Question 1

Franklin sells his product in a brick-and-mortar store and online. Franklin is using

Accepted Answer

A)  channel integration. 
B)  dual distribution. 
C)  intermediary replication. 
D)  multiple distribution. 
A)  channel integration. 
B)  dual distribution. 
C)  intermediary replication. 
D)  multiple distribution.

Question 2

All small firms want to grow.

Accepted Answer

A) True 
 B)False

Question 3

Which of the following statements is correct concerning the role of innovation for small businesses?

Accepted Answer

A)  Fortune magazine reports that 93 percent of company founders indicated that their business turned out to be nothing like their original venture concept. 
B)  Studies have shown that small entrepreneurial firms produce 95 percent as many innovations per employee as large firms. 
C)  According to Clayton Christensen, 60 percent of all new products end up failing or performing well below expectations. 
D)  Small entrepreneurial firms produce twice as many innovations per employee as large firms. 
A)  Fortune magazine reports that 93 percent of company founders indicated that their business turned out to be nothing like their original venture concept. 
B)  Studies have shown that small entrepreneurial firms produce 95 percent as many innovations per employee as large firms. 
C)  According to Clayton Christensen, 60 percent of all new products end up failing or performing well below expectations. 
D)  Small entrepreneurial firms produce twice as many innovations per employee as large firms.

Question 4

A utility patent covers the appearance of a product and its inseparable parts.

Accepted Answer

A) True 
 B)False

Question 5

Furniture Shine is introducing an improved version of its existing wax targeted to owners of antiques. The firm has decided to leave the original wax in the mix aimed toward residential owners. Furniture Shine 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 6

Holley and Ellison are sisters whose parents started a stable 15 years ago boarding pleasure horses. The parents want the sisters to take over the operation, because they would like to retire and the business is starting to suffer. What could the sisters do to move the company out of the decline stage of the product life cycle?

Accepted Answer

The competitive advantage of products an

Question 7

Which of the following intermediaries take ownership of the goods they distribute?

Accepted Answer

A)  Agents 
B)  Brokers 
C)  Merchant middlemen 
D)  Supply chain managers 
A)  Agents 
B)  Brokers 
C)  Merchant middlemen 
D)  Supply chain managers

Question 8

Match the term with its definition.
-Transportation intermediaries that contract with individual 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 9

Match the term with its definition.
-Elements of a firm's distinctive image not protected by a trademark, patent, or copyright

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 10

Match the term with its definition.
-The way in which the product component of the marketing mix is used to achieve a firm's objectives

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 11

Ollie has developed a new product for radio that allows the listener to rewind and listen to songs or dialogue that was missed. The listener can then resume play in live mode, similar to a DVR product used on home TVs. Ollie knows his competitive advantage will dwindle over time as new technology emerges. What can he do to secure the future of his product and himself as an innovator?

Accepted Answer

Ollie needs to develop a sustainable com

Question 12

Match the term with its definition.
-The overall perception of a brand

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 13

Joe has redesigned an app that helps businesses organize their taxes after a rival gained market share. The IRS and the Society of Certified Public Accountants have said the app meets tax standards. The app would be considered a(n)

Accepted Answer

A)  sustainable competitive advantage. 
B)  strategic alliance. 
C)  competitive adjustment. 
D)  business process reengineering. 
A)  sustainable competitive advantage. 
B)  strategic alliance. 
C)  competitive adjustment. 
D)  business process reengineering.

Question 14

The three main considerations in evaluating a channel of distribution are costs, coverage, and customer service.

Accepted Answer

A) True 
 B)False

Question 15

Delivery terms include paying the freight costs, selecting the carriers, bearing the risk of damage in transit, and selecting the modes of transport.

Accepted Answer

A) True 
 B)False

Question 16

In small businesses, new product development is best handled through a rigid, structured process.

Accepted Answer

A) True 
 B)False

Question 17

A bed and breakfast inn that adds a restaurant that is open to the public is an example of unrelated product offerings.

Accepted Answer

A) True 
 B)False

Question 18

Because growth in sales is perceived as good for business, no changes will be needed in personnel, operations, or management style.

Accepted Answer

A) True 
 B)False

Question 19

The activities involved in physically moving a product are called

Accepted Answer

A)  channel management. 
B)  channel of distribution. 
C)  logistics. 
D)  supply chain management. 
A)  channel management. 
B)  channel of distribution. 
C)  logistics. 
D)  supply chain management.

Question 20

Annabelle's company makes pottery. She would like to expand her business and is looking for ideas. Which of the following would you advise her to do?

Accepted Answer

A)  Think outside the box; go into a completely different line of products. 
B)  Pursue innovation that customers will perceive as adding excitement to their lives. 
C)  Base innovative efforts on her experience. 
D)  Focus on products or services offered by her largest competitors. 
A)  Think outside the box; go into a completely different line of products. 
B)  Pursue innovation that customers will perceive as adding excitement to their lives. 
C)  Base innovative efforts on her experience. 
D)  Focus on products or services offered by her largest competitors.

Exam 15: Product Development and Supply Chain Management

Franklin sells his product in a brick-and-mortar store and online. Franklin is using

All small firms want to grow.

Which of the following statements is correct concerning the role of innovation for small businesses?

A utility patent covers the appearance of a product and its inseparable parts.

Furniture Shine is introducing an improved version of its existing wax targeted to owners of antiques. The firm has decided to leave the original wax in the mix aimed toward residential owners. Furniture Shine is employing a _____ product strategy.

Which of the following intermediaries take ownership of the goods they distribute?

Match the term with its definition. -Transportation intermediaries that contract with individual shippers

Match the term with its definition. -Elements of a firm's distinctive image not protected by a trademark, patent, or copyright

Match the term with its definition. -The way in which the product component of the marketing mix is used to achieve a firm's objectives

Match the term with its definition. -The overall perception of a brand

Joe has redesigned an app that helps businesses organize their taxes after a rival gained market share. The IRS and the Society of Certified Public Accountants have said the app meets tax standards. The app would be considered a(n)

The three main considerations in evaluating a channel of distribution are costs, coverage, and customer service.

Delivery terms include paying the freight costs, selecting the carriers, bearing the risk of damage in transit, and selecting the modes of transport.

In small businesses, new product development is best handled through a rigid, structured process.

A bed and breakfast inn that adds a restaurant that is open to the public is an example of unrelated product offerings.

Because growth in sales is perceived as good for business, no changes will be needed in personnel, operations, or management style.

The activities involved in physically moving a product are called

Annabelle's company makes pottery. She would like to expand her business and is looking for ideas. Which of the following would you advise her to do?

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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