Marketing Concepts

1. A _____ is everything, both favorable and unfavorable, that a person receives in an exchange. It can be tangible, intangible, a service, an idea, or a combination of these things.
a.
brand equity
b.
quality
c.
warranty
d.
product liability
e.
product

____ 2. _____ products are purchased with little shopping effort. These products are purchased regularly, usually with little planning, and require wide distribution.
a.
Convenience
b.
Specialty
c.
Branded
d.
Shopping
e.
Unsought

____ 3. The convenience product marketing strategy includes:
a.
wide distribution of the product
b.
higher than ordinary prices
c.
few retail outlets other than convenience stores
d.
significantly lower promotion budgets
e.
products that are not easily substitutable

____ 4. Compared to the other classifications of consumer products, shopping products are:
a.
widely available so they need little or no promotion
b.
usually less expensive than convenience products
c.
purchased without significant planning
d.
usually more expensive than convenience products and are found in fewer stores
e.
purchased immediately after the consumer realizes he or she needs them

____ 5. The two types of shopping products are:
a.
unsought and convenience
b.
exclusive and selective
c.
exclusive and intensive
d.
heterogeneous and homogeneous
e.
consumer and business

____ 6. When Gordon wanted a new set of bed sheets, he visited JCPenney, Target, and Kmart before selecting a set that matched his bedroom. If Gordon represents a typical bed sheet buyer, you know that bed sheets are:
a.
homogeneous luxury products
b.
shopping specialty goods
c.
operating supply goods
d.
convenience items
e.
heterogeneous shopping goods

____ 7. _____ products are searched for extensively, and substitutes are not acceptable. These products may be quite expensive, and often