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question 1-5
question 6-10
question 11-16
question 17-20
question 21-25
100
D. Mass customization
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
100
D. Price and quality
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
100
A. Price discrimination
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
100
C. Unique characteristics
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
100
C. A pharmacy sells brand medications to customers in foreign countries for a lower price than they can get domestically.
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.
200
B. Tracking visitors to their web sites
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
200
C. Threatening to stop using a supplier unless given major concessions
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
200
D. By determining the best time to adjust prices
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
200
D. Dual distributio
. 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 distributio
200
C. Unique characteristics
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
300
B. Use of environmentally friendly packaging
What is an example of an ethical issue that a product/service manager might face? A. Use of color on the label B. Use of environmentally friendly packaging C. Use of packaging as a means of promotion D. Use of nutrition information on a food label
300
A. A company prices its products low in an attempt to drive its competitors out of business.
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.
300
C. Economic conditions
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 benefits
300
D. A manufacturer assigns an exclusive territory to restrict competition
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
300
A. In the order of importance
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
400
B. Features and benefits
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
400
A. In the order of importance
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
400
B. Price fixing
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
400
C. Involvement of agents
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
400
C. Threatening to stop using a supplier unless given major concessions
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
500
D. The Simpson Company embellishes the information that it places on its product labels
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
500
C. Easier to change prices
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
500
C. Customers spend money elsewhere.
What is 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.
500
D. Flexible pricing
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
500
C. Easier to change prices
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