TRUE And Falsle 1: 10product Chapter Concepts
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.
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a. heterogeneous shopping b. specialty c. homogeneous shopping d. convenience e. business ANS: B Williams Sonoma brand kitchen wares are expensive and no substitutes are acceptable to this consumer. PTS: 1 REF: 154-155 OBJ: 10-2 TYPE: App TOP: AACSB Reflective Thinking | TB&E Model Product 27. Evan Zimmermann loves watches. He collects vintage Rolex sport models made between 1950 and 1960. He paid $1,500 for his first watch in 2000. Now, the watch is worth $15,000. For Evan, the vintage watches are an example of a(n) _____ product. a. specialty b. consumer c. convenience d. business e. unsought ANS: A The fact that Evan will only purchase the vintage Rolex sports watches made between 1950 and 1960 shows that the watches are a specialty product. PTS: 1 REF: 154 OBJ: 10-2 TYPE: App TOP: AACSB Reflective Thinking | TB&E Model Product 28. When deciding on distribution plans for specialty products, companies generally ensure that the items are: a. made available only as private brands b. made available in a large number of stores in a geographic area c. made available only through the mail d. distributed to a considerable number of stores in a geographic area e. distributed to only a few stores in the geographic area ANS: E Specialty products are searched for extensively, and substitutes are not
a. heterogeneous shopping b. specialty c. homogeneous shopping d. convenience e. business ANS: B Williams Sonoma brand kitchen wares are expensive and no substitutes are acceptable to this consumer. PTS: 1 REF: 154-155 OBJ: 10-2 TYPE: App TOP: AACSB Reflective Thinking | TB&E Model Product 27. Evan Zimmermann loves watches. He collects vintage Rolex sport models made between 1950 and 1960. He paid $1,500 for his first watch in 2000. Now, the watch is worth $15,000. For Evan, the vintage watches are an example of a(n) _____ product. a. specialty b. consumer c. convenience d. business e. unsought ANS: A The fact that Evan will only purchase the vintage Rolex sports watches made between 1950 and 1960 shows that the watches are a specialty product. PTS: 1 REF: 154 OBJ: 10-2 TYPE: App TOP: AACSB Reflective Thinking | TB&E Model Product 28. When deciding on distribution plans for specialty products, companies generally ensure that the items are: a. made available only as private brands b. made available in a large number of stores in a geographic area c. made available only through the mail d. distributed to a considerable number of stores in a geographic area e. distributed to only a few stores in the geographic area ANS: E Specialty products are searched for extensively, and substitutes are not