Question 1

"Product" means:

Accepted Answer

A)  all the services needed with a physical good. 
B)  a physical good with all its related services. 
C)  the need-satisfying offering of a firm. 
D)  all of a firm's producing and distribution activities. 
E)  a well-packaged item with a well-advertised brand name. 
A)  all the services needed with a physical good. 
B)  a physical good with all its related services. 
C)  the need-satisfying offering of a firm. 
D)  all of a firm's producing and distribution activities. 
E)  a well-packaged item with a well-advertised brand name.

Question 2

Specialty products:

Accepted Answer

A)  need widespread distribution at low cost. 
B)  need enough exposure to facilitate price comparison. 
C)  need adequate representation near similar products. 
D)  need widespread distribution near probable points of sale. 
E)  can have limited availability. 
A)  need widespread distribution at low cost. 
B)  need enough exposure to facilitate price comparison. 
C)  need adequate representation near similar products. 
D)  need widespread distribution near probable points of sale. 
E)  can have limited availability.

Question 3

Satellite radio is an example of 100% product emphasis.

Accepted Answer

A) True 
 B)False

Question 4

The ______ ultimately determines a product's quality and value?

Accepted Answer

A)  product designer 
B)  marketing manager 
C)  quality inspection team 
D)  retail manager 
E)  customer 
A)  product designer 
B)  marketing manager 
C)  quality inspection team 
D)  retail manager 
E)  customer

Question 5

According to the text,the consumer product classes are based on why consumers use products.

Accepted Answer

A) True 
 B)False

Question 6

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 7

Which of the following are meant for use in producing other products?

Accepted Answer

A)  Consumer products 
B)  Staples 
C)  Business products 
D)  Convenience products 
E)  Shopping products 
A)  Consumer products 
B)  Staples 
C)  Business products 
D)  Convenience products 
E)  Shopping products

Question 8

Individual products:

Accepted Answer

A)  are part of product lines but not product assortments. 
B)  may require their own marketing mixes. 
C)  are usually distinguished by brand only. 
D)  are part of product assortments but not product lines. 
E)  none of these alternatives is correct. 
A)  are part of product lines but not product assortments. 
B)  may require their own marketing mixes. 
C)  are usually distinguished by brand only. 
D)  are part of product assortments but not product lines. 
E)  none of these alternatives is correct.

Question 9

Which of the following is NOT one of the text's business product classes?

Accepted Answer

A)  Raw materials 
B)  Component parts and materials 
C)  Specialty products 
D)  Professional services 
E)  Installations 
A)  Raw materials 
B)  Component parts and materials 
C)  Specialty products 
D)  Professional services 
E)  Installations

Question 10

Dealer brands,compared to manufacturer brands,usually offer wholesalers and retailers ______.

Accepted Answer

A)  less risk 
B)  higher gross margins 
C)  faster turnover at reduced selling costs 
D)  products which are presold to target customers 
E)  more prestige 
A)  less risk 
B)  higher gross margins 
C)  faster turnover at reduced selling costs 
D)  products which are presold to target customers 
E)  more prestige

Question 11

The "battle of the brands" refers to competition between:

Accepted Answer

A)  manufacturers and intermediaries. 
B)  retailers and wholesalers. 
C)  retailers and other retailers. 
D)  wholesalers and other wholesalers. 
E)  manufacturers and other manufacturers. 
A)  manufacturers and intermediaries. 
B)  retailers and wholesalers. 
C)  retailers and other retailers. 
D)  wholesalers and other wholesalers. 
E)  manufacturers and other manufacturers.

Question 12

Services

Accepted Answer

A)  are tangible. 
B)  often have to be produced in the presence of the customer. 
C)  are easy to store. 
D)  are usually produced before they are sold. 
E)  all of these choices are correct. 
A)  are tangible. 
B)  often have to be produced in the presence of the customer. 
C)  are easy to store. 
D)  are usually produced before they are sold. 
E)  all of these choices are correct.

Question 13

Saxon Shoes is a large independent shoe store.In the men's department,the store offers three different brands of slip-on tassel loafers for men: Bass,priced at $75; Rockport,priced at $125; and Allen Edmonds,priced at $250.In terms of product quality,which of the following is an accurate statement?

