Study sets, textbooks, questions
Upgrade to remove ads
Terms in this set (16)
Which is a way that a business can determine if a product will fulfill the needs of a target market?
Ask the customers
A business that identifies products to sell that fill needs is making which decision?
Which is the first factor that a business should consider when it is deciding if it should sell a product?
A business might take an existing product and alter it to fulfill a specific need which different benefactor?
The product mix that a business decides to offer customers help to project which factor about the business?
Sandy opened a small business that carries a very wide variety of products of varying qualities at many different prices. Sandy is losing customers who are disappointed with the selection, quality, and quantity of items. What is lacking in Sandy's product mix?
Which factor helps a business to determine its product mix?
Size and target market
One way for a business to expand its product mix is by performing which action?
Acquiring another company
Due to lackluster sales, the Elba Corporation has decided to eliminate several of its product lines. Elba's executives hope that by focusing on fewer product lines, they will see more profit. The Elba Corporation should plan to adjust which aspect of its product mix?
To appeal to a target market with slightly different needs, a business added a group of related items to its product mix. What is this group of items?
When a business expands its product mix, its goal is to accomplish which goal?
Appeal to more market segments with a wider variety of options
Which is an example of a company using brand extension
Coca-Cola adding Caffeine-Free Diet Coke
When considering the services to offer customers, a business should determine if a specific service would accomplish which goal?
Enhance customer satisfaction levels
When a business offers a service that saves time for a customer, which is a benefit to the customer?
Which is a benefit to businesses of offering customized services to their customers?
Businesses charge higher prices for customized services, which can lead to higher profit margin
A business is extending its operating hours to accommodate its customers. Which is a business cost associated with this service?
Higher payroll expenses
Sets with similar terms
Unit 4: Entrepreneurship
Entreprenuership Unit 4
Entrepreneurship Unit 4 Study Guide
Entrepreneurship I: Final Practice - Unit 4
Other sets by this creator