Entrepreneurship 1 Honors: Unit 4 Study Guide

A business that emphasizes a product's environmental friendliness is positioning the product by focusing on

C. Attributes

Which of the following is a characteristic of pure services:

C. Does not include a tangible product

Channel members should share an equal commitment to the product's

C. Quality

Which of the following does effective product/service management help businesses do:

C. To compete

If your company cannot fulfill its USP, it will

C. lost credibility

Product/service management is a marketing function that involves obtaining, developing, maintaining, and improving a product of service mix in response to

C. market opportunities

Due to lackluster sales, the Elba Corp. has decided to eliminate several of its product lines. Elba's executives hope that by focusing on fewer product lines, they will see more profit. The Elba Corp. is planning to adjust the __________ of its product mix.

C. width

Before identifying your company's USP, ask yourself if

C. you already have one without realizing it

Which of the following is a benefit to businesses offering customized services to their customers:

A. Businesses charge higher prices for customized services, which can lead to higher profit margins.

Which of the following is an example of a company's using brand extension:

A. Coca-Cola adding Caffeine-Free Diet Coke

Sandy opened a small business that carries a very wide variety of products of varying qualities at many different prices. Sandy is losing customers who are disappointed with the selection, quality, and quantity of items. What is lacking in Sandy's product mix?

A. Consistency

A business is extending its operating hours to accommodate its customers. Which of the following is a business cost associated with this service?

A. Higher payroll expenses

The Barker Co. is determining which channel of distribution to use by considering the number of potential customers in various geographic regions. The company is focusing on

A. Market Factors

Which of the following characteristics is descriptive of a meaningful company objective:

A. Measureable

Can any brand name be selected and used by a business?

A. No, the name must be legally available for use.

Which of the following is a reason why managers develop company objectives:

A. To identify business purposes

When Kate selects a name and obtains a web address for her new catering business, she needs to make sure that the name of the business is:

A. unique and available

Which of the following locations would be most appropriate for a small business selling convenience products such as groceries that customers purchase on a regular basis

B. Neighborhood shopping area

When a business presents a service to the marketplace by emphasizing its economic value, the business is positioning the product on the basis of its

B. Price

A hairstylist cutting a client's hair is an example of a(n) __________ distribution channel.

B. Producer to consumer

Which of the following factors helps a business to determine its product mix:

B. Size and target market

Which of the following is a benefit of channels of distribution:

B. We can easily obtain products from all over the world

Which of the following is the most effective mission statement?

B. We create happiness by providing the finest entertainment for people of all ages, everywhere.

One way for a business to expand its product mix is by

B. acquiring another company

One way a business chain can make sure that customers remember it's name is to develop a brand name that is

B. easy to read and pronounce

When a business expands its product mix, its goal is to appeal to

B. more market segments with a wider variety of options

Managers use the broad objectives they develop for a business as the basis for setting

B. performance targets

A large car manufacturer purchases materials that it will use to create parts for automobiles. The car manufacturer is a(n)

C. industrial user

To appeal to a target market with slightly different needs, a business decides to add a group of related items to its product mix. This is called a

C. line extension

Which of the following products would likely use an exclusive distribution pattern:

D. A large piece of farm machinery

Certain product characteristics often require a business to select intermediaries that have specific

D. capabilities

An effective mission statement should effectively reflect a business's

D. core values

Marketers often condense USPs into short slogans because

D. customers tend to remember just one thing from an advertisement

When considering a new product for your company, you decide to introduce the product in only three states for a six-month period. This is known as

D. test marketing

The product mix that a business decides to offer customers helps to project the business's

D. unique image

During the distribution channel selection process, a producer should consider an intermediary's services, its availability, and its

A. Policies

If the XOB Company wants to emphasize the advantages of its product in comparison to similar products in the marketplace, it should position its products in relation to

A. competitors

The plan to increase production by 10% over a two-year period is an example of which management activity:

A. developing objectives

When considering the services to offer customers, a business should determine if a specific service would

A. enhance customer-satisfaction levels

Marketers determine distribution intensity so they can achieve

A. ideal market exposure

Indirect channels of distribution are usually of which attribute than direct channels?

A. longer

A channel task should be performed by the channel member who

A. performs it best

To guard your USP from competitors, you should

A. repeat it as much as possible

The first decision that marketers must make when managing channels is:

A. setting channel objectives

Which of the following are product factors that a business considers when selecting a channel of distribution:

B. complexity, perishability, and unit value

When a business emphasizes a product's degree of excellence, it is positioning the product by its

B. consumers

When a business offers a service that saves time for a customer, its benefit to the customer is

B. convenience