Question 1

Match the term with its definition.
-The lowest common denominator in the product mix-the individual item

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 2

High-performing companies

Accepted Answer

A)  adjust strategies for changing customer needs before rivals. 
B)  downgrade capabilities as competitive advantages move into the decline stage. 
C)  hire people to drive new growth once the growth is identified. 
D)  All of these are completed by high-performing firms. 
A)  adjust strategies for changing customer needs before rivals. 
B)  downgrade capabilities as competitive advantages move into the decline stage. 
C)  hire people to drive new growth once the growth is identified. 
D)  All of these are completed by high-performing firms.

Question 3

Match the term with its definition.
-The system of relationships established to guide the movement of a product

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 4

A legal term indicating that a firm has exclusive rights to use a brand to represent a product is a

Accepted Answer

A)  copy mark. 
B)  trademark. 
C)  service mark. 
D)  trade dress. 
A)  copy mark. 
B)  trademark. 
C)  service mark. 
D)  trade dress.

Question 5

Which of the following statements is true about company growth?

Accepted Answer

A)  Successful growth occurs on its own. 
B)  A high-growth firm's need for additional financing may exceed its available resources, even though the venture is profitable. 
C)  Inventory needs will increase while account receivables will decrease with growth. 
D)  While rapid growth may stress personnel, the increase in pay will be sufficient. 
A)  Successful growth occurs on its own. 
B)  A high-growth firm's need for additional financing may exceed its available resources, even though the venture is profitable. 
C)  Inventory needs will increase while account receivables will decrease with growth. 
D)  While rapid growth may stress personnel, the increase in pay will be sufficient.

Question 6

The distinctive operating image of a product, including features such as size, shape, color or color combinations, texture, graphics, or even particular sales techniques, can be protected

Accepted Answer

A)  by copyright. 
B)  by patent. 
C)  as trade dress. 
D)  as a registered concept. 
A)  by copyright. 
B)  by patent. 
C)  as trade dress. 
D)  as a registered concept.

Question 7

A garden center selling two varieties of mint plant has one product item in two product lines.

Accepted Answer

A) True 
 B)False

Question 8

Match the term with its definition.
-The collection of a firm's total product lines

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 9

Cooking for Collin, a small manufacturer of holiday cakes, sells its product through independent retailers and mail-order marketing. Cooking for Collin is relying on a(n)

Accepted Answer

A)  direct channel of distribution. 
B)  indirect channel of distribution. 
C)  dual distribution channel. 
D)  multiple-outlet distribution channel. 
A)  direct channel of distribution. 
B)  indirect channel of distribution. 
C)  dual distribution channel. 
D)  multiple-outlet distribution channel.

Question 10

In the development of the physical product stage of the new product development process, new products are analyzed and ideas that fail to show possible profitability are discarded.

Accepted Answer

A) True 
 B)False

Question 11

A brand includes the verbal and/or symbolic means of identifying a product.

Accepted Answer

A) True 
 B)False

Question 12

Match the term with its definition.
-The sum of related individual product items

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 13

A copyright provides protection for the duration of the creator's life, plus

Accepted Answer

A)  25 years. 
B)  70 years. 
C)  75 years. 
D)  100 years. 
A)  25 years. 
B)  70 years. 
C)  75 years. 
D)  100 years.

Question 14

Eugenie has written a poem that she plans to print inside the greeting cards she will publish. Her work is automatically protected, but which of the following should Eugenie include on the back of her greeting cards?

Accepted Answer

A)  The symbol © 
B)  The date the work was published 
C)  The name of the copyright owner's company 
D)  A listing of all other copyrights held by the owner 
A)  The symbol © 
B)  The date the work was published 
C)  The name of the copyright owner's company 
D)  A listing of all other copyrights held by the owner

Question 15

A small firm's special "signature" is called a logo.

Accepted Answer

A) True 
 B)False

Question 16

Match the term with its definition.
-A brand that cannot be spoken; a company logo

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 17

Match the term with its definition.
-The activities of distribution involved in the physical relocation of products

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 18

Arden has designed an artistic symbol to complement his product's name to assist customers in identifying his product. These symbols are commonly referred to as

Accepted Answer

A)  brand. 
B)  trademark. 
C)  service mark. 
D)  trade dress. 
A)  brand. 
B)  trademark. 
C)  service mark. 
D)  trade dress.

Question 19

Match the term with its definition.
-A distribution system with one or more intermediaries

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 20

Trademark and service mark are legal terms indicating the exclusive right to use a brand to represent products and services, respectively.

Accepted Answer

A) True 
 B)False

Exam 15: Product Development and Supply Chain Management

Match the term with its definition. -The lowest common denominator in the product mix-the individual item

High-performing companies

Match the term with its definition. -The system of relationships established to guide the movement of a product

A legal term indicating that a firm has exclusive rights to use a brand to represent a product is a

Which of the following statements is true about company growth?

The distinctive operating image of a product, including features such as size, shape, color or color combinations, texture, graphics, or even particular sales techniques, can be protected

A garden center selling two varieties of mint plant has one product item in two product lines.

Match the term with its definition. -The collection of a firm's total product lines

Cooking for Collin, a small manufacturer of holiday cakes, sells its product through independent retailers and mail-order marketing. Cooking for Collin is relying on a(n)

In the development of the physical product stage of the new product development process, new products are analyzed and ideas that fail to show possible profitability are discarded.

A brand includes the verbal and/or symbolic means of identifying a product.

Match the term with its definition. -The sum of related individual product items

A copyright provides protection for the duration of the creator's life, plus

Eugenie has written a poem that she plans to print inside the greeting cards she will publish. Her work is automatically protected, but which of the following should Eugenie include on the back of her greeting cards?

A small firm's special "signature" is called a logo.

Match the term with its definition. -A brand that cannot be spoken; a company logo

Match the term with its definition. -The activities of distribution involved in the physical relocation of products

Arden has designed an artistic symbol to complement his product's name to assist customers in identifying his product. These symbols are commonly referred to as

Match the term with its definition. -A distribution system with one or more intermediaries

Trademark and service mark are legal terms indicating the exclusive right to use a brand to represent products and services, respectively.

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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