Understanding Products and Services

What is the definition of a product?

• A financial statement of a company.

• An item or service created for sale.

• A type of marketing strategy.

• A method of product delivery.

Which of the following is NOT a type of consumer product?

• Electronics

• Clothing

• Industrial equipment

• Grocery items

What are the four main types of consumer products?

• Convenience products, shopping products, specialty products, unsought products

• Luxury items

• Digital products

• Perishable goods

What characteristic distinguishes services from goods?

• Homogeneity

• Perishability

• Standardization

• Intangibility

How do services differ in terms of perishability?

• Services are perishable and cannot be stored or reused.

• Services can be stored for future use.

• Services are non-perishable and can be reused.

• Services have a fixed duration and cannot be changed.

What is the significance of branding in product identity?

• Branding is only important for large companies.

• Branding is solely about the product's price.

• Branding has no impact on customer perception.

• Branding is crucial for establishing product identity, fostering customer loyalty, and differentiating from competitors.

What are the characteristics of services that affect marketing?

• Consistency

• The characteristics of services that affect marketing are intangibility, inseparability, variability, and perishability.

• Stability

• Tangibility

Which classification includes products used in the production of other goods?

• Intermediate goods

• Raw materials

• Final goods

• Consumer goods

What is an example of a convenience product?

• bottle of water

• smartphone

• designer handbag

• luxury car

How does the concept of product life cycle relate to consumer products?

• The product life cycle only applies to industrial products.

• Consumer products do not have a defined life cycle.

• The product life cycle is irrelevant to marketing strategies.

• The product life cycle helps businesses strategize marketing and management for consumer products through its stages: introduction, growth, maturity, and decline.