Question 1

Services are a significant part of the U.S.economy,exceeding __________ percent of its gross domestic product.
A) 20
B) 25
C) 30
D) 40
E) 50

Accepted Answer

The answer of Services are a significant part of the...

Question 2

Products organizations buy that assist in providing other products for resale are referred to as __________.
A) reseller goods
B) wholesale goods
C) ancillary products
D) retail products
E) business products

Accepted Answer

Business products are products that are purchased by organizations for use in their operations or for resale to their customers. They can be further classified into two categories: producer goods and support goods. Ancillary products, retail products, and reseller goods are not commonly used terms in the classification of business products. Wholesale goods may refer to business products, but not all wholesale goods are necessarily meant for resale.

Question 3

Which of the following is the best example of a nondurable good?
A) automobile
B) iPod
C) baseball
D) gasoline
E) shoes

Accepted Answer

Gasoline is a good that is used up quickly, and therefore is a typical example of a nondurable good. The other choices (automobile, iPod, baseball, shoes) are all durable goods.

Question 4

Which of the following is considered a durable good?
A) silverware
B) caviar
C) marketing research
D) chewing gum
E) voting

Accepted Answer

Silverware is a physical object that is meant to last a long time, making it a durable good. Caviar, marketing research, chewing gum, and voting are all examples of non-durable goods or services.

Question 5

Products that usually last over many uses,such as cars and appliances,are referred to as
A) endurable goods.
B) nondisposable goods.
C) imperishable goods.
D) reliable products.
E) durable goods.

Accepted Answer

The term for products that usually last over many uses is "durable goods," which is option E. The other choices either use synonyms or are not commonly used terms to describe such products.

Question 6

Which of the following is considered a service?
A) silverware
B) washing machine
C) chewing gum
D) a marketing class
E) freedom

Accepted Answer

A marketing class is a service because it involves providing knowledge, guidance or instruction to customers.

Other possible correct answers:

Answer: E 
 Freedom is not a tangible product but rather a concept or a state of being.

Answer: A 
 While silverware may be sold as a physical product, if it is being provided as part of a meal service (e.g. in a restaurant), it could be considered a service.

Answer: C 
 Chewing gum is a physical product and not typically considered a service.

Answer: B 
 A washing machine is a physical product and not typically considered a service.

Question 7

Advertising is important for products,such as Butterfinger candy bars and Dasani bottled water,that are purchased frequently and at a relatively low cost.Also,wide distribution in retail outlets is essential.Why?
A) They are highly sought-after goods that are purchased from wholesalers.
B) They are unsought products, so advertising promotes consumers' impulse purchases.
C) They are nondurable goods and easily substitutable, so consumers need to be reminded of their existence.
D) They are shopping products and can easily go out of stock.
E) They are semi-durable goods, so advertising helps to maintain steady demand.

Accepted Answer

Butterfinger candy bars and Dasani bottled water are both relatively low-cost products that are easily substitutable. As such, consumers may not have a strong brand preference or purchase them as frequently as other products. Advertising helps to remind consumers of the existence of the products and differentiate them from competitors, leading to increased sales. Wide distribution is also important to ensure that the products are available in as many retail outlets as possible, making them easily accessible to potential customers.

Question 8

Intangible activities or benefits that an organization provides to satisfy consumers' needs in exchange for money or something else of value are referred to as __________.
A) services
B) goods
C) products
D) marketing mix
E) ideas

Accepted Answer

Services are intangible activities or benefits provided by organizations in exchange for money or something else of value. Goods refer to tangible products that are typically physical objects. Products can refer to both goods and services. Marketing mix refers to the combination of various marketing elements used to promote a product or service. Ideas can also be intangible, but are not necessarily provided by organizations in exchange for money or value.

Question 9

Which of the following is considered an idea?
A) silverware
B) washing machine
C) chewing gum
D) a marketing class
E) freedom

Accepted Answer

Freedom is an abstract concept or idea, unlike the tangible objects listed in the other options.

Question 10

Products that are purchased by the ultimate consumer are referred to as __________.
A) generic goods
B) end user goods
C) personal items
D) merchandise
E) consumer products

Accepted Answer

The term "consumer products" refers to products that are purchased by individuals or households for personal use or consumption. This distinguishes them from products that are bought by businesses or organizations for their own use, which are known as "industrial products" or "business-to-business products." The other answer choices do not accurately describe this category of goods.

Question 11

Business products are also referred to as __________.
A) commodities
B) industrial products
C) wares
D) resale products
E) merchandise

Accepted Answer

"Industrial products" is the correct term for business products which are used in the production process or to support the operations of a business. The other options may not accurately describe all types of business products.

