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Study Resources (Business Management)

    43. Which of the following is an example of a complex physically based attribute that buyers will consider when buying a car? A. Power B. Price C. Size D. Roominess     44. Which of the following is an example of an essentially abstract attribute that buyers will consider when buying a car? A. Roominess B. Price C. Power D. Prestige     45..
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  76. Identify and describe the three primary performance dimensions of importance to business unit managers, and provide an example of each from the banking industry.     77. In the context of the primary performance dimensions, which dimensions are likely to be most important for the prospector firm and the defender firm? Give.
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    21. To be profitable selling goods or services at auction, a firm must work to hold its costs up, relative to its competitors, and must have an accurate understanding of what those costs are.     22. The value-in-use assessment process begins with the selection of a reference product, usually the product the.
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  Essay Questions     73. Identify and describe the four types of business strategies identified by Miles and Snow. Provide an example of each from the fast-food industry, and describe how it illustrates the corresponding strategy. Answer: Students’ examples may vary. TypeDescription/example (rationale)   Prospector“First-in” to new markets Wendy's introduction of the baked potato/salad bar, or the pita.
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True or False Questions     1. Channel management decisions involve the development of policies and procedures to gain and maintain the cooperation of the various institutions within the channel.     2. Services often require physical distribution activities.     3. Firms can assess coverage by measuring how often customers in a territory are called on by company.
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True or False Questions     1. The principal tools from which a marketer can choose in developing an IMC plan are advertising, personal selling, sales promotion, and public relations.     2. Sales promotion is a process of helping and persuading one or more prospects at a time to purchase a good or service or.
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True or False Questions     1. Prices set solely on the basis of competitive considerations always reflect customer value.     2. The price sensitivity of demand for a product determines the ceiling of the range of acceptable prices.     3. It is best to ignore situational factors such as competitors’ costs and prices, availability of substitutes,.
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  Multiple Choice Questions     31. The set of interdependent organizations involved in the process of making a product or service available for consumption or use by consumers or industrial users are known as a(n): A. retail market. B. reseller channel. C. marketing channel. D. intermediary stream.     32. The idea that wholesalers can spread their costs across different.
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    51. Emma’s choice shop is has five retail outlets in New York. The company sells products of various manufacturers and it also sells products that are branded as Emma’s products in its outlets. Emma’s is an example of a(n) _____ brand. A. personal B. individual C. national D. store     52. Which of the following serves.
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    11. A long product line is considered desirable during the early stages of product evolution rather than during later stages.     12. Short product lines generally come about through many line extensions.     13. Most new products fail purely due to technical reasons.     14. Companies ask for purchase commitments from customers after completing production under.
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    41. Buyers of GTB automobiles perceive such cars as more luxurious and more prestigious than other automobiles and are willing to pay more for these cars. This is an example of the _____ effect. A. price-quality B. shared-cost C. difficult-comparison D. end-benefit   42. James has invested in a health insurance plan that pays for half.
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  76. Mention the tools required to develop a clear understanding of the positioning of the existing brands in the competitive set.     77. Mention some of the constraints imposed by holding an intense position?     78. What do researchers hope to learn by comparing the preferences of customers in different segments with their perceptions.
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    63. Conditions favor an analyzer strategy when there are a: A. moderate number of established competitors and a stable industry structure. B. few established competitors and a stable industry structure. C. large number of competitors and a stable industry structure. D. large number of competitors and an evolving industry structure.     64. Which type of strategy.
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  Multiple Choice Questions     33. Which of the following is the most essential strategic question to be asked by firms at the SBU level? A. What industries should we be in? B. What are the life-cycle stages of the SBU subunits? C. How are we going to compete in this business? D. How does this businesses.
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  Multiple Choice Questions     33. Barney feels that the cars made by Blue Wheels Ltd. are fast, swift, easy to maintain, and user-friendly compared to other car brands. The marketing team of Blue Wheels Ltd. has been modeling its communication to leave such an impression in customers’ minds. These perceptions are referred.
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True or False Questions     1. Benefits and features mean the same thing for a marketer.     2. Features refer to the intangible attributes of a product whereas benefits refer to the tangible attributes.     3. Differentiating on quality can occur on any of the eight dimensions of quality for goods.     4. Conjoint analysis is a tool.
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  Multiple Choice Questions     31. Which of the following is the most complete and accurate definition of a product? A. A tangible benefit offered in exchange of money B. Any object or collection of objects that one person gives to another C. Any tangible object or collection of objects that satisfy a human relationship D. Anything.
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  Essay Questions     71.Many firms base their pricing decisions largely on what is necessary to recover their costs or match competitors. Discuss.     72. List  the steps involved in the price setting process.     73. In what market conditions can a firm most appropriately adopt quality or service differentiation as a pricing object?         .
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    21. Manufacturer’s export agents specialize in only a few countries and have a short-term relationship with their clients.     22. Manufacturer–wholesaler franchise systems account for the largest number of franchisees and the largest volume of sales and are common in the automotive and petroleum industries.     23. Manufacturer–retailer franchise systems are exemplified by the.
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  Essay Questions     72. Identify the major categories of consumer products, provide an example of each, and describe what might be considered the key marketing variable associated with that type product.     73. How can a well-developed positioning statement or value proposition play an important role in designing products?     74. Explain some of the different.
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    53. Marketers should rely primarily on _____ attributes to define product space in a positioning analysis. A. determinant B. common C. competitor D. objective     54. Which of the following provides a visual representation of the positions of various products or brands in the competitive set typically in terms of two determinant attributes? A. Conjoint analysis B. Gantt.
