Test Bank Ch. 10

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10Product Chapter Concepts TRUE/FALSE 1. A product may be defined as everything, both favorable and unfavorable, that a person receives in an exchange. ANS: T PTS: 1 REF: 153 TOP: AACSB Reflective Thinking | TB&E Model Product OBJ: 10-1 TYPE: Def 2. An elementary school teacher purchased a ream of art paper, a box of crayons, and some modeling clay. The teacher intends to use these products in her classroom, so they would be classified as business products. ANS: T PTS: 1 REF: 154 TOP: AACSB Reflective Thinking | TB&E Model Product OBJ: 10-2 TYPE: App 3. Convenience products, though inexpensive, still require considerable shopping effort by buyers. ANS: F Convenience products are relatively inexpensive items that merit little shopping effort. PTS: 1 REF: 154 OBJ: 10-2 TYPE: Def TOP: AACSB Reflective Thinking | TB&E Model Product 4. Given the many differences in majors available, living options, and image differences, universities would be classified as a heterogeneous shopping product for most people. ANS: T PTS: 1 REF: 154 TOP: AACSB Reflective Thinking | TB&E Model Product OBJ: 10-2 TYPE: Comp 5. Inez believes makeup is the most important part of her wardrobe. She spends considerable time comparing the prices, skin tones, and color options available at various cosmetics counters in department stores. For Inez, makeup is a convenience product. ANS: F For Inez, makeup is a shopping product. PTS: 1 REF: 154 OBJ: 10-2 TYPE: App TOP: AACSB Reflective Thinking | TB&E Model Product 6. Rolex watches are very expensive, can only be purchased in high-end jewelry stores located in large metropolitan areas, and most buyers will accept no substitutes. Rolex watches are an example of a shopping product. ANS: F This is an example of a specialty product. PTS: 1 REF: 154 OBJ: 10-2 TYPE: App TOP: AACSB Reflective Thinking | TB&E Model Product 7. A product unknown to the potential buyer, or a known-product that the buyer does not actively seek is referred to as an undesirable product. ANS: F This is an unsought product. PTS: 1 REF: 155 OBJ: 10-2 TYPE: Def TOP: AACSB Reflective Thinking | TB&E Model Product 8. Coca-Cola is on of the worlds largest manufacturers of beverages. It makes over 2,800 different beverage products, including sparkling drinks, waters, juices, juice drinks, teas, coffees, sports drinks, and energy drinks. The great variety of beverages made by Coca-Cola represents its product mix. ANS: T PTS: 1 REF: 155 TOP: AACSB Reflective Thinking | TB&E Model Product OBJ: 10-3 TYPE: App 9. Product modification occurs when changes are made in how the product functions, its quality, or some aesthetic characteristic of the product. ANS: T PTS: 1 REF: 156 TOP: AACSB Reflective Thinking | TB&E Model Product OBJ: 10-3 TYPE: Comp 10. Chef's Catalog built its reputation on selling the highest-quality baking ingredients. The catalog retailer has added a line of fine kitchen tools and wants its customers to think of the retailer as a place to buy everything needed to bake the finest breads and desserts--not just for buying the ingredients. The marketing term for changing consumers' perceptions of the Chef's Catalog is segmentation. ANS: F Changing consumers' perceptions is called repositioning. PTS: 1 REF: 157 OBJ: 10-3 TYPE: App TOP: AACSB Reflective Thinking | TB&E Model Product 11. Apple is known for its Macintosh and iPod products. Apple recently added the iPhone product to its list of products. The addition of the iPhone was an example of a product line extension for the company. ANS: T PTS: 1 REF: 157 TOP: AACSB Reflective Thinking | TB&E Model Product OBJ: 10-3 TYPE: App 12. Isaac Golding, owner of a tutoring service, has developed a design for his firm that includes an owl wearing large spectacles and carrying a satchel crammed full of books and papers. He plans to use this design on all communications the firm sends out. This design is called the firm's brand name. ANS: F Such a design would be called the firm's brand mark, which is...
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