Question 1

A company with a large product assortment might

Accepted Answer

A)  have many product lines with little selection in each. 
B)  have a single product line. 
C)  have many individual products. 
D)  All of these choices are correct. 
A)  have many product lines with little selection in each. 
B)  have a single product line. 
C)  have many individual products. 
D)  All of these choices are correct.

Question 2

Which of the following is true regarding shopping products?

Accepted Answer

A)  Price is less important in the purchase of heterogeneous shopping products than homogeneous shopping products. 
B)  Compared to heterogeneous shopping products, homogeneous shopping products are usually more standardized. 
C)  Buyers usually expect more sales help or service with heterogeneous shopping products. 
D)  The Internet has become the fast way to comparison shop for homogeneous shopping products. 
E)  All of these statements about shopping products are true. 
A)  Price is less important in the purchase of heterogeneous shopping products than homogeneous shopping products. 
B)  Compared to heterogeneous shopping products, homogeneous shopping products are usually more standardized. 
C)  Buyers usually expect more sales help or service with heterogeneous shopping products. 
D)  The Internet has become the fast way to comparison shop for homogeneous shopping products. 
E)  All of these statements about shopping products are true.

Question 3

A "product" might include:

Accepted Answer

A)  a brand name, a package, and a warranty. 
B)  instructions. 
C)  a service which does not include a physical good at all. 
D)  some physical item and its related features. 
E)  All of these choices are good answers. 
A)  a brand name, a package, and a warranty. 
B)  instructions. 
C)  a service which does not include a physical good at all. 
D)  some physical item and its related features. 
E)  All of these choices are good answers.

Question 4

When final consumers are willing to spend much time and effort comparing quality and style-with brand and price being less important-the product is:

Accepted Answer

A)  an inspection product. 
B)  a heterogeneous shopping product. 
C)  a homogeneous shopping product. 
D)  a specialty product. 
E)  None of these alternatives is correct. 
A)  an inspection product. 
B)  a heterogeneous shopping product. 
C)  a homogeneous shopping product. 
D)  a specialty product. 
E)  None of these alternatives is correct.

Question 5

Regarding specialty products, which of the following is TRUE?

Accepted Answer

A)  Branding does not play an important role in purchasing specialty products. 
B)  It is a customer's willingness to search that makes it a specialty product. 
C)  Shopping for a specialty product involves much comparing of products. 
D)  It is the extent of searching which the customer has to do that makes it a specialty product. 
E)  All of these alternatives are TRUE. 
A)  Branding does not play an important role in purchasing specialty products. 
B)  It is a customer's willingness to search that makes it a specialty product. 
C)  Shopping for a specialty product involves much comparing of products. 
D)  It is the extent of searching which the customer has to do that makes it a specialty product. 
E)  All of these alternatives are TRUE.

Question 6

Convenience products include:

Accepted Answer

A)  impulse products. 
B)  staple products. 
C)  emergency products. 
D)  All of these are convenience products. 
A)  impulse products. 
B)  staple products. 
C)  emergency products. 
D)  All of these are convenience products.

Question 7

Darrell Everwine read a review about a new computer program that appealed to him very much. He decided to try to find the program. However, the new program was in short supply-although other brands with similar features were available. Darrell had to try seven shops before he finally found the program in stock. For Darrell, this program achieved brand:

Accepted Answer

A)  preference. 
B)  insistence. 
C)  rejection. 
D)  nonrecognition. 
E)  recognition. 
A)  preference. 
B)  insistence. 
C)  rejection. 
D)  nonrecognition. 
E)  recognition.

Question 8

The cost of handling a purchase order for operating supplies may be more than the cost of the purchase.

Accepted Answer

A) True 
 B)False

Question 9

Packaging can add value to a market offering by promoting, protecting, or enhancing the product.

Accepted Answer

A) True 
 B)False

Question 10

A service logo refers to a type of trademark used for a service offering.

Accepted Answer

A) True 
 B)False

Question 11

Brand names that convey a positive image in one language may be meaningless in another.

Accepted Answer

A) True 
 B)False

Question 12

When making business buying decisions, it is important to remember that:

Accepted Answer

A)  capital item purchases can't be fully charged off to the current year's expenses. 
B)  expense items are depreciated over several years. 
C)  large purchases must be expensed in one year. 
D)  capital items are expensed in one year-making them less risky to buy. 
E)  expense items are very risky since they cannot be depreciated. 
A)  capital item purchases can't be fully charged off to the current year's expenses. 
B)  expense items are depreciated over several years. 
C)  large purchases must be expensed in one year. 
D)  capital items are expensed in one year-making them less risky to buy. 
E)  expense items are very risky since they cannot be depreciated.

