Question 1

Goods are intangible and services are tangible.

Accepted Answer

The statement is incorrect. Goods are tangible (physical objects) while services are intangible (actions or performances).

Question 2

A product line is a set of individual products that are closely related.

Accepted Answer

A product line consists of a group of related products that share common characteristics, such as brand name, target market, and distribution channel. Each individual product within the line may have its own unique features, but they all serve a similar purpose or meet a similar need for the consumer. Examples of product lines include Apple's iPhone and MacBook lines, Nike's Air Jordan line of basketball shoes, and Coca-Cola's various soft drink lines.

Question 3

A trademark can be a word, but cannot be a symbol.

Accepted Answer

This statement is false. A trademark can be a symbol, as well as a word, phrase, design, or combination thereof.

Question 4

Branding would be more likely to be successful if dependable and widespread availability of a product is possible.

Accepted Answer

A strong brand is only useful if customers can easily access and purchase the branded product or service. Dependable and widespread availability helps to establish a brand's reputation and increase its visibility to potential customers.

Question 5

Brand familiarity means how well customers recognize and accept a company's brand.

Accepted Answer

Brand familiarity refers to the degree to which customers are familiar and comfortable with a particular brand, and recognize it when they encounter it.

Question 6

"Branding" includes the use of trademarks and brand names to identify a product.

Accepted Answer

This is a true statement. Branding involves the use of distinctive names, logos, and other identifiers to distinguish a product or service from its competitors. Trademarks and brand names are key elements of a brand identity.

Question 7

When comparing two similar products, the product with the most features is the higher quality product.

Accepted Answer

The number of features does not necessarily determine the quality of a product. Quality depends on various factors such as durability, reliability, performance, and customer satisfaction. It is important to consider all aspects of the product before making a decision.

Question 8

A service logo refers to a type of trademark used for a service offering.

Accepted Answer

The answer of A service logo refers to a type...

Question 9

A product assortment is the set of all product lines and individual products that a firm sells.

Accepted Answer

A product assortment is indeed the set of all product lines and individual products that a firm sells.

Question 10

The definition of quality focuses on the producer.

Accepted Answer

The definition of quality focuses on meeting or exceeding customer expectations, and therefore the focus is on the customer, not the producer.

Question 11

Product means the need-satisfying offering of a firm.

Accepted Answer

A product is defined as any need-satisfying offering of a firm, whether it is a tangible good, a service, or a combination of both.

Question 12

A service mark is the same as a trademark, except that it refers to a service offering.

Accepted Answer

A service mark is a type of trademark that specifically identifies services rather than physical products.

Question 13

Brand preference means customers usually choose the brand over other brands, perhaps out of habit or past experience.

Accepted Answer

Brand preference is the tendency of customers to choose a particular brand over other brands, often driven by past positive experiences or habit.

Question 14

Branding is more likely to be successful if the product is the best value for the price, and quality can be consistently maintained.

Accepted Answer

Branding is about creating a positive image and reputation for a product or company in the minds of consumers. This image can be reinforced by offering good value for the price and maintaining high levels of quality. If the product is not the best value or if the quality is inconsistent, the brand image may suffer and the branding efforts may be less effective.

Question 15

A service is not a "Product" because services do not include any physical good.

Accepted Answer

A service is considered a type of product in marketing and business contexts. Although it does not involve a physical good, it is a product because it is a marketable item that satisfies a need or want.

Question 16

An individual product is a particular product within a product line.

Accepted Answer

An individual product is a specific product within a larger product line that shares similar characteristics and target markets.

Question 17

A "Product" should be thought of as potential customer satisfaction or benefits.

Accepted Answer

A product is not just a physical object or service, but rather the potential benefits or satisfaction it can provide to customers. This includes both tangible and intangible aspects such as functionality, aesthetics, convenience, and emotional appeal.

Question 18

A trademark explains what the seller promises about its product.

Accepted Answer

A trademark is a symbol, word, or phrase legally registered to represent a company or product, not a promise about the product.

Question 19

The "Product" area is concerned with what goods and services are produced, but not with decisions about installation, instructions on use, packaging, a brand name, a warranty, or after-sale service.

Accepted Answer

The "Product" area is concerned with all aspects of the goods and services produced, including installation, instructions on use, packaging, brand name, warranty, and after-sale service.

Question 20

A "Product" might involve a physical good, a service, or a combination of the two.

Accepted Answer

A product can be a physical good, such as a car, a service, such as a haircut, or a combination of the two, such as a smartphone that includes both hardware and software.

Quiz 9: Elements of Product Planning for Goods and Services