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

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.

Core - Generic - Expected - Augmented - Potential

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

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.

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

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

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.

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. 

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.

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

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

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.

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).