Business Definitions Quiz

What is the definition of a product in business terms?

• Only tangible items received in an exchange

• Only intangible items received in an exchange

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

• Only the benefits received in an exchange

Which of the following is an example of a tangible item?

• Service

• Idea

• Experience

• Good

Which of the following is an example of an intangible item that is performed?

• Good

• Service

• Idea

• Experience

What is an idea in the context of a product?

• A tangible item

• An emotional state from an action

• A mindset or intellectual property

• A performed intangible item

What does an experience refer to in the context of a product?

• A tangible item

• An emotional state that you get from an action

• A mindset or intellectual property

• A performed intangible item

What is a consumer product?

• A product bought for resale

• A product used in a firm's operations

• A product purchased to satisfy personal and family needs

• A product used for making other products

What is a business product?

• A product purchased to satisfy personal and family needs

• A product bought for resale, making other products, or using in a firm's operations

• A product used by end users

• A product sold directly to consumers

Which type of product is described as inexpensive and frequently purchased?

• Convenience product

• Shopping product

• Specialty product

• Luxury product

What type of product requires buyers to expend effort on planning and making the purchase?

• Convenience product

• Shopping product

• Specialty product

• Impulse product

Which type of product possesses unique characteristics for which buyers are willing to expend purchasing effort?

• Convenience product

• Shopping product

• Specialty product

• Generic product