Question 1

Match each item with the correct statement below.
-The method of measuring quality by comparing performance against industry leaders is known as _____.
A)marketing mix
B)specialty products
C)product
D)services
E)convenience products
F)impulse goods
G)installations
H)wholesalers
I)business-to-business (B2B)
J)supplies
K)emergency goods
L)shopping products
M)component parts and materials
N)staples
O)product mix
P)product line
Q)line extension
R)total quality management
S)product lifecycle
T)benchmarking

Accepted Answer

Benchmarking is the method of measuring quality by comparing performance against industry leaders.

Question 2

Define homeshoring.What are its advantages? Give some examples of U.S.companies that practices homeshoring.

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Question 3

Describe the three categories of supplies.

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Question 4

Why is marketing perceived as a significant activity by most service firms?

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Question 5

What are the different ways in which firms can extend a product's lifecycle? Explain any one of them.

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Question 6

Match each item with the correct statement below.
-The assortment of product lines and individual product offerings a company sells is called the _____.
A)marketing mix
B)specialty products
C)product
D)services
E)convenience products
F)impulse goods
G)installations
H)wholesalers
I)business-to-business (B2B)
J)supplies
K)emergency goods
L)shopping products
M)component parts and materials
N)staples
O)product mix
P)product line
Q)line extension
R)total quality management
S)product lifecycle
T)benchmarking

Accepted Answer

Product mix refers to the assortment of product lines and individual product offerings a company sells.

Answer: P
 Product line refers to a group of individual products that are closely related and marketed together.

Answer: S
 Product lifecycle refers to the stages a product goes through from introduction to decline.

Answer: Q
 Line extension refers to adding a new product within an existing product line to meet a different consumer need.

Answer: R
 Total quality management refers to a management approach that focuses on improving product quality and customer satisfaction.

Answer: T
 Benchmarking refers to comparing a company's products and processes to those of its competitors or best-in-class companies in order to identify areas for improvement.

Question 7

Match each item with the correct statement below.
-_____ constitute the regular expenses a firm incurs in its daily operations.
A)marketing mix
B)specialty products
C)product
D)services
E)convenience products
F)impulse goods
G)installations
H)wholesalers
I)business-to-business (B2B)
J)supplies
K)emergency goods
L)shopping products
M)component parts and materials
N)staples
O)product mix
P)product line
Q)line extension
R)total quality management
S)product lifecycle
T)benchmarking

Accepted Answer

Supplies are the regular expenses a firm incurs in its daily operations, such as office supplies, cleaning materials, and other consumables.

Question 8

Match each item with the correct statement below.
-Continuous effort to improve products and work processes with the goal of achieving customer satisfaction and world-class performance is referred to as _____.
A)marketing mix
B)specialty products
C)product
D)services
E)convenience products
F)impulse goods
G)installations
H)wholesalers
I)business-to-business (B2B)
J)supplies
K)emergency goods
L)shopping products
M)component parts and materials
N)staples
O)product mix
P)product line
Q)line extension
R)total quality management
S)product lifecycle
T)benchmarking

Accepted Answer

Total quality management refers to a continuous effort to improve products and work processes with the goal of achieving customer satisfaction and world-class performance.

Answer: P
 A product line is a group of products that are closely related because they serve a similar function, are sold to the same customer group, are marketed through the same channels, or fall within a given price range.

Answer: Q
 Line extension refers to the introduction of additional products in an existing product line in order to satisfy more customer needs and increase sales of the product line.

Answer: S
 Product lifecycle refers to the stages a product goes through from introduction to withdrawal from the market, including introduction, growth, maturity, and decline.

Answer: T
 Benchmarking is the practice of comparing an organization's performance metrics to industry best practices or similar organizations in order to identify areas for improvement.

Question 9

Discuss the problems posed by the application of the three-way classification system of convenience,shopping,and specialty goods and services.

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Question 10

Define service quality.Describe its five variables.

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Question 11

Match each item with the correct statement below.
-Development of individual offerings that appeal to different market segments while remaining closely related to the existing product line is referred to as _____.
A)marketing mix
B)specialty products
C)product
D)services
E)convenience products
F)impulse goods
G)installations
H)wholesalers
I)business-to-business (B2B)
J)supplies
K)emergency goods
L)shopping products
M)component parts and materials
N)staples
O)product mix
P)product line
Q)line extension
R)total quality management
S)product lifecycle
T)benchmarking

Accepted Answer

Line extension refers to the development of individual offerings that appeal to different market segments while remaining closely related to the existing product line.

Question 12

Match each item with the correct statement below.
-The progression of a product through introduction,growth,maturity,and decline stages is called its _____.
A)marketing mix
B)specialty products
C)product
D)services
E)convenience products
F)impulse goods
G)installations
H)wholesalers
I)business-to-business (B2B)
J)supplies
K)emergency goods
L)shopping products
M)component parts and materials
N)staples
O)product mix
P)product line
Q)line extension
R)total quality management
S)product lifecycle
T)benchmarking

Accepted Answer

The progression of a product through introduction, growth, maturity, and decline stages is called its product lifecycle.

Answer: O
 The combination of all the products a company offers is called its product mix.

Answer: P
 A group of related products offered by a company is called its product line.

Answer: Q
 When a company adds a new product to an existing product line, it's called a line extension.

Answer: R 
 Total quality management is a continuous improvement process that ensures every aspect of a company's operation is focused on delivering quality products and services to customers.

Answer: T
 Benchmarking is the process of comparing a company's performance to that of its competitors to identify strengths and weaknesses and improve performance.

Question 13

Define product.How do marketers perceive products?

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Question 14

List the five factors that marketers should consider for classifying consumer services.

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Question 15

Define product line.Discuss some of the reasons why firms develop product lines.

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Question 16

Define product lifecycle.Describe the various stages of a product lifecycle.

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Question 17

Define consumer products (B2C)and business products (B2B).Explain the different types of consumer products.Give an example of each from your recent purchasing activities.

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Question 18

What is product mix? How do marketers typically measure product mix? Measure the product mix of a company you know of.

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Question 19

How can we distinguish services from goods? Give an example of how buyers can play an important role in the creation of services.

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Question 20

Match each item with the correct statement below.
-A series of related products offered by one company is called a(n)_____.
A)marketing mix
B)specialty products
C)product
D)services
E)convenience products
F)impulse goods
G)installations
H)wholesalers
I)business-to-business (B2B)
J)supplies
K)emergency goods
L)shopping products
M)component parts and materials
N)staples
O)product mix
P)product line
Q)line extension
R)total quality management
S)product lifecycle
T)benchmarking

Accepted Answer

A series of related products offered by one company is called a product line.

Quiz 12: Product and Service Strategies

Match each item with the correct statement below. -The method of measuring quality by comparing performance against industry leaders is known as _____.

Define homeshoring.What are its advantages? Give some examples of U.S.companies that practices homeshoring.

Describe the three categories of supplies.

Why is marketing perceived as a significant activity by most service firms?

What are the different ways in which firms can extend a product's lifecycle? Explain any one of them.

Match each item with the correct statement below. -The assortment of product lines and individual product offerings a company sells is called the _____.

Match each item with the correct statement below. -_____ constitute the regular expenses a firm incurs in its daily operations.

Match each item with the correct statement below. -Continuous effort to improve products and work processes with the goal of achieving customer satisfaction and world-class performance is referred to as _____.