1.A "product" is best described as:
A) A purely physical entity.
B) An image in the mind of the consumer.
C) A need satisfying offering of a firm.
D) An intangible service.
2._____ means a product's ability to satisfy a customer's needs or requirements.
A) Quality
B) Service
C) Trademark
D) Derived demand
3.A product assortment is:
A) something offered by manufacturers but not by retailers.
B) a particular product within a product line.
C) a set of products that are closely related.
D) the set of all product lines and individual products that a firm sells.
4.Which of the following is a condition favorable to successful branding?
A) The product quality is difficult to maintain.
B) The product is difficult to label and identify by brand.
C) Favorable shelf locations or display spaces are available in stores.
D) Limited availability for the product in the market.
5.. ______________ means potential customers won't buy a brand--unless its current image is changed.
A) Brand preference
B) Brand rejection
C) Brand insistence
D) Brand recognition
6.______________ means a brand is not recognized by final customers at all.
A) Brand nonrecognition
B) Brand rejection
C) Brand insistence
D) Brand recognition
7.______________ means potential customers remember a particular brand.
A) Brand preference
B) Brand nonrecognition
C) Brand insistence
D) Brand recognition
8. The _____ spells out what kinds of marks including brand names can be protected and the exact method of protecting them.
A) Magnuson-Moss Act
B) Federal Fair Packaging and Labeling Act
C) Lanham Act
D) Wagner Act
9.A producer that is selling all its products under one brand name is using ______________ brand.
A) a family
B) a generic
C) a licensed
D) a national
10.Boatwright College gives manufacturers of clothing and gift items permission to place the college's name and emblem on a wide variety of merchandise. In return, Boatwright is paid a fee for granting this permission. In this case, the Boatwright name and logo is a(n):
A) Manufacturer brand.
B) Individual brand.
C) Dealer brand.
D) Licensed brand.
11.Products which have no brand other than the identification of their contents are called
A) generic products.
B) local brands.
C) regional brands.
D) licensed products.
12."Manufacturer brands" are:
A) also called family brands.
B) often called private brands.
C) called licensed brands.
D) sometimes called national brands.
13.A _____ explains what the seller promises about its product.
A) copyright
B) trademark
C) brand
D) warranty
14.Convenience products are products
A) a consumer needs but is not willing to spend much time or effort shopping for.
B) which consumers are aware of but not interested in.
C) meant for use in producing other products.
D) toward which consumer attitudes may be negative.
15.If a consumer product is used regularly and usually bought frequently and routinely with little thought (although branding may be important), this product is:
A) a routine product.
B) a specialty product.
C) a homogeneous shopping product.
D) a staple product.
16.Compared to other consumer products, the major distinguishing characteristic of emergency products is the customer's:
A) desire to negotiate for a "deal."
B) urgency to get the need satisfied.
C) willingness to shop around for a lower price.
D) interest in the brand name.
17.Having a competitive price is likely to
A) be more important for a homogeneous shopping product than for a specialty product.
B) be more important for a heterogeneous shopping product than for a homogeneous shopping product.
C) be more important for an emergency product than for a staple.
D) keep a product from falling into the "unsought" product class.
18.A Hewlett-Packard "all-in-one" printer that serves as a computer printer, fax machine, copier, and scanner would fall into which of the following business product classes?
A) Accessories.
B) Components.
C) Installations.
D) Raw materials.
19.Logs, fish, cotton, and strawberries can all be:
A) supplies.
B) raw materials.
C) component parts.
D) capital items.
20.Which of the following is NOT one of the text's product life cycle stages?
A) Market maturity
B) Market penetration
C) Market introduction
D) Sales decline
21.During the introduction stage of the product life cycle,
A) "me-too" products quickly take market share away from the innovator.
B) most products achieve intensive distribution.
C) industry profits are at their highest.
D) promotion is likely to be needed to build primary demand.
22.In which product life cycle stage must companies focus on educating potential customers about the advantages of a new product concept?
A) Market establishment.
B) Market introduction.
C) Market growth.
D) Market maturity.
23.Industry profits are largest in which of the following product life cycle stages?
A) Market introduction.
B) Market growth.
C) Market maturity.
D) Sales decline.
24.Health Care Products Company has noticed that in one of its product-markets industry sales have leveled off and competition has been getting tougher. This product-market appears to be in the ____ stage of the product life cycle.
A) market maturity
B) market introduction
C) market growth
D) sales decline
25.All of the following products are in the market maturity stage of the product life cycle EXCEPT:
A) laundry detergents.
B) breakfast cereals.
C) e-readers.
D) carbonated soft drinks.
26.During the SALES DECLINE stage of the product life cycle:
A) firms with strong brands may make profits almost until the end.
B) no profits are earned.
C) price competition usually declines.
D) brand loyalty declines.
E) monopoly is typical.
27."Product life cycles" are concerned with sales and profits:
A) in generic markets--not individual product-markets.
B) of a firm's individual products or brands.
C) of goods but not services.
D) in a product-market.
28."Fashion" is the currently accepted or popular ______________
A) trend.
B) idea.
C) fad.
D) style.
29.As a product moves into the market maturity stage of the product life cycle:
A) Consumers tend to view products as being more similar.
B) The competitive situation moves toward monopoly.
C) Promotion emphasizes informing consumers more than persuading them.
D) There is less consideration of competition in setting prices.
30.Concerning the product life cycle:
A) profits and sales begin to decline in the maturity stage.
B) individual products may enter and leave the market at any stage.
C) a successful introduction almost guarantees that the product will remain a success over the life cycle.
D) phasing out a dying product is not a strategy.
31.According to the Federal Trade Commission (FTC), a new product:
A) Is only new for twelve months.
B) Is only new for two months.
C) Is entirely new or changed in a functionally different or substantial respect.
D) Is something that is new in any way for the company concerned.
32.The last step in the new-product development process is:
A) idea generation.
B) commercialization.
C) idea evaluation.
D) development.
33.In the idea generation stage of the new-product development process:
A) Bad ideas should be discarded as soon as possible.
B) Using competitors as a source of ideas should be avoided.
C) Firms need a continuous flow of ideas.
D) Analysis of consumer complaints about current products is unlikely to generate any new ideas.
34.In the idea generation stage of the new-product development process
A) many new ideas in business markets come from competitors.
B) customers are given new products to test.
C) a S.W.O.T. analysis helps evaluate new product ideas.
D) a firm decides which ideas to pursue based on return on investment screening.
35.New-product specialists at Whirlpool buy washing machines made by other firms and take them apart to look for new ideas. This is called
A) reverse engineering.
B) positioning.
C) S.W.O.T. analysis.
D) concept testing.
36.In the _____ step of the new-product development process, a marketing manager evaluates how well the idea fits with the company's objectives.
A) idea generation
B) commercialization
C) screening
D) development
37.The legal obligation of sellers to pay damages to individuals who are injured by defective or unsafely designed products is called:
A) product responsibility.
B) breach of warranty.
C) rule of reason.
D) product liability.
38.Getting reactions from customers about how well a new-product idea fits their needs is
A) concept testing.
B) target marketing.
C) screening.
D) brand positioning.
39.The _____ step in the new-product development process could involve research and development as well as engineering to design and build the physical part of the product.
A) screening
B) roll out
C) commercialization
D) development
40.The new-product development process
A) should have ongoing support from top management.
B) should avoid applying quantitative screening criteria--since applying such criteria tends to eliminate most of the really new" ideas.
C) should be informal--to encourage creativity.
D) should start whenever the majority of current products are in the market maturity stage of the product life cycle