Question 1

Which of the following is an expense item for an independent bookstore?
A) order forms
B) the building in which store is located
C) book shelves
D) display cabinet for first editions

Accepted Answer

Order forms are considered an expense item for an independent bookstore because they are used in the daily operations for ordering inventory and are not considered a long-term asset like buildings or fixtures such as bookshelves and display cabinets.

Question 2

What are products that are bought after comparing price,suitability,quality,and style known as?
A) sought products
B) generic products
C) specialty products
D) shopping products

Accepted Answer

Shopping products are products that are bought after comparing price, suitability, quality, and style. This type of product requires more consideration and research from the buyer, and it is often associated with higher-priced items such as cars, appliances, and clothing. The other options, sought products, generic products, and specialty products, do not necessarily require the same level of comparison and evaluation before purchase.

Question 3

When Katherine Cozzine graduated from high school,she chose a university that would provide her a strong business foundation even though she would have preferred to major in music.Cozzine did not know that there are over 200 music-business programs that would have allowed her to continue her music and prepare for a career in the industry.To Cozzine,the music-business programs were which of the following products?
A) specialty
B) unsought
C) shopping
D) generic

Accepted Answer

Unsought products are those that the consumer does not know about or does not normally think of buying. In this case, Katherine Cozzine was unaware of the music-business programs, making them unsought products for her.

Question 4

Which of the following is an example of a capital product that would be found in a brewery?
A) bottling machine
B) bottle labels
C) hops to make the beer
D) glass bottles

Accepted Answer

A bottling machine is an example of a capital product that would be found in a brewery. It is a tool used to automate the bottling process, which is an important step in the production of beer. The other options (B, C, D) are inputs or materials used in the process but are not capital products.

Question 5

Which of the following is a consumer durable?
A) shampoo
B) sinus medication
C) pretzels
D) a bedroom dresser

Accepted Answer

A consumer durable is a good that lasts for a prolonged period, typically more than three years when utilized. Among the provided options, only a bedroom dresser fits the criteria of a consumer durable. Shampoo, sinus medication, and pretzels are consumed or used up quickly and are classified as non-durable goods.

Question 6

Which of the following is a capital product for a multinational organization?
A) a corporate jet
B) fax machine paper
C) a mobile phone
D) a file folder

Accepted Answer

A corporate jet is a large, expensive, long-lasting piece of equipment that is used for transportation and is considered a capital product. The other options listed are all examples of supplies or small equipment and are not considered capital products.

Question 7

What are the four major groupings of consumer products?
A) limited,generic,specialty,and unsought
B) unsought,convenience,shopping,and specialty
C) shopping,durable,limited,and nondurable
D) brand,specialty,shopping,and generic

Accepted Answer

The four major groupings of consumer products are unsought, convenience, shopping, and specialty. Option B accurately lists these four categories. Option A includes limited and generic, which are not commonly recognized groupings. Option C includes durable and nondurable, which are not specific enough to consumer products. Option D includes brand, which is not a recognized category of consumer products.

Question 8

Which of the following product is a product for which consumers may search long and hard and for which they refuse to accept substitutes?
A) a specialty product
B) a generic product
C) a shopping product
D) a convenience product

Accepted Answer

Specialty products are unique products for which consumers are willing to go through a lot of effort to find and purchase. These products are often associated with high prices and high quality, and consumers are typically not willing to accept substitutes. Examples of specialty products include luxury cars, designer clothing, and gourmet foods.

Question 9

What is a large,expensive capital product,such as the Ford assembly plant in Oakville,Ontario?
A) an integral part
B) emplacement
C) a structural product
D) an installation

Accepted Answer

A large, expensive capital product that is built and fixed in one location is an installation. An assembly plant would be considered an installation. Choices A, B, and C do not accurately describe this type of product.

Question 10

Which of the following is considered an expense item for a dentist's office?
A) peroxide for whitening teeth
B) dental x-ray equipment
C) an office desk
D) a computer system

Accepted Answer

Peroxide for whitening teeth is a consumable item that needs to be purchased regularly, making it an expense item. Dental x-ray equipment, an office desk, and a computer system are considered fixed assets and would be considered capital expenditures rather than expense items.

Question 11

Which of the following is a consumer nondurable?
A) a swimming pool
B) a dishwasher
C) a laptop computer
D) breakfast cereal

Accepted Answer

Consumer nondurables are products that are typically consumed or used up quickly, within three years or less. Breakfast cereal is an example of a consumer nondurable because it is a food product that is meant to be consumed relatively quickly and is not intended to last for an extended period of time. Swimming pools, dishwashers, and laptop computers are all examples of durable goods, which are products that are expected to last for several years or more.

