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Product Mix and MIM Flashcards | StudBud
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Product Mix and MIM
Product Mix and MIM
40 terms
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StudBud Administration
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186 plays
A review game for Market Information Management and Product Mix Vocabulary
Flashcards
40 cards
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Practice quiz
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Host live
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Questions
40
Answers
1
Primary data can be gathered through surveillance cameras.
FALSE
TRUE
2
Total Sales minus Cost of Goods equals
Net Profit
Taxes
Expenses
Gross Profit (or margin)
3
Product categories a business offers, like golf equipment and football gear.
Product Depth
Product Lines
SKU
UPC
4
MIM information gathering that involves watching people or a process.
Survey
Observation
All the above
Focus Group
5
The number of products in a product line is referred to as the product line's
depth
width
All the above
SKU
6
DECA is an extra-curricular activity to provide opportunities for career development
TRUE
FALSE
7
Using secondary data is always inexpensive.
FALSE
TRUE
8
In business, margin refers to
gross profit
Price minus cost
the amount of money made on the sale of a product
all the above
9
Another name for an Income Statement is
None of the above
Revenue Statement
Both P/L and Revenue Statement
Profit / Loss Statement
10
Market Research has two broad categories, which are
Primary and Secondary Data
Observations and Secondary Data
Surveys and Internet
Focus Groups and Databases
11
The key to a good product mix is
updating product lines.
finding products that are profitable
finding products that are marketable.
all the above.
12
The number of product LINES a company offers is refereed to as their product
width
depth
none of the above
mix
13
The iPhone cannibalized the sale of watches
FALSE
TRUE
14
Total Sales is also referred to as
Revenue
COGS
Gross Profit
Net Profit
15
One specific product, like a 2 oz Blueberry Muffin.
UPC
Product Line
Product Width
SKU
16
A small group of people who provide qualitative data through their opinions.
All the above
Survey
Observation
Focus Group
17
Adding a product to a businesses' mix only involves market research
TRUE
FALSE
18
A specific bar code on a product is referred to as
UPC
SKU
LOL
POS
19
COGS refers to the
all the above
cost of merchandise sold
revenue
profit
20
Market segments that are targeted by location, like the midwest.
Demographic
Psychographic
Geographic
Usage-Rate
21
Perishable products have a
long shelf life
short shelf life
22
Approximately how many product SKUs does Econo Foods or Pick-n-Save hav?
5,000
10,000
300,000
100,000
23
This refers to other businesses that are trying to attract the same customers as your business.
Marketability
Perishible
Competition
Consumability
24
New product development helps a company look innovative.
TRUE
FALSE
25
The speed in which products are sold and need to be replenished. Chocolate milk!
Consumability
Cannabilism
All the above
Marketability
26
Market segments that are targeted by age, income, occupation or ethnicity
User-Rate
Geogrphaic
Demographic
Psychographic
27
Data about a market's interests, values and attitudes is referred to as
Psychographic data
Geographic data
All the above
Demographic data
28
The process of gathering, recording, analyzing, and reporting information regarding customers.
Sponge Bob Square Pants
Entrepreneurship
Business Management
Market Research
29
R&D refers to
Re-direct and Develop
Re-position and Direct
Research and Development
Research and Depth
30
Primary Data can be gathered from
all the above
observations
surveys
focus groups
31
Market Research is used in pricing and promotion.
FALSE
TRUE
32
About how many product SKUs does GBAY have?
300
30,000
75
3000
33
The statistical information on age, income, sex, occupation, etc. is referred to as
Geographic Data
All the above
Psychographic Data
Demographic Data
34
The amount of money that can be made from the sale of a product is its
marketability
profitability
all the above
consumability
35
Rent, utilities, payroll and insurance are examples of
Net Profit
Gross Profit
Expenses
Cost of Goods
36
MIM collected for the first time
Quantitative Data
Primary Data
Secondary Data
All the above
37
The specific target market group a company markets to called their
Product Mix
Cannibalization
Market Segment
Product Mix
38
The typical selling price that a product line is sold at. Walmart uses .98 and GBAY uses .25
Qualitative
Price Points
Quantitative
Price Line
39
When a product is at the peak of it's product life cycle it is at it's
maturity stage
growth stage
introduction
decline
40
Market Information Management includes
Database analysis
POS reports
All the above
Surveys
