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Entrepreneurship 4.01-4.06 Flashcards | StudBud
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Entrepreneurship 4.01-4.06
Entrepreneurship 4.01-4.06
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1
A product-mix strategy in which a business redesigns its products is
alteration
expansion
contractions
consistancy
2
Why should existing products be monitored?
To evaluate how well a product might fit into a product mix
To put a marketing plan in place
To determine the acceptance of a product by a limited market
To make changes to extend a product's life cycle
3
A business that emphasizes a product's environmental friendliness is positioning the product by
reliability
attributes
competition
price
4
When a business expands its product mix, its goal is to appeal to
select market segments using less promotion
more market segments with a wider variety of options
fewer market segments with fewer product options
existing market segments with a wider variety of options
5
Can any brand name be selected and used by a business?
Yes, a business can use any name it wants to use.
No, the name must be legally available for use.
No, the name must be registered before it can be used.
Yes, brand names cannot be owned by a business.
6
A business that offers a great many items in a product line has a ____product mix.
narrow
broad
deep
shallow
7
The assortment of products a business offers to meet market needs and company goals is its
depth
consistency
width
mix
8
Why would a business use a broad product mix?
To relate the products to the target market
To promote one-stop shopping
To decrease legal liabilities
To assure that the product lines are related
9
A business that offers a great many items in a product line has a __________ product mix.
deep
shallow
narrow
broad
10
A product-mix strategy in which a business adds a higher priced product or line to its mix is
breadth
depth
trading up
contraction
11
One way for a business to expand its product mix is by
increasing sales quotas
analyzing product width decisions.
acquiring another company.
monitoring its products' life cycles.
12
An effective mission statement should effectively reflect the business's
touch points.
specific goals
core values.
ethics policies.
13
Product/service management can help to decrease
business risk
financial success
profits
sales
14
Products that are performed rather than produced are known as
services
private labels
brand-name products
product lines
15
Which of the following is a reason for a business to offer a deep product mix:
To specialize in a product line
To ensure similar methods of distribution
To compete effectively
To control costs
16
When a business offers a service that saves time for a customer, its benefit the customer is
consistency
price
convenience
quantity
17
A tangible, or physical, item and the customers benefits that it offers is a(n)
brand name
service
good
product mix
18
Which of the following does effective product/service management help businesses to do:
To barter
To compete
To recruit
To prospect
19
Product/service management should be approached from the angle of the
product's technological benefits
product itself
customer's point of view
competitor's point of view
20
The product mix that a business decides to offer customers helps to project the business's
service style.
unique image.
sales goals.
display themes
21
Why would a business use a shallow product mix?
To control costs
To allow the co. to meet the needs of a variety of consumers
To use a wide range of prices
To promote one-stop shopping
22
A service that is not attached to any tangible good is known as a ___service
product-related
pure
new-product
quality
23
Which of the following is an example of a product line:
Wheat Thins
Kraft convenience foods
Capri Sun
AI Steak Sauce
24
Which of the following is a reason for a business to have a narrow product mix:
To allow the co. to meet the needs of a variety of consumers
To use a wide range of prices
To reduce the cost of the goods the co. purchases for resale
To allow the company to specialize
25
Which of the following is NOT a product-service management activity:
Reassessing products that are not meeting expectations
Sustaining successful products as long as possible
Coordinating the product mix
Conducting interviews with potential employees
26
When a business emphasizes a product's degree of excellence, it is positioning the product by
markets
competition
consumers
applications
27
A salon recently added nail services to its product mix. This strategy is called
contraction
expansion
trading up
al
28
Which of the following is a characteristic of pure services:
Most often uses product-bundling strategies
Does not include product guarantees
Uses plain, inexpensive packaging
Does not include a tangible product
29
Which of the following is a reason why managers develop company objectives:
To forecast sales potential
To identify business purpose
To solve operating problems
To communicate with employees
30
When a business emphasizes a product's degree of excellence, it is positioning the product by
markets
competition
consumers
applicants
31
The number of products & the assortment of sizes, colors, & models offered in product lines is
consistency
class
depth
width
32
The number of product lines a company carries is referred to as
width
class
depth
consistency
33
Which of the following is a stage of a product's life cycle:
Birth
Death
Adolescence
Maturity
34
Which of the following characteristics is descriptive of a meaningful company objective:
Unlimited
Vague
Measurable
General
35
Each individual good, service, or idea a business offers for sale is known as a product
width
line
mix
item
36
Why would a business add higher priced products to its product mix?
To enhance the image of the company
To overcome production problems
To prevent out-of-stock conditions
To limit costs
37
A plan to increase production by 10% over a 2-year period is an example of which mgt activity:
directing employees
assigning job tasks
developing objectives
controlling expenses
38
Which of the following factors helps a business to determine its product mix:
Size and target market
Seasonal goods and convenience goods
Merchandise breadth and depth
Staple goods and regular goods
39
Which of the following is an example of a company's using brand extension:
Kroger adding BlueBell ice cream to its frozen foods section
Coca-Cola adding Caffeine-Free Diet Coke
Tyson packaging smaller portions of chicken for the elderly
Winn-Dixie installing an ATM machine in its stores
40
Managers use the broad objectives they develop for a business as the basis for setting
benefit levels
recruitment quotas.
performance targets
salary ranges
41
Services that include delivery, instruction, or maintenance are referred to as ____services
quality
product-related
new-product
Pure
42
A product-mix strategy in which a business redesigns its products is
alteration
expansion
contraction
consistency
43
When a business expands its product mix, its goal is to appeal to
fewer market segments with fewer product options.
more market segments with a wider variety of options.
existing market segments using more promotion.
select market segments using less promotion.
