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- 1. Multiple Choice
A business that can produce and/or sell their services better than their competitors is said to have
an absolute advantage
a price advantage
a competitive advantage
a competitive edge
- 2. Multiple Choice
Which three of the following are areas a business can lead in to be competitive in their market?
Price
Speed of delivery
Quality
Quantity
Warranty
- 3. Multiple Choice
There are a number of strategies a business can implement in an attempt to gain a competitive advantage. One strategy is to make the product __________than its competitors.
stand out more
more expensive
the same
have more defects
- 4. Multiple Choice
Investing funds in products to create new products or improve existing products.
Research and Development
Differentiation
Operations management
Lowering costs
- 5. Multiple Choice
Corporate Socially Responsible strategies include:
Minimizing impact on the environment
Having sales
Donating profits to charities
Paying employees a fair wage
- 6. Multiple Choice
The use of robotics in manufacturing is an example of…
strategic planning
process innovation
product innovation
blended marketing
- 7. Multiple Choice
Which of the following is not a type of cost incurred by a business?
Wages
Advertising
Net Profit
Sales revenue
- 8. Multiple Choice
R&D is an abbreviation for...
Research and Development
Rewards and Dividends
Recruitment and Delivery
Research and Differentiation
- 9. Multiple Choice
Which of the following refers to moving a company’s processes or services overseas?
Offshoring
Outsourcing
Restructuring
Differentiation
- 10. Multiple Choice
Which of the following is not a way that a business can compete on quality?
Inspecting products to reduce defects
Reducing prices
Responding to customer needs immediately
Complying with design specifications
- 11. Multiple Choice
Sweatshop labour is an example of a company being socially responsible. True or false?
True
False
- 12. Multiple Choice
Improving the speed of delivery will create a competitive advantage for a business.
True
False
- 13. Multiple Choice
What can cause changes in demand?
Incomes, tastes and fashions, and expectations about the market
Prices of complementary and substitute goods and services
Changing populations, age and gender of potential customers
All of those listed here.
- 14. Multiple Choice
What does productivity measure?
The amount of output compared with the amount of input that goes into production.
The amount of product wasted when compared with the amount of input used in production
The amount of output increased compared with the amount of cost that goes into production
A reduction in the output and an increased in the input.
- 15. Multiple Choice
Why do businesses seek to build or create a competitive advantage?
To survive and thrive
To meet the changing demands of a competitive global market
To achieve efficiencies and lower costs, thus increasing the profit margin
All of those listed here.
- 16. Fill in the Blank
A _______ product has a high degree of excellence and achieves the purpose for which it was designed.
- 17. Fill in the Blank
_________ refers to a business's efforts to make a product stand out by providing unique or superior value to customers in comparison with it competitors.
- 18. Multiple Choice
A _____ is a particular group of consumers at which a product or service is aimed.
target market
differentiated offering
pro forma
patent
- 19. Multiple Choice
Identifying your target market makes it easier and more cost effective to ______.
appeal to everyone
sell your products to the masses
reach your potential customers
push away unnecessary customers
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