1. A product, in a broad sense, refers to A. a tangible good received in exchange...

1. A product, in a broad sense, refers to
A. a tangible good received in exchange for a person's time and effort.
B. intangible activities or benefits that an organization provides to satisfy consumers' needs in exchange for money or something else of value.
C. a good that has in some way been altered, combined, or improved and sold to organizational buyers consumers.
D. is a thought that leads to an action such as a concept for a new invention.
E. a good, service, or idea consisting of a bundle of tangible and intangible attributes that satisfies consumers' needs and is received in exchange for money or something else of value.

2. Goods can be categorized many ways. One way divides them into _______ goods and________ goods.
A. functional; aesthetic
B. required; desired
C. tactile; conceptual
D. durable; nondurable
E. product; service

6. With respect to price, which of the following type of consumer product is likely to be relatively more expensive in comparison to the others?
A. convenience product
B. shopping product
C. discretionary product
D. specialty product
E. unsought product

10. Why is the inventory process of services different from that of goods?
A. Time is less important to customers of services than customers of goods.
B. Only service inventory can be reduced through more efficient movement of products.
C. There are larger costs associated with the handling of service inventory.
D. Unlike goods providers, the service provider is often unavailable when there is a demand for the service.
E. Service inventory costs are related to idle production capacity rather than storage or handling.

18. What is the primary marketing objective for the introduction stage of the product life cycle?
A. harvesting
B. market share
C. stress differentiation
D. gain awareness
E. maintain brand loyalty

Expert Solution

Answer 1: Option A - a tangible good received in exchange for a person's time and effort.

Explanation: A product can be referred to as a tangible good received in exchange for a person's time and effort.

Answer 2: Option A - functional; aesthetic

Explanation: Functional goods (Family car) are vital for the functionality they provide. On the other hand, aesthetic goods (vintage car) are known for the look or visual attractiveness they have.

Answer 6: Option D - specialty product

Explanation: A specialty product is more expensive than other types of product for the brand loyalty and unique characteristics they have.

Answer 10: Option E - Unlike goods providers, the service provider is often unavailable when there is a demand for the service.

Explanation: The cost in service inventory is related to idle production capacity and not related to the handling or storage issues.

Answer 18: Option D – Gain Awareness

Explanation: The primary objectives of introduction stage of product life cycle is to gain awareness in the market.

keosha answered 2 weeks ago

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