Question 1

Match the term with its definition.
-A detailed picture of what happens to a specific product's sales and profits over time

Accepted Answer

A) channel of distribution 
B) copyright 
C) patent 
D) product 
E) product item
F)product life cycle
G)product line
H)product mix
I)product mix consistency
J)product strategy
K)sustainable competitive advantage 
A) channel of distribution 
B) copyright 
C) patent 
D) product 
E) product item
F)product life cycle
G)product line
H)product mix
I)product mix consistency
J)product strategy
K)sustainable competitive advantage F

Question 2

PepsiCo produces and distributes products under the brand names Pepsi, Quaker, Frito-Lay, and many others. This collection of product lines within PepsiCo's ownership and control is referred to as the

Accepted Answer

A)  product depth. 
B)  product accumulation. 
C)  product line consistency. 
D)  product mix. 
A)  product depth. 
B)  product accumulation. 
C)  product line consistency. 
D)  product mix. D

Question 3

Josiah has developed an avalanche safety kit that includes a small but powerful locator beacon. When he developed and researched the idea, he found other kits on the market but his business analysis revealed a less expensive way of producing the kits. How should he proceed?

Accepted Answer

Josiah now needs to complete product testing, which will determine if his product is acceptable (safe, effective, durable, etc.). The kits should be tested in the market to gauge consumer reaction. From the results, he may change his prototype.

Question 4

Match the term with its definition.
-A verbal and/or symbolic means of identifying a product

Accepted Answer

A) brand 
B) brand image 
C) brandmark 
D) brand name 
E) design patent
F)direct channel
G)indirect channel
H)service mark
I)trade dress
J)trademark
K)utility patent
L)warranty 
A) brand 
B) brand image 
C) brandmark 
D) brand name 
E) design patent
F)direct channel
G)indirect channel
H)service mark
I)trade dress
J)trademark
K)utility patent
L)warranty

Question 5

A growth trap occurs when a company needs cash faster than can be generated in profits.

Accepted Answer

A) True 
 B)False

Question 6

Love Languages is introducing an improved version of its tutoring targeted to students who want more in-depth assistance using an online format. The company has decided to continue to offer its original tutoring package and aim the new product at the original target market; therefore, it is employing a _____ product strategy.

Accepted Answer

A)  multiple products/one market 
B)  multiple products/multiple markets 
C)  modified product/one market 
D)  modified product/multiple markets 
A)  multiple products/one market 
B)  multiple products/multiple markets 
C)  modified product/one market 
D)  modified product/multiple markets

Question 7

Compare innovation in small businesses to innovation in large firms. Provide some examples of successful innovations by small entrepreneurial firms.

Accepted Answer

Small entrepreneurial firms produce twic

Question 8

Match the term with its definition.
-A distribution system that involves more than one channel

Accepted Answer

A) agents/brokers 
B) common carriers 
C) contract carriers 
D) distribution 
E) dual distribution
F)merchant middlemen
G)physical distribution (logistics)
H)plant patent
I)private carriers
J)supply chain management
K)third-party logistics firm (3PLs) 
A) agents/brokers 
B) common carriers 
C) contract carriers 
D) distribution 
E) dual distribution
F)merchant middlemen
G)physical distribution (logistics)
H)plant patent
I)private carriers
J)supply chain management
K)third-party logistics firm (3PLs)

Question 9

Match the term with its definition.
-A total bundle of satisfaction-whether a service, a good, or both-offered to consumers in an exchange transaction

Accepted Answer

A) channel of distribution 
B) copyright 
C) patent 
D) product 
E) product item
F)product life cycle
G)product line
H)product mix
I)product mix consistency
J)product strategy
K)sustainable competitive advantage 
A) channel of distribution 
B) copyright 
C) patent 
D) product 
E) product item
F)product life cycle
G)product line
H)product mix
I)product mix consistency
J)product strategy
K)sustainable competitive advantage

Question 10

Channel management is synonymous with the term logistics.

Accepted Answer

A) True 
 B)False

Question 11

It is important that small firms gain a competitive advantage that cannot be quickly imitated.

Accepted Answer

A) True 
 B)False

Question 12

During the competitive advantage life cycle, firms can exploit a competitive advantage during the develop stage.

Accepted Answer

A) True 
 B)False

Question 13

Buzz-Buzz Express is a small firm that sells honey bees domestically. Once purchased, the bees are flown to the purchaser using FedEx. Buzz-Buzz Express uses a

Accepted Answer

A)  common carrier. 
B)  public carrier. 
C)  private carrier. 
D)  contract carrier. 
A)  common carrier. 
B)  public carrier. 
C)  private carrier. 
D)  contract carrier.

Question 14

Match the term with its definition.
-A system of management through which a company integrates and coordinates the flows of materials and information needed to produce a product or service and deliver it to customers

Accepted Answer

A) agents/brokers 
B) common carriers 
C) contract carriers 
D) distribution 
E) dual distribution
F)merchant middlemen
G)physical distribution (logistics)
H)plant patent
I)private carriers
J)supply chain management
K)third-party logistics firm (3PLs) 
A) agents/brokers 
B) common carriers 
C) contract carriers 
D) distribution 
E) dual distribution
F)merchant middlemen
G)physical distribution (logistics)
H)plant patent
I)private carriers
J)supply chain management
K)third-party logistics firm (3PLs)

Question 15

Erica has registered protection for 20 years that covers a new process she has designed. Erica owns a

Accepted Answer

A)  design patent. 
B)  plant patent. 
C)  utility patent. 
D)  trademark. 
A)  design patent. 
B)  plant patent. 
C)  utility patent. 
D)  trademark.

