What is the NAICS code? Explain its six-digit hierarchical structure
What will be an ideal response?
The North American Industrial Classification System (NAICS) code is a classification system used by the U.S.
Census Bureau to organize industries. The NAICS system starts out with 20 industry groups and appends digits on
to those codes as the industries become more specific, resulting in a six-digit hierarchical structure that covers
(virtually) every industry.
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Which of the following is true about an offensive strategic market plan?
A) It is inappropriate for a market with high market attractiveness and low competitive advantage. B) It is used for entering a new market with no established share position. C) It is appropriate if a business wants to improve profits by optimizing its market focus with minimal investment. D) It is used to protect the current position of a business. E) It is used in markets with market attractiveness below 20 where the business has low competitive advantage.
Which of the following product mix pricing strategies involves pricing products that can only be used with the main product?
A) by-product pricing B) product bundle pricing C) captive product pricing D) product line pricing E) optional product pricing
Which one of the following was not mentioned as an advantage of writing over oral communication?
A. economy B. efficiency C. accuracy D. immediate feedback
In a production process with a machine constraint, if a quality control point is to be established, it should be set up
a. within the machine's processes. b. directly after the machine has performed its functions. c. immediately before the machine. d. at the end of the production process.