Chapter 7-10 Quiz Review
_______ provides a competitive advantage because it gives the brand the power to capture and hold onto a larger share of the market and to sell at prices with higher profit margins. A. Brand equity B. Brand meaning C. A trademark D. A brand E. Brand cannibalization
A. Brand equity
Which the following consists of all the benefits a product will provide for consumers or business customers? A. Core product B. Attributes C. Augmented product D. Actual product E. Good
A. Core product
Which of the following terms refer to those who are likely to follow through on an intended purchase, buy the product repeatedly, and recommend the product to friends and family? A. Customer stickiness B. Experiential loyalty C. Customer loyalty D. Long tail usage rate E. Behavioral segmentation
A. Customer stickiness
Which of the following refers to statistics that measure observable aspects of a population, including size, age, gender, ethnic group, income, education, occupation, and family structure? A. Demographics B. Generational marketing C. Segmentation D. Geographic segmentation E. Segmentation variables
A. Demographics
Which of the following refers to a branding strategy in which a group of individual products or individual brands share? A. Family brand B. Co-branding C. National or manufacturer brand D. Generic brand E. Private-label brand
A. Family brand
Which of the following will help you maximize your value to a potential employer? A. Have an internship while in college B. Research salary ranges using the Bureau of Labor Statistics website C. Initiate a conversation about salary at the beginning of the interview process D. Ask for a higher than average salary and refuse anything less E. Know how much you need based on your expenses
A. Have an internship while in college
Which of the following is a question a firm would ask when evaluating the firm's strategy on an innovation scorecard? A. How aware are organization members of the firm's goals for innovation? B. Does the organization have an appetite for learning and trying new things? C. Does leadership encourage members of an organization to try things without fearing failure? D. Does the organization intentionally avoid trying new things? E. Do the organization's members have the freedom and security to try things, fail, and then go forward to try different things?
A. How aware are organization members of the firm's goals for innovation?
Which of the following refers to an individual who is responsible for developing and implementing the marketing plans for products sold to a particular customer group? A. Market manager B. Brand manager C. Product category manager D. Venture team E. Product management
A. Market manager
In which step of the target marketing process do marketers develop a marketing mix that will lead to competitive advantage for consumers? A. Positioning B. Target marketing strategy C. Targeting D. Segmentation E. Market fragmentation
A. Positioning
Which of the following refers to the systematic and usually team-based approach to coordinating all aspects of a product's strategy development and execution? A. Product management B. Product mix C. Product-line length D. Cannibalization E. Product line
A. Product management
Which of the following segments would a marketer be utilizing if the marketer offered diapers in pink for girls and blue for boys? A. Segmenting by gender B. Segmenting by age C. Segmenting by place of residence D. Segmenting by family life cycle E. Segmenting by ethnicity
A. Segmenting by gender
_____ pricing means that the firm charges a high, premium price for its new product with the intention of reducing it in the future in response to market pressures. A. Skimming B. Value C. F.O.B. D. Promo E. Captive
A. Skimming
Which of the following refers to the process of dividing the total market into different segments on the basis of customer characteristics, selecting one or more segments, and developing products to meet the needs of those specific segments? A. Target marketing strategy B. Positioning C. Market fragmentation D. Targeting E. Segmentation
A. Target marketing strategy
Which of the following refers to a measurement that reflects the quantity purchased or frequency of use among consumers of a particular product or service? A. Usage rate B. 80/20 rule C. Badge D. Usage occasions E. Long tail
A. Usage rate
Consumers are diverse with distinct needs and wants, resulting in _____. A. market fragmentation B. increased content marketing C. micromarketing D. geotargeting E. social classes
A. market fragmentation
Which of the following refers to a name, a term, a symbol, or any other unique element of a product that identifies one firm's product(s) and sets it apart from the competition? A. Sustainability B. Brand C. Licensing D. Anthropomorphism E. Brand personality
B. Brand
Which of the following refers to the loss of sales of an existing brand when a new item or product family is introduced? A. Product line remix B. Cannibalization C. Brand equity D. Stock-keeping unit (SKU) E. Internal customer mind-set
B. Cannibalization
Which of the following is the phase in the new product development process in which companies launch a new product, and it requires full-scale production, distribution, advertising, and sales promotion? A. Product concept development and screening B. Commercialization C. Idea generation D. Test marketing E. Marketing strategy development
