Adm chapter 2 questions with verified
answers
Which of the following is an output of the strategic plan? - correct answer ✔✔Determining the
ongoing depth and breadth of product mix
A top-level management activity that is used to set priorities, focus energy and resources, and
ensure that all stakeholders are working toward the same goals is known as: - correct answer
✔✔strategic plan
A company's mission and vision statement should reflect a company's: - correct answer ✔✔core
values
A legal agreement that grants a business partner exclusive rights to produce or sell products
under a proprietary brand name is referred to as: - correct answer ✔✔licensing
To distinguish a product or service from other competitors in order to make it more desirable in
the marketplace is known as: - correct answer ✔✔product differentiation
A term used to describe goods and services that are highly desirable due to their cost, and
perceived superior value, quality, and craftsmanship is: - correct answer ✔✔luxury market
When a company manages multiple brands but most consumers are unaware of their shared
ownership, it is referred to as a: - correct answer ✔✔brand umbrella
The consumer's set of assumptions and feelings about products and/or services provided under
the brand name is referred to as: - correct answer ✔✔brand image
answers
Which of the following is an output of the strategic plan? - correct answer ✔✔Determining the
ongoing depth and breadth of product mix
A top-level management activity that is used to set priorities, focus energy and resources, and
ensure that all stakeholders are working toward the same goals is known as: - correct answer
✔✔strategic plan
A company's mission and vision statement should reflect a company's: - correct answer ✔✔core
values
A legal agreement that grants a business partner exclusive rights to produce or sell products
under a proprietary brand name is referred to as: - correct answer ✔✔licensing
To distinguish a product or service from other competitors in order to make it more desirable in
the marketplace is known as: - correct answer ✔✔product differentiation
A term used to describe goods and services that are highly desirable due to their cost, and
perceived superior value, quality, and craftsmanship is: - correct answer ✔✔luxury market
When a company manages multiple brands but most consumers are unaware of their shared
ownership, it is referred to as a: - correct answer ✔✔brand umbrella
The consumer's set of assumptions and feelings about products and/or services provided under
the brand name is referred to as: - correct answer ✔✔brand image
