Question 1

What goods are similar in quality but different enough in price to justify shopping comparisons?

Accepted Answer

B

Question 2

The sellers of ________ goods carry a wide assortment to satisfy individual tastes. They must have well-trained salespeople to inform and advise customers.

Accepted Answer

Heterogeneous shopping goods require a wide assortment to cater to individual tastes, and knowledgeable salespeople are needed to guide customers in making informed decisions.

Question 3

Because ________ are purchased frequently, marketers should make them available in many locations, charge only a small markup, and advertise heavily to induce trial and build preference.

Accepted Answer

Nondurable goods, also known as fast-moving consumer goods (FMCG), are products that are purchased frequently and consumed quickly. Examples include groceries, toiletries, and cleaning supplies. Due to their high frequency of purchase, it is important for marketers to make them widely available, offer them at a low markup, and heavily advertise to encourage trial and build brand preference.

Question 4

Capital items are long-lasting goods that facilitate developing or managing the finished product. They include two groups: installations and ________.

Accepted Answer

The question states that capital items are long-lasting goods that facilitate developing or managing the finished product, and are divided into two groups: installations and something else. The only option that fits this description is equipment, which is typically a long-term investment and is used to facilitate the production or management of goods. The other options are not long-lasting items that facilitate production or management, or are not typically categorized as capital items.

Question 5

How a consumer shops for organic foods and how he or she uses and disposes of the product is part of the consumers' ________ that is important for marketers to consider.

Accepted Answer

The consumers' consumption system includes how they shop for, use, and dispose of a product, making it important for marketers to consider. The other options (value proposition, value system, quality perception, and value chain) do not encompass all of these aspects of the consumer's experience with the product.

Question 6

It was sunny when Jenny went to class, but by the time class was over it was raining heavily, so Jenny stopped by the student store to buy an umbrella before she walked back to her dorm. In this case, the umbrella is an example of a(n) ________ good.

Accepted Answer

An emergency good is something that is purchased unexpectedly, usually due to a sudden change in circumstances or a need that arises unexpectedly. In this case, Jenny did not plan on buying an umbrella before leaving for class, but the sudden change in weather made it necessary for her to purchase one as an emergency item.

Question 7

Marketers have traditionally classified products on the basis of three characteristics: ________, tangibility, and use.

Accepted Answer

The three characteristics for classifying products are durability, tangibility, and use. Durability refers to how long the product will last, tangibility refers to whether the product is physical or not, and use refers to the purpose or function of the product. Availability, affordability, aesthetics, and necessity are not traditional characteristics for classifying products.

Question 8

A product is anything that can be offered to a market to satisfy a want or need.

Accepted Answer

This is the definition of a product according to marketing principles.

Question 9

Marketers must see themselves as benefit providers. For example, when a shopper purchases new shoes, he or she expects the shoes to cover his or her feet and allow him or her to walk unobstructed. This is an example of what level in the consumer-value hierarchy?

Accepted Answer

The basic product level of the consumer-value hierarchy refers to the core benefits that the customer is seeking from the product. In the example given, the customer is seeking shoes that cover their feet and allow them to walk unobstructed. This aligns with the basic product level, which is the most fundamental benefit the product provides.

Question 10

Which of the following are tangible goods that normally survive many uses?

Accepted Answer

Durable goods are tangible products that are expected to last a long time and survive many uses. Generic goods refer to products that are not branded or have no particular features to distinguish them from other products. Core benefits refer to intangible attributes that a product provides to the customer. Convenience goods are products that are inexpensive and frequently purchased. Unsought goods are products that the customer does not actively seek out to purchase.

Question 11

Products such as insurance, cemetery plots, and smoke detectors are examples of ________ goods that are products that the consumer does not know about or does not normally think of buying.

Accepted Answer

Unsought goods are products that consumers are not actively seeking to buy or may not even be aware they need or exist. Examples include the aforementioned insurance, cemetery plots, and smoke detectors, as well as items like emergency generators and industrial chemicals. These products require substantial marketing and sales efforts to create demand and convince consumers of their necessity.

Question 12

A ________ is anything that can be offered to a market to satisfy a want or need, including physical goods, services, experiences, events, persons, places, properties, organizations, information, and ideas.

Accepted Answer

A product is the only option that includes physical goods, services, experiences, events, persons, places, properties, organizations, information, and ideas. Functions, benefits, processes, and structures are all more narrow terms that do not encompass such a wide variety of offerings.

Question 13

________ are major purchases and are usually bought directly from the producer with the typical sale preceded by long negotiation periods.

Accepted Answer

Installations are major purchases that often involve long negotiation periods and are typically bought directly from the producer.

Question 14

Marketing planning begins with formulating an offering to meet target customers' needs or wants.

Accepted Answer

Marketing planning always starts with identifying the needs and wants of target customers and developing an offering that satisfies those needs and wants.

Question 15

When companies search for new ways to satisfy customers and distinguish their offering from others, they look at the ________ product, which encompasses all the possible augmentations and transformations of the product.

Accepted Answer

The correct answer is "potential" product, as it refers to all the possible augmentations and transformations a product can undergo to satisfy customers and stand out in the market.

Question 16

In planning its market offering, the marketer needs to address five product levels, each of which reduces customer value.

Accepted Answer

Each of the five product levels actually adds more customer value, not reduces it. These levels range from the core benefit to the potential product, each layer offering additional value to meet and exceed customer expectations.

Question 17

A customer judges a product offering by three basic elements: product features and quality, services mix and quality, and ________.

Accepted Answer

The third basic element that a customer judges a product offering by is price. Customers take into consideration the value they will receive in relation to the price they pay for the product or service.

Question 18

The way the user performs the tasks of getting and using products and related services is the user's total ________.

Accepted Answer

The concept of a consumption system refers to how a user acquires, uses, and disposes of products and services. It encompasses not only the actual purchase but also the pre and post-purchase activities, such as information search, payment, and after-sales service. Therefore, A) consumption system is the best choice as it precisely matches the given definition. The other options are either unrelated or inaccurate in describing the user's task performance.

Question 19

The five product levels constitute a ________. At each level more customer value is added.

Accepted Answer

The five product levels constitute a customer value-hierarchy. At each level, additional value is added to the product, enhancing its appeal and utility to the customer. This concept emphasizes understanding and addressing the different layers of needs and values that customers seek in a product.

Question 20

What types of goods are purchased frequently, immediately, and with minimum effort by the consumers?

Accepted Answer

Convenience goods are purchased frequently, immediately, and with minimum effort by the consumers. These goods are low-priced, easily available, and do not require much research or decision-making effort from the buyer. Examples include fast food, household supplies, and personal care items.

Quiz 13: Setting Product Strategy