Economics MCQs

Page No. 266

If Toyota describes one of its cars of the future as being a moderately priced subcompact designed as a second family car to be used arround town; the car is ideal for running errands and visiting friends, then the company has just stated a potential new product in terms of a(n) ?


a Product idea


b Product image


c Product concept


dProduct features


View Answer Product concept

R&D and engineering first produce the product concept into a physical product during which of the following stages of the new product development process ?


a Concept development and testing


bMarketing strategy


cBusiness analysis


d Product development



Traditionally companies have defined their business in product terms or in technological terms however mission statements should be all of the following EXCEPT ?


a market oriented


ba statement of religion


cmotivating


dbased on distinctive competencies



_______ is the step in the selling process in which the salesperson learns as much as possible about a prospective customer before making a sales call?


aProspecting


b Preapproach


c Approach


d Handling objections


View Answer Preapproach

Which of the following is foreign owned (even through it is traditionally thought of as a U.S company) ?


aIBM


b Xerox


cKodak


dUniversal Studios


View Answer Universal Studios

The In suppliers are most likely to get nervous and feel pressure to put their best foot forward in which of the following types of buying situations ?


amodified rebuy


bnew task buying


cstraight rebuy


dindirect rebuy


View Answer modified rebuy

If a firm were to bid to do a turnkey operation where they would choose a building site designing a cement factory to build the plant hire construction crews assemble materials and equipment to run the new factory and turn over the finished factory ready to operate to the owners the firm would be using which of the following ?


a Core Process products selling


b Design Products selling


cReciprocal spelling


dSystems selling


View Answer Systems selling

A(n) _____ is a retail store that carries a narrow product line with a deep assortment within that line ?


a shopping goods store


bconvenience store


cspecialty store


ddepartment store


View Answer specialty store

Consumer goods with unique characteristics or brand identification often requiring a special purchase effort are called?


a custom products


bspecialty products


cconvenience products


dshopping products


View Answer specialty products

________ is the practice of adopting policies and developing strategies that both sustain the environment and produce profits for the company ?


aEnvironmentalism


bEnvironmental sustainability


cConsumerism


dConsumer accountability



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