Unit 4 - Entrepreneurship 1
Quality
1. Channel members should share an equal commitment to the product's _______.
Complexity, Perishability, and Unit Value
10. Which are product factors that a business considers when selecting a channel of distribution?
market factors
11. A company determines which channel of distribution to use by using the number of potential customers, the company is focusing on:
Policies
12. During the distribution channel selection process, a producer should consider an intermediaries Services, its Availability, and its _________.
Ideal Market Exposure
2. Marketers determine distribution intensity so they can achieve _____.
A Large Piece of Farm Machinery
3. Which of the following products would likely use an exclusive distribution pattern?
Preforms it best
4. A channel task should be preformed by the channel member who ____.
Industrial User
5. A car manufacturer buys materials they use to create parts for cars. the car manufacturer is a:
To compete
52. Which of the following does effective product/service management help businesses to do:
test marketing
53. When getting a new product for your company, you introduce it in 3 states for a 6-month period. This is known as ______.
Does not include a tangible product
54. Which of the following is a characteristic of pure service?
Market Opportunities
55. Product/Service management is a marketing function that involves obtaining, developing, maintaining, and improving a product or service mix in response to:
Consistency
56. 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?
Coca-Cola adding Caffeine-Free Diet Coke
57. Which of the following is an example of a company's using brand extension.
Size and target Market
58. Which of the following factors helps a business to determine its product mix?
Line extension
59. 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:
Producer to Wholesaler to Retailer to Consumer
6. What distribution channel is most often used to distribute consumer goods?
unique image
60. The product mix that a business decides to offer customers helps to project the businesses:
Acquiring another company
61. One way for a business to expand its product mix is by:
More market segments with a wider variety of options
62. When a business expands its product mix, its goal is to appeal to:
Width
63. Due to lackluster sales, the Elba Corp. has decided to eliminate several of it's products 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.
Enhance customer-satisfaction levels.
64. When considering the services to offer customers, a business should determine if a specific service would:
Higher Payroll Expenses
65. A business is extending its operational hours to accommodate its customers. Which of the following is a business cost associated with this service?
Convenience
66. When a business offers a service that saves time for a customer, its benefit to the customer is:
Businesses charge higher prices for customized services, which can lead to higher profit margins.
67. Which of the following is a benefit to businesses of offering customized services to their customers:
Price
68. 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:
Attributes
69. A business that emphasizes a product's environmental friendliness is positioning the product by focusing on:
Producer to Consumer
7. A hairstylist cutting a clients hair is an example of a _______ distribution channel.
Quality
70. When a business emphasizes a products degree of excellence, it is positioning the product by its:
Competitors
71. 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:
Customers tend to remember one thing from an advertisement
72. Marketers often condense USPs into short slogans because:
Lose Credibility
73. If your company cannot fulfill its USP, it will:
You already have one without realizing it
74. Before identifying your company's USP, ask yourself if:
Repeat it as much as possible
75. To guard your USP from competitors, you should:
Neighborhood Shopping Center
76. 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?
We can more easily obtain products from all over the world
8. Which of the following is a benefit of channels of distribution?
capabilities
9. Product characteristics often require a business to select intermediaries that have specific:
Measurable
96. Which of the following characteristics is descriptive of a meaningful company objective:
To Identify Business Purpose
97. Which of the following is a reason why managers develop company objectives?
Performance targets
98. Managers use the broad objectives they develop for a business as the basis for setting:
Core Values
99. An effective mission statement should effectively reflect the businesses: