1. Which of the following best describes the term product system?

a. It refers to a set of products available only to high-income consumers.

b. It refers to a set of different but related items that operate in a compatible manner.

c. It is a set of variants that are developed for a single product.

d. It is a group of products that perform a similar function and belong to a single product class.

2. Which of the following best describes the term product system??

a. It refers to a set of products available only to high-income consumers.

b. It refers to a set of different but related items that operate in a compatible manner.

c. It is a set of variants that are developed for a single product.

d. It is a group of products that perform a similar function and belong to a single product class.

3. A company that interacts with its customers to get product ideas should:

a. prohibit customers from innovating products without its consent.

b. engage the right customers in the right way.

c. focus solely on its lead users.

d. allow all its customers to participate in the product-design process.

4. Business markets differ from consumer markets in that:?

a. buying decisions in business markets are subject to multiple influences.

b. in business markets, a marketer typically deals with several smaller buyers.

c. the total demand for many goods and services in business markets is elastic.

d. in business markets, purchasing is often executed through intermediaries.