Question 1

Depth of product mix refers to the variations of each product that a firm includes in its mix.

Accepted Answer

A) True 
 B)False

Question 2

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 
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 3

Greta has been analyzing the competitive standing of one of her products.Since the item was introduced, 20 similar products have appeared, forcing her to change distribution and pricing strategies in order to remain competitive.Sales volume has dipped and she suspects sales of her product have reached a saturation level.At what stage of the product life cycle is the item?

Accepted Answer

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

Question 4

The National Quality Institute defines international criteria for quality management and quality assurance.

Accepted Answer

A) True 
 B)False

Question 5

Companies with one product line have unlimited growth potential.

Accepted Answer

A) True 
 B)False

Question 6

One way to distinguish a good from a service is that a service is inseparable from the service provider.

Accepted Answer

A) True 
 B)False

Question 7

Service transactions seldom require interaction between buyer and seller at the production and distribution stages.

Accepted Answer

A) True 
 B)False

Question 8

If a company that is marketing installations to the business market uses advertising at all, it emphasizes the company's reputation and directs potential buyers to contact local sales representatives.

Accepted Answer

A) True 
 B)False

Question 9

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

Accepted Answer

A) True 
 B)False

Question 10

Some wholesalers are called "industrial distributors." What are these wholesalers a major vendor of?

Accepted Answer

A)  standardized products of uniform quality that are made on a contractual basis 
B)  MRO items 
C)  installations for the industrial market 
D)  accessory equipment for the business market 
A)  standardized products of uniform quality that are made on a contractual basis 
B)  MRO items 
C)  installations for the industrial market 
D)  accessory equipment for the business market

Question 11

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 12

According to marketing decision makers, why do people buy products?

Accepted Answer

A)  to acquire items that are distinctively different than the competitive offerings 
B)  to satisfy their wants and needs 
C)  to save time by selecting items that are easy to find on the shelves 
D)  to satisfy price and value requirements 
A)  to acquire items that are distinctively different than the competitive offerings 
B)  to satisfy their wants and needs 
C)  to save time by selecting items that are easy to find on the shelves 
D)  to satisfy price and value requirements

Question 13

Which of the following industries does NOT belong to the service sector?

Accepted Answer

A)  investment banking 
B)  agriculture 
C)  retailing 
D)  health care 
A)  investment banking 
B)  agriculture 
C)  retailing 
D)  health care

Question 14

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. 
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 15

Ryan is looking for a professional watch that he buys, at most, once every few years.Since he doesn't favour a particular brand, he spends a great deal of time comparing price and quality, as well as visiting the few retail outlets that sell high-end watches.What type of product is Ryan about to purchase?

Accepted Answer

A)  unsought 
B)  specialty 
C)  convenience 
D)  shopping 
A)  unsought 
B)  specialty 
C)  convenience 
D)  shopping

Question 16

What are the three categories of convenience products? Give examples of each type.

Accepted Answer

The three categories of convenience prod

Question 17

If Honda were to acquire a bicycle manufacturer, what would it add to Honda's product mix?

Accepted Answer

A)  depth 
B)  width 
C)  length 
D)  cluster 
A)  depth 
B)  width 
C)  length 
D)  cluster

Question 18

The purpose of benchmarking is to achieve the minimum acceptable performance for releasing a product into the marketplace.

Accepted Answer

A) True 
 B)False

Question 19

The broad view of product recognizes that consumers buy satisfaction, not just a thing they can hold in their hands.

Accepted Answer

A) True 
 B)False

Question 20

Product line extension refers to the development of items to be included in a product line that are similar to existing items and are intended as substitutes for them.

Accepted Answer

A) True 
 B)False

Depth of product mix refers to the variations of each product that a firm includes in its mix.

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

The National Quality Institute defines international criteria for quality management and quality assurance.

Companies with one product line have unlimited growth potential.

One way to distinguish a good from a service is that a service is inseparable from the service provider.

Service transactions seldom require interaction between buyer and seller at the production and distribution stages.

If a company that is marketing installations to the business market uses advertising at all, it emphasizes the company's reputation and directs potential buyers to contact local sales representatives.

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

Some wholesalers are called "industrial distributors." What are these wholesalers a major vendor of?

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

According to marketing decision makers, why do people buy products?

Which of the following industries does NOT belong to the service sector?

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

What are the three categories of convenience products? Give examples of each type.

If Honda were to acquire a bicycle manufacturer, what would it add to Honda's product mix?

The purpose of benchmarking is to achieve the minimum acceptable performance for releasing a product into the marketplace.

The broad view of product recognizes that consumers buy satisfaction, not just a thing they can hold in their hands.

Product line extension refers to the development of items to be included in a product line that are similar to existing items and are intended as substitutes for them.

Marketing: The Art and Science of Satisfying Customers

Strategic Planning in Contemporary Marketing

The Marketing Environment, Ethics, and Social Responsibility

Consumer Behaviour

Business-to-Business (B2B) Marketing

Serving Global Markets

Marketing Research, Decision Support Systems, and Sales Forecasting

Market 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

TB Boone 3Ce final

Filters

Exam 9: Product and Service Strategies

Depth of product mix refers to the variations of each product that a firm includes in its mix.

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

The National Quality Institute defines international criteria for quality management and quality assurance.

Companies with one product line have unlimited growth potential.

One way to distinguish a good from a service is that a service is inseparable from the service provider.

Service transactions seldom require interaction between buyer and seller at the production and distribution stages.

If a company that is marketing installations to the business market uses advertising at all, it emphasizes the company's reputation and directs potential buyers to contact local sales representatives.

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

Some wholesalers are called "industrial distributors." What are these wholesalers a major vendor of?

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

According to marketing decision makers, why do people buy products?

Which of the following industries does NOT belong to the service sector?

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

What are the three categories of convenience products? Give examples of each type.

If Honda were to acquire a bicycle manufacturer, what would it add to Honda's product mix?

The purpose of benchmarking is to achieve the minimum acceptable performance for releasing a product into the marketplace.

The broad view of product recognizes that consumers buy satisfaction, not just a thing they can hold in their hands.

Product line extension refers to the development of items to be included in a product line that are similar to existing items and are intended as substitutes for them.

Marketing: The Art and Science of Satisfying Customers

Strategic Planning in Contemporary Marketing

The Marketing Environment, Ethics, and Social Responsibility

Consumer Behaviour

Business-to-Business (B2B) Marketing

Serving Global Markets

Marketing Research, Decision Support Systems, and Sales Forecasting

Market 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

TB Boone 3Ce final

Filters