B. Commercialization
At which stage of the positioning process would a company engage in a repositioning strategy? A. Positioning B. Evaluate responses and modify as needed C. Finalize the marketing mix D. Analyze the competitors' position E. Define your competitive advantage
B. Evaluate responses and modify as needed
Which of the following refers to the costs of production that do not change with the number of units produced? A. Total cost B. Fixed cost C. Contribution per unit D. Markup E. Variable cost
B. Fixed cost
Which of the following refers to a pricing strategy in which the price changes for different buyers based on order size or geographic location? A. Trade discounts B. Internet price discrimination strategy C. Freemium pricing D. Channel discounts E. Freight absorption strategies
B. Internet price discrimination strategy
Which phase of the new product development process involves identifying the target market, estimating its size, and determining how the company can effectively position the product to address the target market's needs? A. Commercialization B. Marketing strategy development C. Idea generation D. Test marketing E. Product concept development and screening
B. Marketing strategy development
Which of the following is the term used by marketers to indicate the broad range of possibilities for product value and attributes? A. Shopping product B. Offering C. Durable good D. Design thinking E. Components
B. Offering
Which of the following occurs when two or more companies conspire to keep prices at a certain level? A. Bait-and-switch B. Price fixing C. Surge pricing D. Predatory pricing E. Loss-leader pricing
B. Price fixing
Which of the following refers to products that organizational customers purchase to use in their finished products? A. Equipment B. Raw materials C. Component parts D. Accessories E. Specialized services
B. Raw materials
Which of the following refers to a standard of no more than 3.4 defects per millionlong dashgetting it right 99.9997% of the time? A. ISO 9000 B. Six Sigma C. Total quality management (TQM) D. Product quality E. Internal customers
B. Six Sigma
Which of the following refers to the costs of production that fluctuate depending on the number of units produced? A. Total cost B. Variable cost C. Contribution per unit D. Markup E. Fixed cost
B. Variable cost
A(n) ________, with fewer product variations, can improve the firm's image if consumers perceive it as a specialist with a clear, specific position in the market. A. upward-line stretch B. limited line strategy C. filling-out strategy D. full line E. downward-line stretch
B. limited line strategy
The _____ is determined by the number of separate items within the same category. It is typically reflected in the number of stock-keeping units (SKUs). A. categorical product line B. product line length C. sales line depth D. stock units measure E. product option expansion
B. product line length
Which of the following pricing strategies would be used if a firm bases the selling price on an estimate of volume or quantity that it can sell in different markets at different prices? A. Yield management pricing B. Demand-based pricing C. Price leadership D. Cost-plus pricing E. Trial pricing
B. Demand-based pricing
When retailers advertise products at very low prices or even below cost in the hopes that customers will purchase other items at regular prices, they are engaging in _____. A. predatory pricing B. loss-leader pricing C. price fixing D. bait-and-switch E. surge pricing
B. loss-leader pricing
A company is likely going to use a media blitz in which step of the adoption pyramid? A. Adoption B. Trial C. Awareness D. Interest E. Evaluation
C. Awareness
Which of the following refers to a modification to an existing product, to set one brand apart from its competitors? A. Value co-creation B. Convergence C. Continuous innovation D. First mover advantage E. Design thinking
C. Continuous innovation
Which of the following refers to a consumer product that is usually low-priced, widely available, and purchased frequently with a minimum of comparison and effort? As the name implies, consumers expect these products to be handy and they will buy whatever brands are easy to obtain. A. Emergency product B. Durable product C. Convenience product D. Unsought product E. Specialty product
C. Convenience product
Which of the following refers to demand in which changes in price have large effects on the amount demanded? A. Cross-elasticity of demand B. Inelastic demand C. Elastic demand D. Break-even point E. Price elasticity of demand
C. Elastic demand
Which of the following refers to the products an organization uses in its daily operations, such as the robotics Ford uses to assemble automobiles? A. Maintenance, repair, and operating (MRO) products B. Raw materials C. Equipment D. Component parts E. Processed materials
C. Equipment
Which of the following refers to the group of consumers who led the modern technology movement and have an identity for being an entrepreneurial group? A. Baby Boomers B. Millennials C. Generation X D. Generation Y E. Generation Z
C. Generation X
Value co-creation occurs in what phase of the new production development process? A. Test marketing B. Marketing strategy development C. Idea generation D. Business analysis E. Product concept development and screening
C. Idea generation
