECT ANSWER - - Business Mission Statement
- Situation, or SWOT, Analysis
- Objectives
- Marketing Strategy
- Implementation Evaluation Control
Marketing Mix - CORRECT ANSWER - - Product
- Price
- Place
- Promotion
Market Segmentation - CORRECT ANSWER - Process of dividing a market into
meaningful, relatively similar, and identifiable segments or groups
Target Market - CORRECT ANSWER - - Group of people or organizations for which an
organization designs, implements, and maintains a marketing mix
- Meeting its needs results in mutually satisfying exchanges
- Most likely to buy
,Marketing Positioning - CORRECT ANSWER - The process of defining the marketing
mix variables so that target customers have a clear, distinctive, desirable understanding of what
the product does or represents in comparison with competing products.
Start of OPMA 3306 - CORRECT ANSWER - ...
Operations and Supply Chain Management (OSCM) - CORRECT ANSWER - The design,
operation, and improvement of the systems that create and deliver the firm's primary products
and services
Forecasting - CORRECT ANSWER - the basis of corporate planning and control
Strategic Forecasts - CORRECT ANSWER - Medium- and long-term forecast used to
make decisions related to strategy and estimating aggregate demand
Tactical Forecasts - CORRECT ANSWER - - The goal is to estimate demand in the short-
term (a few weeks or months)
- Are important to ensure that in the short-term we are able to meet customer lead-time
expectations and other criteria related to availability of products and services
4 Basic Types of Forecasting - CORRECT ANSWER - - Qualitative
- Time Series
- Causal Relationships
- Simulation
Qualitative Forecasting - CORRECT ANSWER - - take advantage of knowledge of
experts and require judgment
- useful when relative data are N/A
,Causal Forecasting - CORRECT ANSWER - - dependent variable is related to one or
more independent variables
- independent variables are assumed to "cause" the results observed in the past
Naive Forecasts - CORRECT ANSWER - Forecast for the next period equals the demand
for the current period (F = Dt)
Simple Moving Average definition - CORRECT ANSWER - - Forecast based on average
past demand
- Useful in removing random fluctuations for forecasting
- Oldest period is discarded each time a new forecast is made
Simple Moving Average formula - CORRECT ANSWER - - Ft = (At-1 + At-2 + At-3
+...+At-n) / n
- Ft = forecast for coming period
- n = number of periods to be averaged
- At-x = actual occurrence x periods ago
Weighted Moving Average formula - CORRECT ANSWER - - Ft = w1(At-1) + w2(At-2)
+ ... + wn(At-n)
- w = weight
- n = total number of prior periods in forecast
- At-x = actual occurrence x periods ago
Exponential Smoothing - CORRECT ANSWER - - Most logical method to use if the
importance of data diminishes as past becomes more distant
- Most used of all forecasting techniques
Exponential Smoothing Formula - CORRECT ANSWER - - Ft = Ft-1 + α(At-1 - Ft-1)
- Ft-1 = forecast for prior period
, - At-1 = actual demand in prior period
- α = desired response rate/smoothing constant
Forecast Error - CORRECT ANSWER - - the difference between actual demand and the
forecast
- all forecasts contain some level of error
Start of BLAW3310 - CORRECT ANSWER - ...
Corporation - CORRECT ANSWER - a business that has its own legal identity and is
created under state law
General Partnership - CORRECT ANSWER - association of two or more persons to carry
on a business for a profit
Limited Partnership - CORRECT ANSWER - - business organization made up of two or
more persons who have agreed to carry on business for a profit
- has one general partner, the rest are limited partners
How is Limited Partnership different from a General Partnership? - CORRECT
ANSWER - unlike general partnerships:
- not all partners have right to participate in management of enterprise
- not all partners are liable for debts
General partners vs. Limited partners - CORRECT ANSWER - - general partners run the
business, while limited partners just put money into the business
- limited partners are not liable for debts
Limited Liability Company (LLC) - CORRECT ANSWER - a form of business ownership
that offers both limited liability to its owners and where profits are only taxed once
Questions and CORRECT Answers
Start of MARK 3321 content - CORRECT ANSWER - ...