Accepted Answer

A)  The Bass shoes have the lowest quality. 
B)  The Allen-Edmonds shoes have the highest quality. 
C)  The Rockport shoes have mid-level quality. 
D)  The quality of the three brands depends on the degree to which they meet the needs of the consumers in the target market. 
E)  The Allen-Edmonds shoes are first movers in the market. 
A)  The Bass shoes have the lowest quality. 
B)  The Allen-Edmonds shoes have the highest quality. 
C)  The Rockport shoes have mid-level quality. 
D)  The quality of the three brands depends on the degree to which they meet the needs of the consumers in the target market. 
E)  The Allen-Edmonds shoes are first movers in the market.

Question 14

A producer of high quality stereo component equipment has developed a new line of very inexpensive,low quality "rack systems" to sell through discount stores.It probably should not use its current ______________ brand for the new line.

Accepted Answer

A)  dealer 
B)  licensed 
C)  national 
D)  family 
E)  generic 
A)  dealer 
B)  licensed 
C)  national 
D)  family 
E)  generic

Question 15

A licensed brand can be used by only one company.

Accepted Answer

A) True 
 B)False

Question 16

Although the total industry demand for business products may be inelastic,the demand facing individual sellers may be extremely elastic.

Accepted Answer

A) True 
 B)False

Question 17

A ______ explains what the seller promises about its product.

Accepted Answer

A)  copyright 
B)  trademark 
C)  brand 
D)  service mark 
E)  warranty 
A)  copyright 
B)  trademark 
C)  brand 
D)  service mark 
E)  warranty

Question 18

Regarding business products:

Accepted Answer

A)  The demand for consumer products is derived from the demand for business products. 
B)  Total industry demand is fairly elastic. 
C)  Demand facing individual sellers is always inelastic. 
D)  Tax treatments of business products have no importance to business customers. 
E)  The demand for business products is derived from the demand for consumer products. 
A)  The demand for consumer products is derived from the demand for business products. 
B)  Total industry demand is fairly elastic. 
C)  Demand facing individual sellers is always inelastic. 
D)  Tax treatments of business products have no importance to business customers. 
E)  The demand for business products is derived from the demand for consumer products.

Question 19

Which of the following is(are)TRUE?

Accepted Answer

A)  A "service mark" is to a service what a "trademark" is to a physical good. 
B)  "Trademark" refers to all means of product identification. 
C)  A "trademark" must be attached to a product to be legally protected. 
D)  "Trademarks" and "service marks" must be words. 
E)  None of these alternatives is TRUE. 
A)  A "service mark" is to a service what a "trademark" is to a physical good. 
B)  "Trademark" refers to all means of product identification. 
C)  A "trademark" must be attached to a product to be legally protected. 
D)  "Trademarks" and "service marks" must be words. 
E)  None of these alternatives is TRUE.

Question 20

Which of the following is NOT a level of brand familiarity?

Accepted Answer

A)  Brand nonexistence 
B)  Brand rejection 
C)  Brand nonrecognition 
D)  Brand preference 
E)  Brand insistence 
A)  Brand nonexistence 
B)  Brand rejection 
C)  Brand nonrecognition 
D)  Brand preference 
E)  Brand insistence

Exam 10: Elements of Product Planning for Goods and Services

"Product" means:

Specialty products:

Satellite radio is an example of 100% product emphasis.

The ______ ultimately determines a product's quality and value?

According to the text,the consumer product classes are based on why consumers use products.

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

Which of the following are meant for use in producing other products?

Individual products:

Which of the following is NOT one of the text's business product classes?

Dealer brands,compared to manufacturer brands,usually offer wholesalers and retailers ______.

The "battle of the brands" refers to competition between:

Services

Saxon Shoes is a large independent shoe store.In the men's department,the store offers three different brands of slip-on tassel loafers for men: Bass,priced at $75; Rockport,priced at $125; and Allen Edmonds,priced at $250.In terms of product quality,which of the following is an accurate statement?

A producer of high quality stereo component equipment has developed a new line of very inexpensive,low quality "rack systems" to sell through discount stores.It probably should not use its current ______________ brand for the new line.

A licensed brand can be used by only one company.

Although the total industry demand for business products may be inelastic,the demand facing individual sellers may be extremely elastic.

A ______ explains what the seller promises about its product.

Regarding business products:

Which of the following is(are)TRUE?

Which of the following is NOT a level of brand familiarity?

Marketings Value to Consumers, Firms, and Society

Implementing and Controlling Marketing Plans: Evolution and Revolution

Marketing Strategy Planning

Managing Marketings Link With Other Functional Areas

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 and Sales Promotion

Publicity: Promotion Using Earned Media, Owned Media, and Social Media

Pricing Objectives and Policies

Price Setting in the Business World

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

Filters