Question 1

Profit maximization is best described by which of the following?

Accepted Answer

A)  obtaining the largest profit possible 
B)  having your supplier carry your inventory 
C)  building the lowest-cost product possible 
D)  selling your product at the highest price possible 
A)  obtaining the largest profit possible 
B)  having your supplier carry your inventory 
C)  building the lowest-cost product possible 
D)  selling your product at the highest price possible

Question 2

Robert and Maxine Thomason are planning to purchase a new refrigerator-freezer for their new home. They have compared the quality, style, and price of four models. For the Thomasons, a refrigerator-freezer is which of the following?

Accepted Answer

A)  convenience product 
B)  shopping product 
C)  industrial product 
D)  specialty product 
A)  convenience product 
B)  shopping product 
C)  industrial product 
D)  specialty product

Question 3

Which of the following business products would be considered an accessory in an insurance claims office?

Accepted Answer

A)  computer 
B)  computer paper 
C)  printer cartridge 
D)  photocopier cartridge 
A)  computer 
B)  computer paper 
C)  printer cartridge 
D)  photocopier cartridge

Question 4

What is a large, expensive capital product, such as the Ford assembly plant in Oakville, Ontario?

Accepted Answer

A)  integral part 
B)  emplacement 
C)  structural product 
D)  installation 
A)  integral part 
B)  emplacement 
C)  structural product 
D)  installation

Question 5

Water transportation is particularly useful for bulky or heavy loads and is one of the least costly forms of transport.

Accepted Answer

A) True 
 B)False

Question 6

Which of the following is considered an expense item for a dentist's office?

Accepted Answer

A)  peroxide for whitening teeth 
B)  dental X-ray equipment 
C)  an office desk 
D)  a computer system 
A)  peroxide for whitening teeth 
B)  dental X-ray equipment 
C)  an office desk 
D)  a computer system

Question 7

All a manufacturer needs to know to calculate the breakeven point is the fixed and variable costs.

Accepted Answer

A) True 
 B)False

Question 8

List the four stages of the product life cycle.

Accepted Answer

introduction, growth

Question 9

The process of packing 24 rolls of double-ply toilet tissue in super-sized packages such as those sold at Superstore and Costco is an example of which of the following functions?

Accepted Answer

A)  accumulating 
B)  sorting out 
C)  adaptive packaging 
D)  allocating 
A)  accumulating 
B)  sorting out 
C)  adaptive packaging 
D)  allocating

Question 10

Which one of the following situations best demonstrates an advantage of price skimming?

Accepted Answer

A)  The low initial prices create an image of value for the customer. 
B)  Prices are initially low to encourage customers to purchase the product. 
C)  When the price is eventually lowered, consumers might think they are getting a bargain. 
D)  It discourages competitors from entering the market. 
A)  The low initial prices create an image of value for the customer. 
B)  Prices are initially low to encourage customers to purchase the product. 
C)  When the price is eventually lowered, consumers might think they are getting a bargain. 
D)  It discourages competitors from entering the market.

Question 11

For a manufacturer of one-of-kind evening gowns, the lace, satin, and buttons are considered which of the following costs?

Accepted Answer

A)  business 
B)  tangible 
C)  fixed 
D)  variable 
A)  business 
B)  tangible 
C)  fixed 
D)  variable

Question 12

Which of the following is a capital product for a multinational organization?

Accepted Answer

A)  corporate jet 
B)  fax machine paper 
C)  mobile phone 
D)  file folder 
A)  corporate jet 
B)  fax machine paper 
C)  mobile phone 
D)  file folder

Question 13

Staff Resources makes industrial uniforms for people in the medical and dental professions. Staff Resources has total fixed costs of $200,000. The fixed-cost contribution for each uniform is $10. How many uniforms does Staff Resources need to sell before it breaks even?

Accepted Answer

$200,000/$

Question 14

Which of the following is the point at which the cost of making a product equals the revenues gained from selling the product?

Accepted Answer

A)  equilibrium point 
B)  fulcrum point 
C)  breakeven point 
D)  equity point 
A)  equilibrium point 
B)  fulcrum point 
C)  breakeven point 
D)  equity point

Question 15

A retailer separates children's clothing purchased from Ralph Lauren into various sizes and types of clothing, such as shirts, shorts, and sun dresses. This process is known as which of the following?

Accepted Answer

A)  sorting out 
B)  allocating 
C)  accumulating 
D)  adaptive packaging 
A)  sorting out 
B)  allocating 
C)  accumulating 
D)  adaptive packaging

Question 16

What is a product?

Accepted Answer

any good or service, along wit

Question 17

Which of the following are the two main new-product pricing strategies?

Accepted Answer

A)  targeted return pricing and profit maximization pricing 
B)  value pricing and cost-plus pricing 
C)  price skimming and penetration pricing 
D)  psychological pricing and physiological pricing 
A)  targeted return pricing and profit maximization pricing 
B)  value pricing and cost-plus pricing 
C)  price skimming and penetration pricing 
D)  psychological pricing and physiological pricing

Question 18

What is a brand that is so dominant that consumers think of it immediately when a product category is mentioned?

