Question 1

Creative product differentiation can enable a small business to increase market share.

Accepted Answer

Creative product differentiation can make a small business stand out from its competitors and attract more customers, thereby increasing its market share. Offering unique features or benefits that are not available from competitors can also help to build brand loyalty and retain customers over the long term.

Question 2

A traditional McDonald's and a McCafe (the outlet that sells premium coffee and pastries similar to a Starbucks)are examples of the McDonald's Corporation product mix.

Accepted Answer

The traditional McDonald's and the McCafe are both examples of products under the McDonald's Corporation product mix.

Question 3

Car dealers realize that consumers focus exclusively on price and warranty.

Accepted Answer

While price and warranty are important factors for consumers, car dealers also recognize the importance of other factors such as brand reputation, vehicle features, financing options, and customer service.

Question 4

The term product line describes the combination of product mixes offered by a manufacturer.

Accepted Answer

The answer of The term product line describes the combination...

Question 5

Convenience goods are products that the consumer wants to purchase frequently and with a minimum of effort.

Accepted Answer

Convenience goods are products that are easily accessible, require minimal effort on the part of the consumer, and are purchased frequently. Examples include food, toiletries, and household items.

Question 6

The characteristics of specialty goods restrict their effective sale over the Internet.

Accepted Answer

The answer of The characteristics of specialty goods restrict their...

Question 7

At Isuzu's Appliance Store,all new products are offered with an extended service contract,as well as free delivery and installation.By offering these value enhancers,Isuzu's has added to their total product offer.

Accepted Answer

The statement mentions that Isuzu's Appliance Store offers an extended service contract, as well as free delivery and installation, which are value enhancers that add to the total product offer. Therefore, the statement is true.

Question 8

One common way of classifying consumer goods is based on consumer purchasing behavior.

Accepted Answer

Consumer goods can be classified based on different factors, including consumer purchasing behavior such as frequency of purchase, brand loyalty, and level of involvement in the purchase process.

Question 9

Whole grain breads,bagels,bread sticks,sandwiches,soup,and pastries are products that would be included in the product mix of El Trovodor's Bread Company.

Accepted Answer

Whole grain breads, bagels, bread sticks, sandwiches, soup, and pastries are all baked goods that fall under the product mix of El Trovodor's Bread Company.

Question 10

A product line is a group of products that are physically similar or are intended for a similar market.

Accepted Answer

A product line refers to a group of products that share similar characteristics or are intended for a similar market.

Question 11

In order for product differentiation to be effective,real product differences must be identified so that one product is clearly better than others.

Accepted Answer

The answer of In order for product differentiation to be...

Question 12

The most common classification of consumer goods and services is based on producer or manufacturer behavior in the market.

Accepted Answer

The answer of The most common classification of consumer goods...

Question 13

The concepts of product lines and product mixes apply to marketers of products and services.

Accepted Answer

Both product lines and product mixes are important concepts in marketing, applicable to both products and services alike.

Question 14

Marketers use pricing,advertising,and packaging to differentiate their products from competitors' products even when actual differences are quite small.

Accepted Answer

This is a common marketing strategy known as product differentiation, where marketers make efforts to make their products appear distinct from their competitors' products in the minds of consumers. This can be achieved through various means such as pricing, advertising, packaging, branding, etc., even when actual differences between products are minimal.

Question 15

Miller Light Beer,Maxwell House Coffee,Jell-O brand gelatin,Kraft Mayonnaise,and Marlboro Cigarettes,were all at one time products of the Philip Morris Company.These products represented a part of the product line Philip Morris offered.

Accepted Answer

The answer of Miller Light Beer,Maxwell House Coffee,Jell-O brand gelatin,Kraft...

Question 16

Unsought goods and services fail to provide the benefits consumers expect.

Accepted Answer

The answer of Unsought goods and services fail to provide...

Question 17

The several product lines that a company offers for sale make up that organization's product mix.

Accepted Answer

The statement is true. The product mix refers to all the product lines that a company offers for sale, which can include variations of a single product, different product categories, and different brands. It is also known as product assortment or product portfolio.

Question 18

While service providers offer product lines,they are unable to offer product mixes.

Accepted Answer

Service providers are able to offer product mixes, which refer to different combinations of products or services offered together as a bundled package.

Question 19

The uniqueness of convenience goods and services stimulate consumers to make an extra effort to purchase them.

Accepted Answer

The answer of The uniqueness of convenience goods and services...

Question 20

A bank's product line may include safety deposit boxes,car loans,and traveler's checks.

Accepted Answer

The answer of A bank's product line may include safety...

Quiz 14: Developing and Pricing Goods and Services