Managing The Business 2 The Managing The Business 2 Quiz 1. 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 2. Ethical Policy may cover:- Select all that apply Human resource policies Relationships with suppliers Finance Sales and marketing 3. 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 4. 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 5. 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 6. 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 7. 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 8. 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 9. 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 10. A license may specify a minimum sales revenue, or that royalties reach a minimum amount. True False Be sure to click Submit Quiz to see your results! Name Email Time's up ← Managing The Business 1Managing The Business 3 →
