Question 1

Which of the following can be classified as accessory equipment?

Accepted Answer

A)  natural gas pipelines 
B)  bottling units 
C)  desktop computers 
D)  printer cartridges 
A)  natural gas pipelines 
B)  bottling units 
C)  desktop computers 
D)  printer cartridges

Question 2

Proctor & Gamble manufactures laundry detergents under the brand names of Tide, Cheer, and Gain. These brands represent the depth of the product line.

Accepted Answer

A) True 
 B)False

Question 3

A food company has introduced single-serving cans of soup for one-person households. By offering the traditional product in a smaller package to reach a new target market, the company hopes to extend the life cycle of its product offering.

Accepted Answer

A) True 
 B)False

Question 4

Which term refers to a bundle of physical, service, and symbolic attributes designed to satisfy a customer's wants and needs?

Accepted Answer

A)  byproduct 
B)  construct 
C)  product 
D)  cluster 
A)  byproduct 
B)  construct 
C)  product 
D)  cluster

Question 5

Define benchmarking and discuss how it helps to improve a marketing strategy.

Accepted Answer

Benchmarking is a process in which an or

Question 6

A company limits its growth potential when it concentrates on a single product, even though the company may have started that way.

Accepted Answer

A) True 
 B)False

Question 7

The product lifecycle concept applies to individual brands of a product.

Accepted Answer

A) True 
 B)False

Question 8

Widgets were introduced a few years ago. The number of companies making widgets has increased recently, drawn by high profits. At the same time, differentiated products for different market segments have begun to emerge. What stage of the product life cycle do widgets appear to be in?

Accepted Answer

A)  growth 
B)  introductory 
C)  maturity 
D)  decline 
A)  growth 
B)  introductory 
C)  maturity 
D)  decline

Question 9

Firms that practice homeshoring experience the benefit of reduction in the use of energy and other natural resources thereby decreasing their impact on the environment.

Accepted Answer

A) True 
 B)False

Question 10

What is Total Quality Management (TQM)?

Accepted Answer

Total Quality Management (TQM)

Question 11

While a consumer views a product as a want satisfier, a marketer sees the product as a combination of elements that give value to a consumer.

Accepted Answer

A) True 
 B)False

Question 12

Benchmarking requires two types of analyses: strategic and tactical.

Accepted Answer

A) True 
 B)False

Question 13

Hair styling is a pure service.

Accepted Answer

A) True 
 B)False

Question 14

Christopher owns the best hair salon in the city. The clients swear by Christopher, and brides and bridesmaids flock for him for weddings. Which statement best explains this situation?

Accepted Answer

A)  Companies cannot easily standardize services. 
B)  Service standards show wide variations. 
C)  Services are inseparable from the service providers. 
D)  Services are perishable and intangible. 
A)  Companies cannot easily standardize services. 
B)  Service standards show wide variations. 
C)  Services are inseparable from the service providers. 
D)  Services are perishable and intangible.

Question 15

Which statement best describes a specialty product?

Accepted Answer

A)  It is a product marketed to consumers who may not yet recognize a need for them. 
B)  It is a product with unique characteristics that cause buyers to prize those brands. 
C)  It is a product bought in response to unexpected and urgent needs. 
D)  It is a product purchased on the spur of the moment. 
A)  It is a product marketed to consumers who may not yet recognize a need for them. 
B)  It is a product with unique characteristics that cause buyers to prize those brands. 
C)  It is a product bought in response to unexpected and urgent needs. 
D)  It is a product purchased on the spur of the moment.

Question 16

During the maturity stage of the product life cycle, firms can increase their sales and market shares only at the expense of their competitors.

Accepted Answer

A) True 
 B)False

Question 17

Which of the following are consumer shopping products?

Accepted Answer

A)  Coca-Cola and Gatorade 
B)  bread, milk, and gasoline 
C)  clothing, furniture, and appliances 
D)  Rolex watches and BMW automobiles 
A)  Coca-Cola and Gatorade 
B)  bread, milk, and gasoline 
C)  clothing, furniture, and appliances 
D)  Rolex watches and BMW automobiles

Question 18

Component parts and materials are unfinished industrial products from one producer that eventually become part of the finished product of another producer.

Accepted Answer

A) True 
 B)False

Question 19

What is a characteristic of the growth stage of the product life cycle?

Accepted Answer

A)  Low prices are established. 
B)  Effective competitors improve and modify their products. 
C)  Early buyers of the product make their initial purchases. 
D)  Buyers are hesitant to make repurchases. 
A)  Low prices are established. 
B)  Effective competitors improve and modify their products. 
C)  Early buyers of the product make their initial purchases. 
D)  Buyers are hesitant to make repurchases.

Question 20

Genuine Products has been involved in intensive price competition with another company. Profits are low and market researchers are concerned that losses will soon occur due to a reduced market for the item. What stage of the product life cycle does this product appear to have reached?

Accepted Answer

A)  introductory 
B)  maturity 
C)  decline 
D)  growth 
A)  introductory 
B)  maturity 
C)  decline 
D)  growth

Which of the following can be classified as accessory equipment?

