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Complete the following:
1. Price differentiation attempts to sell
Choose one answer.
a. different products with different features at the same price.
b. identical products at different times at different prices.
c. products at lower prices, due to economies of scale, unintentionally resulting in lower net income for the company. incorect
d. products to customers based on their ability to pay.
e. all products at different prices.
2. Eric buys companies that are small or companies in financial trouble. He helps these companies turn around and develop a competitive advantage. The company that he recently purchased is called Your Way, Inc. The company sells men’s clothing and accessories. Your Way keeps the sewing machines for clothes manufacturing at a separate production facility so that the store location space can be reserved for display and selling.After looking over the different products available, Eric realized that the company’s previous owner was not aware of the product life cycle because the company kept items that were obviously too old and out of date. Also, because of the high turnover, employees did not have good knowledge of the different product lines and did not know the difference between a product line and a product mix. To move the company forward, Eric thought of the following two measures: first, developing a new product to incorporate into the product mix; and second, eliminating the out-of-date products.
Refer to Your Way, Inc. Which of the following descriptions should Eric use to best explain the difference between the product line and product mix?
Choose one answer.
a. The product line is a group of similar products that differ only in relatively minor characteristics, whereas product mix is all the products a firm offers for sale.
b. The product mix is a group of similar products that differ only in relatively minor characteristics, whereas product line is all the products a firm offers for sale.
c. The product line is a group of unrelated products, whereas product mix is all the products a firm offers for sale. incorrect
d. The product line is a group of similar products, whereas product mix is all products that are different.
e. There is no difference between a product line and product mix.
3. Price serves the function of ____ for goods, services, and financial resources.
Choose one answer.
a. distributor
b. determining factor incorrect
c. screener
d. quantifier
e. allocator
4. Which of the following is the most selective advertising medium?
Choose one answer.
a. Direct mail
b. Magazines
c. Newspapers
d. Out-of-home advertising
e. Television incorrect
5. Pure Training, Inc., is a company that helps people start their own businesses. As part of the training it provides, the company covers many different aspects of entrepreneurship. One principle its trainers focus on is the difference between data and information. They also stress the importance and utility of a management information system. The trainers provide their clients with sufficient market research and statistics to understand trends in various areas. Pure Training prides itself on helping entrepreneurs launch and maintain successful businesses.
Refer to Pure Training, Inc. A Pure Training employee indicated that to provide information, MIS must perform the following functions. Based on what you have learned in this class, which of these functions would you say is incorrect?
Choose one answer.
a. collect data
b. present information to users
c. store the data
d. update the data incorrect
e. process information into data
6. Everything that one receives in an exchange, including all tangible and intangible attributes and expected benefits, is called a _____.
Choose one answer.
a. package incorrect
b. contract
c. product
d. trade
e. warranty
7. The mode of transportation that offers the greatest frequency is _____.
Choose one answer.
a. airplanes
b. pipelines
c. railroads
d. ships
e. trucks incorrect
8. All of the following are services provided by wholesalers to retailers except
Choose one answer.
a. buying in large quantities and selling in smaller quantities incorrect
b. promoting the product
c. supplying marketing information
d. manufacturing a wide selection of product
e. helping finance purchases
9. Academic Standard, Inc., sells its products through the Internet. Amanda is one of the biggest buyers of the company’s products for her business. Susan, who is Amanda’s sales representative, recently suggested that ASI classify Amanda as a preferred customer.
Although ASI has been successful in the past, the company recently encountered the problem of high production costs. Jonathan, a veteran employee of the company, suggested to senior management that certain aspects of production may need to be handled by other, more efficient companies. Jonathan also suggested that the company might want to create a physical store to possibly increase its visibility and potential profits. He explained many disadvantages of operating solely through the Internet.
Refer to Academic Standard, Inc. Amanda’s interaction with ASI is an a example of _____.
Choose one answer.
a. B2B
b. B2C
c. business to supplier
d. business to customer
e. business to client
10. The stage in the evolution of new products in which the product is launched into full-scale manufacturing and marketing is called _____.
Choose one answer.
a. test marketing
b. business analysis
c. screening
d. product development incorrect
e. commercialization
11. A good or service intended primarily for use in producing other goods or services is a ____ product.
Choose one answer.
a. production incorrect
b. business
c. specialty
d. component
e. supply
12. All of the following are examples of sales promotion except:
Choose one answer.
a. rebate.
b. sample.
c. premium. incorrect
d. point-of-purchase display.
e. direct-response advertising.
