Entrepreneurship Unit 4.00

When a business expands its product mix, its goal is to appeal to A. fewer market segments with fewer product options. B. more market segments with a wider variety of options. C. existing market segments with a wider variety of options. D. select market segments using less promotion.

B

Which of the following is the most effective mission statement? A. We own the most well-known, popular amusement parks and resort hotels in the world. B. We create happiness by providing the finest entertainment for people of all ages, everywhere. C. We sell toys, clothing, jewelry, housewares, books, movies, and much, much more! D. We want to become a $100 billion corporation by the end of the 21st century.

B

Which of the following is a characteristic of a pure services: A. Uses plain, inexpensive packaging B. Most often uses product bundling strategies C. Does not include a tangible product D. Does not include product guarantees

C

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

A

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 B. Breadth C. Depth D. Width

A

The plan to increase production by 10% over a two-year period is an example of which management activity: A. developing objectives. B. assigning job tasks. C. controlling expenses. D. directing employees.

A

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. B. catchy and copyrighted. C. specific and patented. D. abstract and formal.

A

Which of the following characteristics is descriptive of a meaningful company objective: A. Measurable B. Vague C. General D. Unlimited

A

Which of the following is a reason why managers develop company objectives: A. To identify business purposes B. To forecast sales potential C. To solve operating problems D. To communicate with employees

A

Which of the following is an example of a company's using brand extension: A. Coca-Cola adding Caffeine-Free Diet Coke B. Winn-Dixie installing an ATM machine in its stores C. Tyson packaging smaller portions of chicken for the elderly D. Kroger adding Blue Bell ice cream to its frozen foods section

A

Managers use the broad objectives they develop for a business as the basis for setting A. benefit levels. B. performance targets. C. salary ranges. D. recruitment quotas.

B

One way a national business chain can make sure that customers will remember its name is to develop a brand name that is A. long and complicated. B. easy to read and pronounce. C. similar to those used by competitors. D. associated with a specific period of time.

B

One way for a business to expand its product mix is by A. monitoring its product's life cycles. B. acquiring another company. C. increasing sales quotas. D. analyzing product width decisions.

B

Which of the following factors helps a business to determine its product mix: A. Merchandise breadth and depth B. Size and target market C. Staple goods and regular goods D. Seasonal goods and convenience goods

B

Product/service management is a marketing function that involves obtaining, developing, maintaining, and improving a product or service mix in response to A. government oversight. B. competitors only. C. market opportunities. D. CEO wishes.

C

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 A. service expansion. B. product replacement. C. line extension. D. product enhancement.

C

Which of the following does effective product/service management help businesses to do: A. To barter B. To prospect C. To compete D. To recruit

C

An effective mission statement should effectively reflect the business's A. touch points. B. specific goals. C. ethics policies. D. core values.

D

The product mix that a business decides to offer customers helps to project the business's A. display themes. B. sales goals. C. service style D. unique image.

D

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 A. product development. B. feasibility analysis. C. commercialization. D. test marketing.

D