Entreprenuership Unit 4

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

Coca-Cola adding Caffiene-Free diet Coke

If the XOB Company want to emphasize the advantages of its product in comparison to similar products in the marketplace, it should position its product in relation to:

Competitors

Sand 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 quality of items. What is lacking Sandy's product mix?

Consistency

When a business offers a service that saves time for customer, its benefit to the customer is

Convinence

An effective mission statement should effectively refelect the business's

Core values

Marketers often condense USPs into short slogans because

Customers tend to remember just one thing from an advertisement

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

Does not include a tangible product

One way 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

A business is extending its operationg hours to accommate its customers. Which of the following is a business cost associated with this service:

Higher payroll expenses

Marketers determine distribution intensity so they can achieve

Ideal market exposure

When considering the services to offer customers, a business should determine if a specific service would

Increase the amount of customer returns

A large car manufacturer purchases materials that it will use to create parts for automoiles. The car manufacturer is a(n):

Industrial user

To appeal to a target market with slightly different needs, a business decides to ass a froup of related items to its product mic. This is called a:

Line extension

If your company cannot fulfill its USP, it will

Lose credibility

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

Market opportunities

Which of the following characteristics is desciptive of a meaningful company objective

Measurable

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

More market segments with a wider variety of options

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:

Neighborhood shopping center

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

No, the name must be legally availvable for use.

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

Performance targets

A channel task should be performed by the channal memeber who

Performs it best

When a business presents a service to the marketplace by emphasizing its economic value, the business its positioning the product on the basis of its:

Price

A hairstylist cutting a client's hair is an ecapmle of a ________ distribution channel.

Producer to consumer

Channel members should share an equal commitment to the product's:

Quality

To guard your USP from competitors, you should

Repeat it as much as possible

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

Size and target market

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:

Test marketing

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

To complete

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

To identify business purposes

The product mix that a business decided to offer customers help to project the business's

Unique image

Which of the following is a benefit of channels of distribution

We can easily obtain products from all over the road

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.

Width

Before identifying your company's USP, ask yourself if

You already have one without realizing it

When business emphasizes a product's degree of excellence, it is positioning the product by its

consumers

Which of the following products would likely use an exclusive distribution pattern

A large piece farm machinery

One way for a business to expand its product mix by

Aquiring another company

A business that emphasizes a product's environmental friendliness is positioning the product by focusing on

Attributes

Which of the following is a benefit to businesses of offering customized services to their customers:

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