Introduction to Business

Yanıt Açıklaması: Brand personality refers to the set of human characteristics attributable to a brand.

Yanıt Açıklaması: Differentiation refers to offering extra value in addition to the basic features offered in the product.Differentiation strategy requires that the point being differentiated has specific characteristics. For instance, the so-called differentiation as the company argues may not be meaningful for the target customers. If the consumer is not willing to pay for it, then the company has to start from scratch to find a meaningful advantage. The correct answer is B.

Yanıt Açıklaması: In order to talk about a useful segmentation, the following conditions must be met: People in the same group should be homogenous, i.e. similar to each other in one way of another. This is in fact the basis of effective segmentation: each segment must be similar in terms of needs or chosen characteristics. People in different groups should be heterogeneous. Together with the first point, this would demonstrate that consumers are effectively divided into sets of different needs. Some data should be available for each segment so that measurements can be made as regards to the size of the market, the general characteristics of consumers constituting that market, details of their buying behavior, and thus, the overall attractiveness of the segment. The segments should be substantial either in terms of number (sales potential) or in terms profit per unit sold (profit potential). Each company is likely to have a “minimum” requirement to be profitable. The segments should also be accessible so that an effective distribution and communication strategy can be established.

Yanıt Açıklaması: Core - Generic - Expected - Augmented - Potential

Yanıt Açıklaması: Focus strategy attempts to capture a smaller segment in the market.

Yanıt Açıklaması: Production is the transformation or conversion of a set of inputs, such as raw materials, labor, knowledge, into one or more outputs such as tables, cars, and banking services.

Yanıt Açıklaması: A journal is the chronological record of transactions. The correct answer is A.

Yanıt Açıklaması: Transformation process in the production system can be: • Physical: in manufacturing operations, • Locational: in transportation or warehouse operations, • Exchange: in retail operations, • Physiological: in health care, • Psychological: in entertainment, • Informational: in communication

Yanıt Açıklaması: Firms needs to choose a specific strategy, a way of doing business so that they can concentrate their efforts and resources on certain areas.3 In his argument, firms failing to do this would “stuck in the middle,” vaguely perceived by consumers as a strong brand (Figure 5.1). Firms which stuck in the middle fail to develop their strategy in at least one of three dimensions: (1) cost leadership, (2) differentiation, and (3) focus. Companies should build competitive advantage in order to remain distinctive in the market and hold the advantage for a long period of time.

Yanıt Açıklaması: Marketing mix can be considered as the tactical-level marketing facilities, which are directed towards a certain target group, identified in the phase of strategic decisions. Four Ps are identified to be the initial letters of the most fundamental marketing actions, namely, product, price,place (distribution), and promotion.

Yanıt Açıklaması: Differentiation refers to offering extra value in addition to the basic features offered in the product.

Yanıt Açıklaması: Enterprise Risk Management (ERM) is an integrated risk management approach, which considers risks in the context of business strategy and manages them with a portfolio perspective through well-defined risk responsibilities and strong risk monitoring processes. In ERM, there is a senior level position usually called Chief Risk Officer (CRO) who has the highest responsibility for overseeing the centralized risk management function.

Yanıt Açıklaması: A ledger is the book holding all the accounts with their balances. The correct answer is E.

Yanıt Açıklaması: Bookkeeping is the recording of a firm’s financial transactions which usually involves only the recording of budgetary events.

Yanıt Açıklaması: The ultimate goal of production management is to provide high-quality goods and services instantaneously in response to customer demand by the lowest possible cost.

Yanıt Açıklaması: When evaluated from the consumer’s perspective, marketing mix is called “Four Cs”, representing customer value (product), cost to the customer (price), convenience (place), and communication (promotion).