Question 12

Business products refer to
A) products organizations buy that assist in providing other products for resale.
B) supplies necessary for the day-to-day operations of a business.
C) ancillary services necessary for the operation of a business.
D) products that are sold exclusively to businesses.
E) prototypes that won't actually be constructed until a sale has been made.

Accepted Answer

Business products are products that organizations buy to assist in providing other products or services for resale. Examples include raw materials, equipment, and software used in the production process.

Question 13

Business products are also referred to as __________ products.
A) B2B products
B) B2C products
C) B4B products
D) C3PO products
E) B4C products

Accepted Answer

B2B stands for business-to-business, so business products are often referred to as B2B products. This differentiates them from products meant for individual consumers, which are referred to as B2C products. The other answer choices are not commonly used terms.

Question 14

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 products that have a short lifespan and are typically consumed or used up quickly. Laundry detergent is an example of a nondurable good because it is used up relatively quickly and needs to be replaced frequently. Shoes, insurance, iPods, and laser surgery are not considered nondurable goods because they have a longer lifespan or are not tangible products.

Question 15

marketing,an idea is
A) a thought that leads to a product or action.
B) an inspiration that evolved from market research.
C) an observation about a series of events.
D) a concept explaining the behavior of an individual or group.
E) an observation about an individual or group and how they use a service or product.

Accepted Answer

An idea can be defined as a thought or concept that leads to the creation of a product or action. It is the initial stage in the development of a new product, service, or marketing campaign.

Question 16

Services refer to
A) the tangible activities or benefits that an organization provides to satisfy consumers' needs in exchange for money or something else of value.
B) the intangible activities or benefits that an organization provides to satisfy consumers' needs in exchange for money or something else of value.
C) the activities provided to complement a tangible good, such as technical support for a computer.
D) any activity required for the production of a good that cannot be completed "in-house" and must be outsourced to another firm.
E) the human (nonmechanical) component that is part of the manufacturing process.

Accepted Answer

Services are intangible activities or benefits provided by an organization to satisfy consumers' needs. These services are typically exchanged for money or something else of value. Unlike goods, which are physical and tangible, services are non-physical and intangible. Examples of services include consulting, banking, education, and healthcare.

Question 17

marketing,a(n)__________ is a thought that leads to a product or action.
A) observation
B) inspiration
C) innovation
D) idea
E) perception

Accepted Answer

An idea is a thought or concept that can lead to a product or action in the context of marketing. Observations, inspirations, and perceptions can all contribute to the development of an idea, but they are not the idea itself. Innovation refers to the introduction or improvement of a product or process, rather than the initial thought or concept behind it.

Question 18

Which of the following would most likely be considered a consumer product?
A) ball bearings
B) back hoe
C) printing press
D) suitcase
E) mainframe computer

Accepted Answer

A suitcase is typically purchased by an individual consumer for personal use, whereas the other options are more commonly used in a business or industrial setting.

Question 19

Consumer products refer to
A) products purchased by the ultimate consumer.
B) products used in the production of other items.
C) products a consumer will make an effort to seek out and buy.
D) items purchased frequently and with a minimum of shopping effort.
E) products that assist directly or indirectly in providing products for resale.

Accepted Answer

Consumer products are those that are intended for direct use by individual consumers or households. They are purchased for personal use rather than for resale or production purposes.

Question 20

durable 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 only for the use of ultimate consumers.
E) product used in the production of other products.

Accepted Answer

A durable good is an item that usually lasts over an extended number of uses. Examples include appliances, electronics, vehicles, and furniture.

Quiz 10: Developing New Products and Services

Services are a significant part of the U.S.economy,exceeding __________ percent of its gross domestic product.

Products organizations buy that assist in providing other products for resale are referred to as __________.

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

Which of the following is considered a durable good?

Products that usually last over many uses,such as cars and appliances,are referred to as

Which of the following is considered a service?

Advertising is important for products,such as Butterfinger candy bars and Dasani bottled water,that are purchased frequently and at a relatively low cost.Also,wide distribution in retail outlets is essential.Why?

Intangible activities or benefits that an organization provides to satisfy consumers' needs in exchange for money or something else of value are referred to as __________.

Which of the following is considered an idea?

Products that are purchased by the ultimate consumer are referred to as __________.

Business products are also referred to as __________.

Business products refer to

Business products are also referred to as __________ products.

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

marketing,an idea is

Services refer to

marketing,a(n) __________ is a thought that leads to a product or action.

Which of the following would most likely be considered a consumer product?

Consumer products refer to

durable good is defined as a(n)