Question 1

What are industrial distributors most often found selling?

Accepted Answer

A)  accessory equipment 
B)  business services 
C)  raw materials 
D)  installations

Question 2

Which of the following would NOT ordinarily be included as a business product?

Accepted Answer

A)  installations 
B)  accessory equipment 
C)  specialty products 
D)  component parts

Question 3

The first step in the benchmarking process is to identify the world's best performers.

Accepted Answer

A) True 
 B)False

Question 4

Installations are major capital investments in the B2B markets and they are often designed specifically for the purchasers.

Accepted Answer

A) True 
 B)False

Question 5

Using the broad application of the word product, how can a television set best be described?

Accepted Answer

A)  as an obsolete technology in comparison with the Internet 
B)  as a means of providing entertainment 
C)  as a lucrative item for appliance stores 
D)  as a machine used to receive broadcast signals

Question 6

What type of problem is common for companies during the introductory stages of a product life cycle?

Accepted Answer

A)  Competitors rush into the market with offerings similar to those of the innovator. 
B)  Technical problems are common as companies fine-tune product design. 
C)  Heavy promotional outlays emphasize differences that exist between products. 
D)  Profits for the product category decline, sometimes actually becoming negative.

Question 7

The moderately priced Days Inn and the upscale Four Seasons Hotel both provide sleeping accommodations, but their respective guests have considerably different expectations of service. Why do their expectations differ?

Accepted Answer

A)  Companies cannot standardize services. 
B)  Service quality shows wide variations. 
C)  Services are inseparable from their providers. 
D)  Services have a high perishable rate.

Question 8

In the business market, what are sound systems, batteries, and tires that are included in the manufacturing of a car are examples of?

Accepted Answer

A)  installations 
B)  accessory equipment 
C)  component parts and materials 
D)  supplies

Question 9

In which stage of the product life cycle does competition between brands intensify?

Accepted Answer

A)  diminishing demand 
B)  introductory 
C)  growth 
D)  maturity

Question 10

Why do raw materials resemble component parts and materials?

Accepted Answer

A)  They are considered capital investments to be held for several years. 
B)  They are part of the buyers' final products. 
C)  They are finished products before they enter into the production of other products. 
D)  They are expended without finding their way into finished goods.

Question 11

Which statement best describes a shopping product?

Accepted Answer

A)  It is a product that consumers purchase after comparing competing offers. 
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 12

Some specialty product companies intentionally limit the range of retailers that carry their products in order to add to the prestige.

Accepted Answer

A) True 
 B)False

Question 13

A firm may decide to carry an unprofitable item in its product mix in order to provide a complete line for its customers.

Accepted Answer

A) True 
 B)False

Question 14

Which product would generally be considered as a staple?

Accepted Answer

A)  lawn mower 
B)  laptop 
C)  dishwashing liquid 
D)  luxury perfume

Question 15

Explain the concept of extending the product life cycle, and list actions that can be taken.

Accepted Answer

The answer of Explain the concept of extending the product...

Question 16

As consumers devote little effort to convenience product purchase decisions, marketers must strive to make these exchanges as simple as possible.

Accepted Answer

A) True 
 B)False

Question 17

Competitive advantages are not possible in the service sector, so service providers must find other ways to differentiate themselves.

Accepted Answer

A) True 
 B)False

Question 18

Occasionally, shortages of raw materials prompt firms to discontinue production and marketing of formerly profitable products.

Accepted Answer

A) True 
 B)False

Question 19

Match each item to the statement or sentence listed below.
a.marketing mix
b.benchmarking
c.product
d.convenience product
e.shopping product
f.specialty product
g.product line
h.product mix
i.unsought product
j.maturity stage
k.raw materials
l.total quality management
m.product life cycle
n.installations
o.services
p.impulse goods
q.wholesaler
r.business-to-business (B2B)
s.supplies
t.emergency goods
u.component parts
v.staples
w.line extension
-The specialty products of the business market are called _____.

Accepted Answer

The answer of Match each item to the statement or...

Question 20

Managers are responsible for communicating the goals of total quality management to all staff members.

Accepted Answer

A) True 
 B)False

Exam 10: Product and Service Strategies

What are industrial distributors most often found selling?

Which of the following would NOT ordinarily be included as a business product?

The first step in the benchmarking process is to identify the world's best performers.

Installations are major capital investments in the B2B markets and they are often designed specifically for the purchasers.

Using the broad application of the word product, how can a television set best be described?

What type of problem is common for companies during the introductory stages of a product life cycle?

The moderately priced Days Inn and the upscale Four Seasons Hotel both provide sleeping accommodations, but their respective guests have considerably different expectations of service. Why do their expectations differ?

In the business market, what are sound systems, batteries, and tires that are included in the manufacturing of a car are examples of?

In which stage of the product life cycle does competition between brands intensify?

Why do raw materials resemble component parts and materials?

Which statement best describes a shopping product?

Some specialty product companies intentionally limit the range of retailers that carry their products in order to add to the prestige.

A firm may decide to carry an unprofitable item in its product mix in order to provide a complete line for its customers.

Which product would generally be considered as a staple?

Explain the concept of extending the product life cycle, and list actions that can be taken.

As consumers devote little effort to convenience product purchase decisions, marketers must strive to make these exchanges as simple as possible.

Competitive advantages are not possible in the service sector, so service providers must find other ways to differentiate themselves.

Occasionally, shortages of raw materials prompt firms to discontinue production and marketing of formerly profitable products.

Managers are responsible for communicating the goals of total quality management to all staff members.