Question 1

The Toronto Hospital for Sick Children consists of inpatient hospital care, outpatient physician services, and medical research. For the hospital, these would be considered their:
A)product lines.
B)marketing mixes.
C)product classes.
D)product mixes.

Accepted Answer

The Toronto Hospital for Sick Children consists of inpatient hospital care, outpatient physician services, and medical research. These are all different types of products that the hospital offers, so they would be considered the hospital's product lines.

Question 2

Nike's_________ are shoes and clothing.
A)product mixes
B)product classes
C)product lines
D)marketing mixes

Accepted Answer

Nike's product lines include shoes and clothing. Product classes refer to broader categories of products, such as consumer goods or industrial goods. Product mixes refer to the entire range of products that a company offers. Marketing mixes refer to the strategies and tactics used to promote and sell a company's products.

Question 3

The Build-A-Bear Workshop sells custom made teddy bears designed to be given as gifts for almost every occasion imaginable. The Beary Romantic Curly Teddy is one bear designed for people to give to each other on Valentine's Day. The code that the Build-A-Bear Workshop uses to distinguish this teddy bear from the others in its inventory and to order new stock when its numbers are depleted is a(n):
A)order quantity code.
B)stock-keeping unit.
C)universal product code.
D)distinct stock size.

Accepted Answer

The code used by Build-A-Bear Workshop to distinguish the Beary Romantic Curly Teddy from other inventory items and reorder inventory when needed is a stock-keeping unit (SKU), which is a unique code that allows a company to track and manage its inventory. The order quantity code is used to indicate how much of a particular item to order, the universal product code (UPC) is a code used to identify a product and can be used by retailers to track sales, and distinct stock size is not a common inventory tracking term.

Question 4

Which statement below best describes why the ThothX Tower is unique in the space industry?
A)The space elevator looks at ejecting astronauts into space using electricity over rocket fuel.
B)The space elevator is the first opportunity to move mass groups of people to space and overcome gravity.
C)The space elevator overcomes the obstacles of cost, inefficiencies of rocketry science, and is more environmentally friendly.
D)The space elevator climbs to heights of 50 km above the Earth to link astronauts to the space station.

Accepted Answer

The ThothX Tower is unique in the space industry because it overcomes the obstacles of high cost, inefficiencies of rocketry science, and is more environmentally friendly than traditional rockets. The tower uses a pneumatic system to transport people and payloads into space, eliminating the need for rocket fuel and the associated environmental impact. Additionally, the tower is expected to be more cost-effective in the long run compared to traditional rockets. The other options (A, B, and D) describe the features of a different space technology, the space elevator.

Question 5

During a recent shopping trip to the local Zellers store, Pat noticed several things. First, she noticed that the store offered a tremendous variety of products, including Toys, pet foods, clothing for men, women, and children, health and beauty aids, small household appliances, automotive products, and more. Further, Pat noticed Zellers Offered an array of different products within each product group. Each product group at Zellers is an example of a _________; all of the product groups together constitute Zeller's __________.
A)product mix; product unit
B)product line; product mix
C)product tangibility; product unit
D)product unit; product tangibility

Accepted Answer

A product line refers to a group of related products offered by a company, while a product mix is the entire range of products offered by the company. In this scenario, each product group (toys, pet foods, clothing, etc.) is an example of a product line, and all of the product lines together make up Zellers' product mix.

Question 6

A supplements company has a strategy to minimize the number of products they have to ensure they can best service all of their existing products. In doing so, their corporate goal is to have no more than five_________ _.
A)distinct stock sizes
B)order quantity codes
C)stock-keeping units
D)universal product codes

Accepted Answer

Stock-keeping units (SKUs) are unique identifiers for each distinct product and are used for inventory management purposes. By limiting the number of SKUs, the company can minimize the complexity of their inventory management system and more effectively service all of their existing products. The other options, distinct stock sizes, order quantity codes, and universal product codes, are not as relevant to the company's goal of minimizing the number of products they offer.