Which of the following refers to an amount added to the cost of a product to create the price at which a channel member will sell the product? A. Retailer margin B. Wholesaler margin C. Markup D. Gross margin E. List price or manufacturer's suggested retail price (MSRP)
C. Markup
Which of the following stages of the product life cycle is likely to utilize reminder advertising for marketing communications as profit margins narrow? A. Decline stage B. Growth stage C. Maturity stage D. Cannibalization stage E. Introduction stage
C. Maturity stage
Which of the following terms refers to developing a marketing strategy to influence how a particular market segment perceives a good or service in comparison to the competition? A. Repositioning B. Retro branding C. Positioning D. Perceptual map E. Brand personality
C. Positioning
Which of the following is produced when firms transform raw materials into a new product? A. Accessories B. Maintenance products C. Processed materials D. Specialized services E. Equipment
C. Processed materials
Which of the following refers to a concept that explains how products go through four distinct stages from birth to death: introduction, growth, maturity, and decline? A. Product mix B. Product management C. Product life cycle D. Product line E. Product quality
C. Product life cycle
Which of the following refers to the number of different product lines the firm produces? A. Product quality B. Product mix C. Product mix width D. Cannibalization E. Product line
C. Product mix width
During the interview process, when should you send a thank you note? A. Within one week of the interview B. Immediately after receiving an offer C. Within 24 hours of the interview D. When the salary and benefit package has been finalized E. When you sense the interview did not go as well as it could have
C. Within 24 hours of the interview
Many innovative technology products are released as a(n) _____ test to allow usage and feedback from a small number of users who are willing to test the product under normal, everyday conditions of use. A. trialability B. bleeding edge C. beta D. relative advantage E. observability
C. beta
A Rolex watch, a Louis Vuitton handbag, and a Rolls Royce automobile are all examples of _____ products. A. laggard B. service C. prestige D. universal E. intangible
C. prestige
Marketers often apply their understanding of the psychological aspects of pricing in a practice they call ________, whereby items in a product line sell at different prices, or price points. A. price fixing B. internal reference price C. price lining D. predatory pricing E. bait-and-switch
C. price lining
When it comes to determining an organization's commitment to innovation, _____ can be used as a central metric. A. convergence B. degree of newness C. research and development D. discontinuous innovation E. design thinking
C. research and development
Tablet computers are an example of a(n) ________ because the consumer spends considerable time and effort gathering information and comparing alternatives before making a purchase. A. specialty product B. staple product C. shopping product D. unsought product E. convenience product
C. shopping product
When marketers evaluate the attractiveness of each potential segment and decide in which of these groups they will invest resources to try to turn them into customers, marketers are engaging in _____. A. segmenting B. aligning C. targeting D. strategizing E. concentrating
C. targeting
Which of the following branding strategies benefits partnering companies by combining the two brands to provide more recognition power than either enjoys alone? A. Family brand B. National or manufacturer brand C. Co-branding D. Generic brand E. Private-label brand
C. Co-branding
Which of the following refers to the group of consumers born between 1946 and 1964? A. Generation X B. Generation Z C. Millennials D. Baby Boomers E. Generation Y
D. Baby Boomers
Which of the following refers to an approach of developing one or more products for each of several distinct customer groups and making sure these offerings are kept separate in the marketplace? A. Undifferentiated targeting strategy B. Concentrated targeting strategy C. Mass customization D. Differentiated targeting strategy E. Customized marketing strategy
D. Differentiated targeting strategy
Which of the following refers to an online strategy in which the price can easily be adjusted to meet changes in the marketplace? A. Freemium B. Internet price discrimination C. Price lining D. Dynamic pricing E. Online auctions
D. Dynamic pricing
Which of the following adopters are concerned about social acceptance, so they tend to gravitate toward products they believe will make others think they are cutting-edge or fashionable? A. Innovators B. Early majority C. Laggards D. Early adopters E. Late majority
D. Early adopters
Which of the following stages of the product life cycle features new competitors that enter the market, creating new variations of the product? A. Maturity stage B. Introduction stage C. Decline stage D. Growth stage E. Cannibalization stage
D. Growth stage
What do marketers use to visually describe where brands are "located" in the minds of consumers? A. Competitive advantage B. Upscaling C. Retro branding D. Perceptual map E. Repositioning
D. Perceptual map
_____ means selling two or more goods or services as a single package for one pricelong dasha price that is often less than the total price of the items if bought individually. A. F.O.B. delivered pricing B. Captive pricing C. Uniform delivered pricing D. Price bundling E. Freight absorption pricing
D. Price bundling
