Question 1

a small retail chain hires an accountant to do its income taxes,the retail chain would have purchased a(n)__________ kind of business product.

Accepted Answer

An industrial service refers to services that support the operations of a business, such as accounting, which is essential for managing finances and taxes.

Question 2

Little Remedies Products
-Little Remedies products shown above best describe which of the following?

Accepted Answer

The Little Remedies products shown above are a collection of various products, such as gripe water, saline drops, and gas relief drops, which form a product line. A product line is a group of related products that are marketed as a single entity.

Question 3

product line is a group of product or service items that are closely related because they satisfy a class of needs,are used together,are sold to the same customer group,and are distributed through the same type of outlets,or __________.

Accepted Answer

Product lines often fall within a given price range, which helps in targeting a specific market segment.

Question 4

Among business products,which of the following would most likely be considered an industrial service?

Accepted Answer

Photocopier maintenance is an example of an industrial service because it involves the repair and maintenance of a business product, rather than the product itself. The other options listed are physical products, including a building (Cowboys Stadium), and consumables (sheet rock and ink cartridges).

Question 5

retail chain hires a company to design and install a computer network that would allow each store in the chain to check the inventory of others in the chain for customer-requested items.The retail chain would have purchased which kind of business products?

Accepted Answer

The retail chain hired a company to design and install a computer network, which falls under industrial services as it involves specialized services provided to businesses.

Question 6

product line is a group of product or service items that are closely related because they satisfy a class of needs,are used together,are sold to the same customer group,__________,or fall within a given price range.

Accepted Answer

Product lines are often distributed through the same type of outlets, which is a common characteristic that groups them together.

Question 7

product line is a group of product or service items that are closely related because they satisfy a class of needs,__________,are sold to the same customer group,are distributed through the same type of outlets,or fall within a given price range.

Accepted Answer

Product lines are often grouped because the items are used together, fulfilling a similar need or purpose for the consumer.

Question 8

Among business products,printer paper would be classified as which type of support product?

Accepted Answer

Printer paper is a type of supply product which is purchased frequently and helps in supporting the main products or services of a business.

Question 9

product line is a group of product or service items that are closely related because they satisfy a class of needs,are used together,__________,are distributed through the same type of outlets,or fall within a given price range.

Accepted Answer

A product line is typically defined by a common customer group or market segment that the products target. The other options listed may be characteristics of some product lines, but they are not defining features.

Question 10

product item refers to

Accepted Answer

A product item refers to a specific product that has a unique brand, size, or price, distinguishing it from other products within a product line.

Question 11

product line refers to

Accepted Answer

Product line refers to a group of closely related product or service items that satisfy a class of needs, are used together, are sold to the same customer group, are distributed through the same types of outlets, or fall within a given price range. It can consist of variations within a product class but also includes the ancillary services such as warranties and financing. However, it is not the entire product category or industry, which is too broad. A specific product SKU with a unique brand, size, or price is only a part of the product line. Therefore, the best choice is D.

Question 12

Vermont Teddy Bear Company sells handmade Teddy bears designed to be given as gifts for almost every occasion imaginable.The Love Bandit Bear is one bear it designed for people to give to each other on Valentine's Day.The Love Bandit Bear is an example of a

Accepted Answer

The Love Bandit Bear is a specific version of a product offered by the Vermont Teddy Bear Company, making it a product item.

Question 13

__________ is the unique identification number that defines an item for ordering or inventory purposes.

Accepted Answer

Stock keeping unit (SKU) is a unique identification number that defines an item for ordering or inventory purposes. It helps in tracking stock levels and sales, making inventory management more efficient.

Question 14

Little Remedies Products
-Which of the following is an example of a product line?

Accepted Answer

A product line is a group of related products under a single brand offered by a company. Hallmark Mother's and Father's Day cards represent a product line as they are a series of related products (cards) for specific occasions under the Hallmark brand.

Question 15

Among business products,legal counsel for patent information for a firm's R&D department would most likely be classified as which type of support product?

Accepted Answer

Items used to assist in producing other goods and services are support products.These include industrial services,such as legal services.

Question 16

Among business products,which of the following would MOST likely be considered supplies?

Accepted Answer

Supplies are typically consumables or expendables that are used up in the course of business operations. Ink cartridges would fall under this category, while the other options (photocopier, sheet rock, cleaning service, Dallas Cowboys Stadium) are all more permanent or long-lasting assets that would not be considered supplies.

Question 17

Among business products,supplies usually consist of

Accepted Answer

Business supplies typically refer to consumable items used in day-to-day operations such as pens, batteries, and light bulbs. Building, equipment, raw materials, and component parts are typically considered separate categories of business products.

Question 18

group of product or service items that are closely related because they satisfy a class of needs,are used together,are sold to the same customer group,are distributed through the same types of outlets,or fall within a given price range is referred to as a __________.

Accepted Answer

A group of product or service items that are closely related because they satisfy a class of needs, are used together, are sold to the same customer group, are distributed through the same types of outlets, or fall within a given price range is referred to as a product line.

Question 19

Vermont Teddy Bear Company sells handmade Teddy bears designed to be given as gifts for almost every occasion imaginable.The Love Bandit Bear is designed for people to give to each other on Valentine's Day.The unique identification number that the Vermont Teddy Bear Company uses to distinguish this Teddy bear from the others in its product line for ordering and inventory purposes is called a(n)

Accepted Answer

The unique identification number used by Vermont Teddy Bear Company to distinguish the Love Bandit Bear from others in its product line is likely a stock keeping unit (SKU), which is a specific code used for inventory and ordering purposes. A QR code is a type of two-dimensional barcode that can be scanned with a smartphone camera, but it would not be used exclusively as an SKU. NAICS codes are used to classify businesses within industries, and order quantity codes are specific to individual orders, so neither of these options would be the best fit for the given scenario.

Question 20

Industrial services are support products that include items such as

Accepted Answer

Industrial services are support products that are essential for the smooth operation of a business or industry. These services include maintenance, repair, and legal services, which are crucial for ensuring the reliability and continued operation of equipment and machinery. While items such as stationery and paper clips can be considered office supplies, they are not necessarily industrial services. Tools and office equipment are important for the operation of a business, but they are not solely considered industrial services. Buildings and fixed equipment are assets, rather than services. Raw materials and component parts are essential for manufacturing, but they are not services.

Quiz 10: Developing New Products and Services

a small retail chain hires an accountant to do its income taxes,the retail chain would have purchased a(n) __________ kind of business product.

Little Remedies Products -Little Remedies products shown above best describe which of the following?