Unit 4 Test Review

Which is the most effective mission statement? 'We want to become a $100 billion corporation by the end of the twenty-first century.' 'We sell toys, clothing, jewelry, housewares, books, movies, and much, much more!' 'We own the most well-known, popular amusement parks and resort hotels in the world.' 'We create happiness by providing the finest entertainment for people of all ages, everywhere.'

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

Which product would likely use an exclusive distribution pattern? A large piece of farm machinery A silk necktie A home-decoration magazine A gallon of milk

A large piece of farm machinery

One way for a business to expand its product mix is by performing which action? Analyzing product width decisions Monitoring the product life cycles Increasing sales quotas Acquiring another company

Acquiring another company

When a business expands its product mix, its goal is to accomplish which goal? Appeal to existing market segments with a wider variety of options Appeal to select market segments using less promotion Appeal to more market segments with a wider variety of options Appeal to fewer market segments with fewer product options

Appeal to more market segments with a wider variety of options

When a business emphasizes the environmental friendliness of a product, it is positioning the product by focusing on which factor? Price Reliability Competition Attributes

Attributes

A benefit of channels of distribution is which feature? Producers must spend more money. Retailers must spend more money. Businesses can easily obtain products from all over the world. Businesses spend more time looking for products wanted.

Businesses can easily obtain products from all over the world.

Which is a benefit to businesses of offering customized services to their customers? By customizing their services, businesses deliver more consistent products to their customers. Businesses charge higher prices for customized services, which can lead to higher profit margins. Businesses save time by offering customized services to their customers. Customized services are also considered to be standardized services.

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

Certain product characteristics often require a business to select intermediaries that have which specific components? Limitations Capabilities Demands Needs

Capabilities

If the XOB Company wants to emphasize the advantages of its product in comparison to similar products in the marketplace, it should position its product in relation to which factors? Markets Competitors Consumers Applications

Competitors

Which are product factors that a business considers when selecting a channel of distribution? Location, unit value, and order size Complexity, perishability, and unit value Unit value, order size, and complexity Perishability, location, and order size

Complexity, perishability, and unit value

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? Breadth Width Consistency Depth

Consistency

When a business emphasizes the degree of excellence for a product, it is positioning the product by which factors? Markets Applications Competition Consumers

Consumers

When a business offers a service that saves time for a customer, which is a benefit to the customer? Quantity Consistency Price Convenience

Convenience

An effective mission statement should effectively reflect which component of the business? Ethics policies Specific goals Touch points Core values

Core values

The plan to increase production by 10% over a two-year period is an example of which management activity? Assigning job tasks Developing objectives Directing employees Controlling expenses

Developing objectives

Which is a characteristic of a pure services? Does not include a tangible product Uses plain, inexpensive packaging Most often uses product bundling strategies Does not include product guarantees

Does not include a 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 Increase the number of products possibly returned by customers Offend the existing competitors of the business Stabilize variable interest rates

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 Higher profit margins Increased customer satisfaction Increased sales volume

Higher payroll expenses

Marketers determine distribution intensity so they can achieve which outcome? Ideal market exposure Total market saturation Perfect market balance Complete market coverage

Ideal market exposure

The Barker Company is determining which channel of distribution to use by considering the number of potential customers in various geographic regions. The company is focusing on which components? Product benefits Market factors Branding issues Capabilities of employees

Market factors

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? Government oversight Market opportunities CEO wishes Competitors only

Market opportunities

Which characteristic is descriptive of a meaningful company objective? General Measurable Unlimited Vague

Measurable

Can any brand name be selected and used by a business? Yes, brand names cannot be owned by a business. No, the name must be legally available for use. No, the name must be registered before it can be used. Yes, a business can use any name it wants to use.

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 similar to those used by competitors. One that is long and complicated. One that is easy to read and pronounce. One that is associated with a specific period of time.

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? Salary ranges Recruitment quotas Performance targets Benefit levels

Performance targets

During the distribution channel selection process, a producer should consider intermediary services and which other factors? Theories Origins Scales Policies

Policies

When a business presents a service to the marketplace by emphasizing its economic value, the business is positioning the product on the basis of which factors? Competitors Benefits Features Price

Price

A hairstylist cutting the hair of a client is providing which example of a distribution channel? Producer to agent to consumer Producer to retailer to consumer Producer to consumer Producer to wholesaler to consumer

Producer to consumer

The first decision that marketers must make when managing channels is performing which action? Setting channel objectives Determining distribution patterns Selecting channel members Determining channel responsibilities

Setting channel objectives

Which factor helps a business to determine its product mix? Seasonal goods and convenience goods Staple goods and regular goods Merchandise breadth and depth Size and target market

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? Commercialization Test marketing Product development Feasibility analysis

Test marketing

Effective product or service management help businesses to perform which action? To compete To prospect To recruit To barter

To compete

Which is a reason why managers develop company objectives? To identify business purposes To solve operating problems To communicate with employees To forecast sales potential

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? Abstract and formal Unique and available Specific and patented Catchy and copyrighted

Unique and available

The product mix that a business decides to offer customers help to project which factor about the business? Display themes Unique image Sales goals Service style

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? Depth Width Length Height

Width