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Questions 1-5
Questions 6-10
Questions 11-15
16-20
21-25
100
Which of the following is an unethical situation in product/service management? A. Vincent Electronics discontinues production of a slow-moving solar calculator B. Travis Manufacturing uses recycled materials for its product packaging. C. Donna's Dress Boutique obtains deep discounts from a new clothing designer. D. The Simpson Company embellishes the information that it places on its product labels
What is D. The Simpson Company embellishes the information that it places on its product labels
100
Why do companies use brands for their products? A. To differentiate their products B. To charge higher prices C. To encourage materialism D. To demonstrate creativity
What is A. To differentiate their produc
100
What factor could determine legal ownership of goods in the distribution process? A. Country in which the product is produced B. Availability of the product C. Involvement of agents D. Physical characteristics of the product
What is C. Involvement of agents
100
What is an example of a topic that would be addressed in an informational message? A. Request for payment on a past-due account B. Date and time of an appointment with customer C. Charitable appeal for a corporate donation D. Invitation to speak at a national conference
What is B. Date and time of an appointment with customer
100
A business charges a small company a higher price for a product than it charges a large company for the same product. What does this represent? A. Price discrimination B. Controlled pricing C. Price competition D. Regulated pricing
What is A. Price discrimination
200
What is one way businesses use computer technology to obtain information to improve their product/service mix? A. Mailing questionnaires to customers B. Tracking visitors to their web sites C. Compiling detailed databases D. Preparing interactive software programs
What is B. Tracking visitors to their web site
200
A company that makes ink pens claims no other pen on the market uses a type of ink that changes color when exposed to light. The company is positioning its product according to what strategy? A. Price and quality B. Features and benefits C. Unique characteristics D. Relation to other products in a line
What is C. Unique characteristics
200
In which situation might exclusive distribution be considered a legal arrangement? A. A business prevents a competitor's product from entering the market. B. A franchisor requires a franchisee to sell only the franchisor's products. C. A distributor requires a customer to buy all of its products to obtain one product. D. A manufacturer assigns an exclusive territory to restrict competition.
What is B. A franchisor requires a franchisee to sell only the franchisor's products.
200
. What would be the most appropriate pricing strategy for a business in a small town where unemployment has skyrocketed and the economy is in a downturn? A. Below-cost pricing B. High-level pricing C. Odd-cents pricing D. Flexible pricing
What is D. Flexible pricing
200
Companies A, B, and C sell similar products. Together, they recently decided to sell their products for the same price. In what unethical activity are the businesses engaging? A. Bait-and-switch B. Price fixing C. Loss-leader pricing D. Gray markets
What is B. Price fixing
300
What is a technologically advanced method that allows businesses to produce products that are specialized for a very few customers? A. Intermittent conversion B. Automatic production C. Computerized robotics D. Mass customization
What is D. Mass customization
300
What legal example is represented by a manufacturer selling its products through a toll-free phone system, a company web site, and several retailers? A. Restricted sales territories B. Exclusive dealing C. Tying agreements D. Dual distribution
What is D. Dual distribution
300
What is an example of a large business using coercion in the distribution channel? A. Buying products from unauthorized intermediaries B. Requiring a specific type of packaging material C. Threatening to stop using a supplier unless given major concessions D. Returning shipments without proper authorization
What is C. Threatening to stop using a supplier unless given major concessions
300
What is an example of an unethical pricing practice? A. A company prices its products low in an attempt to drive its competitors out of business. B. A business increases its prices when the cost of the materials to make the products increases. C. A firm sets a business objective to increase its profit margins over the next five years. D. A business prices a new product line to reflect high quality and status.
What is A. A company prices its products low in an attempt to drive its competitors out of business.
300
What is an external factor that affects the price that a business charges for its products? A. Operating costs B. Variable expenses C. Economic conditions D. Employee benefit
What is C. Economic conditions
400
Company XYZ sells condensed soups and promotes them by saying, "Great taste, great price." Company XYZ is positioning its product according to what strategy? A. Relationship to other products B. Features and benefits C. Unique characteristics D. Price and quality
What is D. Price and quality
400
What statement is true about technology in relation to channel management? A. Some businesses have the capacity to distribute most or all of their products through the internet. B. Because technology continues to evolve, vertical conflict among channel memners is occurring less often. C. Technological advancements generally require businesses to increase the number of intermediaries they use. D. For most businesses, technology makes it more difficult to monitor the channel members' activities
What is A. Some businesses have the capacity to distribute most or all of their products through the internet
400
How should the information be presented when writing informational messages? A. In the order of importance B. In the shortest way possible C. In a conversational way D. In a nonspecific manner
What is A. In the order of importance
400
What is the advantage to a business of using barcode pricing? A. Easier for customers to read B. Reduces required business security C. Easier to change prices D. Reduces number of employees needed for sales
What is C. Easier to change prices
400
What might happen if a business's customers feel that they are not getting the most value for their money? A. Sales remain the same. B. Sales increase. C. Customers spend money elsewhere. D. Customers purchase more.
What is C. Customers spend money elsewhere.
500
A company advertises that its products are durable lightweight, and come in a variety of colors. What strategy is the company using to position its product? A. Price and quality B. Features and benefits C. Unique characteristics D. Relationship to other products
What is B. Features and benefits
500
Which of the following is an example of distributing goods through a gray-market strategy? A. An Asian-based company establishes an Internet website to sell its cleaning products directly to European consumers. B. A franchisee obtains a license to sell a wellrecognized brand of tires through her/his dealership. C. A pharmacy sells brand medications to customers in foreign countries for a lower price than they can get domestically. D. A local jewelry store has exclusive distribution rights to sell expensive wristwatches for a Swiss manufacturer.
What is C. A pharmacy sells brand medications to customers in foreign countries for a lower price than they can get domestically.
500
What pricing tactic might be considered questionable by some businesses? A. Matching the prices of a competitor B. Developing a complex pricing structure C. Marking up prices to earn a profit D. Providing a reference price
What is B. Developing a complex pricing structure
500
How does technology help businesses when it enables them to obtain and analyze vast amounts of information that impact the pricing function? A. By generating profit-and-loss statements B. By deciding how much to spend on advertising C. By calculating the cost of hiring more employees D. By determining the best time to adjust prices
What is D. By determining the best time to adjust prices
500
. Wal-Mart and Sears attract two different types of customers because of their pricing strategies. They have established their prices based on __________ decisions. A. promotional B. customer C. place D. profit
What is B. customer