Which of the following refers to individuals who are responsible for developing and implementing the marketing plan for all the brands and products within a category? A. Venture team B. Brand manager C. Product management D. Product category manager E. Market manager
D. Product category manager
Which of the following refers to a firm's total product offering to satisfy a group of target customers? A. Product mix B. Cannibalization C. Product line length D. Product line E. Product management
D. Product line
Which of the following describes the degree to which a consumer perceives a new product as providing superior benefits? A. Compatibility B. Trialability C. Complexity D. Relative advantage E. Observability
D. Relative advantage
Which of the following pricing tactics is used when price reductions are offered only during a certain time of the year? A. Price bundling B. Cash discounts C. Trade discounts D. Seasonal discounts E. Quantity discounts
D. Seasonal discounts
Which of the following are dimensions that divide the total market into homogeneous groups with different needs and preferences? A. Target marketing B. Market fragmentation C. Positioning D. Segmentation variables E. Social classification
D. Segmentation variables
Which of the following segments would a marketer be targeting if the marketer analyzed consumers based on their needs and wants as changes within their family occur such as the members getting married, having children, kids moving away to go to college, and retirement? A. Segmenting by ethnicity B. Segmenting by place of residence C. Segmenting by gender D. Segmenting by family life cycle E. Segmenting by age
D. Segmenting by family life cycle
Which of the following segments would a marketer be targeting if the marketer were analyzing the habits of Millennials, Baby Boomers, and Generation X? A. Segmenting by gender B. Segmenting by place of residence C. Segmenting by ethnicity D. Segmenting by generation E. Segmenting by family life cycle
D. Segmenting by generation
Which of the following product categories classifies milk, bread, and gasoline as basic or necessary items that are available almost everywhere and most consumers don't perceive big differences among brands? A. Impulse product B. Specialty product C. Shopping product D. Staple product E. Unsought product
D. Staple product
Which feature of cryptocurrencies is attractive to many around the globe? A. There are no records of transactions B. They offer a lower opportunity cost C. They offer a higher exchange rate D. They are organic E. They include an insurance premium
D. They are organic
When considering brand extensions, there is a risk of _____, in which the contrast between the brand extension's less positive characteristics and the more positive characteristics of the brand can lead to a shift in how consumers perceive the brand. A. self-concept attachment B. nostalgic attachment C. brand explosion D. brand dilution E. interdependence
D. brand dilution
Marketers estimate technical success when they decide whether a new product is technologically feasible and a(n) _____ success when they decide whether anyone is likely to buy the product. A. profitable B. marketing C. strategic D. commercial E. innovative
D. commercial
A _____ is a new product that copies, with slight modification, the design of an original product. A. convergence B. prototype C. discontinuous innovation D. knockoff E. patent
D. knockoff
Which of the following refers to a deceptive pricing tactic in which an advertised price special is used as bait to get customers into the store with the intention of selling them a higher-priced item? A. Loss-leader pricing B. Predatory pricing C. Price fixing D. Bait-and-switch E. Surge pricing
D. Bait-and-switch
Which of the following product layers might include a warranty, credit, delivery, installation, and repair service after the sale because marketers know that adding these supporting features to a product is an effective way for a company to stand out from the crowd? A. Core product B. Actual product C. Attributes D. Good E. Augmented product
E. Augmented product
Which of the following refers to a technique that divides consumers into groups on the basis of how they act toward, feel about, or use a good or service? A. Generational marketing B. Geographic segmentation C. Psychographics D. Gamer segment E. Behavioral segmentation
E. Behavioral segmentation
Which of the following is an individual who is responsible for developing and implementing the marketing plan for a single brand? A. Venture team B. Product category manager C. Product management D. Market manager E. Brand manager
E. Brand manager
When a firm offers one or more products to a single segment, it uses which of the following strategies? A. Mass customization B. Customized marketing strategy C. Undifferentiated targeting strategy D. Differentiated targeting strategy E. Concentrated targeting strategy
E. Concentrated targeting strategy
Which of the following approaches is common in industrial contexts where a manufacturer often works with one or a few large clients and develops products that only these clients will use? A. Undifferentiated targeting strategy B. Differentiated targeting strategy C. Mass customization D. Positioning E. Customized marketing strategy
