MKTG 5 5th Edition by Charles W. Lamb – Test Bank

MKTG 5 5th Edition by Charles W. Lamb – Test Bank

Chapter 10—Product Concepts

TRUE/FALSE

1. A product may be defined as everything, both favorable and unfavorable, that a person receives in an exchange.

ANS: T PTS: 1 REF: 157 OBJ: 10-1
TOP: AACSB Reflective Thinking KEY: CB&E Model Product
MSC: BLOOMS Knowledge

2. An elementary school teacher purchased a ream of art paper, a box of crayons, and some modeling clay. The teacher intends to use these products in her classroom, so they would be classified as business products.

ANS: T PTS: 1 REF: 158 OBJ: 10-2
TOP: AACSB Reflective Thinking KEY: CB&E Model Product
MSC: BLOOMS Application

3. Convenience products, though inexpensive, still require considerable shopping effort by buyers.

ANS: F
Convenience products are relatively inexpensive items that merit little shopping effort.

PTS: 1 REF: 158 OBJ: 10-2 TOP: AACSB Reflective Thinking
KEY: CB&E Model Product MSC: BLOOMS Comprehension

4. Given the many differences in majors available, living options, and image differences, universities would be classified as a heterogeneous shopping product for most people.

ANS: T PTS: 1 REF: 158 OBJ: 10-2
TOP: AACSB Reflective Thinking KEY: CB&E Model Product
MSC: BLOOMS Comprehension

5. Inez believes that makeup is the most important part of her wardrobe. She spends considerable time comparing the prices, skin tones, and color options available at various cosmetics counters in department stores. For Inez, makeup is a convenience product.

ANS: F
For Inez, makeup is a shopping product.

PTS: 1 REF: 158 OBJ: 10-2 TOP: AACSB Reflective Thinking
KEY: CB&E Model Product MSC: BLOOMS Application

6. Rolex watches are very expensive and can only be purchased in high-end jewelry stores located in large metropolitan areas. Most buyers will accept no substitutes. Rolex watches are an example of a shopping product.

ANS: F
This is an example of a specialty product.

PTS: 1 REF: 158 OBJ: 10-2 TOP: AACSB Reflective Thinking
KEY: CB&E Model Product MSC: BLOOMS Application

7. A product unknown to the potential buyer or a known-product that the buyer does not actively seek is referred to as an undesirable product.

ANS: F
This is an unsought product.

PTS: 1 REF: 159 OBJ: 10-2 TOP: AACSB Reflective Thinking
KEY: CB&E Model Product MSC: BLOOMS Knowledge

8. Coca-Cola is one of the world’s largest manufacturers of beverages. It makes over 2,800 different beverage products, including sparkling drinks, waters, juices, juice drinks, teas, coffees, sports drinks, and energy drinks. The great variety of beverages made by Coca-Cola represents its product mix.

ANS: T PTS: 1 REF: 159 OBJ: 10-3
TOP: AACSB Reflective Thinking KEY: CB&E Model Product
MSC: BLOOMS Application

9. Product modification occurs when changes are made in how the product functions, its quality, or some aesthetic characteristic of the product.

ANS: T PTS: 1 REF: 160 OBJ: 10-3
TOP: AACSB Reflective Thinking KEY: CB&E Model Product
MSC: BLOOMS Knowledge

10. Chef’s Catalog built its reputation on selling the highest-quality baking ingredients. The catalog retailer has added a line of fine kitchen tools and wants its customers to think of the retailer as a place to buy everything needed to bake the finest breads and desserts––not just for buying the ingredients. The marketing term for changing consumers’ perceptions of the Chef’s Catalog is segmentation.

ANS: F
Changing consumers’ perceptions is called repositioning.

PTS: 1 REF: 161 OBJ: 10-3 TOP: AACSB Reflective Thinking
KEY: CB&E Model Product MSC: BLOOMS Application