Question 7

Two major ways to classify products are by type of __________ and degree of __________ .
A)user; product tangibility
B)value; utility
C)class; utility
D)utility; customizability

Accepted Answer

Products can be classified based on the type of user (consumer or industrial) and the degree of product tangibility (tangible or intangible).

Question 8

Colgate toothpaste is likely:
A)a product a consumer will make an effort to seek out and buy.
B)purchased by the ultimate consumer.
C)purchased for resale.
D)used in the production of other items.

Accepted Answer

Colgate toothpaste is typically purchased by the ultimate consumer for personal use, rather than for resale or as a component in the production of other items.

Question 9

What advantages does the ThothX Tower have compared to professional rockets for space travel?
A)The Tower is faster than a rocket launched from Earth.
B)The Tower can eject astronauts vertically into space.
C)The Tower uses electricity and induction so is environmentally friendly.
D)The ThothX Tower can also launch satellites into orbit.

Accepted Answer

The ThothX Tower uses electricity and induction for its operation, making it an environmentally friendly alternative to traditional rocket launches that rely on chemical propellants.

Question 10

A group of products that are closely related because they satisfy a class of needs, are used together, are sold to the same customer group, are distributed through the same types of outlets, or fall within a given price range are referred to as a:
A)product mix
B)product class
C)marketing mix
D)product line

Accepted Answer

A product line refers to a group of related products under a single brand sold by the same company. Companies create product lines as a marketing strategy to capture sales of consumers already buying the brand.

Question 11

The Build-A-Bear Workshop in West Edmonton Mall sells custom made teddy bears designed to be given as gifts for almost every occasion imaginable. For the Build-A-Bear Workshop, teddy bears are an example of a:
A)marketing mix.
B)product mix.
C)product class.
D)product line.

Accepted Answer

Teddys bears at the Build-A-Bear Workshop are a specific line of products within the larger product class of stuffed animals.

Question 12

Newman's Own is a company that gives all of its profits to charities. The company produces popcorn, salsa, pasta sauce, and salad dressings under the Newman's Own brand name. These product lines are the company's:
A)product category.
B)stock-keeping units.
C)product hierarchy.
D)product mix.

Accepted Answer

A product mix is the complete set of all products offered by a firm. Therefore, Newman's Own product lines, which include popcorn, salsa, pasta sauce, and salad dressings, are the company's product mix.

Question 13

Why would a cash register be considered a business good?
A)It is a product that assists directly or indirectly in providing products for resale.
B)It is a product purchased for resale.
C)It is a product that a consumer will make an effort to seek out and buy.
D)It is a product or services used to make the consumer's task easier.

Accepted Answer

A cash register is considered a business good because it assists directly in providing products for resale. It is a tool used by businesses to keep track of sales and inventory, and to calculate taxes and change owed to customers.

Question 14

Within each product line, a specific product as noted by a unique brand, size, or price is referred to as the _________.
A)universal product code
B)order quantity code
C)stock-keeping unit
D)product item

Accepted Answer

The answer of Within each product line, a specific product...

Question 15

The Build-A-Bear Workshop in West Edmonton Mall sells custom made Teddy bears designed to be given as gifts for almost every occasion imaginable. The Beary Romantic Curly Teddy is one bear it designed for people to give to each other on Valentine's Day. The Beary Romantic Curly Teddy is an example of a:
A)brand item.
B)product class.
C)product item.
D)product type.

Accepted Answer

The Beary Romantic Curly Teddy is a specific product item, rather than a brand item or a product class. It is also not necessarily a new product type.

Question 16

Fortune Brands offers many product lines, including sporting equipment (Titleist golf balls)and plumbing products (Moen faucets). Together, these product lines are referred to as a(n):
A)product mix.
B)product class.
C)product category.
D)marketing mix.

