Question 1

Johnson & Johnson manufactures more than 100 brands in nearly 50 product categories.The total number of products they manufacture represents the _____ of its product mix.

Accepted Answer

The length of a product mix refers to the total number of products a company offers across all its product lines.

Question 2

Which of the following comes closest to providing pure service?

Accepted Answer

A fitness gym comes closest to providing pure service as the focus is solely on providing intangible services such as personal training, fitness classes, and equipment usage, without any tangible goods being sold. The other options involve the sale of physical products (retail store, automobile dealership, coffee shop).

Question 3

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

Accepted Answer

A series of related products offered by one company is called a product line. A cluster and a subgroup do not necessarily imply that the products are related, and a pack is a term generally used for a group of items sold together rather than a series of related products.

Question 4

The assortment of product lines and individual product offerings a company sells is called its product _____.

Accepted Answer

The term used to describe a company's assortment of product lines and individual product offerings is its product mix.

Question 5

Brandie is a financial services representative and is licensed to sell life,health and investment products.She recently met with a couple in their 50's who have been taking care of their 80-year-old parents who now need some additional attention and care.Brandie begins asking the couple about their financial planning and how well they've saved for retirement as well as the possibility that one or both of them might need nursing assistance or long-term care in a senior facility.What type of product would best describe a long-term care policy?​

Accepted Answer

A long-term care policy is considered an unsought product because it is not something consumers typically think about or actively seek out until a specific need arises, such as planning for future health care needs in old age.

Question 6

When shifts in consumer preferences bring about an absolute slump in industry sales,a product is said to be in the _____ stage of the product lifecycle.

Accepted Answer

When shifts in consumer preferences bring about an absolute slump in industry sales, it indicates that the product has reached the decline stage of the product lifecycle. This is the stage where the product has outlived its usefulness, and newer and better products have replaced it. Companies may have to either revamp the product or discontinue it altogether.

Question 7

Emily is an inside sales representative for TEKSystems and promises her customer accounts that she will return phone calls or e-mails within three hours during week-day work hours (9 a.m. to 5 p.m.). She says that sometimes it's difficult to keep this promise to her customers but believes its a key to her success and the loyalty she creates among her customers. It's also led to referrals and helped her increase sales. What aspect of service quality is Emily delivering?​

Accepted Answer

Emily is delivering responsiveness by promising to return phone calls or e-mails within three hours during week-day work hours.

Question 8

The cost of installations for business services is generally high because they tend to be part of a company's capital investment strategy. ​
Required:
Which of the following statements is true of installations?

Accepted Answer

The statement mentions that installations are part of a company's capital investment strategy, which suggests that company executives spend a lot of time planning before they purchase installations. This makes option E the correct choice. Option A is incorrect because the statement does not indicate that installations require a long distribution channel. Option B is incorrect because the statement mentions that installations are a significant capital investment for businesses. Option C is incorrect because the statement does not provide any information about the quality of the product being a concern. Option D is incorrect because the statement does not suggest that companies promote installations via extensive advertising campaigns.

Question 9

Products marketed to consumers who may not yet recognize a need for them are called _____ products.

Accepted Answer

Unsought products are marketed to consumers who may not have recognized a need for them yet. These products typically require more advertising and promotion to generate demand. Impulse products are items that consumers purchase without much prior thought, convenience products are products that consumers purchase frequently and with minimal effort, and specialty products are items that consumers are willing to go out of their way to purchase due to their unique qualities.

Question 10

​Jessica is planning a vacation and is interested in taking a cruise.She's starting to research cruise lines and prices and had hoped to take a cruise with her husband over the Christmas holidays.She's learning that the prices for a cruise are much higher for cruises that depart between December 22nd and January 3rd.However,she notices that prices are somewhat lower from January 4th through March 1st.Which aspect or characteristics of services does this difference in price reflect?

Accepted Answer

The difference in price reflects the perishability of services, as demand is higher during the holiday season and thus cruise lines can charge more for those dates. As the holiday season ends, demand decreases and prices drop accordingly.

Question 11

Specialty products are:

Accepted Answer

Specialty products are those that have unique characteristics that make buyers highly value specific brands. These products often have high price tags and are often purchased after careful consideration and evaluation of available options. Examples of specialty products include luxury cars, designer clothing, and high-end electronics.

Question 12

In the context of the business products classification system,which of the following group of products is typically promoted through advertisements rather than through personal selling?

Accepted Answer

Accessory equipments are typically promoted through advertisements rather than through personal selling, as they often have a wide target audience and may not require customization or specialized knowledge to sell. Installations, component parts and materials, and raw materials are more likely to be promoted through personal selling as they involve more complex sales processes and may require customization or technical expertise.

Question 13

Finished business products of one producer that become part of the final products of another producer are called _____.

Accepted Answer

Component parts and materials are the finished products of one producer that become part of the final products of another producer. Installations, accessory equipments, and supplies refer to different types of assets used in production but are not necessarily finished products of one producer incorporated in the final products of another producer.

Question 14

A popular cleaning services business employs the following tagline: "Cleaning up life's messes so you can take a breather!"
Required:
Which of the following service quality variables is best illustrated in the tagline presented above?​

Accepted Answer

The tagline emphasizes empathy by acknowledging the challenges of life's messes and offering a solution that provides relief and a break from the stress.

