15 May Question26. “Product” means:
Question
26. “Product” means:
A) a physical good with all its related services.
B) the need-satisfying offering of a firm.
C) all of a firm’s producing and distribution activities.
D) a well-packaged item with a well-advertised brand name.
E) all the services needed with a physical good.
27. A “product” might include:
A) instructions.
B) a service which does not include a physical good at all.
C) some physical item and its related features.
D) a brand name, a package, and a warranty.
E) All of the above.
28. A product assortment is:
A) a particular product within a product line.
B) a set of products that are closely related.
C) the set of all product lines and individual products that a firm sells.
D) something offered by manufacturers but not by retailers.
E) None of the above.
29. Which of the following is NOT one of the consumer product classes discussed in the text?
A) Imitation products
B) Shopping products
C) Convenience products
D) Specialty products
E) Unsought products
30. ______________ are products a consumer needs but isn’t willing to spend much time and effort shopping for.
A) Unsought products
B) Homogeneous shopping products
C) Specialty products
D) Heterogeneous shopping products
E) Convenience products
31. Impulse products are:
A) bought quickly–as unplanned purchases–because of a strongly felt need.
B) any products that consumers search for because of a strongly felt craving.
C) any convenience products that are bought often and routinely.
D) products that potential customers do not want yet or know they can buy.
E) All of the above.
32. During a heavy rainstorm, Avery Battle slipped into a drugstore and bought an umbrella–just like the one he had at home–for $15.00 plus tax. In this case, the umbrella is:
A) a shopping product.
B) an unsought product.
C) an emergency product.
D) an impulse product.
E) a specialty product.
33. Consumer products which customers see as basically the same and want to buy at the lowest price are called:
A) homogeneous shopping products.
B) comparison products.
C) unsought products.
D) convenience products.
E) heterogeneous shopping products.
34. A producer that is selling all its products under one brand name is using ______________ brand.
A) a generic
B) a licensed
C) a national
D) an individual
E) a family
35. A “dealer brand” is sometimes called a ______________ brand.
A) local
B) manufacturer
C) private
D) regional
E) national
36. Dealer brands, compared to manufacturer brands, usually offer wholesalers and retailers:
A) higher gross margins.
B) faster turnover at reduced selling costs.
C) products which are presold to target customers.
D) more prestige.
E) less risk.
37. Which of the following is NOT one of the text’s product life cycle stages?
A) Market penetration
B) Market introduction
C) Sales decline
D) Market growth
E) Market maturity
39. Total industry profits reach their maximum during the __________ stage of the product life cycle.
A) sales decline
B) market development
C) market introduction
D) market growth
E) market maturity
40. Competition is toughest in which of the following product life cycle stages?
A) market growth.
B) market maturity.
C) market development.
D) market introduction.
41. During the SALES DECLINE stage of the product life cycle
:
A) no profits are earned.
B) price competition usually declines.
C) brand loyalty declines.
D) monopoly is typical.
E) firms with strong brands may make profits almost until the end.
42. A new product idea is more likely to move quickly through the early stages of the product life cycle when:
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