Entrepreneurship I: Final Practice - Unit 4
Which is an example of a company 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
When a business offers a service that saves time for a customer, which is a benefit to the customer?
Convenience
An effective mission statement should effectively reflect which component of the business?
Core values
Before identifying the USP of a company, which situation should happen first?
Determine if one already exist
Which is a characteristic of a pure services?
Does not include tangible product
When considering the services to offer customers, a business should determine if a specific service would accomplish which goal?
Enhance customer satisfaction levels
A business is extending its operating hours to accommodate its customers. Which is a business cost associated with this service?
Higher payroll expenses
Marketers determine distribution intensity so they can achieve which outcome?
Ideal market exposure
If a company cannot fulfill its USP, what will most likely happen?
It will lose credibility.
Product or service management is a marketing function that involves obtaining, developing, maintaining, and improving a product or service mix in response to which possibility?
Market opportunities
Which characteristic is descriptive of a meaningful company objective?
Measurable
Which location would be most appropriate for a small business selling convenience products such as groceries that customers purchase on a regular basis?
Neighborhood shopping area
Can any brand name be selected and used by a business?
No, the name must be legally available for use.
One way a national business chain can make sure that customers will remember its name is to develop what kind of brand name?
One that is easy to read and pronounce.
Managers use broad objectives that they develop for a business as the basis for setting which measurements?
Performance targets
A channel task should be performed by the channel member who has which attribute?
Performs its best
Channel members should share an equal commitment to which component of the product?
Quality
To guard an USP from its competitors, which action should be performed?
Repeating it as much as possible
The first decision that marketers must make when managing channels is performing which action?
Setting channel objectives
Which factor helps a business to determine its product mix?
Size and target market
When considering a new product for a company, Tom decided to introduce a product in only three states for a six-month period. Which action did he perform?
Test Marketing
Effective product or service management help businesses to perform which action?
To compete
Which is a reason why managers develop company objectives?
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 has which characteristic?
Unique and available
The product mix that a business decides to offer customers help to project which factor about the business?
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 should plan to adjust which aspect of its product mix?
Width
Which product would likely use an exclusive distribution pattern?
A large piece of farm machinery
A large car manufacturer purchases materials that it will use to create parts for automobiles. What is the car manufacturer?
An industrial user
Which is a benefit to businesses of offering customized services to their customers?
Businesses charge higher prices for customized services, which can lead to higher profit margins.