Question 1

Items consumed in one or a few uses,such as food and fuel,are referred to as _________.
A)services
B)perishable goods
C)durable goods
D)disposable goods
E)nondurable goods

Accepted Answer

Nondurable goods are items that are consumed in a short period and have a limited lifespan, such as food and fuel. Perishable goods is also another term used to describe these types of goods. Services (A) are not physical goods, but rather activities or benefits provided to consumers. Durable goods (C) are items designed to last for an extended period, such as appliances or cars. Disposable goods (D) could be considered a synonym for nondurable goods, but it is not a commonly used term in economics.

Question 2

Goods can be divided into __________ goods and __________ goods.
A)functional; aesthetic
B)required; desired
C)tactile; conceptual
D)durable; nondurable
E)product; service

Accepted Answer

Goods can be classified as either durable goods which are products that provide utility over time or non-durable goods which are products consumed in a short period of time. This classification is based on their useful lifespan.

Question 3

The Apple innovation that stores all your digital content and then pushes it to where it can then be sent to your other digital devices is referred to as
A)iPod
B)iCloud
C)iPad
D)iPhone
E)MacBook Air

Accepted Answer

The Apple innovation that is being described is the iCloud, which stores all your digital content and pushes it to other devices that are connected to your account. The other options listed are Apple products, but do not specifically relate to this functionality.

Question 4

A nondurable good is defined as a(n)
A)item consumed in one or a few uses.
B)item that usually lasts over an extended number of uses.
C)item that lasts at least one year without becoming obsolete.
D)product purchased only for the use of ultimate consumers.
E)product used in the production of other products.

Accepted Answer

A nondurable good is a product that is consumed or used up in a short amount of time, usually within one or a few uses, such as food or toiletries.

Question 5

A __________ is the marketing term for a good,service,or idea consisting of a bundle of tangible and intangible attributes that satisfy consumers' needs and is received in exchange for money or something else of value.
A)idea
B)service
C)widget
D)utility bundle
E)product

Accepted Answer

The definition provided in the question matches the definition of a product. While ideas and services can also be marketed, they do not necessarily require an exchange for money or something else of value, making them less fitting choices. "Widget" and "utility bundle" are not commonly used marketing terms.

Question 6

The late Steve Jobs oversaw or invented innovations that revolutionized six industries.Which industry below is NOT one of these six? A)music B)smartphones C)personal computers D)cable television E)tablet devices

Accepted Answer

Steve Jobs did not oversee or invent any innovations that revolutionized the cable television industry.

Question 7

A product that has tangible attributes that a consumer's five senses can perceive is referred to as a(n)
A)service.
B)product concept.
C)good.
D)new idea.
E)artifact.

Accepted Answer

A good is a physical product that can be touched, seen, heard, smelled, or tasted by consumers. It has tangible attributes that can be perceived by their five senses. Services, on the other hand, are intangible activities or benefits that are provided to consumers. Product concept refers to the idea and image that consumers have of a particular product. New idea or artifact may or may not have tangible attributes that can be perceived by consumers.

Question 8

Which of the following statements regarding "goods" is most accurate?
A)Nondurable goods would rely more on advertising than durable goods.
B)Durable goods would benefit more on advertising than nondurable goods.
C)There is little if any difference between marketing actions between durable and nondurable goods.
D)Nondurable goods would rely more on personal selling than durable goods.
E)The durable and nondurable classification applies to services as well as to products.

Accepted Answer

Nondurable goods are goods that are consumed or used up quickly, such as food or toiletries. Since they have a short lifespan, they need to be constantly replenished and advertised to keep up demand. On the other hand, durable goods such as appliances or vehicles have a longer lifespan and can benefit more from personal selling or word of mouth recommendations. Therefore, statement A is the most accurate.

Question 9

The division of products into durable and nondurable goods is to __________.
A)comply with NAICS guidelines
B)address environmental concerns
C)comply with ISO 9000 requirements
D)classify products for tax purposes
E)provide direction for marketing actions

Accepted Answer

The division of products into durable and nondurable goods provides direction for marketing actions, as different strategies are needed to effectively market products based on their durability and expected lifespan. The other options (complying with NAICS guidelines, addressing environmental concerns, complying with ISO 9000 requirements, and classifying products for tax purposes) do not directly relate to the division of products into durable and nondurable goods.

Question 10

A product refers to
A)a tangible good received in exchange for a person's time and effort.
B)intangible activities or benefits that an organization provides to satisfy consumers' needs in exchange for money or something else of value.
C)a good that has in some way been altered,combined,or improved and sold to organizational buyers consumers.
D)is a thought that leads to an action such as a concept for a new invention.
E)a good,service,or idea consisting of a bundle of tangible and intangible attributes that satisfies consumers' needs and is received in exchange for money or something else of value.

Accepted Answer

A product can be a good (tangible item), service (intangible activity), or idea (intangible benefit) that satisfies consumers' needs and is exchanged for money or something else of value. It can consist of both tangible and intangible attributes, making option E the best choice. Options A, B, C, and D are either too narrow or do not fully encompass the definition of a product.

Question 11

In marketing,a(n)__________ generally includes not only physical goods,but also services and ideas as well.
A)line
B)invention
C)merchandise
D)product
E)concept

Accepted Answer

A product typically refers to both physical goods and services or ideas, making it the best choice for this question. The other options either refer only to physical goods (merchandise) or are too broad (line, invention, concept).

