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BEVER- Unit 19 & Unit 20 Test Review

Total questions: 20

Worksheet time: 2hrs 40mins

Name
Class
Date
1.

McDonalds and Burger King are examples of:

a)

primary data

b)

secondary data

c)

direct competition

d)

indirect competition

2.

If someone were to purchase a ticket for a bus ride from Orlando, FL to Atlanta, GA, the bus company would be considered _________________ for airlines.

a)

indirect competition

b)

direct competition

c)

bargaining power of suppliers

d)

bargaining power of buyers

3.

One benefit of a competitive analysis is to better understand:

a)

your strengths and weaknesses

b)

your suppliers’ intellectual property (I.P.)

c)

your competitors’ marketing strategies

d)

government regulations

4.

When conducting a competitive analysis, what would “public companies’ annual reports” be considered as:

a)

primary competition

b)

primary data

c)

indirect competition

d)

secondary data

5.

When conducting a competitive analysis, what would price surveys that your company conducts be considered as:

a)

primary competition

b)

primary data

c)

indirect competition

d)

secondary data

6.

A specific group of customers that is chosen to have first access to your product for sale is called a:

a)

serviceable available market

b)

test market

c)

demographic group

d)

geographical area

7.

One of the goals of product/service management is:

a)

meet customer needs

b)

constant improvement

c)

all the above

d)

provide a good or service that is better than your competition

8.

A difference between a good and service is that a good is ____________ and a service is ____________:

a)

tangible, refundable

b)

refundable, a subscription

c)

tangible, intangible

d)

durable, refundable

9.

A toaster oven is an example of a:

a)

service

b)

good

c)

raw material

d)

bundle

10.

Plumbers, Netflix, a hair salon, Spotify and Uber are examples of a:

a)

service

b)

good

c)

subscription

d)

bundle

11.

The stages of a product life cycle are:

a)

introduction, maturity, growth, decline

b)

introduction, growth, maturity, decline

c)

MVP, improve, break, fix

d)

MVP, good, better, best

12.

Entrepreneurs are known for their innovation, passion, vision, confidence, persistence, and many other attributes. But with that they can have some tunnel vision. So, doing some ______________can reduce _______________.

a)

test marketing, business risk

b)

product management, life cycle maturity

c)

market research, sales

d)

product/service management, revenue

13.

Which phase of the new product development process would involve gathering opinions from key stakeholders about an idea?

a)

prototype

b)

product development

c)

screening

d)

commercialization

14.

Which phase of the new product development process would involve building a prototype?

a)

concept development

b)

product development

c)

idea generation

d)

commercialization

15.

When a service is attached to and sold along with a tangible good, the service is called a:

a)

product-related service

b)

complimentary product

c)

pure service

d)

service warranty

16.

When a car wash provider offers one price for a basic exterior cleaning, but offers additional services, like complete interior cleaning and exterior waxing, and charges a higher price for it, this is called:

a)

all the above

b)

subscription

c)

freemium

d)

customization

17.

If a retail store opens for longer hours in order to make more sales, it will also experience:

a)

more competition

b)

higher utilities and higher payroll

c)

more technology problems

d)

lower payroll and higher utilities

18.

Which is an example of a product line:

a)

Pepsi Zero Sugar

b)

Apple

c)

Pepsi Soft Drinks

d)

Diet Pepsi

19.

Ford’s product mix is more consistent than General Electric’s because:

a)

its product lines are more closely related to one another

b)

its product lines are less closely related to one another

c)

they have more products

d)

they have less products

20.

Why would a company increase its product mix?

a)

to meet a variety of customer needs and borrow less money

b)

reduce expenses and increase prices

c)

offer different price points and increase social media advertising spending

d)

meet a variety of customers’ needs and offer different price points.