WorksheetsEntrepreneurship Unit 4 study guide
Total questions: 12
Worksheet time: 6mins
Product/Service management is a marketing function that involves obtaining, developing, maintaining, and improving a product or service mix in response to market opportunities.
Market opportunities
CEO wishes
gov't oversight
competitors only
Which is a reason why managers develop company objectives?
to identify business purposes
to forecast sales potential
to communicate with employees
Sandy 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 quantity of items. What is lacking in Sandy's product mix?
breadth
depth
consistency
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.
length
depth
width
One way fir a business to expand its product mix is by performing which action?
increasing sales quotas
acquiring another company
Which factor helps a business to determine its product mix?
size and target market
staple goods and regular goods
If a company cannot fulfill its USP, what will most likely happen?
it will go bankrupt
it will gain business
it will lose credibility
When considering the services to offer customers, a business should determine if a specific service would
enhance customer-satisfaction levels.
increase the number of products possibly returned by customers.
Which of the following is a benefit to businesses of offering customized services to their customers
Customized services are also considered to be standardized services.
Businesses save time by offering customized services to their customers.
Businesses charge higher prices for customized services, which can lead to higher profit margins.
Which of the following products would likely use an exclusive distribution pattern
A large piece of farm machinery
A silk necktie
A gallon of milk
When a business offers a service that saves time for a customer, its benefit to the customer is
consistency
convenience
Which of the following is a benefit to businesses of offering customized services to their customers
By customizing their services, businesses deliver more consistent products to their customers.
Customized services are also considered to be standardized services.
Businesses save time by offering customized services to their customers.
Businesses charge higher prices for customized services, which can lead to higher profit margins.
