Product Planning and Development & Inventory Management Exam

Which of the following describes when supply and demand are balanced?

• Surplus
• Equilibrium
• Stability
• Neutrality

Which of the following describes commercialization?

• The mass distribution or full scale introduction and marketing of a given product
• Slight variations or changes made to an original product before marketing begins
• Input, decisions and work from businesses and individuals outside of the actual company
• A complete revision or new model of an item

Which of the following describes a pure service?

• The physical, or tangible, items available for customers to purchase
• Does not include a tangible product; are the primary “product” of a business
• Includes services which correspond to a physical product
• A name, term or symbol used to identify related products

What is a test market?

• A small-scale introduction of a product to a specific area
• Environment which evaluates product ideas and feasibility
• Selected groups of people used to analyze and test the concept of a given product
• Gathering input, decisions and work from businesses and individuals outside the actual company

Courtney sells birdhouses. In her warehouse she has lumber, hardware and paint used in the production of her birdhouses. Which term best describes these items?

• Work-in-progress goods
• Inventory
• Raw materials
• Building supplies

Which of the following occurs when supply exceeds demand?

• Surplus
• Equilibrium
• Shortage
• Stability

What is a product line?

• A group of related items or brands sold by the same company
• A specific brand or individual product within a line
• All the products a company makes or sells
• The process of creating new or improved products

Which of the following describes product width?

• The number of product lines a company offers to its customers
• The height of a product
• The number of different products a company offers within a given line
• The width of a product

Which of the following describes product depth?

• The number of product lines a company offers to its customers
• The height of a product
• The number of different products a company offers within a given line
• The width of a product

Which of the following describes a product-related service?

• The physical, or tangible, items available for customers to purchase
• Does not include a tangible product; are the primary “product” of a business
• Includes services which correspond to a physical product
• A name, term or symbol used to identify related products