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Management Entrepreneurship

Business

Quiz 12 :
Small Business Marketing Product

Quiz 12 :
Small Business Marketing Product

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The four Ps of the marketing mix are product,price,promotion,and packaging.
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True False
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Answer:

False

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The marketing mix consists of variables that can be controlled in bringing the product or service to the target market.
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True False
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Answer:

True

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At the heart of the marketing mix is promotion.
Free
True False
Answer:

Answer:

False

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The expected product level of product satisfaction includes the set of attributes and conditions that consumers assume will be present.
True False
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The most basic level of product satisfaction is the core benefit.
True False
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Product augmentations are additions made to create a unique product.
True False
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Trends like increased global competition and quickly changing customer needs have shortened product life cycles and increased the need for new products.
True False
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According to Booz,Allen,& Hamilton classifications,products that have never before been seen and result in entirely new markets are called product positioning.
True False
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The addition of a coffee bar in a campus bookstore would be considered a new product line for the bookstore.
True False
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About 25,000 totally new products are introduced to grocery stores each year.
True False
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All an inventor/entrepreneur needs is a good idea for a new product and companies will gladly pay huge amounts of money to produce it.
True False
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Under a licensing agreement,an inventor generally receives a royalty of about 50 percent of the sale of the product.
True False
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Under private label manufacturing a small business can produce a product for another company,like Craftsman under the Sears name.
True False
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A sustainable competitive advantage is based on a core competency that the firm does better than others.
True False
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Advertising should be thought of as the last five seconds of marketing.
True False
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The ability to offer quality goods at competitive prices depends upon purchasing skills.
True False
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Price is the only factor to consider when purchasing inventory.
True False
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The first step in the purchasing process is investigating suppliers.
True False
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After a business owner selects a supplier,the next step is to pay the purchasing invoice.
True False
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Vendor selection should be based upon habit,not systematic analysis.
True False
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