Managing The Business Quiz 2 | Management Skills Courses

The Managing The Business 2 Quiz

1.

Licensing is a business arrangement in which one company (the licensor) gives another permission to manufacture and sell products bearing images to which it owns the copyright. In return the licensor gets all the revenue from products sold under the license.

True

False

2.

The Product life cycle is the series of events that sees a new product come into existence, and follows its growth into a mature product, potential expansion, critical mass and eventual decline.

True

False

3.

An ethical approach aims to;-
Select all that apply

ensure the employees act responsibly in putting ethical considerations before profit

ensure the employees consider the implications of their actions on staff, suppliers, community and the planet

encourage staff to be sensitive to their community, always do the right thing, and behave morally. fairly and honestly

take decision making out of the hands of staff

4.

Ethical Policy may cover:-
Select all that apply

Human resource policies

Relationships with suppliers

Finance

Sales and marketing

5.

A license may specify a minimum sales revenue, or that royalties reach a minimum amount.

True

False

6.

A license will;-
Select all that apply

grant the right to manufacture, import, advertise or sell and distribute the product in specifically agreed territories

state whether the license is exclusive or not in a particular territory

specify the trade channels the license can be used for,

specify where the product is to be manufactured

7.

There are those who argue that the objective of any company is firstly to make a profit, and that many organisations have a stated aim off maximizing shareholder returns, in which case sacrificing profits to ethics may conflict with director’s fiduciary responsibilities.

True

False

8.

From a manufacturing or retailers perspective, buying the licensing rights to a popular character can;-
Select all that apply

significantly increase the sales of a basic product

differentiate your product in the market place

probably make a slightly higher margin

ensure your product sells out

9.

A new business development manager can take action to extend the life of the business. This may involve;-
Select all that apply

looking for new products,

looking for new markets

mergers and acquisitions

closing the business

10.

Business success often depends on entrepreneurs and management teams recognising where the business is positioned in the life cycle and developing the most appropriate strategies for that stage in the cycle, and their plans and ambitions for the business.

True

False

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