Accepted Answer

A)  master brand 
B)  dominant brand 
C)  leading brand 
D)  preeminent brand 
A)  master brand 
B)  dominant brand 
C)  leading brand 
D)  preeminent brand

Question 19

In which of the following stages of the product life cycle do most competitors enter the market?

Accepted Answer

A)  introduction 
B)  maturity 
C)  launch 
D)  growth 
A)  introduction 
B)  maturity 
C)  launch 
D)  growth

Question 20

Which of the following is an expense item for an independent bookstore?

Accepted Answer

A)  order forms 
B)  the building in which store is located 
C)  book shelves 
D)  display cabinet for first editions 
A)  order forms 
B)  the building in which store is located 
C)  book shelves 
D)  display cabinet for first editions

Profit maximization is best described by which of the following?

Robert and Maxine Thomason are planning to purchase a new refrigerator-freezer for their new home. They have compared the quality, style, and price of four models. For the Thomasons, a refrigerator-freezer is which of the following?

Which of the following business products would be considered an accessory in an insurance claims office?

What is a large, expensive capital product, such as the Ford assembly plant in Oakville, Ontario?

Water transportation is particularly useful for bulky or heavy loads and is one of the least costly forms of transport.

Which of the following is considered an expense item for a dentist's office?

All a manufacturer needs to know to calculate the breakeven point is the fixed and variable costs.

List the four stages of the product life cycle.

The process of packing 24 rolls of double-ply toilet tissue in super-sized packages such as those sold at Superstore and Costco is an example of which of the following functions?

Which one of the following situations best demonstrates an advantage of price skimming?

For a manufacturer of one-of-kind evening gowns, the lace, satin, and buttons are considered which of the following costs?

Which of the following is a capital product for a multinational organization?

Staff Resources makes industrial uniforms for people in the medical and dental professions. Staff Resources has total fixed costs of $200,000. The fixed-cost contribution for each uniform is $10. How many uniforms does Staff Resources need to sell before it breaks even?

Which of the following is the point at which the cost of making a product equals the revenues gained from selling the product?

A retailer separates children's clothing purchased from Ralph Lauren into various sizes and types of clothing, such as shirts, shorts, and sun dresses. This process is known as which of the following?

What is a product?

Which of the following are the two main new-product pricing strategies?

What is a brand that is so dominant that consumers think of it immediately when a product category is mentioned?

In which of the following stages of the product life cycle do most competitors enter the market?

Which of the following is an expense item for an independent bookstore?

Political Environment

Economic Environment

Social Environment

Technological Environment

International Environment

Entrepreneurship and Small Business

Understanding the Business

Forms of Business Ownership

Management and Leadership in Today’s Organizations

Designing Organizational Structures

Motivating Employees

Managing Human Resources and Labour Relations

Marketing

Achieving World-class Operations Management

Accounting for Financial Success

Understanding Money and the Canadian Financial System

Finance

Filters

Exam 14: Creating Marketing Strategies

Profit maximization is best described by which of the following?

Robert and Maxine Thomason are planning to purchase a new refrigerator-freezer for their new home. They have compared the quality, style, and price of four models. For the Thomasons, a refrigerator-freezer is which of the following?

Which of the following business products would be considered an accessory in an insurance claims office?

What is a large, expensive capital product, such as the Ford assembly plant in Oakville, Ontario?

Water transportation is particularly useful for bulky or heavy loads and is one of the least costly forms of transport.

Which of the following is considered an expense item for a dentist's office?

All a manufacturer needs to know to calculate the breakeven point is the fixed and variable costs.

List the four stages of the product life cycle.

The process of packing 24 rolls of double-ply toilet tissue in super-sized packages such as those sold at Superstore and Costco is an example of which of the following functions?

Which one of the following situations best demonstrates an advantage of price skimming?

For a manufacturer of one-of-kind evening gowns, the lace, satin, and buttons are considered which of the following costs?

Which of the following is a capital product for a multinational organization?

Staff Resources makes industrial uniforms for people in the medical and dental professions. Staff Resources has total fixed costs of $200,000. The fixed-cost contribution for each uniform is $10. How many uniforms does Staff Resources need to sell before it breaks even?

Which of the following is the point at which the cost of making a product equals the revenues gained from selling the product?

A retailer separates children's clothing purchased from Ralph Lauren into various sizes and types of clothing, such as shirts, shorts, and sun dresses. This process is known as which of the following?

What is a product?

Which of the following are the two main new-product pricing strategies?

What is a brand that is so dominant that consumers think of it immediately when a product category is mentioned?

In which of the following stages of the product life cycle do most competitors enter the market?

Which of the following is an expense item for an independent bookstore?

Political Environment

Economic Environment

Social Environment

Technological Environment

International Environment

Entrepreneurship and Small Business

Understanding the Business

Forms of Business Ownership

Management and Leadership in Today’s Organizations

Designing Organizational Structures

Motivating Employees

Managing Human Resources and Labour Relations

Marketing

Achieving World-class Operations Management

Accounting for Financial Success

Understanding Money and the Canadian Financial System

Finance

Filters