EL 6 Test: Products/Services

Any tangible thing that a business offers to a market to satisfy customers is a _____

• Trademark
• Product
• Service

Which of these is NOT one of the mistakes we've discussed in class that a business makes when considering their product?

• Not knowing what wants and needs their product meets
• Offering new products instead of marketing their old products
• Thinking they know better than the consumer

A _____ product is a product in its simplest form. Almost all competitors offer this type of product, and consumers should be able to recognize the need it meets.

• Extended Product
• Enhanced Product
• Basic Product

A ____ product typically comes with services and accessories. For example, a dishwasher may include delivery, installation, and repair.

• Extended Product
• Basic Product
• Enhanced Product

A ______ product may have features and options such as better design, higher quality materials, different stylings, etc.

• Extended Product
• Basic Product
• Enhanced Product

This type of business product is smaller and less expensive than capital equipment and helps make a business more efficient. It can include things such as tools, furniture, or small machinery.

• Raw Materials
• Supplies
• Operating Equipment

This type of business product are parts that have been produced by another company. For example, a computer manufacturer buys computer chips from a hardware developer.

• Capital Equipment
• Component Parts
• Raw Materials

This type of business product is consumed during operations and can be as inexpensive as staples and paperclips or more expensive like fuel and electricity.

• Capital Equipment
• Raw Materials
• Supplies

An activity that is intangible, exchanged directly from producer to consumer:

• Product
• Service
• Business Products

What is referred to as the link between a business and its customers?

• Product
• Distribution
• Marketing