13. When major oil companies advertise to build goodwill rather than to stimulate sales, they are using _____.
Choose one answer.
a. institutional advertising
b. primary-demand advertising
c. public relations incorrect
d. publicity
e. selective-demand advertising
14. The sum of the fixed costs and the variable costs of producing a certain number of units is called the _____.
Choose one answer.
a. cost of goods sold
b. equilibrium cost
c. total cost
d. breakeven cost
e. total operating expense incorrect
15. Pure Training, Inc., is a company that helps people start their own businesses. As part of the training it provides, the company covers many different aspects of entrepreneurship. One principle its trainers focus on is the difference between data and information. They also stress the importance and utility of a management information system. The trainers provide their clients with sufficient market research and statistics to understand trends in various areas. Pure Training prides itself on helping entrepreneurs launch and maintain successful businesses.
Refer to Pure Training, Inc. If clients had questions about present and future sales levels and inventory levels, the trainers should address which of the following areas of management?
Choose one answer.
a. financial
b. operations
c. marketing incorrect
d. human resources
e. administration
16. Steven Monahan owns SME Ads Inc., an advertising agency. At present, the company focuses on advertising only. However, Steven plans to expand the company’s focus to include all the major elements of an organization’s promotional mix. Steven feels that expanding the focus in such a way will allow the firm to meet customer needs in a more coordinated fashion. Currently, the firm organizes its work according to the media being used. Steven believes this is the most effective way to subdivide advertising. Since television is the most widely used advertising medium, the company spends most of its time on television advertising. SME knows what it takes to get the job done, and it is committed to success.
Refer to SME Ads Inc. In developing the advertising campaign for a client, in which of the following steps should SME include the important selling points or features of the client’s products?
Choose one answer.
a. Identifying and analyzing the industry.
b. Defining the advertising objectives.
c. Creating the advertising platform.
d. Determining the advertising appropriation.
e. Developing the media plan. Incorrect
17. Barbara is reading through a business report and is stumped when she reads the conclusions and recommendations of the report. These sections do not seem to agree with the rest of the report or the results of the research. Barbara knows that in a well-written business report the ____ will provide a foundation for the conclusions and recommendations.
Choose one answer.
a. purpose of the report incorrect
b. introduction
c. tables and graphs
d. body of the report
e. author of the report
18. Which of the following would not be considered a revenue stream?
Choose one answer.
a. sale of a Sony music warehouse
b. sales of CDs by Sony music
c. sales of online help services by Microsoft
d. fees charged by Hoover’s Online to access information
e. an ad placed by a credit-card company on Amazon.com incorrect
19. Susan Smith, ad campaign manager for Coca-Cola, is making final changes to the content of an ad’s message. She is talking with network distribution companies about when the ad will air, and she is discussing expected effects of the ad on consumers with commercial artists. Thus, she is in which stage of the ad campaign development process?
Choose one answer.
a. Development of the media plan.
b. Creation of the advertising message.
c. Evaluation of the advertising’s effectiveness. incorrect
d. Analysis of the advertising target audience.
e. Execution of the campaign.
20. A discount from the list, or price offered to intermediaries is a/an ____ discount.
Choose one answer.
a. quantity
b. FOB price incorrect
c. cash
d. trade
e. cumulative
21. The organized effort of individuals to produce and sell, for a profit, the products and services that satisfy society’s needs through the facilities available on the Internet is referred to as _____.
Choose one answer.
a. e-business
b. e-management
c. e-commerce incorrect
d. e-selling
e. e-shopping
22. Ginger bought a new bread machine. Inside the packaging she found a paper stating, “All our products will be replaced within the first year if they fail to operate correctly. However, consumer misuse or abuse will effectively end this policy.” This is a/an
Choose one answer.
a. label.
b. set of instructions for use.
c. statement of guarantee.
d. implied warranty. incorrect
e. express warranty.
23. If McDonald’s website was green and black and did not feature the golden arches, Ronald McDonald and gang, or the company’s food selections, McDonald’s would have failed to use _____.
Choose one answer.
a. integrated marketing communications
b. public relations
c. a promotion mix
d. primary-demand advertising incorrect
e. coordinated strategic planning
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