Question 1

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 ____.

Accepted Answer

A product line refers to a group of products that are closely related and sold by the same company. Zellers offering different product groups such as toys, pet foods, clothing for men, women, and children, health and beauty aids, small household appliances, automotive products, etc. are all examples of product lines. The collection of all these product lines constitutes Zellers' product mix. Option A is incorrect because product tangibility refers to the physical nature of a product, not the grouping of products. Option B is incorrect because product unit is not the term used to describe product groupings but rather refers to an individual product itself. Option D is incorrect because product unit has nothing to do with the grouping of products or the overall product mix.

Question 2

Colgate toothpaste is likely:

Accepted Answer

Colgate toothpaste is a consumer product that is usually purchased by the end-user. Consumers make an effort to seek out and buy toothpaste that meets their specific needs and preferences. It is not typically purchased for resale, nor is it used in the production of other items.

Question 3

The Nike LeBron [King James] basketball shoes retail at $199.99 and only come in size 12,the size of LeBron James' shoe.This item is called a(n):

Accepted Answer

The Nike LeBron basketball shoes, with their specific size and design, are a product item. They are a specific variation of the larger product type of basketball shoes and part of the brand item of Nike LeBron or "King James" shoes.

Question 4

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:

Accepted Answer

The Beary Romantic Curly Teddy is a specific version of a product offered by Build-A-Bear, making it a product item.

Question 5

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):

Accepted Answer

The code that the Build-A-Bear Workshop uses to distinguish this teddy bear from the others in its inventory and order new stock is a stock-keeping unit (SKU). SKUs are unique codes assigned to each product to identify it and keep track of inventory.

Question 6

Polaroid Canada has two major __________ consisting of cameras and film.

Accepted Answer

The two major categories mentioned in the sentence are cameras and film, which are both part of Polaroid Canada's product lines. Product classes refer to broader categories of products, while product mixes and marketing mixes refer to a combination of different products or marketing efforts. Therefore, C) product lines is the best choice.

Question 7

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 _________.

Accepted Answer

Stock-keeping units (SKUs) represent a unique product or item that is offered for sale. By limiting the number of SKUs, the company can focus its resources and attention on a smaller number of products, which may improve efficiency and profitability. The other options, such as distinct stock sizes, universal product codes, and order quantity codes, do not necessarily represent unique products and are therefore less relevant to the company's goal of reducing the number of products it offers.

Question 8

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):

Accepted Answer

A product mix refers to the total set of products offered by a company. In the case of Fortune Brands, the sporting equipment and plumbing products together make up their product mix. Product class refers to a group of products within a product category that are closely related. Product category refers to a broad group of products that share similar characteristics. Marketing mix refers to the set of tactics a company uses to promote its products or services.

Question 9

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

Accepted Answer

A product item refers to a specific product within a product line, which can be identified by a unique brand, size, or price. It is a distinct and recognizable unit that can be managed separately within the inventory system. A universal product code (B) is a barcode used to identify a product at the point of sale, while a stock-keeping unit (C) is a unique code used to track inventory levels and movements. An order quantity code (D) is a code used to specify the quantity of a product that needs to be ordered.

Question 10

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

Accepted Answer

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

Question 11

Nike's __________ are shoes and clothing.

Accepted Answer

Nike's shoes and clothing are part of their product lines, which refer to a group of similar products that are sold under the same brand or category. Product classes refer to a larger group of products that share similar characteristics, while product mixes include all the different products that a company offers. Marketing mixes refer to the various elements of a company's marketing strategy.

Question 12

Apple's inventions were revolutionary in all of the following industries,except:

Accepted Answer

While Apple did invent and popularize many groundbreaking technologies such as personal computing, animated movies with Pixar, and digital publishing with iBooks, they did not invent gift cards. Gift cards have been a common form of payment or giving gifts for many years before Apple introduced their own version with the Apple Store gift card.

Question 13

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:

Accepted Answer

Procter & Gamble's product mix refers to the total set of products offered by the company, including all product lines and individual products within those lines.

Question 14

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:

Accepted Answer

A group of products that satisfy a specific class of needs, are sold to the same customer group, or are distributed through similar types of outlets are referred to as a product line. Product class refers to a broader category of products, while product mix refers to the entire range of products offered by a company. Marketing mix refers to the combination of product, price, promotion, and place (distribution) strategies used by a company. Therefore, C is the best choice as it specifically describes a group of products that are closely related and satisfy specific needs.

Question 15

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:

Accepted Answer

Product line refers to a group of products or services that are closely related and meet the same need or purpose. In this case, the inpatient hospital care, outpatient physician services, and medical research are all related healthcare services offered by the Hospital for Sick Children, hence they are the hospital's product lines. Product classes refer to the overall categories of products offered by a company, while product mix refers to the entire range of products or services offered by a company. Marketing mix refers to the elements of a company's marketing strategy, such as product, price, promotion, and place.

Question 16

Which statement below best describes why iCloud was unique in the industry when Apple launched it in mid-2011?

Accepted Answer

iCloud was unique because it offered seamless integration and syncing between multiple devices, which was not offered by any other service at the time of its launch.

Question 17

According to innovation at Apple,how it conceives,produces,and markets new products and/or services,is the foundation for:

Accepted Answer

According to the statement, the way Apple conceives, produces, and markets new products and/services is the foundation for success in their business.

Question 18

Why would a cash register be considered a business good?

Accepted Answer

A cash register is considered a business good because it directly assists in providing products for resale. It helps businesses keep track of sales, inventory, and profits, which are essential for maintaining a successful retail operation. While it may make the consumer's task easier and be something a consumer will seek out to purchase, its primary purpose is to benefit the business rather than the end customer.

Question 19

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:

Accepted Answer

A product line is a group of related products under a single brand offered by a company. In this case, the custom-made teddy bears are a specific product line within the Build-A-Bear Workshop brand. A product mix is a combination of all the product lines offered by a company, so it is too broad of a category to apply to just teddy bears. A product class is a broader category that includes multiple product lines, such as clothing or electronics. Marketing mix refers to the combination of product, price, promotion, and place (distribution) that a company uses to market its products or services, so it is also not an appropriate answer.

Question 20

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:

Accepted Answer

The different product lines offered by Newman's Own, such as popcorn, salsa, pasta sauce, and salad dressings, collectively form the company's product mix.

Quiz 10: Developing New Products and Services