Entrepreneurship 4.01-.03

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

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?

Consistency

Which of the following is a characteristic of a pure services:

Does not include a tangible product

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

Measurable

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

No, the name must be legally available for use

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

Size and target market

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

To compete

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

To identify business purposes

Which of the following is the most effective mission statement?

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:

acquiring another company

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:

catchy and copyrighted

An effective mission statement should effectively reflect the business's

core values

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

developing objectives

One way a 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

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

line extension

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

market opportunities

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

more market segments with a wider variety of options

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

performance targets

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

test marketing

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

unique image

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.

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