Question 13

Use this information for question that refer to the Sunny Day Foods (SDF) Case. For six months, Kim Wu has been working for Sunny Day Foods (SDF), a fast-growing manufacturer of organic foods. After graduating college, she worked for four years as a sales rep for a nationally known food company. But, she jumped at the chance when SDF contacted her about becoming marketing manager for its breakfast foods division, which sells dry cereals and a pancake mix.
Kim spent the first few months on the job trying to better understand SDF, its product line, and marketing strategy. She reviewed the company's past marketing research, commissioned new research, and talked to both consumers and retailers. Now, the CEO of the company wants her thoughts on what the company's marketing strategy should be for the next few years.
Her research indicates that among cereal customers, there are at least five segments of customers who use SDF products.
A. One segment, the loyalists, has a strong preference for one or two of the SDF cereals. These customers often go out of their way to visit a store with their favorite SDF cereal and buy only that product at the store.
B. Another segment, the regulars, buys SDF cereals without much thought. For them it is just part of their routine and, if you ask them why they pick the cereal, they'd say it's just a habit.
C. A third segment, the deal prone, sees SDF cereals as just another organic cereal. They view all organic cereals as pretty much the same and buy whichever brand seems to offer the best deal that week.
D. A fourth segment, the politicos, consists of former buyers of SDF cereals. A few years ago the company took a strong stand in a presidential race-and these customers resented it. Now, they boycott all SDF foods because of that incident.
E. A fifth segment, SDF who?, is made up of consumers who buy organic cereals but who don't have much awareness of particular organic brand names.
In reviewing how SDF currently brands its products, Kim sees that it is using several different approaches. The Sunny Day Foods brand is used on most products the company sells. But a few years ago the company brought out an instant organic oatmeal with the Hot 'n Healthy name. SDF also makes cereal sold by a health food chain; the package for that chain uses the store's own name, Nature's Foods, as the brand name for the cereal.
For which market segment would widespread distribution NOT be as important?

Accepted Answer

A)  Politicos 
B)  SDF who? 
C)  Loyalists 
D)  Deal prone 
E)  Regulars 
A)  Politicos 
B)  SDF who? 
C)  Loyalists 
D)  Deal prone 
E)  Regulars

Question 14

Use this information for question that refer to the Sunny Day Foods (SDF) Case. For six months, Kim Wu has been working for Sunny Day Foods (SDF), a fast-growing manufacturer of organic foods. After graduating college, she worked for four years as a sales rep for a nationally known food company. But, she jumped at the chance when SDF contacted her about becoming marketing manager for its breakfast foods division, which sells dry cereals and a pancake mix.
Kim spent the first few months on the job trying to better understand SDF, its product line, and marketing strategy. She reviewed the company's past marketing research, commissioned new research, and talked to both consumers and retailers. Now, the CEO of the company wants her thoughts on what the company's marketing strategy should be for the next few years.
Her research indicates that among cereal customers, there are at least five segments of customers who use SDF products.
A. One segment, the loyalists, has a strong preference for one or two of the SDF cereals. These customers often go out of their way to visit a store with their favorite SDF cereal and buy only that product at the store.
B. Another segment, the regulars, buys SDF cereals without much thought. For them it is just part of their routine and, if you ask them why they pick the cereal, they'd say it's just a habit.
C. A third segment, the deal prone, sees SDF cereals as just another organic cereal. They view all organic cereals as pretty much the same and buy whichever brand seems to offer the best deal that week.
D. A fourth segment, the politicos, consists of former buyers of SDF cereals. A few years ago the company took a strong stand in a presidential race-and these customers resented it. Now, they boycott all SDF foods because of that incident.
E. A fifth segment, SDF who?, is made up of consumers who buy organic cereals but who don't have much awareness of particular organic brand names.
In reviewing how SDF currently brands its products, Kim sees that it is using several different approaches. The Sunny Day Foods brand is used on most products the company sells. But a few years ago the company brought out an instant organic oatmeal with the Hot 'n Healthy name. SDF also makes cereal sold by a health food chain; the package for that chain uses the store's own name, Nature's Foods, as the brand name for the cereal.
Which of the following terms best describes the "Sunny Day Foods" brand?

Accepted Answer

A)  Individual brand 
B)  Licensed brand 
C)  Dealer brand 
D)  Family brand 
E)  Private brand 
A)  Individual brand 
B)  Licensed brand 
C)  Dealer brand 
D)  Family brand 
E)  Private brand

Question 15

Regarding business products, which of the following is NOT true?

Accepted Answer

A)  Availability may be more important than low price to a buyer of repair items. 
B)  Quality of service may be more important than low price to a buyer of professional services. 
C)  A broad product assortment may be more important than low price to a buyer of supply items. 
D)  Meeting specifications may be more important than low price to a buyer of component parts. 
E)  All of these alternatives are true. 
A)  Availability may be more important than low price to a buyer of repair items. 
B)  Quality of service may be more important than low price to a buyer of professional services. 
C)  A broad product assortment may be more important than low price to a buyer of supply items. 
D)  Meeting specifications may be more important than low price to a buyer of component parts. 
E)  All of these alternatives are true.

Question 16

A major advantage of dealer brands is that the intermediary usually earns a better margin than the intermediary would earn with manufacturer brands.

Accepted Answer

A) True 
 B)False

Question 17

Consumer products that are bought often, routinely, and without much thought are staples.

