Question 1

What is an order qualifier&#10;A) A characteristic which the customer does not expect&#10;B) A characteristic which the customer expects as a minimum standard&#10;C) A characteristic which the customer expects only in the best quality product or service&#10;D) A characteristic which the customer is willing to pay more for

Accepted Answer

An order qualifier is a characteristic that customers consider a minimum standard for purchasing a product or service. It's a baseline requirement that must be met for a product or service to even be considered by a customer.

Question 2

A characteristic of a product or service that directly contributes to winning business from customers is called ______________________&#10;A) An order qualifier&#10;B) A winning characteristic&#10;C) An order winner&#10;D) A quality characteristic

Accepted Answer

An order winner is a characteristic that directly contributes to winning business from customers by differentiating a product or service from its competitors.

Question 3

The 5 internal performance objectives analysed further by Neely (2008) are cost, quality, flexibility, speed and ________________?&#10;A) Variability&#10;B) Tangibility&#10;C) Dependability&#10;D) Intangibility

Accepted Answer

Dependability is one of the five internal performance objectives alongside cost, quality, flexibility, and speed, as analyzed by Neely (2008). Dependability refers to the reliability and consistency in delivering products or services.

Question 4

The ability of a product or service to meet customers' expectations is called _______________?&#10;A) Flexibility&#10;B) Quality&#10;C) Value&#10;D) Dependability

Accepted Answer

The answer of The ability of a product or service...

Question 5

Which of the following quality characteristics identified by Neely (2008) refers to the ability of a product or service to absorb slight variations in conditions and still perform to specification?&#10;A) Serviceability&#10;B) Conformance&#10;C) Performance&#10;D) Technical durability

Accepted Answer

The answer of Which of the following quality characteristics identified...

Question 6

A pharmaceutical company producing three different grades of aspirin tablet is an example of which type of flexibility?&#10;A) Mix flexibility&#10;B) Output quality flexibility&#10;C) Material quality flexibility&#10;D) Deliverability flexibility

Accepted Answer

The answer of A pharmaceutical company producing three different grades...

Question 7

What is a perfect competition?&#10;A) One in which there are no buyers or sellers with influence over prices&#10;B) One in which there are many buyers or sellers with influence over prices&#10;C) One in which there is one dominant buyer or seller with influence over prices&#10;D) One in which there are two dominant buyers or sellers with influence over prices

Accepted Answer

In a perfect competition, there are so many buyers and sellers that no single entity has the power to influence prices, leading to a situation where the market determines prices based on supply and demand.

Question 8

A situation where there are several large sellers with control over the market is called __________________?&#10;A) A monopoly&#10;B) A duopoly&#10;C) An oligopoly&#10;D) A Monopsony

Accepted Answer

An oligopoly is a market structure in which a few large firms dominate the market, each with significant control over prices and production.

Question 9

The strategic management of product groups through trade partnerships is called _________________?&#10;A) Market segmentation&#10;B) Market distribution&#10;C) Category management&#10;D) Category marketing

Accepted Answer

Category management is the strategic management of product groups through trade partnerships aimed at maximizing sales and profit. It involves managing product categories as business units and customizing them on a store-by-store basis to satisfy customer needs.

Question 10

The category of market segmentation concerned with consumer activity, opinion and values are called ________________variables?&#10;A) Demographic&#10;B) Psychographic&#10;C) Geographic&#10;D) Behavioural

Accepted Answer

Psychographic segmentation involves dividing a market into segments based upon different consumer personality traits, values, attitudes, interests, and lifestyles. This approach helps marketers understand and target customers based on their inner motivations.

Deck 2: Winning Customers and Competing Effectively