Accepted Answer

A product mix refers to all the product lines that a company offers. In this case, Fortune Brands offers a range of products, including sporting equipment and plumbing products, which are considered different product lines within their overall product mix.

Question 17

Polaroid Canada has two major _________consisting of cameras and film.
A)marketing mixes
B)product mixes
C)product lines
D)product classes

Accepted Answer

Product lines refer to a group of products that are similar in nature and intended for the same target market. In this case, Polaroid Canada's major offerings are cameras and film, which are related products and fall under distinct product lines. Marketing mixes consist of a combination of product, price, promotion, and place, which are the tools used to promote a product or service. Product mixes refer to the complete set of products offered by a company, which includes various product lines, classes, and types. Product classes refer to a group of products that share common characteristics, such as electronics or apparel. Therefore, the best choice is C - product lines.

Question 18

ThothX's space elevator, if implemented, is a good example of:
A)Moderately disruptive innovation
B)Dynamically continuous innovation
C)Discontinuous innovation
D)Continuous innovation

Accepted Answer

ThothX's space elevator is a revolutionary concept that would change the way we access space. It is a discontinuous innovation because it creates new market opportunities and disrupts existing industries such as traditional rocket launches.

Question 19

ThothX's space elevator is an example of how space travel can change as well as open opportunities in all of the following, except:
A)Advanced communications.
B)Wind-energy generation.
C)Space tourism.
D)Airplane technology.

Accepted Answer

ThothX's space elevator is not directly related to airplane technology. The other options - advanced communications, wind-energy generation, and space tourism - are all potential opportunities that could arise from advancements in space travel.

Question 20

Procter & Gamble offers home cleaning products (such as Mr. Clean), personal health products (such as Colgate toothpaste), and optometry products (such as contact lenses). Collectively, these would be Procter & Gamble's:
A)product category.
B)product class.
C)marketing mix.
D)product mix.

Accepted Answer

Procter & Gamble offers a variety of products across different categories such as home cleaning, personal health, and optometry. The complete set of products offered by the company is called its product mix. Therefore, option D is the correct choice.

Quiz 10: Developing New Products and Services

The Toronto Hospital for Sick Children consists of inpatient hospital care, outpatient physician services, and medical research. For the hospital, these would be considered their:

Nike's_________ are shoes and clothing.

Which statement below best describes why the ThothX Tower is unique in the space industry?

A supplements company has a strategy to minimize the number of products they have to ensure they can best service all of their existing products. In doing so, their corporate goal is to have no more than five_________ _.

Two major ways to classify products are by type of and degree of .

Colgate toothpaste is likely:

What advantages does the ThothX Tower have compared to professional rockets for space travel?

A group of products that are closely related because they satisfy a class of needs, are used together, are sold to the same customer group, are distributed through the same types of outlets, or fall within a given price range are referred to as a:

The Build-A-Bear Workshop in West Edmonton Mall sells custom made teddy bears designed to be given as gifts for almost every occasion imaginable. For the Build-A-Bear Workshop, teddy bears are an example of a:

Newman's Own is a company that gives all of its profits to charities. The company produces popcorn, salsa, pasta sauce, and salad dressings under the Newman's Own brand name. These product lines are the company's:

Why would a cash register be considered a business good?

Within each product line, a specific product as noted by a unique brand, size, or price is referred to as the _________.

Fortune Brands offers many product lines, including sporting equipment (Titleist golf balls) and plumbing products (Moen faucets) . Together, these product lines are referred to as a(n) :

Polaroid Canada has two major _________consisting of cameras and film.

ThothX's space elevator, if implemented, is a good example of:

ThothX's space elevator is an example of how space travel can change as well as open opportunities in all of the following, except:

Procter & Gamble offers home cleaning products (such as Mr. Clean) , personal health products (such as Colgate toothpaste) , and optometry products (such as contact lenses) . Collectively, these would be Procter & Gamble's: