Question 1

Which of the following statements regarding goods is most accurate?
A)In order to be classified as a product, an item must appeal to all five senses.
B)Music is not considered a product because it only involves a single sense-hearing.
C)In addition to appealing to the senses, some products also have intangible attributes.
D)To market a product that contains visual attributes you cannot use an auditory medium.
E)The aroma of chocolate chip cookies is considered a product because it affects one's senses.

Accepted Answer

This statement is the most accurate because it acknowledges that some products can have intangible attributes in addition to appealing to the senses. The other statements are either too broad (A), incorrect (B and D), or vague (E).

Question 2

Product refers to
A)a tangible good received in exchange for a person's time and effort.
B)a tangible good received in exchange for providing value.
C)a good that has in some way been altered, combined, or improved and ultimately sold to a consumer.
D)good, service, or idea consisting of a bundle of tangible and intangible attributes that satisfies consumers and is received in exchange for legal tender (money).
E)good, service, or idea consisting of a bundle of tangible and intangible attributes that satisfies consumers' needs and is received in exchange for money or something else of value.

Accepted Answer

The definition of product as a bundle of tangible and intangible attributes that satisfies consumers' needs and is received in exchange for money or something else of value encompasses both goods and services, as well as ideas. This definition reflects the broad scope of what is considered a product in modern marketing.

Question 3

A product that has tangible attributes that a consumer's five senses can perceive is referred to as ___________.
A)a service
B)a product concept
C)a good
D)a stock item
E)an artifact

Accepted Answer

A good is a tangible product that can be perceived by the five senses of a consumer. It is a physical object that can be manufactured, purchased, and consumed. A service, on the other hand, is an intangible offering that cannot be held or touched. A product concept is an idea for a product that may or may not be tangible yet. A stock item is a product that is regularly kept in inventory for sale. An artifact is an object of historical or cultural significance.

Question 4

A product is a good, service, or idea consisting of a bundle of tangible and intangible attributes that satisfies consumers' needs and is
A)received in exchange for legal tender (money).
B)received in exchange for money or something else of value.
C)provides the seller with a tangible profit.
D)a tangible good received in exchange for a person's time and effort.
E)a tangible good received in exchange for providing value.

Accepted Answer

A product can be received in exchange for money or something else of value. This can include bartering or trading goods or services instead of using legal tender (money). Additionally, the intangible attributes of a product, such as a brand's reputation or customer service, can also provide value to consumers beyond the tangible attributes.

Question 5

Consumer product classifications are based upon three variables: 1) effort the consumer spends on the decision, 2) frequency of purchase, and 3)
A)amount of money the customer is willing to spend.
B)number of competing products or product substitutes.
C)demographics of the consumer.
D)attributes used in making the purchase decision.
E)consumer psychographics.

Accepted Answer

Consumer product classifications consider the attributes used in making the purchase decision, as these attributes influence the consumer's effort and frequency of purchase.

Question 6

Which of the following is the best example of a nondurable good?
A)laundry detergent
B)shoes
C)insurance
D)iPod
E)laser surgery

Accepted Answer

Nondurable goods are items that are consumed or used up quickly, usually within less than three years. Laundry detergent fits this definition as it is used up relatively quickly and needs to be replaced frequently. Shoes, insurance, iPods, and laser surgery are all examples of durable goods or services, meaning they are expected to last for a longer period of time.

Question 7

A product is a good, service, or idea consisting of a _________ that satisfies consumers' needs and is received in exchange for money or something else of value.
A)promise or commitment from the seller
B)bundle of tangible and intangible attributes
C)bundle of tangible attributes
D)bundle of intangible attributes
E)component parts

Accepted Answer

A product can be a physical good (tangible attribute), a service (intangible attribute), or an idea (a combination of tangible and intangible attributes). It must satisfy consumers' needs and be exchanged for money or something else of value. Therefore, the best choice is B, a bundle of tangible and intangible attributes.

Question 8

The __________, introduced in 2001 and now in its fifth generation, was the first commercially successful MP3 digital player.
A)Sony X-series
B)Phillips GoGear
C)SanDisk Sansa
D)Zune HD
E)Apple iPod

Accepted Answer

The Apple iPod was introduced in 2001 and became the first commercially successful MP3 digital player, with subsequent generations continuing to dominate the market. The other options were all competitors to the iPod and either had limited success or have since been discontinued.

Question 9

A __________ is the marketing term for a good, service, or idea consisting of a bundle of tangible and intangible attributes that satisfies consumers' needs and is received in exchange for money or something else of value.
A)process
B)market decision
C)market factor
D)utility bundle
E)product

Accepted Answer

The definition provided in the question is describing a product, making option E the correct choice. The other choices do not fit the definition provided.

Question 10

An item consumed in one or a few uses, such as food product and fuel, are referred to as __________.
A)service items
B)nondurable goods
C)durable goods
D)disposable goods
E)transitory goods

Accepted Answer

Nondurable goods are items that are consumed in one or a few uses. Examples include food products, fuel, and toiletries. Service items refer to intangible goods such as haircuts or consulting services. Durable goods are items that are usable over a longer period of time, such as appliances or furniture, while disposable goods refer specifically to items meant to be thrown away after one use (e.g. paper plates or razors). Transitory goods is not a commonly used term in economics or marketing.

Question 11

The Economist magazine predicts that the __________, "a giant iPhone on steroids," will change the landscape of the computing world.
A)iPad
B)iPhone 3GS
C)iPod shuffle
D)iPod nano
E)iPod touch

Accepted Answer

The Economist magazine specifically refers to the "giant iPhone" which points towards the iPad as the correct answer. The other options are all variations or updates of the iPhone and iPod, but not the "giant iPhone on steroids" that The Economist is referring to.

Question 12

A good has tangible attributes that a consumer's __________ can perceive.
A)innate intelligence
B)knowledge of past experiences
C)five senses
D)psychological makeup
E)emotional maturity

Accepted Answer

The five senses (sight, hearing, taste, smell, touch) are the physical mechanisms by which consumers perceive the tangible attributes of goods.

Question 13

This company was rated by Fortune as the world's most admired company in 2009 and Business Week often rates it as the most innovative company in the world.
A)IBM
B)Microsoft
C)3M
D)Kodak
E)Apple

Accepted Answer

The company that was rated as the most admired by Fortune in 2009 and also frequently rated as the most innovative by Business Week is Apple.

Question 14

Which of the following is the best example of a nondurable good?
A)automobile
B)health care
C)hair cut
D)gasoline
E)lawn care

Accepted Answer

Gasoline is considered a nondurable good because it is consumed quickly and needs to be purchased frequently.

Question 15

Steve Jobs hopes that the iPad will change the landscape of the computing world.This means transforming not just one industry but three - computing, telecommunications, and media.Apple hopes that this industry will enable the iPad to reach a market niche between
A)laptops and pagers
B)phones and MPS players
C)cameras and phones
D)phones and laptops
E)phones and pagers

Accepted Answer

Steve Jobs hopes that the iPad will transform the computing, telecommunications, and media industries. Therefore, the market niche that the iPad will reach is between phones and laptops, as it combines features of both devices.

Question 16

A nondurable good is defined as a(n)
A)item consumed in one or a few uses.
B)item that usually lasts over an extended number of uses.
C)item that lasts at least one year without becoming obsolete.
D)product purchased for ultimate consumer use.
E)product used in the production of other products.

Accepted Answer

A nondurable good is a product that is consumed or used up in a short period of time, usually in one or a few uses. Examples of nondurable goods include food, beverages, toiletries, and cleaning supplies.

Question 17

The Apple II, Macintosh, MacBook Air, iPhone 3GS, iPod, and the iPad are all examples of a company's commitment to __________.
A)outselling their competitors
B)social responsibility
C)continuous innovation
D)using renewable resources
E)respecting their workforce

Accepted Answer

These products are all examples of Apple's commitment to continuous innovation. Apple has a reputation for constantly pushing the boundaries of technology and introducing new products that change the way we interact with technology.

Question 18

A _________ is defined as an item consumed in one or a few uses.
A)nondurable good
B)durable good
C)sturdy good
D)resilient good
E)robust good

Accepted Answer

Nondurable goods are typically consumed in a short amount of time, usually in one or a few uses. Examples of nondurable goods include food, toiletries, and cleaning supplies. In contrast, durable goods are products that are made to last for an extended period of time and are not typically consumed in one or a few uses, such as appliances, furniture, and electronics. The other answer choices (sturdy, resilient, and robust) are all adjectives that describe the durability or strength of a product, but do not specifically refer to whether it is a nondurable or durable good.

Question 19

Goods can be divided into __________ goods and __________ goods.
A)functional; aesthetic
B)required; desired
C)acceptable; exceptional
D)durable; nondurable
E)production; agricultural

Accepted Answer

Goods can be classified into durable goods that have a longer useful lifespan, such as appliances or furniture, and non-durable goods that are consumed or used up quickly, such as food or toiletries.

Question 20

A good, service, or idea consisting of a bundle of tangible and intangible attributes that satisfies consumers' needs and is received in exchange for money or something else of value is referred to as __________.
A)a consumer good
B)a product
C)a manufactured good
D)a stock item
E)merchandise

Accepted Answer

A product is the most fitting definition for the given description. A product can be physical goods, services, or ideas that cater to the needs and wants of customers and are exchanged for money or valuable compensation. The other options either do not encompass intangible attributes (such as manufactured good) or are too limiting in their definition (such as a consumer good, which only refers to a type of product).

Quiz 10: Developing New Products and Services

Which of the following statements regarding goods is most accurate?

Product refers to

A product that has tangible attributes that a consumer's five senses can perceive is referred to as ___________.

A product is a good, service, or idea consisting of a bundle of tangible and intangible attributes that satisfies consumers' needs and is

Consumer product classifications are based upon three variables: 1) effort the consumer spends on the decision, 2) frequency of purchase, and 3)

Which of the following is the best example of a nondurable good?

A product is a good, service, or idea consisting of a _________ that satisfies consumers' needs and is received in exchange for money or something else of value.

The __________, introduced in 2001 and now in its fifth generation, was the first commercially successful MP3 digital player.

A __________ is the marketing term for a good, service, or idea consisting of a bundle of tangible and intangible attributes that satisfies consumers' needs and is received in exchange for money or something else of value.

An item consumed in one or a few uses, such as food product and fuel, are referred to as __________.

The Economist magazine predicts that the __________, "a giant iPhone on steroids," will change the landscape of the computing world.

A good has tangible attributes that a consumer's __________ can perceive.

This company was rated by Fortune as the world's most admired company in 2009 and Business Week often rates it as the most innovative company in the world.

Which of the following is the best example of a nondurable good?

Steve Jobs hopes that the iPad will change the landscape of the computing world.This means transforming not just one industry but three - computing, telecommunications, and media.Apple hopes that this industry will enable the iPad to reach a market niche between

A nondurable good is defined as a(n)

The Apple II, Macintosh, MacBook Air, iPhone 3GS, iPod, and the iPad are all examples of a company's commitment to __________.

A _________ is defined as an item consumed in one or a few uses.

Goods can be divided into goods and goods.

A good, service, or idea consisting of a bundle of tangible and intangible attributes that satisfies consumers' needs and is received in exchange for money or something else of value is referred to as __________.