Question 1

​You are a rising star in the purchasing department at your company and you have recently been promoted to manager for business services procurement. As your title suggests, you will be responsible for purchasing business services for your firm. Which of the following statements is true regarding your new role?
A)You will be purchasing janitorial services.
B)You will be purchasing component parts.
C)You will be purchasing raw materials.
D)You will be purchasing process materials.
E)You will be purchasing MRO supplies.

Accepted Answer

As a manager for business services procurement, the focus will be on purchasing services rather than physical goods. Janitorial services fall under the category of business services that may need to be procured by the company. Choices B, C, D, and E are all related to purchasing physical goods, which is not the primary responsibility of a business services procurement manager.

Question 2

You just recently accepted a new job at a company on the East coast. You will be responsible for making sure your firm's products contain labeling that meets all federal laws and regulations. Your new company makes gourmet food items. Which of the following federal regulatory agencies should you become very familiar with in order to do your job most effectively?​
A)WTO
B)FTC
C)EPA
D)SBA
E)FDA

Accepted Answer

The Food and Drug Administration (FDA) is the federal agency responsible for enforcing laws and regulations related to food labeling, safety, and distribution. The other options listed are not directly related to food labeling or regulation.

Question 3

In which stage of a product's life cycle is the firm focused on establishing and fortifying the product's market position by encouraging brand loyalty?​
A)The maturity stage
B)The introduction stage
C)The decline stage
D)The growth stage
E)The rebirth stage

Accepted Answer

In the growth stage of a product's life cycle, the firm is focused on establishing and fortifying the product's market position by encouraging brand loyalty. This is because competition is increasing and the market is becoming more saturated, so it's important to differentiate the product and build customer loyalty in order to maintain growth.

Question 4

With respect to the major product packaging considerations:​
A)cost in not a major consideration
B)marketers must consider the package's promotional role
C)buyers are not willing to pay more for improved packaging
D)package designs should always be consistent regardless of the target market
E)resellers' needs are not a product packaging consideration

Accepted Answer

Marketers must consider the package's promotional role in attracting and appealing to potential consumers. The package design can help differentiate the product from competitors on the shelf and provide valuable information about the product's features and benefits. Cost is also a major consideration, as well as meeting the needs and preferences of both the targeted consumer and reseller. There may be instances where buyers are willing to pay more for improved packaging, especially if it enhances the convenience or appeal of the product. Consistency in package design can be important for branding purposes, but it's also important to consider variations for different target markets.

Question 5

When we speak of the number of product lines that a company offers, we are referring to the ____________ of the company's product mix.​
A)width
B)depth
C)length
D)size
E)volume

Accepted Answer

The width of a company's product mix refers to the number of product lines offered.

Question 6

Everything associated with the product, including its symbolism and experiences is the____________.​
A)brand name
B)brand mark
C)brand
D)trademark
E)product appeal

Accepted Answer

The brand encompasses everything associated with the product, including its name, logo or brand mark, packaging, messaging, and overall identity. It goes beyond just the physical product and includes the emotional connection and experiences associated with it.  A brand name (A), brand mark (B), and trademark (D) are all parts of the overall brand. Product appeal (E) is a more narrow and specific term, referring to the attractiveness or desirability of the product itself.

Question 7

Which one of the following terms is the best description of what happens in the third stage of the product adoption process?​
A)Evaluation
B)Awareness
C)Trial
D)Interest
E)Adoption

Accepted Answer

The answer of Which one of the following terms is...

Question 8

Labeling is ____________ packaging.​
A)always included on the back of
B)always included on the front of
C)never required on
D)done independent of
E)closely interrelated to

Accepted Answer

Labeling is closely interrelated to packaging as it is an integral part of the packaging and provides important information to the consumer about the product. It is usually included on the front or side of the packaging to attract the attention of the consumer and provide necessary information such as ingredients, nutritional value, usage instruction, etc.

Question 9

​A(n)____________ is a tangible physical entity.
A)idea
B)attribute
C)service
D)feature
E)good

Accepted Answer

A good is a physical entity that can be touched, tasted, or seen. Examples of goods include food, clothing, and furniture.

Question 10

​____________ are relatively inexpensive, frequently purchased items for which buyers exert only minimal purchasing effort.
A)Consumer products
B)Shopping products
C)Convenience products
D)Business products
E)Specialty products

Accepted Answer

Convenience products are items that are inexpensive and require minimal purchasing effort on the part of the consumer. These are items that are frequently purchased without much thought, such as toothpaste, snack foods, or basic household supplies.

Question 11

​You developed a new smartphone cover that you have been selling at flea markets around your hometown. You have been pleasantly surprised at how successful the covers have been so far. However, you are becoming increasingly concerned that some copycat vendors have begun selling similar products that have names that are very close to your products name. What should you do?
A)Incorporate your product's name.
B)File the necessary papers to establish your legal right to your brand mark.
C)File the necessary papers to establish your legal right to your brand.
D)File the necessary papers to establish your legal right to your trademark.
E)Increase your brand recognition by doing more marketing.

Accepted Answer

Filing necessary papers to establish your legal right to your trademark is the best course of action to protect your product's name from copycats. This will give you the legal right to take action against anyone using your product's name without your permission.

