Question 1

Compare and contrast convenience products,shopping products,and specialty products.

Accepted Answer

Everyday goods and services that people

Question 2

People who monitor social media to spot shifts in consumer tastes are called ________.

Accepted Answer

A)  social arbitrators 
B)  trend watchers 
C)  crowd pullers 
D)  social developers 
E)  social programmers 
A)  social arbitrators 
B)  trend watchers 
C)  crowd pullers 
D)  social developers 
E)  social programmers

Question 3

________ are temporary price reductions to stimulate sales or lower prices to encourage certain behaviors such as paying with cash.

Accepted Answer

A)  Promotions 
B)  Discounts 
C)  Auctions 
D)  Brokerages 
E)  Allowances 
A)  Promotions 
B)  Discounts 
C)  Auctions 
D)  Brokerages 
E)  Allowances

Question 4

A survey revealed that a product has good brand awareness.This means that ________.

Accepted Answer

A)  buyers will not accept substitutes of the brand 
B)  the brand does not have many substitutes 
C)  people are familiar with the brand 
D)  the brand represents a specialty product 
E)  majority considered the brand as a preferred one 
A)  buyers will not accept substitutes of the brand 
B)  the brand does not have many substitutes 
C)  people are familiar with the brand 
D)  the brand represents a specialty product 
E)  majority considered the brand as a preferred one

Question 5

Which of the following is a key difference between product mix and product line?

Accepted Answer

A)  Product line is the complete set of the products in an industry, whereas product mix is an incomplete set of products. 
B)  Product mix contains products that are similar, whereas product line may contain dissimilar products also. 
C)  A product mix is used by larger companies, whereas a product line is used by smaller companies. 
D)  Product line is a set of heterogeneous goods or services whereas product mix is a set of homogenous products. 
E)  Product mix includes all products from a single manufacturer, whereas product line contains a group of similar products. 
A)  Product line is the complete set of the products in an industry, whereas product mix is an incomplete set of products. 
B)  Product mix contains products that are similar, whereas product line may contain dissimilar products also. 
C)  A product mix is used by larger companies, whereas a product line is used by smaller companies. 
D)  Product line is a set of heterogeneous goods or services whereas product mix is a set of homogenous products. 
E)  Product mix includes all products from a single manufacturer, whereas product line contains a group of similar products.

Question 6

Product life cycle refers to the four stages through which a product progresses.

Accepted Answer

A) True 
 B)False

Question 7

Goblo Chemicals is a Japanese drug manufacturer.The company has spent a considerable amount in R&D to invent a drug that fosters weight loss.The company has tested the product in-house and has now sold the product to a selected group of customers to gauge its demand.The company is in the ________ stage of product development now.

Accepted Answer

A)  idea screening 
B)  business analysis 
C)  commercialization 
D)  idea generation 
E)  test marketing 
A)  idea screening 
B)  business analysis 
C)  commercialization 
D)  idea generation 
E)  test marketing

Question 8

Which of the following is an example of a variable cost that businesses have to incur?

Accepted Answer

A)  insurance premiums 
B)  real estate taxes 
C)  unit-based incentives 
D)  employee salaries 
E)  mortgage payments 
A)  insurance premiums 
B)  real estate taxes 
C)  unit-based incentives 
D)  employee salaries 
E)  mortgage payments

Question 9

A group of fifteen entrepreneurs starts a manufacturing firm.The total fixed costs that they have incurred in setting up the business amounts to $50000.The variable cost of selling a unit of product is $25.What is the break-even point if each unit is priced at $50?

Accepted Answer

A)  2000 
B)  500 
C)  333 
D)  666 
E)  1000 
A)  2000 
B)  500 
C)  333 
D)  666 
E)  1000

Question 10

A product carrying the label of a wholesaler is an example of a private brand.

Accepted Answer

A) True 
 B)False

Question 11

Providing education in return of fees is an example of a service.

Accepted Answer

A) True 
 B)False

Question 12

Proctor and Gamble offers products under more than fifty brand names.The company's products vary from cosmetics to cat foods.A complete list of all these products that the company offers will refer to the company's ________.

Accepted Answer

A)  core product line 
B)  marketing mix 
C)  product mix 
D)  product line 
E)  co-branding list 
A)  core product line 
B)  marketing mix 
C)  product mix 
D)  product line 
E)  co-branding list

Question 13

John decides to buy a new car.He compares many products and considers such aspects as fuel efficiency,power,and size before finalizing a model.In this case,the new car is an example of a(n)________.

Accepted Answer

A)  convenience product 
B)  expense item 
C)  specialty product 
D)  capital item 
E)  shopping product 
A)  convenience product 
B)  expense item 
C)  specialty product 
D)  capital item 
E)  shopping product

Question 14

Co-branding is ________.

Accepted Answer

A)  a legal protection given to owners for exclusive rights to the use of brands 
B)  a partnership to closely link brand names for a single product 
C)  the process of selling a famous brand to a third party 
D)  a method of testing and evaluating a new product 
E)  an agreement to produce and market another company's product 
A)  a legal protection given to owners for exclusive rights to the use of brands 
B)  a partnership to closely link brand names for a single product 
C)  the process of selling a famous brand to a third party 
D)  a method of testing and evaluating a new product 
E)  an agreement to produce and market another company's product

Question 15

Food grains and wheat are examples of shopping products.

Accepted Answer

A) True 
 B)False

Question 16

What is a product line?

Accepted Answer

A product line is a group of products fr

Question 17

Charles is the purchase agent for a consulting firm.He places orders for office stationeries and consumables once in two weeks.The purchases are made in large quantities and are billed in the firm's name.The items that Charles buys are examples of ________.