Question 15

External analysis,conducted during the process of benchmarking,involves:

Accepted Answer

External analysis in benchmarking involves gathering information about competing firms perceived as leading performers. This helps in identifying the industry best practices and learning from them to improve the firm's own processes. Options A, B, and C are part of internal analysis, which involves evaluating the firm's own strengths and weaknesses as well as identifying areas in need of improvement.

Question 16

You just finished meeting with your boss,who is very upset about the most recent customer survey results for the firm.A majority of the respondents complained about the limited number of product lines your firm offers. Required:
Which of the following recommendations should you make to your boss?​

Accepted Answer

The complaint about limited number of product lines suggests that customers want more variety. To address this, the firm needs to expand the width of its product mix by offering more product lines to meet the demands of its customers. Shortening or lengthening the product life cycle is not directly related to product mix, and expanding the depth or length of the product mix would not necessarily address the issue of limited variety.

Question 17

Variations in each product a firm markets in its mix are referred to as the _____ of its product mix.

Accepted Answer

The depth of a product mix refers to the variations in each product that a firm markets. The width of a product mix refers to the number of different product lines a firm offers, and the length of a product mix refers to the total number of items in the product mix. Volume is not a relevant term in this context.

Question 18

During which stage in a product lifecycle does the public become acquainted with the item's merits and begins to accept it?

Accepted Answer

During the introductory stage, the product is launched, and marketing efforts are focused on creating awareness and educating the public about the product's benefits, leading to initial acceptance.

Question 19

_____ involves measuring quality by comparing performance against industry leaders.

Accepted Answer

Benchmarking involves comparing an organization's performance to industry leaders in order to identify areas for improvement and best practices to adopt. Social referencing is the tendency to look to others for guidance on how to behave in a given situation. Satisficing refers to settling for a suboptimal solution that is "good enough" instead of seeking the best possible outcome. Social loafing is the tendency to exert less effort when working in a group compared to when working alone.

Question 20

In which of the following stages of the product lifecycle,do market supplies exceed the demand,as a result of which a firm can increase its sales only at the expense of its competitors?

Accepted Answer

In the maturity stage, the market becomes saturated with products, resulting in greater supply than demand. During this stage, a firm may need to increase their market share by taking sales away from competitors instead of generating new demand.

Quiz 12: Product and Service Strategies

Johnson & Johnson manufactures more than 100 brands in nearly 50 product categories.The total number of products they manufacture represents the _____ of its product mix.

Which of the following comes closest to providing pure service?

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

The assortment of product lines and individual product offerings a company sells is called its product _____.

When shifts in consumer preferences bring about an absolute slump in industry sales,a product is said to be in the _____ stage of the product lifecycle.

The cost of installations for business services is generally high because they tend to be part of a company's capital investment strategy. Required: Which of the following statements is true of installations?

Products marketed to consumers who may not yet recognize a need for them are called _____ products.

Specialty products are:

In the context of the business products classification system,which of the following group of products is typically promoted through advertisements rather than through personal selling?

Finished business products of one producer that become part of the final products of another producer are called _____.

A popular cleaning services business employs the following tagline: "Cleaning up life's messes so you can take a breather!" Required: Which of the following service quality variables is best illustrated in the tagline presented above?

External analysis,conducted during the process of benchmarking,involves:

You just finished meeting with your boss,who is very upset about the most recent customer survey results for the firm.A majority of the respondents complained about the limited number of product lines your firm offers. Required: Which of the following recommendations should you make to your boss?

Variations in each product a firm markets in its mix are referred to as the _____ of its product mix.

During which stage in a product lifecycle does the public become acquainted with the item's merits and begins to accept it?

_____ involves measuring quality by comparing performance against industry leaders.

In which of the following stages of the product lifecycle,do market supplies exceed the demand,as a result of which a firm can increase its sales only at the expense of its competitors?

Quiz 12: Product and Service Strategies

Johnson & Johnson manufactures more than 100 brands in nearly 50 product categories.The total number of products they manufacture represents the _____ of its product mix.

Which of the following comes closest to providing pure service?

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

The assortment of product lines and individual product offerings a company sells is called its product _____.

When shifts in consumer preferences bring about an absolute slump in industry sales,a product is said to be in the _____ stage of the product lifecycle.

The cost of installations for business services is generally high because they tend to be part of a company's capital investment strategy. ​ Required: Which of the following statements is true of installations?

Products marketed to consumers who may not yet recognize a need for them are called _____ products.

Specialty products are:

In the context of the business products classification system,which of the following group of products is typically promoted through advertisements rather than through personal selling?

Finished business products of one producer that become part of the final products of another producer are called _____.

A popular cleaning services business employs the following tagline: "Cleaning up life's messes so you can take a breather!" Required: Which of the following service quality variables is best illustrated in the tagline presented above?​

External analysis,conducted during the process of benchmarking,involves:

Variations in each product a firm markets in its mix are referred to as the _____ of its product mix.

During which stage in a product lifecycle does the public become acquainted with the item's merits and begins to accept it?

_____ involves measuring quality by comparing performance against industry leaders.

In which of the following stages of the product lifecycle,do market supplies exceed the demand,as a result of which a firm can increase its sales only at the expense of its competitors?

The cost of installations for business services is generally high because they tend to be part of a company's capital investment strategy. Required: Which of the following statements is true of installations?

A popular cleaning services business employs the following tagline: "Cleaning up life's messes so you can take a breather!" Required: Which of the following service quality variables is best illustrated in the tagline presented above?