Question 1

The 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 product item offered by the Vermont Teddy Bear Company, designed for a specific occasion (Valentine's Day).

Question 2

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

Accepted Answer

A Stock Keeping Unit (SKU) is a unique identification number assigned to a product by a retailer for the purpose of tracking inventory levels and sales. It helps manage inventory and simplifies the ordering process by quickly identifying specific products.

Question 3

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 __________.

Accepted Answer

The answer of A group of product or service items...

Question 4

The term product class refers to

Accepted Answer

The term product class refers to the entire product category or industry a set of offerings belong to. It is a broader category than individual products or brands, and encompasses all related offerings within a particular category or industry.

Question 5

When consumers consider all types of household cleaners,they are considering the __________ of household cleaners.When consumers limit their choice of household cleaners to only those that come in spray bottles,they are considering a __________ of household cleaners.

Accepted Answer

When consumers consider all types of household cleaners, they are considering the product class of household cleaners. This refers to the broad category of cleaning products that are intended for use in households.

When consumers limit their choice of household cleaners to only those that come in spray bottles, they are considering a product form of household cleaners. This refers to the specific physical form that the product takes, in this case a spray bottle.

Options A and B are incorrect because "product group" is not a commonly used term in marketing terminology.

Option D is incorrect because "product line" refers to a group of similar products within a brand.

Option E is incorrect because "product mix" refers to the complete set of products that a company offers for sale.

Question 6

Services can be classified according to whether they are delivered by people or equipment,whether they are for profit or nonprofit organizations,and whether they are __________.

Accepted Answer

Services can also be classified based on whether they are delivered by government agencies, which is a distinct category from for-profit or nonprofit organizations.

Question 7

The Crapola Granola products photo shown above BEST describes which of the following?

Accepted Answer

The photo is showing multiple variations/flavors of the Crapola Granola product, indicating that it is a product line.

Question 8

Variations of a product (shape,configuration)within a product class are referred to as a/the

Accepted Answer

Variations of a product in shape and configuration are referred to as product forms. Product items are individual products within a product line, product lines are groups of related products, product classes are broader categories of related products, and product mix refers to the entire range of products offered by a company.

Question 9

A product line refers to

Accepted Answer

A product line refers to 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. Therefore, choice D best describes a product line.

Question 10

The Little Remedies products photo shown above BEST describes which of the following?

Accepted Answer

The photo shows multiple Little Remedies products, indicating a product line.

Question 11

A 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 line items are often used together, which is why they are grouped as they satisfy a class of needs.

Question 12

A __________ 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,are distributed through the same type of outlets,or fall within a given price range.

Accepted Answer

A product line is a group of related products or services offered by a company. They are closely related because they may satisfy similar needs or be used together, and may also be sold to the same customer group, distributed through similar outlets, or fall within a certain price range. Examples of product lines include different models of cars or different flavors of soda within a brand.

Question 13

The Vermont Teddy Bear Company sells handmade Teddy bears designed to be given as gifts for almost every occasion imaginable.For the Vermont Teddy Bear Company,Teddy bears are an example of a

Accepted Answer

The Vermont Teddy Bear Company's product line encompasses a variety of Teddy bear designs made for different occasions, making it the best fit among the options given. A product line consists of related products that are sold by a company, targeting a specific market segment.

Question 14

A 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 15

A product item refers to

Accepted Answer

A product item refers to a specific product that has a unique brand, size, or price.

Question 16

A 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 closely related to a class of needs and is sold to the same customer group. The other options, such as similar components, high levels of R&D, same formulations, or one SKU number, may or may not be true for a product line but are not defining characteristics.

Question 17

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 group of related products (cards for specific occasions) under the Hallmark brand.

Question 18

A 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 specific customer segments and maintaining brand consistency.

Question 19

Which of the following statements about product lines is MOST ACCURATE?

Accepted Answer

A broad product line can appeal to a wider range of customers and meet diverse needs, making it more attractive to large retail chains that want to offer variety to their customers.

Question 20

The 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 the Vermont Teddy Bear Company to distinguish this Teddy bear from the others in its product line for ordering and inventory purposes is referred to as a stock keeping unit (SKU). The SKU is a combination of letters and numbers that allows the company to manage its inventory accurately and efficiently.

Quiz 10: Developing New Products and Services