Accepted Answer

A)  specialty products 
B)  expense items 
C)  capital items 
D)  shopping products 
E)  convenience products 
A)  specialty products 
B)  expense items 
C)  capital items 
D)  shopping products 
E)  convenience products

Question 18

Using a brand name on a variety of related products is known as ________.

Accepted Answer

A)  brand filling 
B)  brand extension 
C)  line extension 
D)  family branding 
E)  brand stretching 
A)  brand filling 
B)  brand extension 
C)  line extension 
D)  family branding 
E)  brand stretching

Question 19

An organization decides to use crowdsourcing in its new-product development process.Crowdsourcing will be used during the ________ stage of product development.

Accepted Answer

A)  business analysis 
B)  idea generation 
C)  idea screening 
D)  test marketing 
E)  commercialization 
A)  business analysis 
B)  idea generation 
C)  idea screening 
D)  test marketing 
E)  commercialization

Question 20

Brand preference means that people ________.

Accepted Answer

A)  are not willing to accept substitutes for the product 
B)  will purchase the product if it is available 
C)  are willing to wait long for the product 
D)  are not willing to experiment with other brands 
E)  will buy the product only if it is availed in small numbers 
A)  are not willing to accept substitutes for the product 
B)  will purchase the product if it is available 
C)  are willing to wait long for the product 
D)  are not willing to experiment with other brands 
E)  will buy the product only if it is availed in small numbers

Compare and contrast convenience products,shopping products,and specialty products.

People who monitor social media to spot shifts in consumer tastes are called ________.

________ are temporary price reductions to stimulate sales or lower prices to encourage certain behaviors such as paying with cash.

A survey revealed that a product has good brand awareness.This means that ________.

Which of the following is a key difference between product mix and product line?

Product life cycle refers to the four stages through which a product progresses.

Which of the following is an example of a variable cost that businesses have to incur?

A group of fifteen entrepreneurs starts a manufacturing firm.The total fixed costs that they have incurred in setting up the business amounts to $50000.The variable cost of selling a unit of product is $25.What is the break-even point if each unit is priced at $50?

A product carrying the label of a wholesaler is an example of a private brand.

Providing education in return of fees is an example of a service.

Proctor and Gamble offers products under more than fifty brand names.The company's products vary from cosmetics to cat foods.A complete list of all these products that the company offers will refer to the company's ________.

John decides to buy a new car.He compares many products and considers such aspects as fuel efficiency,power,and size before finalizing a model.In this case,the new car is an example of a(n)________.

Co-branding is ________.

Food grains and wheat are examples of shopping products.

What is a product line?

Charles is the purchase agent for a consulting firm.He places orders for office stationeries and consumables once in two weeks.The purchases are made in large quantities and are billed in the firm's name.The items that Charles buys are examples of ________.

Using a brand name on a variety of related products is known as ________.

An organization decides to use crowdsourcing in its new-product development process.Crowdsourcing will be used during the ________ stage of product development.

Brand preference means that people ________.

Developing a Business Mindset

Understanding Basic Economics

The Global Marketplace

Business Ethics and Corporate Social Responsibility

Forms of Ownership

Entrepreneurship and Small Business Ownership

Management Roles, Functions, and Skills

Organization and Teamwork

Production Systems

Employee Motivation

Human Resources Management

Labor Relations

The Art and Science of Marketing

Distribution and Marketing Logistics

Customer Communication

Financial Information and Accounting Concepts

Financial Management

Financial Markets and Investment Strategies

The Money Supply and Banking Systems

Filters

Exam 14: Product and Pricing Strategies

Compare and contrast convenience products,shopping products,and specialty products.

People who monitor social media to spot shifts in consumer tastes are called ________.

________ are temporary price reductions to stimulate sales or lower prices to encourage certain behaviors such as paying with cash.

A survey revealed that a product has good brand awareness.This means that ________.

Which of the following is a key difference between product mix and product line?

Product life cycle refers to the four stages through which a product progresses.

Which of the following is an example of a variable cost that businesses have to incur?

A group of fifteen entrepreneurs starts a manufacturing firm.The total fixed costs that they have incurred in setting up the business amounts to $50000.The variable cost of selling a unit of product is $25.What is the break-even point if each unit is priced at $50?

A product carrying the label of a wholesaler is an example of a private brand.

Providing education in return of fees is an example of a service.

Proctor and Gamble offers products under more than fifty brand names.The company's products vary from cosmetics to cat foods.A complete list of all these products that the company offers will refer to the company's ________.

John decides to buy a new car.He compares many products and considers such aspects as fuel efficiency,power,and size before finalizing a model.In this case,the new car is an example of a(n)________.

Co-branding is ________.

Food grains and wheat are examples of shopping products.

What is a product line?

Charles is the purchase agent for a consulting firm.He places orders for office stationeries and consumables once in two weeks.The purchases are made in large quantities and are billed in the firm's name.The items that Charles buys are examples of ________.

Using a brand name on a variety of related products is known as ________.

An organization decides to use crowdsourcing in its new-product development process.Crowdsourcing will be used during the ________ stage of product development.

Brand preference means that people ________.

Developing a Business Mindset

Understanding Basic Economics

The Global Marketplace

Business Ethics and Corporate Social Responsibility

Forms of Ownership

Entrepreneurship and Small Business Ownership

Management Roles, Functions, and Skills

Organization and Teamwork

Production Systems

Employee Motivation

Human Resources Management

Labor Relations

The Art and Science of Marketing

Distribution and Marketing Logistics

Customer Communication

Financial Information and Accounting Concepts

Financial Management

Financial Markets and Investment Strategies

The Money Supply and Banking Systems

Filters