Question 1

Delilah buys many of her groceries at the local convenience store because she believes in supporting local businesses. What type of purchase is this?
A) wholesale
B) B2B
C) retail
D) specialty
E) B2C

Accepted Answer

Delilah is buying groceries for her personal use at a local convenience store, which is a type of retail purchase.

Question 2

Varana prefers to do her clothes shopping on the Internet so she can compare brands and prices. What class of products does Varana shop for in this way?
A) convenience
B) specialty
C) retail
D) shopping
E) unsought

Accepted Answer

Shopping products are those for which consumers spend time comparing quality, price, and style across different sellers before making a purchase. Varana's behavior of comparing brands and prices online is characteristic of shopping for shopping products.

Question 3

When Bonita turned 21, her husband wanted to buy her a piece of jewelry. He went to a jewelry designer to get her something one of a kind. In this case, jewelry is a(n) ________ product.
A) convenience
B) specialty
C) retail
D) shopping
E) unsought

Accepted Answer

Specialty products are those that customers specifically seek out due to unique characteristics or loyalty to a brand, often involving considerable effort or expense to obtain. In this scenario, the husband's desire to get a one-of-a-kind piece of jewelry for Bonita fits the definition of a specialty product, as it implies a specific, unique item that he believes is worth the extra effort and cost.

Question 4

When Thian turned 65, he decided he should purchase long-term care insurance because he didn't want his kids to have to take care of him. This is a(n) ________ product.
A) convenience
B) specialty
C) retail
D) shopping
E) unsought

Accepted Answer

Long-term care insurance is considered an unsought product because it is something consumers do not think about buying until they need it, often due to a specific life event or realization of future needs, as in Thian's case.

Question 5

The ________ market consists of industrial goods, or business goods products used to produce other products.
A) wholesale
B) B2B
C) retail
D) specialty
E) B2C

Accepted Answer

The B2B (Business-to-Business) market involves transactions between businesses, such as the sale of goods used to produce other products, fitting the description provided.

Question 6

Industrial glue and food preservatives are business products that are classified as
A) installations.
B) capital items.
C) accessory equipment.
D) component parts.
E) process materials.

Accepted Answer

Industrial glue and food preservatives are classified as process materials because they are used directly in the production of other products but do not become part of the final product.

Question 7

Sean is a broker that sells lumber to businesses. Which classification of business products is lumber?
A) raw materials
B) capital items
C) accessory equipment
D) component parts
E) supplies

Accepted Answer

Lumber, being a basic material that businesses use to produce their goods or services, is classified as a raw material. It is not a finished product but rather an input in the production process.

Question 8

________ are the large, long-lasting pieces of equipment a business purchases, like a commercial oven in a restaurant.
A) Raw materials
B) Capital items
C) Accessory equipment
D) Component parts
E) Supplies

Accepted Answer

Capital items are large, significant purchases that a business makes to use in its operations, such as machinery, buildings, and equipment. A commercial oven in a restaurant is a good example of a capital item because it is a substantial, long-term investment used in the production of goods or services.

Question 9

Innovation is important because of ________-when a product is no longer viable because consumers' needs change or a competitor has a better product.
A) failure of a new product
B) long development time
C) discontinuous development
D) product obsolescence
E) dynamic innovation

Accepted Answer

Product obsolescence occurs when a product becomes outdated or no longer meets the consumers' needs, often due to innovations or better products introduced by competitors. This makes innovation crucial to keep products relevant and competitive.

Question 10

One of the three levels of innovation is
A) improvement innovation.
B) continuous innovation.
C) innovation maturity.
D) radical innovation.
E) innovation decline.

Accepted Answer

The answer of One of the three levels of innovation...

Question 11

During which stage of the product life cycle do managers concentrate on building inventory without loss of quality?
A) introduction
B) growth
C) maintenance
D) maturity
E) decline

Accepted Answer

During the introduction stage of the product life cycle, managers focus on building inventory to meet market demand without compromising on quality, as they are trying to establish the product in the market and create a customer base.

Question 12

During which stage of the product life cycle are there start-up costs for production, marketing, and distribution?
A) pre-production
B) introduction
C) decline
D) maturity
E) growth

Accepted Answer

During the introduction stage of the product life cycle, companies face start-up costs for production, marketing, and distribution as they are introducing the product to the market and trying to build awareness among consumers.

Question 13

Sales are usually low and there is risk the product will be rejected in the ________ stage of the product life cycle.
A) pre-production
B) introduction
C) maintenance
D) maturity
E) growth

Accepted Answer

In the introduction stage of the product life cycle, sales are typically low as the product is just being introduced to the market, and there is a risk that the product may not be accepted by consumers.