Marketing Concept - CORRECT ANSWER - Social and economic justification for an
organization's existence is the satisfaction of customer wants and needs while meeting
organizational objectives
Elements of a Marketing Plan - CORRECT ANSWER - - Business Mission Statement
- Situation, or SWOT, Analysis
- Objectives
- Marketing Strategy
- Implementation Evaluation Control
Marketing Mix - CORRECT ANSWER - - Product
- Price
- Place
- Promotion
Market Segmentation - CORRECT ANSWER - Process of dividing a market into
meaningful, relatively similar, and identifiable segments or groups
Target Market - CORRECT ANSWER - - Group of people or organizations for which an
organization designs, implements, and maintains a marketing mix
- Meeting its needs results in mutually satisfying exchanges
- Most likely to buy
,Marketing Positioning - CORRECT ANSWER - The process of defining the marketing
mix variables so that target customers have a clear, distinctive, desirable understanding of what
the product does or represents in comparison with competing products.
Start of OPMA 3306 - CORRECT ANSWER - ...
Operations and Supply Chain Management (OSCM) - CORRECT ANSWER - The design,
operation, and improvement of the systems that create and deliver the firm's primary products
and services
Forecasting - CORRECT ANSWER - the basis of corporate planning and control
Strategic Forecasts - CORRECT ANSWER - Medium- and long-term forecast used to
make decisions related to strategy and estimating aggregate demand
Tactical Forecasts - CORRECT ANSWER - - The goal is to estimate demand in the short-
term (a few weeks or months)
- Are important to ensure that in the short-term we are able to meet customer lead-time
expectations and other criteria related to availability of products and services
4 Basic Types of Forecasting - CORRECT ANSWER - - Qualitative
- Time Series
- Causal Relationships
- Simulation
Qualitative Forecasting - CORRECT ANSWER - - take advantage of knowledge of
experts and require judgment
- useful when relative data are N/A
,Causal Forecasting - CORRECT ANSWER - - dependent variable is related to one or
more independent variables
- independent variables are assumed to "cause" the results observed in the past
Naive Forecasts - CORRECT ANSWER - Forecast for the next period equals the demand
for the current period (F = Dt)
Simple Moving Average definition - CORRECT ANSWER - - Forecast based on average
past demand
- Useful in removing random fluctuations for forecasting
- Oldest period is discarded each time a new forecast is made
Simple Moving Average formula - CORRECT ANSWER - - Ft = (At-1 + At-2 + At-3
+...+At-n) / n
- Ft = forecast for coming period
- n = number of periods to be averaged
- At-x = actual occurrence x periods ago
Weighted Moving Average formula - CORRECT ANSWER - - Ft = w1(At-1) + w2(At-2)
+ ... + wn(At-n)
- w = weight
- n = total number of prior periods in forecast
- At-x = actual occurrence x periods ago
Exponential Smoothing - CORRECT ANSWER - - Most logical method to use if the
importance of data diminishes as past becomes more distant
- Most used of all forecasting techniques
Exponential Smoothing Formula - CORRECT ANSWER - - Ft = Ft-1 + α(At-1 - Ft-1)
- Ft-1 = forecast for prior period
, - At-1 = actual demand in prior period
- α = desired response rate/smoothing constant
Forecast Error - CORRECT ANSWER - - the difference between actual demand and the
forecast
- all forecasts contain some level of error
Start of BLAW3310 - CORRECT ANSWER - ...
Corporation - CORRECT ANSWER - a business that has its own legal identity and is
created under state law
General Partnership - CORRECT ANSWER - association of two or more persons to carry
on a business for a profit
Limited Partnership - CORRECT ANSWER - - business organization made up of two or
more persons who have agreed to carry on business for a profit
- has one general partner, the rest are limited partners
How is Limited Partnership different from a General Partnership? - CORRECT
ANSWER - unlike general partnerships:
- not all partners have right to participate in management of enterprise
- not all partners are liable for debts
General partners vs. Limited partners - CORRECT ANSWER - - general partners run the
business, while limited partners just put money into the business
- limited partners are not liable for debts
Limited Liability Company (LLC) - CORRECT ANSWER - a form of business ownership
that offers both limited liability to its owners and where profits are only taxed once
