Business Test 3

Everything that one receives in an exchange, including all tangible and intangible attributes and expected benefits, is called a

• trade

• contract

• product

A good or service that is intended primarily for personal or household use is called a(n)____________ product.

• convenience

• business

• consumer

Joe and Sue decided to buy new furniture for their living room. The spend considerable time shopping around. Bedroom furniture is best classified as a _________ product.

• convenience

• shopping

• specialty

Sheet steel to be used in making automobile fenders is an example of

• supplies

• raw materials

• component parts

If Walgreen's hires an accounting firm to compute the company's taxes, the accounting firm is providing a(n) __________ service.

• governmental

• institutional

• business

The first stage of the product life-cycle is the _________ stage.

• introduction

• growth

• maturity

A product usually declines because of technological advances or environmental factors or because

• the price is too low

• consumers have switched to competing brands

• the price is too high

The stage in the evolution of a new product in which a pool of ideas is created is called

• idea generation

• screening

• test marketing

Kellog's , LG and Cadillac are all examples of

• trade symbols

• brands

• brand marks

Faded Glory is a brand of clothing only available at Walmart stores. Faded Glory is a ___________ brand.

• generic

• producer

• private