Question

QUESTION 1:

The Life is Good brand's mission statement "To spread the power of optimism" fits with which characteristics of good mission statements?

		It is easily converted into actionable tactics.
		It is short, memorable, and meaningful.
		It describes the company's growth plan.
		It defines the major competitive spheres in which the company will operate.
		It stresses the company's major policies and values.

QUESTION 2:

There is a shared need among consumers that is not currently satisfied by any existing product in the marketplace. This is called ___________ demand.

		declining
		latent
		irregular
		negative
		nonexistent

QUESTION 3:

When services are created or produced at the time consumers need them, they fall under the characteristic of _______.

		Reliability
		Perishability
		Intangibility
		Variability

Answer 1

Q.1 It is short, memorable, and meaningful

The mission statement is very short and crisp. It is also very meaningful, memorable, and effective. It conveys the organization's message very effectively and is easy to remember.

The mission statement does not fit with the other options.

Q. 2 Latent

Latent demand is the demand for a product or service that cannot be satisfied since the product or service is not available in the market.

Declining, irregular, negative, and nonexistent demand is not applicable in this case

Q.3 Perishability

Perishability is the characteristic of service that means a service cannot be stored for later use. It has to be created only when required. Therefore, when services are produced at the time consumers need them, they fall under the characteristic of perishability.

Reliability, Intangibility, and Variability are not applicable in this case.