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Exam 10: Product and Service Strategies

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Question 31

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Which of the following consists of intangible products that firms buy to facilitate their production and operating processes?

A) installations
B) accessories
C) business services
D) operating supplies

E) All of the above
F) A) and D)

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Question 32

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How would you generally classify consumer goods such as milk, bread, and soft drinks?

A) convenience products
B) utilitarian products
C) shopping products
D) specialty products

E) A) and B)
F) B) and C)

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Question 33

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Which statement best describes convenience products?

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

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 -A bundle of physical, service, and symbolic attributes is a(n) _____.

To compete effectively during the growth stage of a product's life cycle, firms should not make changes or improvements to the product.

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 -Firms often rely on _____ to set performance standards and achieve superior performance, resulting in a competitive advantage in the marketplace.

Johnson & Johnson manufactures more than 90 brands in nearly 50 product categories. What is the total number of products the company manufactures called?

On the goods-services continuum, a meal at a fine restaurant is considered a pure good, even when one considers that excellent service is part of what one values in the experience.

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.

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

A product is simply a physical item designed to satisfy a customer's wants and needs.

Which of the following is NOT an activity for benchmarking?

What is a characteristic of the decline stage of the product life cycle?

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.

In the maturity stage of a product lifecycle, differences between competing products diminish as competitors discover the product and promotional characteristics most desired by customers.

Define product line. Discuss some of the reasons why firms develop product lines.

List five questions that classify consumer services.

Which product typically has the longest distribution channel?

Two of the most important variables in the purchase of a convenience product are the location of the store and the location of the product within the store.