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Exam 1: What Is Business

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Question 41

Multiple Choice

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As restaurant chains that specialize in Mexican cuisine,Fernando's and Carmelita's offer similar items on their menus.However,Fernando's restaurants are positioned in the market as elegant establishments with high prices.Carmelita's restaurants,on the other hand,are located in middle class neighborhoods,with a casual atmosphere that welcomes families with young children.The prices at Carmelita's are in the moderate range.When evaluating the marketing strategies used by these restaurants,we can conclude that:

A) both practice product mix effectiveness.
B) they utilize product differentiation.
C) Fernando's has chosen a shopping good strategy.
D) their target markets differ, with one intended to appeal to the industrial market, and the other designed to attract the consumer market.

E) B) and D)
F) C) and D)

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Question 42

Multiple Choice

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Which of the following refers to a group of products offered by a firm that are physically similar or are intended for a similar market?

A) Product matrix.
B) Product line.
C) Product mix.
D) Total product offer.

E) A) and B)
F) A) and D)

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Question 43

True/False

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In most high tech industries,the best way to respond quickly to rapid technological changes is to keep most authority and responsibility in the hands of a few key managers who provide precise,detailed directions to the workers.

From a strategic marketing viewpoint,a total product offer includes all of the tangible attributes of a good or service,and excludes any intangible attributes.

Explain the differences between strategic,tactical,operational,and contingency planning.

Successful firms follow a customer-driven strategy,as opposed to the management-driven strategy used in the past.

Which of the following is NOT one of the four core fundamental resource areas an organization will build its business model or system around:

The image created by advertising is part of the total product offer of a product.

A loss occurs when expenses are greater than:

When purchasing a product,the consumer is actually buying its anticipated benefits and

Successful businesses constantly monitor consumer wants and needs.

Managers in progressive organizations tend to emphasize teamwork and cooperation rather than discipline and giving orders.

Profitability analysis takes into consideration:

Nonprofit organizations such as the Canadian Cancer Society do not engage in management,marketing,or finance activities.

What is Strategy?

Despite all of the changes in the business environment,the basic way a manager performs his or her job has remained remarkably constant.

At Isuzu's Appliance Store,all new products are offered with an extended service contract,as well as free delivery installation.By offering these value enhancers,Isuzu's has added to their total product offer.

A modern manager's main job is to issue orders,then follow up to make sure employees do as they were told.

For small businesses,product differentiation:

What is the difference between Asset-based and Operating expenditures,give an example of each?