1After considerable research, Grant purchases a high-speed laser multi-function copier for his busin

1After considerable research, Grant purchases a high-speed laser multi-function copier for his business What type of product is this copier?

A

Expense item

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B

Special good

C

Production item

D

Shopping good

E

Capital item

2A nationwide fast food restaurant is considering adding an innovative new item to its menu It introduces the item at a few carefully selected restaurants that most accurately represent its test market and carefully evaluate? consumers’ reaction to it Which stage of the product development process does this BEST? represent?

A

Commercialization

B

Business analysis

C

Product testing and test marketing

D

Concept testing

E

Prototype development

3Products that carry the name of the wholesaler or retailer instead of the name of the manufacturer are referred to as? _______ brands

A

producer

B

licensed

C

generic

D

national

E

private

4Kroger is a retail food chain with over? 2,500 supermarkets nationwide Although it does not produce any food? items, it markets a line of canned and frozen goods carrying the Kroger name This is an example of?________

A

product adaptation

B

a national brand

C

a private brand

D

a licensed brand

E

product placement

5Which of the following can be expected during the growth stage of the product life cycle? (PLC)?

A

Extensive? development, production, and sales costs

B

?Price-cutting, increased advertising and promotional? expenditures, and lower profits

C

The decline of sales and profits

D

Revenues surpass costs and sales increase rapidly

E

Highest profit levels early in the stage

6Johanna is considering opening a pet boarding business She wants to know how many pets she needs to board each month so that all of her costs are covered What is Johanna trying to? determine?

A

Breakeven analysis

B

Variable costs

C

?Cost-based pricing

D

Market share

E

Markup percentage

7Graham is considering opening a pet grooming business The monthly rent on the building and his insurance will remain? constant, no matter how many dash

– or how few dash – pets he grooms These expenses are part of?Graham’s _______

A

variable costs

B

fixed costs

C

mixed costs

D

revenue

E

markup

 

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