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WorksheetsBEVER- Unit 19 & Unit 20 Test Review
Total questions: 20
Worksheet time: 2hrs 40mins
McDonalds and Burger King are examples of:
primary data
secondary data
direct competition
indirect competition
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.
indirect competition
direct competition
bargaining power of suppliers
bargaining power of buyers
One benefit of a competitive analysis is to better understand:
your strengths and weaknesses
your suppliers’ intellectual property (I.P.)
your competitors’ marketing strategies
government regulations
When conducting a competitive analysis, what would “public companies’ annual reports” be considered as:
primary competition
primary data
indirect competition
secondary data
When conducting a competitive analysis, what would price surveys that your company conducts be considered as:
primary competition
primary data
indirect competition
secondary data
A specific group of customers that is chosen to have first access to your product for sale is called a:
serviceable available market
test market
demographic group
geographical area
One of the goals of product/service management is:
meet customer needs
constant improvement
all the above
provide a good or service that is better than your competition
A difference between a good and service is that a good is ____________ and a service is ____________:
tangible, refundable
refundable, a subscription
tangible, intangible
durable, refundable
A toaster oven is an example of a:
service
good
raw material
bundle
Plumbers, Netflix, a hair salon, Spotify and Uber are examples of a:
service
good
subscription
bundle
The stages of a product life cycle are:
introduction, maturity, growth, decline
introduction, growth, maturity, decline
MVP, improve, break, fix
MVP, good, better, best
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 _______________.
test marketing, business risk
product management, life cycle maturity
market research, sales
product/service management, revenue
Which phase of the new product development process would involve gathering opinions from key stakeholders about an idea?
prototype
product development
screening
commercialization
Which phase of the new product development process would involve building a prototype?
concept development
product development
idea generation
commercialization
When a service is attached to and sold along with a tangible good, the service is called a:
product-related service
complimentary product
pure service
service warranty
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:
all the above
subscription
freemium
customization
If a retail store opens for longer hours in order to make more sales, it will also experience:
more competition
higher utilities and higher payroll
more technology problems
lower payroll and higher utilities
Which is an example of a product line:
Pepsi Zero Sugar
Apple
Pepsi Soft Drinks
Diet Pepsi
Ford’s product mix is more consistent than General Electric’s because:
its product lines are more closely related to one another
its product lines are less closely related to one another
they have more products
they have less products
Why would a company increase its product mix?
to meet a variety of customer needs and borrow less money
reduce expenses and increase prices
offer different price points and increase social media advertising spending
meet a variety of customers’ needs and offer different price points.
