Business Quiz: Product Classification, Product Life Cycle, and Product Mix

What is a product?

• May take the form of philosophies, lessons, concepts, or advice

• Everything one receives in an exchange, including all tangible and intangible attributes and experienced benefits

• The result of applying human or mechanical effort to a person or thing

• A real, physical thing that we can touch

Which of the following is an example of a convenience product?

What is the purpose of promotional efforts during the growth stage of the product life cycle?

• To build brand loyalty among customers

• To increase customer awareness and acceptance

• To introduce refinements and extensions of the original product

• To decrease unit costs and reduce profit per unit

Which stage of the product life cycle is characterized by a decrease in sales volume and profits?

What is the purpose of a product line?

What is the average number of individual products within each product line called?

• Product mix

• Width

• Depth

• Product modification

What is the process of changing one or more of a product's characteristics called?

• Product modification

• New product development

• Product deletion

• Line extension

Which category of new products is designed to compete with existing products of other firms?

• Line extensions

• Imitations

• Adaptations

• Innovations

What is the first phase of new-product development?

• Idea generation

• Screening

• Business analysis

• Concept testing

Why do new products fail?

• Because the product and its marketing program are not planned and tested thoroughly

• Because they are adaptations of existing products

• Because they are imitations of existing products

• Because they are innovations