E. Customized marketing strategy
At what stage of the product life cycle is the goal to remain profitable and decide whether to keep or phase out the product? A. Growth stage B. Maturity stage C. Cannibalization stage D. Introduction stage E. Decline stage
E. Decline stage
Which of the following refers to a product innovation that requires a major change in the way consumers live and creates a new market and value chain? A. Convergent thinking B. Continuous design thinking C. Ideation D. First mover advantage E. Disruptive innovation
E. Disruptive innovation
Which of the following refers to the stage of the product adoption pyramid in which consumers weigh the costs and benefits of the new product? A. Awareness B. Trial C. Interest D. Adoption E. Evaluation
E. Evaluation
Which of the following is a business strategy in which a product in its most basic version is provided free of charge but the company charges money for upgraded versions of the product with more features, greater functionality, or greater capacity? A. Price lining B. Internet price discrimination strategy C. Dynamic pricing D. Online auctions E. Freemium pricing
E. Freemium pricing
After a new product is introduced to the marketplace, which of the following stages of the product life cycle features slow growth? A. Maturity stage B. Cannibalization stage C. Decline stage D. Growth stage E. Introduction stage
E. Introduction stage
Which of the following refers to the percentage of a market, defined in terms of either sales units or revenue, accounted for by a specific firm, product lines, or brands? A. Retailer margin B. Markup C. Gross margin D. Price E. Market share
E. Market share
Which of the following statements does NOT comprise an internal customer mind-set? A. Employees who receive my work are my customers. B. Meeting the needs of employees who receive my work is critical to doing a good job. C. I focus on the requirements of the person who receives my work. D. It is important to receive feedback from employees who receive my work. E. My focus is on the customer who buys our products.
E. My focus is on the customer who buys our products.
Which of the following refers to the value of something we give up to obtain something else? A. Cryptocurrency B. Objectives C. Price D. Bartering E. Opportunity cost
E. Opportunity cost
Which of the following pricing strategies is usually the rule in an oligopolistic industry that a few firms dominate, which might be in the best interest of all players because it minimizes price competition? A. Value pricing or everyday low pricing (EDLP) B. Yield management pricing C. Demand-based pricing D. Penetration pricing E. Price leadership
E. Price leadership
Which segment is a marketer appealing to by recognizing that a consumer's national origin is often a strong indicator of preferences for specific magazines or TV shows, foods, apparel, and leisure activities? A. Segmenting by gender B. Segmenting by family life cycle C. Segmenting by age D. Segmenting by place of residence E. Segmenting by Ethnicity
E. Segmenting by Ethnicity
Which of the following terms refers to the market segments on which an organization focuses its marketing plan and toward which it directs its marketing efforts? A. Generational marketing B. Segment profile C. Targeting D. Psychographics E. Target market
E. Target market
At what phase of the new product development process is a firm likely to create a prototype of the product? A. Business analysis B. Marketing strategy development C. Idea generation D. Product concept development and screening E. Technical development
E. Technical development
Which of the following refers to the legal term for a brand name, brand mark, or trade character? A. Stock-keeping unit B. Extensions C. ISO D. Licensing E. Trademark
E. Trademark
Which of the following requires a company to be willing to bet that people have similar needs so the same product and message will appeal to many customers? A. Mass customization B. Differentiated targeting strategy C. Concentrated targeting strategy D. Customized marketing strategy E. Undifferentiated targeting strategy
E. Undifferentiated targeting strategy
Which of the following aspects of packaging is utilized to supply specific information about the type of item, the manufacturer, and the specific product? A. Directions for use B. Warnings C. Photo of product in use D. Package shape E. Universal Product Code (UPC)
E. Universal Product Code (UPC)
Which of the following refers to a group of people from diverse areas within an organization who work together to focus exclusively on the development of a new product? A. Market manager B. Product management C. Product category manager D. Brand manager E. Venture team
E. Venture team
Which of the following pricing strategies is heavily used by hospitality companies like airlines, hotels, and cruise lines because these businesses charge different prices to different customers in order to manage capacity while they maximize revenues? A. Trial pricing B. Price leadership C. Keystone pricing D. Cost-plus pricing E. Yield management pricing
E. Yield management pricing
One current consumer trend is consumers who allow others to borrow a good or service for a small fee, usually done on an on-line platform. This is referred to as _____. A. cost-plus pricing B. price planning C. shopping for control D. buying time E. a sharing economy
E. a sharing economy
