Question 1

Iron ore is an example of an industrial product that is categorized under ________.

Accepted Answer

Iron ore is classified as a material and part-product as it is an unprocessed raw material that serves as a component in the production of finished steel products.

Question 2

A product line is most likely too short if managers can ________.

Accepted Answer

If managers can increase profits by adding items, then it would suggest that the product line is not offering enough variety or meeting the needs of the market. Therefore, the product line is most likely too short. The other options (A, B, C, and D) suggest that dropping items from the product line could still result in positive outcomes, which would not necessarily indicate that the product line is too short.

Question 3

Marque,a high-end maker of designer watches,has started making inexpensive watches to take advantage of enormous growth rates in low-end market segments.Marque is most likely engaging in ________.

Accepted Answer

Marque is engaging in a downward stretching strategy where they are introducing lower-priced products to target the low-end market segments.

Question 4

Product mix length refers to the ________.

Accepted Answer

Product mix length refers to the total number of items a company carries within its product lines.

Question 5

Consistency of a product mix refers to the ________.

Accepted Answer

Consistency of a product mix refers to the ways in which the various product lines are related to each other. It is important for companies to ensure that their product lines are consistent in terms of their target market, branding, pricing strategy, and overall positioning. This helps to create a clear and cohesive brand image, which makes it easier for customers to understand what the company stands for and what it offers.

Question 6

Product mix depth refers to the ________.

Accepted Answer

Product mix depth refers to the number of versions offered for each product in the line. This means that companies can offer different variations of a product to cater to different customer preferences and needs.

Question 7

Lengthening a product line beyond its current range is referred to as product line ________.

Accepted Answer

Lengthening a product line beyond its current range is referred to as product line stretching.

Question 8

A product line is most likely too long if managers can ________.

Accepted Answer

If managers can increase profits by dropping items, it suggests that there are likely too many products in the line that are not contributing positively to the bottom line. This implies that the line might be too long and could benefit from being streamlined.

Question 9

A ________ is defined as a name,term,sign,symbol,or design,or a combination of these,that identifies the maker or seller of a product or service.

Accepted Answer

The term "brand" is commonly used to refer to a unique identifier for a manufacturer or seller of goods and services. It can be a name, logo, symbol, or design that is associated with a specific company and its offerings. A brand helps consumers distinguish between different products and services and forms an important part of a company's marketing strategy.

Question 10

Product mix width refers to the ________.

Accepted Answer

Product mix width refers to the number of different product lines the company carries. It does not refer to the number of versions offered for each product, the ways in which the various product lines are related, the total number of items a company carries within its product lines, or the total market share captured by the entire product line.

Question 11

Which packaging component identifies the product or brand?

Accepted Answer

The label on a product's packaging is used to identify the product or brand, providing information such as the brand name, product name, and other relevant details.

Question 12

Expanding a product line by adding more items within the present range of the line is known as product line ________.

Accepted Answer

Product line filling involves adding more items within the present range of the line. This strategy is effective to cater to different segments within the target market and to increase sales by offering more options to customers without completely changing the existing product line. Option A (stretching) refers to introducing higher or lower-end products than the existing line, option B (widening) refers to adding new product lines in a new category, option C (strengthening) refers to improving the quality or features of the existing line, and option D (mixing) refers to adding completely new and unrelated products to the existing line. None of these options fit the given description correctly.

Question 13

Which of the following is an industrial product categorized under supplies and services?

Accepted Answer

The answer of Which of the following is an industrial...

Question 14

A company adding new features to a product will most likely compare each feature's value to customers with its ________.

Accepted Answer

The company will compare the value of each feature to customers with its cost to the company to ensure that the investment in new features is justified and profitable.

Question 15

Which category of industrial products includes repair and maintenance?

Accepted Answer

Repair and maintenance fall under the category of supplies and services. This category includes items such as lubricants, cleaning supplies, maintenance and repair services, and other consumable items used in the production process.

Question 16

A product mix is also known as a product ________.

Accepted Answer

A product mix is also known as a product portfolio, which refers to the entire range of products that a company offers. A portfolio usually includes multiple products or product lines, each with their own unique features, benefits, and target customers. The term "taxonomy" refers to the classification of organisms or objects according to their characteristics and relationship to each other, so it is not a suitable choice for this question. "Aggregation" and "cluster" are terms that can refer to grouping together similar objects or data points, but they do not specifically relate to a company's product offerings. "Assemblage" is a synonym for "collection" or "grouping," but it is not a commonly used term in discussions of product marketing or management.

Question 17

The use of traditional business marketing concepts and tools to create behaviors that will create individual and societal well-being is called ________ marketing.

Accepted Answer

The term used to describe the use of traditional business marketing concepts and tools to create behaviors that will improve individual and societal well-being is social marketing. It involves promoting ideas and social causes rather than products or services, with the ultimate goal of bringing about positive social change.

Question 18

Which of the following characteristics of a product is defined as "freedom from defects"?

Accepted Answer

Quality refers to the overall level of excellence of a product, including its freedom from defects. Features, style, value, and design are all important aspects of a product but do not necessarily relate directly to its freedom from defects.

Question 19

Which of the following terms best describes the process of designing and producing a container or wrapper for a product?

Accepted Answer

Packaging refers to the process of designing and producing a container or wrapper for a product. Labeling refers to the information that appears on the packaging. Positioning refers to the way a product is marketed and presented to consumers. Licensing refers to the process of legally allowing someone else to use your intellectual property. Branding refers to the process of creating and managing a company's overall image and identity.

Question 20

A&B's Smarter Planet campaign markets A&B as a company that provides innovative solutions that improve the world's IQ.This activity of A&B is an example of ________ marketing.

Accepted Answer

This is an example of organization marketing, where the company markets itself as a whole entity rather than promoting specific products or services. A&B is positioning itself as a company that provides innovative solutions that improve the world's intelligence quotient, which is aligned with its corporate mission and values.

Quiz 7: Products,Services,and Brands: Building Customer Value