12BUS Review Week 3

Brand ________ = brand ____________ + positive associations with the brand

• equity; awareness

• awareness; loyalty

• loyalty; awareness

• loyalty; equity

Which of the following is highest/a business' goal in branding?

• brand recognition

• brand recall

• brand equity

• brand loyalty

The Pareto principle says that:

• 20% of customers account for 80% of sales

• 25% of customers account for 20% of sales

• 25% of customers account for 80% of sales

• 20% of customers account for 50% of sales

Brand recognition is the same as brand awareness

• True

• False

Which of the following are benefits of a business engaging in R & D?

• Competitive advantage

• Lower costs

• New markets

• Publicity

• Efficiencies in manufacturing

Which of the following is NOT true for businesses in mature markets?

• influence each other through a mixture of competitive strategies

• compete to gain the attention of customers

• experience average competition

• produce products or services that are close substitutes

• want to achieve an advantage over others

Which of the following are true for a mature industry?

• often associated with a cost-competitive environment

• often associated with declining profit margins

• have always reached a plateau in growth

• usually have many businesses entering the industry

Which are the following are ways a business may operate more efficiently in a mature market?

• Outsourcing and/or offshoring

• Updating marketing tactics

• Using automation & robotics

• Using technologies

• Using CAD, CAM & CIM

In the maturity stage, businesses aim to maintain and increase ________________ by attracting new customers (away from competitors)

Which of the following are disadvantages of outsourcing?

• Customer resistance

• Reduction in operating costs

• Focus on core operations

• Potential quality issues

• Loss of jobs