Question 16

Match the term with its definition.
-Lines of transport owned by shippers

Accepted Answer

A) agents/brokers 
B) common carriers 
C) contract carriers 
D) distribution 
E) dual distribution
F)merchant middlemen
G)physical distribution (logistics)
H)plant patent
I)private carriers
J)supply chain management
K)third-party logistics firm (3PLs) 
A) agents/brokers 
B) common carriers 
C) contract carriers 
D) distribution 
E) dual distribution
F)merchant middlemen
G)physical distribution (logistics)
H)plant patent
I)private carriers
J)supply chain management
K)third-party logistics firm (3PLs)

Question 17

The product life cycle, as opposed to the competitive advantage life cycle,

Accepted Answer

A)  helps an entrepreneur to visualize the sales and profits of a product from the time it is introduced until it is no longer on the market. 
B)  details when a strength can be used in the market and when not to attack a rival. 
C)  reflects sales trends for the company's multiple products or services. 
D)  is based on the overall sales of the total product or service line. 
A)  helps an entrepreneur to visualize the sales and profits of a product from the time it is introduced until it is no longer on the market. 
B)  details when a strength can be used in the market and when not to attack a rival. 
C)  reflects sales trends for the company's multiple products or services. 
D)  is based on the overall sales of the total product or service line.

Question 18

To maintain performance, a small business must launch a new competitive advantage

Accepted Answer

A)  and keep that competitive advantage alive. 
B)  and make adjustments to that competitive advantage over time. 
C)  that causes rival firms to respond. 
D)  before the current strategy has run its course. 
A)  and keep that competitive advantage alive. 
B)  and make adjustments to that competitive advantage over time. 
C)  that causes rival firms to respond. 
D)  before the current strategy has run its course.

Question 19

Bagels Bagels Bagels, a small breakfast bagel bakery, has expanded into sandwiches for lunch using bagels. It is now employing a _____ product strategy.

Accepted Answer

A)  one product/one market 
B)  one product/multiple markets 
C)  modified product/one market 
D)  modified product/multiple markets 
A)  one product/one market 
B)  one product/multiple markets 
C)  modified product/one market 
D)  modified product/multiple markets

Question 20

The product life cycle and competitive advantage life cycle differ in that the product life cycle reflects the sales and profit trend for a specific product or service, whereas the competitive advantage life cycle is based on the competitive edge of the company overall and can influence the sales of multiple products or services.

Accepted Answer

A) True 
 B)False

Exam 15: Product Development and Supply Chain Management

Match the term with its definition. -A detailed picture of what happens to a specific product's sales and profits over time

PepsiCo produces and distributes products under the brand names Pepsi, Quaker, Frito-Lay, and many others. This collection of product lines within PepsiCo's ownership and control is referred to as the

Josiah has developed an avalanche safety kit that includes a small but powerful locator beacon. When he developed and researched the idea, he found other kits on the market but his business analysis revealed a less expensive way of producing the kits. How should he proceed?

Match the term with its definition. -A verbal and/or symbolic means of identifying a product

A growth trap occurs when a company needs cash faster than can be generated in profits.

Compare innovation in small businesses to innovation in large firms. Provide some examples of successful innovations by small entrepreneurial firms.

Match the term with its definition. -A distribution system that involves more than one channel

Match the term with its definition. -A total bundle of satisfaction-whether a service, a good, or both-offered to consumers in an exchange transaction

Channel management is synonymous with the term logistics.

It is important that small firms gain a competitive advantage that cannot be quickly imitated.

During the competitive advantage life cycle, firms can exploit a competitive advantage during the develop stage.

Buzz-Buzz Express is a small firm that sells honey bees domestically. Once purchased, the bees are flown to the purchaser using FedEx. Buzz-Buzz Express uses a

Match the term with its definition. -A system of management through which a company integrates and coordinates the flows of materials and information needed to produce a product or service and deliver it to customers

Erica has registered protection for 20 years that covers a new process she has designed. Erica owns a

Match the term with its definition. -Lines of transport owned by shippers

The product life cycle, as opposed to the competitive advantage life cycle,

To maintain performance, a small business must launch a new competitive advantage

Bagels Bagels Bagels, a small breakfast bagel bakery, has expanded into sandwiches for lunch using bagels. It is now employing a _____ product strategy.

The Entrepreneurial Lifethe Entrepreneurial Life

Integrity, Ethics, and Social Entrepreneurship

Starting a Small Business

Franchises and Buyouts

The Family Business

The Business Plan: Visualizing the Dream

The Marketing Plan

The Organizational Plan: Teams, Legal Structures, Alliances, and Directors

The Location Plan

Understanding a Firms Financial Statements

Forecasting Financial Requirements

A Firms Sources of Financing

Planning for the Harvest

Building Customer Relationships

Pricing and Credit Decisions

Promotional Planning

Global Opportunities for Small Businesses

Professional Management and the Small Business

Managing Human Resources

Managing Small Business Operations

Managing the Firms Assets

Managing Risk

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