Product and Service 1 Quiz

What is the key difference between a product and a service in the basic definition?

• Products cannot be stored; services can be stored

• Products are always expensive; services are always cheap

• Products are tangible/consumed to satisfy needs; services are activities/benefits intangible & do not result in ownership

• Products are only for businesses; services only for consumers

In marketing, “experience” primarily refers to...

• The amount of inventory available in the warehouse

• What the product or service does for the customer—the overall feelings and benefits during use

• Seasonal price discounts

• The number of technical features in the product

Elements such as brand, features, design, quality, and packaging belong to which product level?

• Core customer value

• Actual product

• Augmented product

• Unsought product

Products bought quickly, frequently, and with minimal comparison effort—e.g., newspapers, candy—are classified as...

• Shopping products

• Specialty products

• Convenience products

• Business raw materials

Which category → example pairing is most accurate?

• Specialty → Fast food

• Shopping → Furniture

• Unsought → Designer clothes

• Convenience → Life insurance

Business products are classified mainly by how consumers buy rather than by intended use.

• True

• False

Capital items, raw materials, and supplies & services are subcategories within business products.

• True

• False