Question 1

When there are alternative products in a market, all of which meet performance quality standards, the product chosen is the one that meets market-perceived quality attributes.

Accepted Answer

When multiple products in a market meet the basic performance quality standards, consumers often choose products based on market-perceived quality attributes such as brand reputation, aesthetics, customer service, and other factors that go beyond basic functionality.

Question 2

Green marketing is the term frequently used to identify a marketer's efforts to reduce its dependency on U.S. dollars as the standard for international exchange.

Accepted Answer

Green marketing refers to the practice of developing and advertising products based on their environmental benefits, not to currency exchange strategies.

Question 3

In general, the rate of diffusion of a product is negatively related to its relative advantage.

Accepted Answer

In general, the rate of diffusion of a product is positively related to its relative advantage. Products that offer significant improvements or advantages over existing solutions tend to be adopted more quickly.

Question 4

According to Everett Rogers, the element of time differentiates elements in the diffusion of new ideas from other types of communication research.

Accepted Answer

Everett Rogers, in his Diffusion of Innovations theory, emphasizes that the element of time is crucial in differentiating the diffusion of new ideas from other types of communication research. Time is involved in the process through which an innovation is communicated through certain channels over time among the members of a social system.

Question 5

Adaptation of the nonphysical features of a product should be avoided when adapting the product to a new culture.

Accepted Answer

Adapting the nonphysical features of a product, such as marketing strategies, branding, and customer service, is often necessary to align with the cultural norms and preferences of the new market, ensuring the product's success.

Question 6

An important first step in adapting a product to a foreign market is to determine the cost-benefit as perceived by the intended market.

Accepted Answer

The answer of An important first step in adapting a...

Question 7

The decision to standardize or adapt a product is less important in delivering quality than price.

Accepted Answer

The decision to standardize or adapt a product is crucial in delivering quality because it directly affects how well the product meets the specific needs and expectations of the target market, which is a key determinant of perceived quality, beyond just the price factor.

Question 8

One of the three variables that affect the rate of diffusion of a product is the perceived attributes of product innovation.

Accepted Answer

The perceived attributes of product innovation, such as relative advantage, compatibility, complexity, trialability, and observability, significantly influence the rate of diffusion by affecting individuals' adoption decisions.

Question 9

Global competition has put more power in the hands of the seller.

Accepted Answer

Global competition has actually increased the options available to consumers, thereby putting more power in the hands of the buyer by creating a more competitive market environment.

Question 10

One of the core components in the Product Component Model is the product platform.

Accepted Answer

The Product Component Model includes the product platform as a core component, which serves as a foundation for developing a family of products by sharing common structures, technologies, and modules.

Question 11

According to the Product Component Model, the instructions for using the product and the warranty of the product are included under the packaging component.

Accepted Answer

The Product Component Model typically includes the instructions for using the product and the warranty under the "support services" component, not the packaging component. The packaging component usually refers to the physical container or wrapping for the product.

Question 12

Consumer perceptions of a quality product often have more to do with market-perceived quality than performance quality.

Accepted Answer

Market-perceived quality is influenced by branding, reputation, and marketing efforts, which can shape consumer perceptions more significantly than the actual performance quality of the product.

Question 13

The packaging component of the Product Component Model consists of the physical product-the platform that contains the essential technology-and all its design and functional features.

Accepted Answer

The packaging component of the Product Component Model refers to the external wrapping or container of the product, not the physical product or its technology and features.

Question 14

One variable that affects the rate of diffusion of a product is the actual attributes of the innovation.

Accepted Answer

The answer of One variable that affects the rate of...

Question 15

The term product homogenization is used to describe the changes mandated by local product and service standards.

Accepted Answer

Product homogenization refers to the process of making products more uniform or similar across different markets and locations, not specifically to changes mandated by local standards.

Question 16

The cost and quality of the product are among the most important criteria by which purchases are made.

Accepted Answer

Cost and quality are fundamental criteria for consumers when making purchasing decisions, as they seek value for money and products that meet their needs and expectations.

Question 17

The European Commission (EC) mandate requires a product to be evaluated on all significant environmental effects throughout its life cycle, from manufacturing to disposal.

Accepted Answer

The European Commission's mandate for environmental evaluation of products, often associated with the EU's approach to sustainable development and environmental protection, requires that products be assessed for their environmental impact throughout their entire life cycle, from manufacturing through to disposal. This is to ensure a comprehensive understanding of a product's environmental footprint.

Question 18

One of the consistencies that marketers can look forward to when marketing products abroad is that almost all labeling laws worldwide are essentially the same.

Accepted Answer

Labeling laws vary significantly from country to country, reflecting differences in language, cultural norms, legal standards, and regulatory requirements. Marketers must adapt their product labels to meet the specific requirements of each market.

Question 19

Product diffusion or acceptance is more rapid when product perceptions are similar to current cultural values.

Accepted Answer

Products that align with existing cultural values are more easily accepted by consumers because they resonate with their beliefs and practices, leading to faster diffusion.

Question 20

From a sociological point of view, any idea perceived as new by a group of people is an innovation.

Accepted Answer

In sociology, an innovation is any idea, practice, or object that is perceived as new by an individual or other unit of adoption, regardless of whether it is genuinely new or simply new to the adopter.

Quiz 13: Products and Services for Consumers