QUESTION Utility refers to the ability of a product to satisfy a customer. Indicate whether the statement is true or false ANSWER TRUE
Date: September 3rd, 2020
QUESTION Describe the business life cycle. What will be an ideal response? ANSWER There are four stages. In the introductory stage, new products are presented and companies focus on creating brand awareness. Sales begin to increase at a steady pace during the growth stage and other businesses enter the market. In the maturity, sales […]
Date: September 3rd, 2020
QUESTION Why would an entrepreneur use a SWOT analysis? What will be an ideal response? ANSWER Entrepreneurs use SWOT techniques to create a strategic balance sheet that details a company’s strengths and weaknesses. They also use SWOT to constantly evaluate new opportunities and avoid threats in their industry.
Date: September 3rd, 2020
QUESTION How can marketers BEST implement the promotional mix? a. Integrate the competitor’s strategy. b. Create a greater marketing budget. c. Use a smaller marketing budget. d. Coordinate with other promotional efforts ANSWER d
Date: September 3rd, 2020
QUESTION The process by which products make their way to customers where and when they want them is called distribution. Indicate whether the statement is true or false ANSWER TRUE
Date: September 3rd, 2020
QUESTION The next step after establishing performance standards is ________ them. a. delegating b. communicating c. appraising d. identifying ANSWER b
Date: September 3rd, 2020
QUESTION What is an oligopoly? Give an example. What will be an ideal response? ANSWER In an oligopoly, there are few sellers in the marketplace, which is difficult to enter. Products may be either homogenous or differentiated, depending on the industry represented. Each seller in the marketplace reacts to the actions of the other […]
Date: September 3rd, 2020
QUESTION How do innovative companies focus on the triple bottom line? Give examples. What will be an ideal response? ANSWER Innovative companies focus on profits for basic survival. They also focus on people by creating products that enhance a person’s quality of life. These products aren’t merely moneymaking tools; they allow a company to […]
Date: September 3rd, 2020
QUESTION Which of he following would be considered a SMART goal? a. We will increase online sales by 15%. b. We will design 25 new cars lines in 2 months. c. We will have more customers visit our store by the end of the quarter. d. We will increase online subscriptions purchases by 12.5% within […]
Date: September 3rd, 2020
QUESTION Managers judge a company’s performance and assess the outcome by taking a look at the established ________ and comparing them to the actual ________. a. vision and mission statements; performance b. performance; standards c. training; development d. standards; performance ANSWER d
Date: September 3rd, 2020
