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