Entreprenuership Unit 4
Which of the following is an example of a company's using brand extension:
Coca-Cola adding Caffiene-Free diet Coke
If the XOB Company want to emphasize the advantages of its product in comparison to similar products in the marketplace, it should position its product in relation to:
Competitors
Sand 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 quality of items. What is lacking Sandy's product mix?
Consistency
When a business offers a service that saves time for customer, its benefit to the customer is
Convinence
An effective mission statement should effectively refelect the business's
Core values
Marketers often condense USPs into short slogans because
Customers tend to remember just one thing from an advertisement
Which of the following is a characteristics of a pure services:
Does not include a tangible product
One way national business chain can make sure that customers will remember its name is to develop a brand name that is:
Easy to read and pronounce
A business is extending its operationg hours to accommate its customers. Which of the following is a business cost associated with this service:
Higher payroll expenses
Marketers determine distribution intensity so they can achieve
Ideal market exposure
When considering the services to offer customers, a business should determine if a specific service would
Increase the amount of customer returns
A large car manufacturer purchases materials that it will use to create parts for automoiles. The car manufacturer is a(n):
Industrial user
To appeal to a target market with slightly different needs, a business decides to ass a froup of related items to its product mic. This is called a:
Line extension
If your company cannot fulfill its USP, it will
Lose credibility
Product/service management is a marketing function that involves obtaining, developing, maintaining, and improving a prouct or service mix in response to
Market opportunities
Which of the following characteristics is desciptive of a meaningful company objective
Measurable
When a business expands its product mix, its goal is to appeal to:
More market segments with a wider variety of options
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:
Neighborhood shopping center
Can any brand name be selected and used by a business>
No, the name must be legally availvable for use.
Managers use the brand objectives they develop for a business as the basis for setting:
Performance targets
A channel task should be performed by the channal memeber who
Performs it best
When a business presents a service to the marketplace by emphasizing its economic value, the business its positioning the product on the basis of its:
Price
A hairstylist cutting a client's hair is an ecapmle of a ________ distribution channel.
Producer to consumer
Channel members should share an equal commitment to the product's:
Quality
To guard your USP from competitors, you should
Repeat it as much as possible
Which of the following factors helps a business to determine its product mix:
Size and target market
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:
Test marketing
Which of the following does effective product/service management help business to do:
To complete
Which of the following is a reason why managers develop comnay objectives
To identify business purposes
The product mix that a business decided to offer customers help to project the business's
Unique image
Which of the following is a benefit of channels of distribution
We can easily obtain products from all over the road
Due to lackluster sales, the Elba Corporation 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 Corporation is planning to adjust the _______ of its product mix.
Width
Before identifying your company's USP, ask yourself if
You already have one without realizing it
When business emphasizes a product's degree of excellence, it is positioning the product by its
consumers
Which of the following products would likely use an exclusive distribution pattern
A large piece farm machinery
One way for a business to expand its product mix by
Aquiring another company
A business that emphasizes a product's environmental friendliness is positioning the product by focusing on
Attributes
Which of the following is a benefit to businesses of offering customized services to their customers:
Business charge higher prices customized services, which can lead to higher profit margins.