1- houser enterprises only sells its business language dictionary to college stu
ID: 339806 • Letter: 1
Question
1- houser enterprises only sells its business language dictionary to college students throughout the United States. Rouser houser, the owner, wants to start selling the same book to international students abroad. Houser wants to pursue a _________growth stategy.
A- International market maximization
B- Market development
C- Market penetration
D- Diversification
E- What you get for what you give.
______________________________________________
2- in simple terms, "value" is
A- The lowest cost option
B- Represented by brand names
C- Only the dollar amount associated with what you get
D- Everyday low prices
E- What you get for what you give
______________________________________________
3- during the ________ stage of the product life cycle sales are rising and profits are rapidly rising
A- Introduction
B- Idea generation
C- Maturity
D- Growth
E- Decline
______________________________________________
4- brands add value to merchandise and services, for both consumers and sellers, which of the following best describes a way (or ways) that brands add value?
A- Brands establish loyalty
B- Brands protect from competition & price competition
C- Brands are assets
D- Both A & C
E- A, B, & C are all examples of how brands add value
Explanation / Answer
Explanation- Market development is a growth strategy for the business. The term refers to the identifying and developing new market segments for the current products (existing products). In other words, the business uses the existing product or service to attract new customers in a different market segments. The strategy is to convert non-buying customers into buying customers for the existing product or service.
Other options- International market maximization is introducing products into new market segments however it can use a variety of products and not focus on just one product or service; On the other hand, market penetration is the selling of products and services in a specific target market; Diversification is the company’s expansion of its range of products and services in different fields.
2. E- What you get for what you give
Explanation- Value is defined as to how much a product or service is worth. Value can be both monetary and non-monetary. Example of monetary value is the price. Example of non-monetary values is quality, performance, durability etc.
Other options- other options in the question relate to only price and the brand rather than the ‘value’ of a product.
3. D- Growth
Explanation- In the product life cycle, the growth phase has a rapid increase in sales thus resulting in rapid increase in profits.
Other options- Introduction, Idea generation are just initial stages of a product which does not have any increase in sales. Maturity stage is when the market is saturated. Decline stage is when the sales declines rapidly.
4. E- A, B, & C are all examples of how brands add value
Explanation- An effective brand performs consistently than the competitive brands thus increasing customer loyalty. An effective branding communicates the values of the product thus distinguishing itself from the competitors. Customers consider the brands as assets which mean that they perceive the brand as a distinctive asset which is valuable to a brand.
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