Question 12

​Your firm just completed its annual marketing strategies conference where all the top marketers in the firm get together to discuss last year's sales and marketing performance. In this year's meeting, there was a lot of discussion about improving the firm's product life cycle management. There was a lot of discussion about how best to manage a product that is in the decline stage. You were assigned the responsibility for managing all products in the decline stage using a harvesting approach. Based on this directive, you will:
A)immediately withdraw all marketing support for products in the decline stage.
B)arrange for another firm to acquire the products in the decline stage.
C)slowly increase marketing expenditures on products in the decline stage.
D)gradually reduce marketing expenditures on products in the decline stage.
E)develop an aggressive, resource-intensive marketing mix for products in the decline stage.

Accepted Answer

The best choice when managing products in the decline stage with a harvesting approach is to gradually reduce marketing expenditures on these products. This approach involves reducing costs and maximizing profits as the product's demand continues to decline. It is not advisable to immediately withdraw all marketing support as there may still be some loyal customers or niche markets buying these products. Arranging for another firm to acquire these products may not be feasible or profitable. Developing an aggressive marketing mix for products in the decline stage may be wasteful and not yield enough returns. Therefore, gradually reducing marketing expenditures is the best approach to manage products in the decline stage using a harvesting strategy.

Question 13

Your boss has instructed you to change the packaging on your firm's products so that they have a common major design element and similar packaging. Based on this directive, you should implement __________ for all the firm's products.​
A)consistent packaging
B)family packaging
C)homogeneous packaging
D)common packaging
E)product line packaging

Accepted Answer

Family packaging involves having a common major design element and similar packaging for a group of related products. This is exactly what the boss has instructed, so implementing family packaging would be the best choice. Consistent packaging (A) and common packaging (D) are similar but do not necessarily involve a common design element. Homogeneous packaging (C) implies that all products have the exact same packaging, which may not be suitable for a diverse range of products. Product line packaging (E) is more focused on differentiating between different groups of products rather than creating a common element among them.

Question 14

​You are the assistant manager for consumer product adoption strategies. Your job requires you to manage the third stage of the five-stage product adoption process. Which one of the following statements is true in regards to your job focus?
A)You should focus on making sure buyers are aware of your product's existence.
B)You should focus on encouraging the current buyers of your product to become repeat buyers.
C)You should focus on making sure buyers clearly understand your product's benefits.
D)You should focus on providing information about your product.
E)You should focus on encouraging buyers to just try your product.

Accepted Answer

The third stage of the product adoption process is the evaluation stage, where the focus is on ensuring that potential buyers clearly understand the product's benefits to make an informed decision.

Question 15

​You just finished meeting with your boss and he is very upset about the most recent customer survey results for the firm. A majority of the respondents complained about the limited number of product lines your firm offers. Which of following recommendations should you make to your boss?
A)The firm needs to lengthen its product life cycle.
B)The firm needs to expand the width of its product mix.
C)The firm needs to shorten its product life cycle.
D)The firm needs to expand the depth of its product mix.
E)The firm needs to expand the length of its product mix.

Accepted Answer

Expanding the width of the product mix means adding more product lines, which directly addresses the customer complaints about the limited number of product lines offered by the firm.

Quiz 11: Product Concepts, Branding and Packaging

In which stage of a product's life cycle is the firm focused on establishing and fortifying the product's market position by encouraging brand loyalty?

With respect to the major product packaging considerations:

When we speak of the number of product lines that a company offers, we are referring to the ____________ of the company's product mix.

Everything associated with the product, including its symbolism and experiences is the____________.

Which one of the following terms is the best description of what happens in the third stage of the product adoption process?

Labeling is ____________ packaging.

A(n) ____________ is a tangible physical entity.

____________ are relatively inexpensive, frequently purchased items for which buyers exert only minimal purchasing effort.

Your boss has instructed you to change the packaging on your firm's products so that they have a common major design element and similar packaging. Based on this directive, you should implement __________ for all the firm's products.

You are the assistant manager for consumer product adoption strategies. Your job requires you to manage the third stage of the five-stage product adoption process. Which one of the following statements is true in regards to your job focus?

You just finished meeting with your boss and he is very upset about the most recent customer survey results for the firm. A majority of the respondents complained about the limited number of product lines your firm offers. Which of following recommendations should you make to your boss?

Quiz 11: Product Concepts, Branding and Packaging

In which stage of a product's life cycle is the firm focused on establishing and fortifying the product's market position by encouraging brand loyalty?​

With respect to the major product packaging considerations:​

When we speak of the number of product lines that a company offers, we are referring to the ____________ of the company's product mix.​

Everything associated with the product, including its symbolism and experiences is the____________.​

Which one of the following terms is the best description of what happens in the third stage of the product adoption process?​

Labeling is ____________ packaging.​

​A(n) ____________ is a tangible physical entity.

​____________ are relatively inexpensive, frequently purchased items for which buyers exert only minimal purchasing effort.

Your boss has instructed you to change the packaging on your firm's products so that they have a common major design element and similar packaging. Based on this directive, you should implement __________ for all the firm's products.​

​You are the assistant manager for consumer product adoption strategies. Your job requires you to manage the third stage of the five-stage product adoption process. Which one of the following statements is true in regards to your job focus?

​You just finished meeting with your boss and he is very upset about the most recent customer survey results for the firm. A majority of the respondents complained about the limited number of product lines your firm offers. Which of following recommendations should you make to your boss?