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    11. Manufacturer’s reps are common in the industrial equipment, automotive supply, footwear, and toy industries.     12. Brokers are used primarily by small firms or start-ups that have limited marketing capabilities.     13. High-margin/low-turnover stores usually concentrate on fastmoving items and carry a relatively limited selection in each product category.     14. High-margin/low-turnover retailers emphasize prestigious.
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    41. Harper Inc. is a multinational consumer goods company that markets multiple brands. The company’s brands include Sunshine tea, Goldie cookies, Arch fragrance products, and so on. Which of the following branding strategies is practiced by Harper Inc.? A. Family branding B. Individual branding C. Brand extension D. Collective branding     42. Which of the following.
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    11. Prestigious products such as expensive wines and liquors and those whose quality is difficult to objectively judge have negatively sloping demand curves.     12. The larger the proportion of price-sensitive customers in a product’s market, the more sensitive overall demand is to a change in the product’s price.     13. Price elasticity of.
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    11. In smaller single-business firms the distinction between business-level competitive strategy and marketing strategy tends to blur and the two strategies blend into one.     12. Most start-ups succeed by competing as a “me-too” competitor in a well-established and highly competitive product-market.     13. Services can be experienced in advance of the sale, while.
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    61. The expected value model is used to determine _____ prices where the price charged reflects the _____. A. bid; lowest cost B. bid; highest profit C. value; lowest cost D. value; highest profit     62. Which of the following is true of freight absorption pricing? A. The seller picks up all or part of the freight.
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    43. According to the Miles and Snow typology, the analyzer strategic type: A. tends to ignore industry changes not directly related to its area of operation. B. is seldom a first mover, but often a second or third entrant in product-markets related to its existing market base—often with a lower-cost or higher-quality.
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    53. The success of an SBU’s products and programs relative to its competitors in the marketplace is known as that SBU’s: A. adaptability. B. efficiency. C. effectiveness. D. return on sales.     54. The increased share of market that is an indicator of the success of an SBU’s products and programs, is the primary objective of.
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    41. _____ stores usually concentrate on fast-moving items and carry a relatively limited selection in each product category. A. Department B. High-turnover C. High-margin D. Specialty goods     42. Which of the following is true of low-margin/high-turnover stores? A. They differentiate themselves with unique assortments and a prestigious store image. B. They focus on shopping or specialty goods. C..
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    51. The primary advantage of an intensive distribution strategy is that: A. there is better retailer support as more retailers are involved in the channel. B. the company doesn’t rely on a single channel member for success. C. product availability is maximized. D. the manufacturer can choose retailers whose clientele match its target market.     52..
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  76. List some of the common activities that are included under the service component of a product.     77. Briefly explain the customer-driven approaches applied to spur innovation.     78. What are the three principles of the stage-gate system that improve the speed with which a firm brings new products to market?         .
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True or False Questions     1. Business strategies are primarily concerned with identifying viable business opportunities in the market.     2. A business unit’s core competencies and resources, together with the customer and competitive characteristics of its industry, determine the viability of any particular competitive strategy.     3. Most SBUs simultaneously pursue different competitive strategies across.
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    21. Large sums of products are not required if the new product is a brand extension.     22. At the end of the growth period, just before the advent of maturity, the shakeout or competitive turbulence stage occurs.     23. Penetration pricing refers to increasing a product’s price to maximize margins.     24. Skimming strategy is.
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    21. Efficiency is commonly measured by such items as sales growth relative to competitors or changes in market share.     22. Effectiveness is the success of a business’s products and programs relative to those of its competitors in the market.     23. Prospector businesses are expected to outperform defenders on both new product development.
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    61. Sashes and Ribbons Inc. produces footwear, stoles, and sweaters based on ideas from their customers. The company also takes purchase commitments from the customers before manufacturing the products. This is an example of using the _____ approach. A. internal manufacturing B. line stretching C. passive consumer D. collective customer commitment     62. For line extensions.
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  Multiple Choice Questions     31. Which of the following pricing strategies involves setting the highest possible product price? A. Social objectives B. Penetration C. Survival D. Skimming     32. Penetration pricing will most benefit a firm when: A. customers in a market are very price-insensitive. B. production costs are likely to increase with increasing volume. C. the firm has a monopoly.
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    61. Cheese Burst, an American fast food chain penetrated into the Italian market by providing a firm in Italy the rights to use the company’s name, trademarks, and technology. Which of the following contractual entry modes would have been used by Cheese Burst? A. Joint venture B. Coproduction C. Contract manufacturing D. Franchising     62. Chestnut.
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    51.The  _____ of a product varies in magnitude directly with the level of production, but remains constant per unit regardless of how many units are produced. A. fixed cost per unit B. variable cost C. total cost D. average cost     52. What is the unit cost of a product if the firm expects to sell.
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  79. Make a list of the different industries and market structures that are most likely to favor each of the business strategies identified by Miles and Snow. Justify your answer.     80. Discuss the appropriate condition for the successful implementation of the analyzer strategy.     81. Why are prospectors likely to devote a larger.
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  74. Compare the relative price levels associated with penetration pricing and maintaining a quality or service differentiation.     75. What would the price elasticity of demand for a product be if the seller raises the price by 3% and demand falls by 12%? Would this indicate price elasticity or inelasticity?     76.  Explain the.
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    63. Which of the following is the last step in the product positioning process? A. Identifying the set of determinant attributes that defines the product space B. Analyzing intensity of a product’s current position C. Writing a positioning statement or a value proposition D. Collecting information from a sample of customers about their perceptions     64..
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  Essay Questions     71. Mention the objectives to be accomplished by the distribution channels designed by managers.     72. Describe the aspects of product availability for consumer goods and industrial goods.     73. Describe the service requirements that might be targeted for consumers, industrial end users, or other members of the distribution channel.         .
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