Question 1

Meryl has been analyzing the competitive standings of one of her products.Since she began her operation,20 similar products have appeared,forcing her to change distribution strategies.Meryl has also changed pricing strategies in order to remain competitive.Sales volume has dipped,and she suspects sales of her product have reached a saturation level.This item is in which of the following stages of the product life cycle?

Accepted Answer

The product is in the maturity stage of the product life cycle. This is evident from the saturation level of sales volume, increased competition, and changes in pricing and distribution strategies. In the maturity stage, sales growth slows down, and competition intensifies, forcing companies to focus on retaining market share rather than expanding it.

Question 2

Coke,Diet Coke,Cherry Coke,Coke Zero,and Coke with Lime constitute Coca Cola's _____ of soft drinks.

Accepted Answer

These beverages are all variations of the same brand (Coca Cola) and are part of the same product line. A product line consists of a group of products that are closely related and are marketed under the same brand.

Question 3

The tires of race cars are classified as _____.

Accepted Answer

The answer of The tires of race cars are classified...

Question 4

When Griffin Corp.purchases light bulbs for everyday use,it is purchasing _____.

Accepted Answer

Supplies are items that are used on a regular basis in the normal operations of a business. Light bulbs would fall under this category since they are purchased for everyday use.

Question 5

Natural resources,such as iron ore used in producing finished goods,are classified as _____.

Accepted Answer

Natural resources used in producing finished goods are classified as raw materials.

Question 6

Olivia owns a store that prepares gourmet chocolates,which are hand-made and sold on the premises.What type of product is Olivia selling?

Accepted Answer

Gourmet chocolates are a specialty product, meaning they are unique and provide higher quality than other products in the category. They are not a convenience product (such as toothpaste or bottled water) or a shopping product (such as a couch or a car) and they are not considered an accessory as they are a consumable item.

Question 7

General Mills products include Betty Crocker,Pillsbury,Haagen-Dazs,Green Giant,Hamburger Helper,and Progresso.These examples constitute General Mills' _____.

Accepted Answer

The examples listed are various brands and products that General Mills offers, representing the range of different products that the company has in its portfolio. This variety of products is referred to as the company's product mix, which encompasses all the products that the company sells.

Question 8

A retailer's collection of high-tech gadgets and electronic equipment encompasses the company's _____.

Accepted Answer

A retailer's collection of high-tech gadgets and electronic equipment is referred to as the product mix or product assortment. The product line refers to a specific category of related products within the same brand, while product cluster and distribution strategy are not relevant in this context.

Question 9

Yorke Corp.manufactures sunscreens with various sun protection factors,which constitutes the company's _____.

Accepted Answer

Product line refers to a group of related products that are sold to the same customer group, share similar functions, and are marketed through similar channels. In this case, Yorke Corp. manufactures sunscreens with various sun protection factors, which fall under the same product category and are sold to the same customer group (people who need sun protection).

Question 10

In a process called the _____,products pass through a series of stages from their initial appearance to their decline.

Accepted Answer

The product life cycle refers to the stages a product goes through from its initial introduction to the market until its eventual decline. This process typically includes the stages of introduction, growth, maturity, and decline. Therefore, option D is the correct answer. Options A, B, and C are not relevant to this particular process. The wheel of retailing refers to the idea that retailers tend to evolve over time, with new, innovative retailers entering the market and eventually being replaced by new entrants. Product identification refers to the process of creating and naming a new product, while the pricing cycle refers to the ups and downs of pricing in a particular market.

Question 11

In which stage of the product life cycle do sales reach a saturation level,making further sales expansion difficult?

Accepted Answer

In the maturity stage of the product life cycle, sales reach a saturation level and further sales expansion becomes difficult. At this stage, the market is saturated and competitors are also established, making it challenging for new players to enter the market. The focus shifts from acquiring new customers to retaining existing ones. Companies also tend to invest in product differentiation and improving brand loyalty to maintain their market share.

Question 12

Jim's car breaks down on the highway.He searches for car towing services on his smart phone and calls one for help.This is an example of a(n)_____.

Accepted Answer

An unsought product is one that the consumer does not actively seek out or think about purchasing until a need arises, such as a car breakdown requiring towing services.

Question 13

A portable drill is classified as which of the following?

Accepted Answer

The answer of A portable drill is classified as which...

Question 14

Only a few dealers of Nebula Corp. ,an automobile manufacturer,are located in the New York metropolitan area.For buyers who will accept no substitute,Nebula automobiles are _____.

Accepted Answer

Nebula automobiles are characterized by their limited distribution, unique features, and high price. These are all indicative of a specialty product. Convenience products are typically low-priced, widely available, and purchased frequently. Shopping products, on the other hand, usually require comparison and evaluation of features and benefits before purchasing. Finally, business products are goods or services purchased by organizations to use for business purposes, not by individual consumers.

Question 15

A product line is a group of _____ products marked by physical _____.

Accepted Answer

A product line consists of related products that share physical similarities such as design, features, and functions. This allows for efficient production and marketing strategies as the products appeal to a similar target market.

Question 16

In which stage of the product life cycle do competitors enter the field with similar offerings?

Accepted Answer

During the growth stage, the success of the product attracts competitors who enter the market with similar offerings, aiming to capitalize on the increasing demand.

Question 17

Andrew wants to replace his old mattress with a new soft-foam mattress and has spent almost a week researching different brands and prices.When he is ready to buy,Andrew will be purchasing a(n)_____ product.

Accepted Answer

A shopping product is one that consumers spend time comparing quality, price, and style before making a purchase decision, which aligns with Andrew's behavior of researching different brands and prices.

Question 18

Daft Corp.sells a range of products like Panther cellphones,Ober laptops,and Zappa music players.These products represent the _____ of Daft Corp.

Accepted Answer

The range of products that Daft Corp. sells, including Panther cellphones, Ober laptops, and Zappa music players, represents their product mix. The product mix refers to all the products that a company offers for sale.

Question 19

Which of the following classifications of products apply to business goods and services?

Accepted Answer

Business goods and services are often categorized into installation equipment (major capital purchases that are long-lasting and require installation), accessory equipment (smaller, less expensive items that support the main equipment), and supplies (disposable items that need to be continually restocked).

Question 20

In which stage of the product life cycle do profits generally first appear?

Accepted Answer

Profits generally first appear in the growth stage of the product life cycle as sales are increasing rapidly and the product is becoming more established in the market. In the introductory stage, sales are low and the focus is on building awareness and distribution. In the maturity stage, sales growth starts to slow down and may plateau, while in the decline stage sales begin to decrease.

Quiz 12: Product and Distribution Strategies