Question 14

In the ________ stage of the product life cycle, managers work to get enough product into the distribution pipeline, maintain quality, and expand sales and distribution.
A) introduction
B) decline
C) maintenance
D) maturity
E) growth

Accepted Answer

In the growth stage of the product life cycle, managers focus on increasing market share, ensuring product availability, maintaining or improving product quality, and expanding sales and distribution networks to meet rising consumer demand.

Question 15

Bao was worried when his product's sales began to fall off, so he instructed his creative team to try to improve on its features and hopefully extend the product's life. This likely occurred during the ________ stage of the product life cycle.
A) introduction
B) decline
C) maturity
D) growth
E) maintenance

Accepted Answer

During the maturity stage of the product life cycle, sales growth slows or levels off, and companies often try to differentiate their products or improve features to extend the product's life and maintain market share.

Question 16

When Bao determined that his product's falling sales were becoming a problem, he instructed management to reduce costs and increase efficiency to maintain the product's profitability. The product was most likely in the ________ stage of the product life cycle.
A) downhill
B) decline
C) decay
D) maturity
E) maintenance

Accepted Answer

The maturity stage of the product life cycle is characterized by slowing sales growth, indicating that the product has achieved widespread market acceptance but is facing increased competition and market saturation. Cost reduction and efficiency improvements are common strategies to maintain profitability during this stage.

Question 17

During the ________ step of the product development process, companies may develop new products internally by listening to employees or through research-and-development departments.
A) idea generation
B) product screening
C) product analysis
D) new product development
E) test marketing

Accepted Answer

The idea generation step is where companies brainstorm and come up with new product ideas, which can involve internal suggestions from employees or formal research and development efforts.

Question 18

________ involves attracting consumers by creating products that stand out as different from competitors.
A) Creative production
B) Product analysis
C) Commercialization
D) Product differentiation
E) Product labeling

Accepted Answer

Product differentiation involves creating products that are distinct and stand out from those of competitors, aiming to attract consumers by offering unique features, quality, or branding.

Question 19

Horace invented a product that kept runners cool by inserting refrigerated pouches into their clothes. He named it Cool Runs. He wanted to get legal protection for the name, so he applied for a
A) trademark.
B) copyright.
C) registered label.
D) brand mark.
E) legal injunction.

Accepted Answer

A trademark is the correct choice because it is used to protect brand names and logos used on goods and services, which in this case applies to the name "Cool Runs" for Horace's product.

Question 20

Kellogg's branded cereal, bars, and drinks fall into which category of branded products?
A) manufacturer's
B) private label
C) family
D) individual
E) edible

Accepted Answer

The answer of Kellogg's branded cereal, bars, and drinks fall...

Quiz 13: Introduction to Marketing

Delilah buys many of her groceries at the local convenience store because she believes in supporting local businesses. What type of purchase is this?

Varana prefers to do her clothes shopping on the Internet so she can compare brands and prices. What class of products does Varana shop for in this way?

When Bonita turned 21, her husband wanted to buy her a piece of jewelry. He went to a jewelry designer to get her something one of a kind. In this case, jewelry is a(n) ________ product.

When Thian turned 65, he decided he should purchase long-term care insurance because he didn't want his kids to have to take care of him. This is a(n) ________ product.

The ________ market consists of industrial goods, or business goods products used to produce other products.

Industrial glue and food preservatives are business products that are classified as

Sean is a broker that sells lumber to businesses. Which classification of business products is lumber?

________ are the large, long-lasting pieces of equipment a business purchases, like a commercial oven in a restaurant.

Innovation is important because of ________-when a product is no longer viable because consumers' needs change or a competitor has a better product.

One of the three levels of innovation is

During which stage of the product life cycle do managers concentrate on building inventory without loss of quality?

During which stage of the product life cycle are there start-up costs for production, marketing, and distribution?

Sales are usually low and there is risk the product will be rejected in the ________ stage of the product life cycle.

In the ________ stage of the product life cycle, managers work to get enough product into the distribution pipeline, maintain quality, and expand sales and distribution.

Bao was worried when his product's sales began to fall off, so he instructed his creative team to try to improve on its features and hopefully extend the product's life. This likely occurred during the ________ stage of the product life cycle.

When Bao determined that his product's falling sales were becoming a problem, he instructed management to reduce costs and increase efficiency to maintain the product's profitability. The product was most likely in the ________ stage of the product life cycle.

During the ________ step of the product development process, companies may develop new products internally by listening to employees or through research-and-development departments.

________ involves attracting consumers by creating products that stand out as different from competitors.

Horace invented a product that kept runners cool by inserting refrigerated pouches into their clothes. He named it Cool Runs. He wanted to get legal protection for the name, so he applied for a

Kellogg's branded cereal, bars, and drinks fall into which category of branded products?