Question 12

Jay DuClerc has decided to buy a new Porsche.Since there are no Porsche dealers in his community,he must travel almost 200 miles to find a Porsche dealer to purchase the car of his dreams.For DuClerc,a Porsche is which of the following?
A) a sought product
B) a generic product
C) a specialty product
D) a shopping product

Accepted Answer

A specialty product refers to a unique product with limited distribution that consumers will go out of their way to obtain, even if it means traveling a significant distance. In this case, since there are no Porsche dealers in Jay DuClerc's community, he must travel 200 miles to find one, indicating that a Porsche is a specialty product for him.

Question 13

Business products are classified into two categories.What are they?
A) special use and general use
B) capital and expense
C) installation and accessory
D) revenue and expense

Accepted Answer

Business products are classified into two categories: capital products and expense products. Capital products are long-term investments used in the production of goods and services, such as buildings, equipment, and vehicles. Expense products are short-term investments used in the day-to-day operations of a business, such as office supplies and salaries.

Question 14

What is a product that is bought by a company for use in making another product?
A) a business product
B) an institutional product
C) a functional product
D) a distribution product

Accepted Answer

The answer of What is a product that is bought...

Question 15

A company in Nova Scotia builds portable drilling platforms used to locate new oil fields underwater.To build a platform,the company had to construct a specially designed dock with a large permanently placed crane able to lift a 20 tonne structure onto its floating base.This expensive dock and crane are examples of which of the following?
A) structural products
B) integral parts
C) emplacements
D) installations

Accepted Answer

The dock and crane are specifically designed to install and lift the drilling platforms, making them installations.

Question 16

What is a relatively inexpensive item that requires very little shopping effort called?
A) a shopping product
B) a sought product
C) a convenience product
D) a specialty product

Accepted Answer

A convenience product is a type of consumer product that is purchased frequently, immediately, and with a minimum of effort and thought. These products are usually low in cost and readily available, such as snacks or toiletries.

Question 17

Which of the following is a convenience product?
A) a tuxedo
B) a computer
C) a loaf of bread
D) a vacuum cleaner

Accepted Answer

A loaf of bread is a convenience product because it is typically a low-cost item that is frequently purchased by consumers without much thought or research. It is readily available and can be found in most grocery stores, making it convenient for consumers to purchase on a regular basis. The other options (a tuxedo, a computer, and a vacuum cleaner) are not typically considered convenience products as they are generally more expensive and require more time and consideration before the purchase is made.

Question 18

Which of the following is any good or service that satisfies wants,along with its perceived attributes and benefits?
A) market
B) product
C) brand
D) exchange

Accepted Answer

A product is any good or service that satisfies wants, along with its perceived attributes and benefits. A market is a group of buyers and sellers exchanging goods and services. A brand is a name, term, design, symbol, or other feature that identifies a seller's product distinct from those of other sellers. An exchange is the act of obtaining a desired product from someone by offering something in return.

Question 19

Robert and Maxine Thomason are planning to purchase a new refrigerator-freezer for their new home.They have compared the quality,style,and price of four models.For the Thomasons,a refrigerator-freezer is which of the following?
A) a convenience product
B) a shopping product
C) an industrial product
D) a specialty product

Accepted Answer

A refrigerator-freezer is considered a shopping product because it is a product that consumers will compare and evaluate before making a purchase decision. It is not a convenience product because it requires more effort and consideration before buying, and it is not an industrial or specialty product.

Question 20

Which of the following is the BEST example of a consumer product?
A) a car bought by a real estate agency for its salespeople to use
B) a textbook purchased by a student taking this class
C) magazines sold to a college bookstore
D) a case of toothbrushes sold to a dentist

Accepted Answer

A consumer product is something that is purchased by an individual or household for personal use. In this case, a textbook purchased by a student fits the definition of a consumer product. The other options involve purchases made by businesses or professionals for their use, and therefore do not fit the definition of a consumer product.

Quiz 13: Creating Marketing Strategies

Which of the following is an expense item for an independent bookstore?

What are products that are bought after comparing price,suitability,quality,and style known as?

Which of the following is an example of a capital product that would be found in a brewery?

Which of the following is a consumer durable?

Which of the following is a capital product for a multinational organization?

What are the four major groupings of consumer products?

Which of the following product is a product for which consumers may search long and hard and for which they refuse to accept substitutes?

What is a large,expensive capital product,such as the Ford assembly plant in Oakville,Ontario?

Which of the following is considered an expense item for a dentist's office?

Which of the following is a consumer nondurable?

Jay DuClerc has decided to buy a new Porsche.Since there are no Porsche dealers in his community,he must travel almost 200 miles to find a Porsche dealer to purchase the car of his dreams.For DuClerc,a Porsche is which of the following?

Business products are classified into two categories.What are they?

What is a product that is bought by a company for use in making another product?

What is a relatively inexpensive item that requires very little shopping effort called?

Which of the following is a convenience product?

Which of the following is any good or service that satisfies wants,along with its perceived attributes and benefits?

Robert and Maxine Thomason are planning to purchase a new refrigerator-freezer for their new home.They have compared the quality,style,and price of four models.For the Thomasons,a refrigerator-freezer is which of the following?

Which of the following is the BEST example of a consumer product?