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BA 12 quiz
Terms in this set (20)
Which department would be your BEST choice to work in if you were most interested in innovative new products?
Research and Development
The use of words, symbols, or designs to identify and differentiate a product from other products and communicate its qualities to buyers is known as _______.
Ethan has asked you to help him bring to market an idea he has for a service business that compiles data for homeowners on basic services, and then helps them schedule the best services at the best prices. He defined the value package and then prototyped the service, testing it out on a small scale in one urban area in the Northwest. Which of the following activities would you advise him to add to his development process?
Graham is considering opening a pet grooming business. The monthly rent on the building and his insurance will remain constant, no matter how many dash- or how few dash- pets he grooms. These expenses are part of Graham's _______.
The _______ describes the series of stages through which a product passes over time.
Product Life Cycle
Which of the following statements BEST explains the difference between fixed costs and variable costs?
Fixed costs must be paid regardless of production output; variable costs change depending on the volume produced or sold.
Johanna is considering opening a pet boarding business. She wants to know how many pets she needs to board each month so that all of her costs are covered. What is Johanna trying to determine?
BellStar Communications is a new provider of 3D satellite TV service. It offers an extremely low introductory price for the first 12 months because it wants to attract new customers and quickly garner market share. Which pricing strategy is it using?
Which of the following BEST describes the breakeven point?
The point at which total costs equal total revenue
During which stage of the product life cycle does sales growth peak and then ultimately begin to slow?
Kroger is a retail food chain with over 2,500 supermarkets nationwide. Although it does not produce any food items, it markets a line of canned and frozen goods carrying the Kroger name. This is an example of ________.
a private brand
Selling price times × units sold = _______.
Products that carry the name of the wholesaler or retailer instead of the name of the manufacturer are referred to as _______ brands.
Which of the following is the purpose of the product screening stage of the new product development process?
Eliminate ideas that do not complement the organization's abilities or meet its objectives
The company you work for crafts specialty fishing rods for sale across the country in high-end sporting goods stores. During economic downturns, when people have less disposable income, sales drop dramatically. Management has asked your advice on how to better handle the cyclical effects of the economy. Which of the following would be the BEST recommendation?
Increase Product mix
A nationwide fast food restaurant is considering adding an innovative new item to its menu. It introduces the item at a few carefully selected restaurants that most accurately represent its test market and carefully evaluate consumers' reaction to it. Which stage of the product development process does this BEST represent?
product testing and test marketing
You are the manager of the R&D department of a small but growing software company. Your staff has identified an obvious, emerging need in the marketplace for a new phone app. Which factor is your MOST IMPORTANT consideration?
speed to market
Which of the following can be expected during the growth stage of the product life cycle (PLC)?
Revenues surpass costs and sales increase rapidly
Which of the following products would MOST likely be characterized as being in the growth stage of the product life cycle (PLC)?
The salary of a supervisor in the shipping department would be a(n) _______ cost for a bicycle manufacturer, whereas shipping costs would be a(n) ______ cost.
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