Question 1

Services are perishable and cannot be stockpiled or inventoried.

Accepted Answer

A) True 
 B)False

Question 2

Potential customers are unaware of a product during its introductory stage; therefore, what does promotion in this stage concentrate on?

Accepted Answer

A)  explaining the product features, uses, and benefits 
B)  reducing the size of the available market through selective advertising 
C)  test-marketing 
D)  communicating new uses for the product 
A)  explaining the product features, uses, and benefits 
B)  reducing the size of the available market through selective advertising 
C)  test-marketing 
D)  communicating new uses for the product

Question 3

Thomasville Furniture Company aggressively markets its bedroom and kitchen furniture.Since these products are well known, price is likely to be the only factor on which consumers will base their decisions.

Accepted Answer

A) True 
 B)False

Question 4

Some firms try to differentiate their products during the maturity stage of the product life cycle.Which of the following do these firms use as a basis for differentiation?

Accepted Answer

A)  rapid market share growth 
B)  quality, reliability, and service 
C)  lower promotion costs 
D)  maintenance of strategy that has worked well until now 
A)  rapid market share growth 
B)  quality, reliability, and service 
C)  lower promotion costs 
D)  maintenance of strategy that has worked well until now

Question 5

Approximately what percentage of the Canadian economy is made up of the service sector?

Accepted Answer

A)  25 percent 
B)  50 percent 
C)  70 percent 
D)  90 percent 
A)  25 percent 
B)  50 percent 
C)  70 percent 
D)  90 percent

Question 6

What distinguishes a service from a good?

Accepted Answer

A)  Services are intangible. 
B)  Services are inseparable from service providers. 
C)  Services are easy to standardize. 
D)  Services are perishable. 
A)  Services are intangible. 
B)  Services are inseparable from service providers. 
C)  Services are easy to standardize. 
D)  Services are perishable.

Question 7

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

Question 8

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 9

In what process do products pass through a series of stages from their initial appearance to their decline?

Accepted Answer

A)  product life potential 
B)  promotional cycle 
C)  pricing cycle 
D)  product life cycle 
A)  product life potential 
B)  promotional cycle 
C)  pricing cycle 
D)  product life cycle

Question 10

When Big Bottle Brewing Company purchases barley, malt, and hops, it is assured of standardized raw materials of uniform quality due to the fact that most raw materials are graded prior to sale.

Accepted Answer

A) True 
 B)False

Question 11

Product strategies are essentially the same for consumer and business markets.

Accepted Answer

A) True 
 B)False

Question 12

Services are growing in importance because of increased consumer demands for speed and convenience and technological advances that allow firms to fulfill this demand.

Accepted Answer

A) True 
 B)False

Question 13

In terms of planning time involved in a purchase, convenience and specialty products take very little time, while shopping products take an extensive amount of time.

Accepted Answer

A) True 
 B)False

Question 14

Which of the following companies is a pure service firm?

Accepted Answer

A)  Walmart 
B)  Microsoft 
C)  Starbucks 
D)  Royal Bank of Canada 
A)  Walmart 
B)  Microsoft 
C)  Starbucks 
D)  Royal Bank of Canada

Question 15

A local gas station has installed a new food and beverage mart.Since this represents a service outside the gas station's primary business, it falls outside the broad view of product.

Accepted Answer

A) True 
 B)False

Question 16

The length of a product mix refers to the number of different products a firm sells.

Accepted Answer

A) True 
 B)False

Question 17

Describe the six categories of business products.

Accepted Answer

a. Installations are the specialty produ

Question 18

A university education is a product.

Accepted Answer

A) True 
 B)False

Question 19

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

Question 20

At what stage of the product life cycle does a firm start to realize substantial profits from its investments?

Accepted Answer

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

Services are perishable and cannot be stockpiled or inventoried.

Potential customers are unaware of a product during its introductory stage; therefore, what does promotion in this stage concentrate on?

Thomasville Furniture Company aggressively markets its bedroom and kitchen furniture.Since these products are well known, price is likely to be the only factor on which consumers will base their decisions.

Some firms try to differentiate their products during the maturity stage of the product life cycle.Which of the following do these firms use as a basis for differentiation?

Approximately what percentage of the Canadian economy is made up of the service sector?

What distinguishes a service from a good?

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?

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

In what process do products pass through a series of stages from their initial appearance to their decline?

When Big Bottle Brewing Company purchases barley, malt, and hops, it is assured of standardized raw materials of uniform quality due to the fact that most raw materials are graded prior to sale.

Product strategies are essentially the same for consumer and business markets.

Services are growing in importance because of increased consumer demands for speed and convenience and technological advances that allow firms to fulfill this demand.

In terms of planning time involved in a purchase, convenience and specialty products take very little time, while shopping products take an extensive amount of time.

Which of the following companies is a pure service firm?

A local gas station has installed a new food and beverage mart.Since this represents a service outside the gas station's primary business, it falls outside the broad view of product.

The length of a product mix refers to the number of different products a firm sells.

Describe the six categories of business products.

A university education is a product.

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

At what stage of the product life cycle does a firm start to realize substantial profits from its investments?

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

Services are perishable and cannot be stockpiled or inventoried.

Potential customers are unaware of a product during its introductory stage; therefore, what does promotion in this stage concentrate on?

Thomasville Furniture Company aggressively markets its bedroom and kitchen furniture.Since these products are well known, price is likely to be the only factor on which consumers will base their decisions.

Some firms try to differentiate their products during the maturity stage of the product life cycle.Which of the following do these firms use as a basis for differentiation?

Approximately what percentage of the Canadian economy is made up of the service sector?

What distinguishes a service from a good?

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?

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

In what process do products pass through a series of stages from their initial appearance to their decline?

When Big Bottle Brewing Company purchases barley, malt, and hops, it is assured of standardized raw materials of uniform quality due to the fact that most raw materials are graded prior to sale.

Product strategies are essentially the same for consumer and business markets.

Services are growing in importance because of increased consumer demands for speed and convenience and technological advances that allow firms to fulfill this demand.

In terms of planning time involved in a purchase, convenience and specialty products take very little time, while shopping products take an extensive amount of time.

Which of the following companies is a pure service firm?

A local gas station has installed a new food and beverage mart.Since this represents a service outside the gas station's primary business, it falls outside the broad view of product.

The length of a product mix refers to the number of different products a firm sells.

Describe the six categories of business products.

A university education is a product.

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

At what stage of the product life cycle does a firm start to realize substantial profits from its investments?

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