Markets that are underserved and can create opportunity for a new product are referred to as _____. A. perceived segment B. upscale market C. downscale market D. retro segment E. neglected segments
E. neglected segments
A(n) _____ statement can help the company frame internally how a product is situated in consumers' minds so that marketing communication remains focused on articulating to consumers the specifics value offered by a product. A. targeting B. segmenting C. evaluating D. mission E. positioning
E. positioning
Assume that for a given product, the total fixed costs are $100,000 and the contribution per unit to fixed costs is $50. What is the break-even point expressed in the number of units? A. 999,950 B. 500,000 C. 200 D. 100,050 E. 2,000
E. 2,000
Costco's store brand Kirkland Signature is an example of which branding strategy? A. Family brand B. Co-branding C. Generic brand D. National or manufacturer brand E. Private-label brand
E. Private-label brand
the manufactures of Amigo, a simple cell phone with only 4 buttons, was originally developed for children 8-12 years old. sales were abysmal. the product was renamed Jitterbug and promoted to senior citizens as a satefy tool for calling adult children or medical professionals in the event of an emergency. this action by the marketers is known as what? a. placement on the perceptual map b. repositioning c. retro brand d. positioning e. creating a brand personality
b. repositioning
_____ occurs when a company, like Uber, raises the price of its product as demand for the product goes up and then lowers it as demand goes back down. a. predatory pricing b. surge pricing c. price fixing d. bait-and-switch e. loss-leader pricing
b. surge pricing
________ refers to a technique that divides consumers into segments on the basis of how they act toward, feel about, or use a good or service a. gamer segment b. geographic segmentation c. behavioral segmentation d. phsychographics e. generational marketing
c. behavioral segmentation
which of the following segments would a marketer be targeting if the marketer were engaging in generational marketing and analyzing the habits of millennials, baby boomers, and generation x? a. segmenting by ethnicity b. segmenting by place of residence c. segmenting by age d. segmenting by family life cycle e. segmenting by gender
c. segmenting by age
Which of the following refer to the process of dividing the total market into different segments on the basis of customer characteristics, selecting one or more segments, and developing products to meet the needs of those specific segments a. segmentation b. market fragmentation c. target marketing strategy d. positioning e. targeting
c. target marketing strategy
if a firm's current product line includes middle and lower end items, a(n) _______ adds new items higher priced entrants that claim better quality or offer more bells and whistles. a. limited-line strategy b. full line c. upward-line stretch d. filling-out strategy e. downward-line stretch
c. upward-line stretch
to qualify as a(n) __________, the product must create major changes in the way we live. Consumers have to learn a great deal to be able to effectively use a discontinuous innovation, because no similar product has ever been on the market. a. knockoff b. continuous innovation c. dynamically continuous innovation d. discontinuous innovation e. innovation
d. discontinuous innovation
________ refers to the % of a market, defined in terms of either sales units or revenue, accounted for by a specific firm, product lines, or brands a. market share b. gross margin c. retailer margin d. price e. markup
a. market share
________ refers to products that have a high price and that appeal to status-conscious consumers a. prestige products b. online auctions c. freemium strategy d. market share e. bitcoin
a. prestige products
_______ refers to the assignment of value, or the amount the consumer must exchange to receive the offering or product a. price b. bitcoin c. total cost d. market share e. prestige products
a. price
Pricing, like all elements of the market mix, is influenced by a variety of external environmental factors. what of the following is a factor related to consumers that the marketer needs to consider in setting the price? a. price elasticity b. firms competitive environment c. economic trends, such as inflation and recession d. government regulations e. consumer trends
a. price elasticity
new product is anything that customers perceive as new and different and is also known as what? a. impulse item b. innovation c. creativity d. knockoff e. specialties
b. innovation
________ is the price that the manufacturer sets as the appropriate price for the end consumer to pay. a. retailer margin b. list price or manufacturer's suggested retail price (MSRP) c. gross margin d. wholesaler margin e. markup
b. list price or manufacturer's suggested retail price (MSRP)
Light bulbs, mops, and cleaning supplies are products business customers consume them in a relatively short time. Which product category best fits these product? a. equipment b. maintenance, repair, and operating (MRO) products c. processed materials d. component parts e. raw materials
b. maintenance, repair, and operating (MRO) products
Which of the following terms refers to features, functions, benefits, and uses of a product? A. Goods B. Attributes C. Core products D. Actual products E. Augmented products
B. Attributes