Accepted Answer

A) True 
 B)False

Question 18

Raw materials are different from other business products in that:

Accepted Answer

A)  buyers do not seek sources of supply. 
B)  they require more grading. 
C)  they require a lot of handling before moving to the next production process. 
D)  they never involve contract production arrangements. 
E)  pricing decisions for farm products are more complicated. 
A)  buyers do not seek sources of supply. 
B)  they require more grading. 
C)  they require a lot of handling before moving to the next production process. 
D)  they never involve contract production arrangements. 
E)  pricing decisions for farm products are more complicated.

Question 19

Which of the following statements about trademarks is TRUE?

Accepted Answer

A)  Trademarks must always be registered in their home country only. 
B)  In the U.S., common law does not protect the rights of owners of brand names and trademarks. 
C)  The Lanham Act requires that all trademarks be registered. 
D)  Registering under the Lanham Act is often a first step to protecting a trademark to be used in foreign markets. 
E)  None of these statements about trademarks is TRUE. 
A)  Trademarks must always be registered in their home country only. 
B)  In the U.S., common law does not protect the rights of owners of brand names and trademarks. 
C)  The Lanham Act requires that all trademarks be registered. 
D)  Registering under the Lanham Act is often a first step to protecting a trademark to be used in foreign markets. 
E)  None of these statements about trademarks is TRUE.

Question 20

"Derived demand" is best illustrated by the demand for:

Accepted Answer

A)  tea as a substitute for coffee. 
B)  brick because of increasing demand for new homes. 
C)  fresh raspberries during the winter months. 
D)  CD players because of increasing interest in CD audio discs. 
E)  all of these are good illustrations of derived demand. 
A)  tea as a substitute for coffee. 
B)  brick because of increasing demand for new homes. 
C)  fresh raspberries during the winter months. 
D)  CD players because of increasing interest in CD audio discs. 
E)  all of these are good illustrations of derived demand.

A company with a large product assortment might

Which of the following is true regarding shopping products?

A "product" might include:

When final consumers are willing to spend much time and effort comparing quality and style-with brand and price being less important-the product is:

Regarding specialty products, which of the following is TRUE?

Convenience products include:

The cost of handling a purchase order for operating supplies may be more than the cost of the purchase.

Packaging can add value to a market offering by promoting, protecting, or enhancing the product.

A service logo refers to a type of trademark used for a service offering.

Brand names that convey a positive image in one language may be meaningless in another.

When making business buying decisions, it is important to remember that:

Regarding business products, which of the following is NOT true?

A major advantage of dealer brands is that the intermediary usually earns a better margin than the intermediary would earn with manufacturer brands.

Consumer products that are bought often, routinely, and without much thought are staples.

Raw materials are different from other business products in that:

Which of the following statements about trademarks is TRUE?

"Derived demand" is best illustrated by the demand for:

Marketings Value to Consumers, Firms, and Society

Marketing Strategy Planning

Evaluating Opportunities in the Changing Market Environment

Focusing Marketing Strategy With Segmentation and Positioning

Final Consumers and Their Buying Behavior

Business and Organizational Customers and Their Buying Behavior

Improving Decisions With Marketing Information

Product Management and New-Product Development

Place and Development of Channel Systems

Distribution Customer Service and Logistics

Retailers, Wholesalers, and Their Strategy Planning

Promotion-Introduction to Integrated Marketing Communications

Personal Selling and Customer Service

Advertising, Publicity, and Sales Promotion

Pricing Objectives and Policies

Price Setting in the Business World

Ethical Marketing in a Consumer-Oriented World: Appraisal and Challe

Filters

Exam 8: Elements of Product Planning for Goods and Services

A company with a large product assortment might

Which of the following is true regarding shopping products?

A "product" might include:

When final consumers are willing to spend much time and effort comparing quality and style-with brand and price being less important-the product is:

Regarding specialty products, which of the following is TRUE?

Convenience products include:

The cost of handling a purchase order for operating supplies may be more than the cost of the purchase.

Packaging can add value to a market offering by promoting, protecting, or enhancing the product.

A service logo refers to a type of trademark used for a service offering.

Brand names that convey a positive image in one language may be meaningless in another.

When making business buying decisions, it is important to remember that:

Regarding business products, which of the following is NOT true?

A major advantage of dealer brands is that the intermediary usually earns a better margin than the intermediary would earn with manufacturer brands.

Consumer products that are bought often, routinely, and without much thought are staples.

Raw materials are different from other business products in that:

Which of the following statements about trademarks is TRUE?

"Derived demand" is best illustrated by the demand for:

Marketings Value to Consumers, Firms, and Society

Marketing Strategy Planning

Evaluating Opportunities in the Changing Market Environment

Focusing Marketing Strategy With Segmentation and Positioning

Final Consumers and Their Buying Behavior

Business and Organizational Customers and Their Buying Behavior

Improving Decisions With Marketing Information

Product Management and New-Product Development

Place and Development of Channel Systems

Distribution Customer Service and Logistics

Retailers, Wholesalers, and Their Strategy Planning

Promotion-Introduction to Integrated Marketing Communications

Personal Selling and Customer Service

Advertising, Publicity, and Sales Promotion

Pricing Objectives and Policies

Price Setting in the Business World

Ethical Marketing in a Consumer-Oriented World: Appraisal and Challe

Filters