Small Business Management - Chapter 12 Exam Bank Solution Manual (GradedA+)

Small Business Management - Chapter 12 Exam Bank Solution Manual (GradedA+) The series of intermediaries a product passes through when going from producer to supplier is known as ______. a. direct channels b. distribution channels c. warehousing d. shelf life - Answers b. distribution channels Of the Four P's of the marketing, ______ is especially significant for business because an effective distribution system can make or save a small business. a. Product b. Place c. Price d. Promotion - Answers b. Place Through a/an ______ distribution channel, products pass through various intermediaries before reaching the consumer. a. direct b. linear c. indirect d. nonlinear - Answers c. indirect Sandra visits the local farmer's market every Friday during the summer, where she picks up fresh produce that was grown by the same farmers who are there to sell the goods. The farmer's market where Sandra likes to shop illustrates what type of distribution channel? a. direct b. closed system c. indirect d. nonlinear - Answers a. direct The use of two or more channels to distribute the same product to the same target market is referred to as ______. a. direct channel distribution b. indirect channel distribution c. multipurpose distribution d. dual distribution - Answers d. dual distribution ______ cause the product to go directly from producers to consumers. a. Direct channels b. Indirect channels c. Distribution channels d. Streamline channels - Answers a. Direct channels Which of the following represents clients who buy or sell specialized goods or seasonal products and do not take title to the goods sold? a. agents b. brokers c. wholesalers d. retailers - Answers b. brokers Of the options listed, the most important decision that a small business owner makes is the choice of ______. a. the hours to be open b. the location of the business c. the decor of the building d. the paint color for the walls - Answers b. the location of the business The key word in evaluating a channel of distribution is ______. a. location b. plastics c. competition d. efficiency - Answers d. efficiency You can do away with distribution intermediaries, but you cannot do away with their ______. a. transportation b. channel c. profit d. function - Answers d. function An intermediary who brings buyers and sellers together and facilitates the exchange is known as a/an ______. a. wholesaler b. broker c. agent d. retailer - Answers c. agent Wyatt Foods Inc. buys food products in bulk from various producers and resells them to foodservice businesses across the region. Wyatt Foods can best be described as a/an ______. a. wholesaler b. manufacturer c. agent d. retailer - Answers a. wholesaler A small business owner should begin the site selection process by asking which of the following questions? a. What region would be best? b. What state within the region would be best? c. What city within that region would be best? d. What specific site within that city will work for the business? - Answers a. What region would be best? Which of the following questions is the last question that should be asked when determining the best location for a business? a. What region would be best? b. What state within the region would be best? c. What city within that region would be best? d. What specific site within that city will work for the business? - Answers d. What specific site within that city will work for the business? The following criteria are essential to analyze when evaluating a potential ______ for a business: price and availability of land and water, the labor pool, access to customers, and proximity of suppliers. a. target market b. location c. trademark d. brand name - Answers b. location The United States is a collection of ______ markets rather than one big market. a. local b. regional c. local and regional d. national - Answers c. local and regional Neighborhoods are typically comprised of people who are ______. a. very similar b. very different c. a mixture of types of people d. different in their religious beliefs - Answers a. very similar A database that distinguishes differing neighborhood types by accurate geodemographic segmentation is known as ______. a. Neighborhood Type Inventory b. Potential Rating Index for Zip Marketers c. Geodemographic Database System d. Neighborhood Segmentation Database - Answers b. Potential Rating Index for Zip Marketers Types of sites, accessibility, legal considerations, and economic factors are all issues to address when choosing ______. a. a potential product b. a potential advertising campaign c. a potential management team d. a potential business location - Answers d. a potential business location Road patterns and condition, obstructive barriers, site visibility, traffic flow, and parking convenience are all questions to address when looking at ______ in site selection. a. legal considerations b. economic factors c. type of site d. accessibility - Answers d. accessibility William has determined that he needs to expand parking at his bookstore, so he decides to purchase the empty lot across the street. This constitutes which site location consideration? a. economic factors b. type of site c. legal considerations d. accessibility - Answers d. accessibility Robert is opening a new bar and grill, and he is currently negotiating with the city's liquor board to obtain a liquor license before he can open. This constitutes which site location consideration? a. economic factors b. type of site c. legal considerations d. accessibility - Answers c. legal considerations Occupancy costs, the cost of amenities, and all one-time costs and leasehold improvements are all questions to address when looking at ______ in site selection. a. legal considerations