Question 12

The Apple II,Macintosh,iPod,iPhone,MacBook Air,and iPad are all examples of Apple's commitment to __________.
A)outselling their competitors
B)social responsibility
C)new product development
D)using renewable resources
E)respecting its workforce

Accepted Answer

The products mentioned are all examples of Apple's commitment to new product development.

Question 13

Which of the following statements regarding goods is most accurate?
A)In order to be classified as a good,an item must appeal to all five senses.
B)Music is not considered a good because it only involves a single sense-hearing.
C)Some goods also have intangible attributes.
D)To market a good that contains visual attributes,you cannot use an auditory medium.
E)The aroma of chocolate chip cookies is considered an idea because it affects one's senses.

Accepted Answer

Some goods, such as a massage or a concert experience, also have intangible attributes that add value to the overall product. Option A is incorrect as there are goods, such as perfume or flowers, that only appeal to the sense of smell. Option B is incorrect as music is considered a good because it is a product that can be purchased and consumed. Option D is incorrect as visual attributes can be used in auditory mediums such as radio or podcasts. Option E is incorrect as the aroma of chocolate chip cookies pertains to the sense of smell and not an idea.

Question 14

A product is a good,service,or idea consisting of a(n)__________ that satisfy consumers' needs and is received in exchange for money or something else of value.
A)promise or commitment exchanged between a seller and a buyer
B)bundle of tangible and intangible attributes
C)assortment of value-possessing activities
D)array of physical attributes
E)collection of tangible qualities

Accepted Answer

A product is not only a physical good, but also includes intangible attributes such as the service or idea associated with it. It is a bundle of both physical and non-physical attributes that satisfy consumers' needs and are exchanged for money or something else of value.

Question 15

A product is a good,service,or idea consisting of a bundle of tangible and intangible attributes that satisfy consumers' needs and is received in exchange
A)only for legal tender (money).
B)for providing value.
C)only for barter.
D)for a person's time and effort.
E)for money or something else of value.

Accepted Answer

According to the definition of a product, it can be received in exchange for money or something else of value, not just legal tender or barter.

Question 16

A good has tangible attributes that a consumer's __________ can perceive.
A)cognitive intelligence
B)knowledge of past experiences
C)five senses
D)sixth sense
E)emotional intelligence

Accepted Answer

Tangible attributes are characteristics that can be observed or perceived by the five senses of sight, hearing, touch, taste, and smell. These attributes are physical aspects of a product that a consumer can experience and evaluate.

Question 17

In 2011,Fortune rated this company as the world's most admired company and Bloomberg Businessweek perennially rates it as the most innovative company in the world.This firm is A)IBM B)Microsoft C)3M D)Kodak E)Apple

Accepted Answer

Fortune rated Apple as the world's most admired company in 2011 and Bloomberg Businessweek regularly rates it as the most innovative company in the world. This information is specific to Apple and not to any of the other companies listed.

Question 18

Among consumer products,advertising and wide distribution are especially important for
A)durable goods.
B)specialty products.
C)nondurable goods.
D)production goods.
E)semidurable goods.

Accepted Answer

Nondurable goods, such as food and household cleaning products, rely heavily on advertising and wide distribution to stay competitive and maintain consumer demand.

Question 19

A _________ is defined as an item consumed in one or a few uses.
A)durable good
B)convenience good
C)specialty good
D)shopping good
E)nondurable good

Accepted Answer

A nondurable good is defined as an item consumed in one or a few uses, such as food, toiletries, and cleaning products.

Question 20

A good,service,or idea consisting of a bundle of tangible and intangible attributes that satisfies consumers' needs and is received in exchange for money or something else of value is referred to as __________.
A)a widget
B)a product
C)a service
D)an idea
E)merchandise

Accepted Answer

A product is a good, service, or idea consisting of a bundle of tangible and intangible attributes that satisfies consumers' needs and is received in exchange for money or something else of value. The other options are more specific (widget, service) or less commonly associated with marketing (idea).

Quiz 9: Developing New Products and Services

Items consumed in one or a few uses,such as food and fuel,are referred to as _________.

Goods can be divided into goods and goods.

The Apple innovation that stores all your digital content and then pushes it to where it can then be sent to your other digital devices is referred to as

A nondurable good is defined as a(n)

A __________ is the marketing term for a good,service,or idea consisting of a bundle of tangible and intangible attributes that satisfy consumers' needs and is received in exchange for money or something else of value.

The late Steve Jobs oversaw or invented innovations that revolutionized six industries.Which industry below is NOT one of these six?

A product that has tangible attributes that a consumer's five senses can perceive is referred to as a(n)

Which of the following statements regarding "goods" is most accurate?

The division of products into durable and nondurable goods is to __________.

A product refers to

In marketing,a(n) __________ generally includes not only physical goods,but also services and ideas as well.

The Apple II,Macintosh,iPod,iPhone,MacBook Air,and iPad are all examples of Apple's commitment to __________.

Which of the following statements regarding goods is most accurate?

A product is a good,service,or idea consisting of a(n) __________ that satisfy consumers' needs and is received in exchange for money or something else of value.

A product is a good,service,or idea consisting of a bundle of tangible and intangible attributes that satisfy consumers' needs and is received in exchange

A good has tangible attributes that a consumer's __________ can perceive.

In 2011,Fortune rated this company as the world's most admired company and Bloomberg Businessweek perennially rates it as the most innovative company in the world.This firm is

Among consumer products,advertising and wide distribution are especially important for

A _________ is defined as an item consumed in one or a few uses.

A good,service,or idea consisting of a bundle of tangible and intangible attributes that satisfies consumers' needs and is received in exchange for money or something else of value is referred to as __________.