Chapter-4 - Chapter 4: Volume and Volume Strategies...

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Chapter 4: Volume and Volume Strategies MULTIPLE CHOICE 1. Marketing is the ____ aspect of volume generation. a. Logic b. Creative c. Evaluative d. Innovative ANS: B The creativity aspect of volume generation is often referred to as marketing. REF: 4-1 2. The logic of ____ refers to the need to conduct market research to understand the consumer needs that drive demand for the venture’s products and services. a. Competition b. Quality c. Supply d. Volume ANS: D The logic of volume refers to the need to conduct market research to understand the consumer needs that drive demand for the venture’s products and services. REF: 4-1 3. The total revenue generated by a venture is a function of the equation: Revenue = Price × ____. a. Manufacturing cost b. Gross margin c. Volume d. Market share ANS: C The total revenue generated by a venture is a function of a simple equation: Revenue = Price × Volume REF: 4-1 4. Which of the following is not one of the four Ps of marketing? a. Placement b. Product c. Promotion d. Prevention ANS: D Four Ps: product, price, placement, and promotion. REF: 4-1 5. The revenue achievements of the venture are determined by ____. a. The tools of volume
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b. The process by which the tools of volume are applied c. How quick the goods are produced d. Post-sales customer service ANS: B It is not the tools of volume that drive the desired revenue. Rather, it is the process by which they are applied that determines the revenue achievements of the venture. REF: 4-1 6. What is a target market? a. Every person in the world who would purchase a product or service if he or she could afford it b. A market which caters to only specific needs of people, like a vegetable market c. The subset of potential customers who can be made aware of the venture’s products and services and who can be persuaded to purchase those offerings d. A market that does not have all that a customer would want ANS: C The target market, on the other hand, consists of the subset of potential customers who can be made aware of the venture’s products and services and who can be persuaded to purchase those offerings. REF: 4-2 7. If a venture tailors its products and services according to the needs of its customers, it means that ____. a. The venture has been a failure b. The venture has run out of funds c. The venture has understood its customers d. The venture is doing the wrong thing ANS: C The better the venture understands its customers, the more likely it is to tailor its products and services to meet their needs. REF: 4-2 8. What is the first step in determining a venture’s target market? a. Communicate with the target market b. Segment the overall market c. Do a comparative analysis d. Persuade the target market to do business with the company ANS: B The first step in determining the venture’s target market is to segment the overall market. REF:
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Chapter-4 - Chapter 4: Volume and Volume Strategies...

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