Product Chapter Quiz

What is the definition of a service?

• A. Anything that can be offered to a market for attention

• D. Tangible commodities produced and purchased to satisfy the wants of a buyer

• B. A form of product that consists of activities, benefits, or satisfactions offered for sale

• C. Represent what buying the product or service will do for the customer

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

• B. Jewelry

• D. Electronics

• A. Furniture

• C. Milk

What is a key characteristic of industrial goods?

• A. Purchased for immediate consumption

• B. Rational buying power

• C. Classified as durable goods

• D. Typically purchased by the general public

In which stage of the product life cycle do sales tend to slow or stop?

• C. Maturity Stage

• B. Growth Stage

• D. Decline Stage

• A. Introduction Stage

What is the first stage of new product development?

• A. Idea Generation

• C. Prototyping & Product testing

• D. Market testing

• B. Business Strategy Development

Which type of consumer product involves different levels of effort in the purchasing process?

• A. Shopping products

• B. Convenience products

• C. Specialty products

• D. Unsought products

What is the goal of the introduction stage in the product life cycle?

• A. Increase market share

• B. Build demand for the product

• C. Develop new products

• D. Reduce competition

Which of the following is a characteristic of convenience products?

• A. Bought most frequently

• B. Require comparison on attributes like quality and price

• C. Have unique characteristics or brand identification

• D. Require a special purchase effort

What is the purpose of market testing in new product development?

• A. Develop new products

• B. Build demand for the product

• D. Increase market share

• C. Get customer feedback

Which stage of the product life cycle signals a largely saturated market?

• D. Decline Stage

• C. Maturity Stage

• B. Growth Stage

• A. Introduction Stage