Proctor & Gamble manufactures laundry detergents under the brand names of Tide, Cheer, and Gain. These brands represent the depth of the product line.

A food company has introduced single-serving cans of soup for one-person households. By offering the traditional product in a smaller package to reach a new target market, the company hopes to extend the life cycle of its product offering.

Which term refers to a bundle of physical, service, and symbolic attributes designed to satisfy a customer's wants and needs?

Define benchmarking and discuss how it helps to improve a marketing strategy.

A company limits its growth potential when it concentrates on a single product, even though the company may have started that way.

The product lifecycle concept applies to individual brands of a product.

Widgets were introduced a few years ago. The number of companies making widgets has increased recently, drawn by high profits. At the same time, differentiated products for different market segments have begun to emerge. What stage of the product life cycle do widgets appear to be in?

Firms that practice homeshoring experience the benefit of reduction in the use of energy and other natural resources thereby decreasing their impact on the environment.

What is Total Quality Management (TQM)?

While a consumer views a product as a want satisfier, a marketer sees the product as a combination of elements that give value to a consumer.

Benchmarking requires two types of analyses: strategic and tactical.

Hair styling is a pure service.

Christopher owns the best hair salon in the city. The clients swear by Christopher, and brides and bridesmaids flock for him for weddings. Which statement best explains this situation?

Which statement best describes a specialty product?

During the maturity stage of the product life cycle, firms can increase their sales and market shares only at the expense of their competitors.

Which of the following are consumer shopping products?

Component parts and materials are unfinished industrial products from one producer that eventually become part of the finished product of another producer.

What is a characteristic of the growth stage of the product life cycle?

Genuine Products has been involved in intensive price competition with another company. Profits are low and market researchers are concerned that losses will soon occur due to a reduced market for the item. What stage of the product life cycle does this product appear to have reached?

Marketing: the Art and Science of Satisfying Customers

Strategic Planning in Contemporary Marketing

The Marketing Environment, Ethics, and Social Responsibility

Digital Marketing and Social Media: Living in the Connected World

Consumer Behaviour

Business-To-Business B2b Marketing

Serving Global Markets

Marketing Research, Decision Support Systems, and Sales Forecasting

Marketing Segmentation, Targeting, and Positioning

Developing and Managing Brand and Product Strategies

Marketing Channels and Supply Chain Management

Retailers, Wholesalers, and Direct Marketers

Integrated Marketing Communications, Advertising, and Digital Communications

Personal Selling and Sales Promotion

Pricing Concepts and Strategies

Relationship Marketing and Customer Relationship Management CRM

Filters

Exam 10: Product and Service Strategies

Which of the following can be classified as accessory equipment?

Proctor & Gamble manufactures laundry detergents under the brand names of Tide, Cheer, and Gain. These brands represent the depth of the product line.

A food company has introduced single-serving cans of soup for one-person households. By offering the traditional product in a smaller package to reach a new target market, the company hopes to extend the life cycle of its product offering.

Which term refers to a bundle of physical, service, and symbolic attributes designed to satisfy a customer's wants and needs?

Define benchmarking and discuss how it helps to improve a marketing strategy.

A company limits its growth potential when it concentrates on a single product, even though the company may have started that way.

The product lifecycle concept applies to individual brands of a product.

Widgets were introduced a few years ago. The number of companies making widgets has increased recently, drawn by high profits. At the same time, differentiated products for different market segments have begun to emerge. What stage of the product life cycle do widgets appear to be in?

Firms that practice homeshoring experience the benefit of reduction in the use of energy and other natural resources thereby decreasing their impact on the environment.

What is Total Quality Management (TQM)?

While a consumer views a product as a want satisfier, a marketer sees the product as a combination of elements that give value to a consumer.

Benchmarking requires two types of analyses: strategic and tactical.

Hair styling is a pure service.

Christopher owns the best hair salon in the city. The clients swear by Christopher, and brides and bridesmaids flock for him for weddings. Which statement best explains this situation?

Which statement best describes a specialty product?

During the maturity stage of the product life cycle, firms can increase their sales and market shares only at the expense of their competitors.

Which of the following are consumer shopping products?

Component parts and materials are unfinished industrial products from one producer that eventually become part of the finished product of another producer.

What is a characteristic of the growth stage of the product life cycle?

Genuine Products has been involved in intensive price competition with another company. Profits are low and market researchers are concerned that losses will soon occur due to a reduced market for the item. What stage of the product life cycle does this product appear to have reached?

Marketing: the Art and Science of Satisfying Customers

Strategic Planning in Contemporary Marketing

The Marketing Environment, Ethics, and Social Responsibility

Digital Marketing and Social Media: Living in the Connected World

Consumer Behaviour

Business-To-Business B2b Marketing

Serving Global Markets

Marketing Research, Decision Support Systems, and Sales Forecasting

Marketing Segmentation, Targeting, and Positioning

Developing and Managing Brand and Product Strategies

Marketing Channels and Supply Chain Management

Retailers, Wholesalers, and Direct Marketers

Integrated Marketing Communications, Advertising, and Digital Communications

Personal Selling and Sales Promotion

Pricing Concepts and Strategies

Relationship Marketing and Customer Relationship Management CRM

Filters