Chap010 - CHAPTER 10 DEVELOPING NEW PRODUCTS AND SERVICES...

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CHAPTER 10 DEVELOPING NEW PRODUCTS AND SERVICES MULTIPLE CHOICE QUESTIONS 10-1 CHAPTER OPENING EXAMPLE: 3M DEFINITION _____ encourages its researchers to spend up to 15 percent of their time on projects of their own choosing with the result that more than 500 patents are obtained each year. a. IBM b. Microsoft c. 3M d. Kodak e. GM Answer: c Page: 267-268 Rationale: 3M encourages its researchers to spend up to 15 percent of their time on new technologies and innovative product ideas of their own choosing—what they call, “scouting time.” 10-2 PRODUCT DEFINITION A product is a good, service, or idea consisting of a bundle of tangible and intangible attributes that satisfies consumers and is: a. received in exchange for money alone. b. received in exchange for money or other unit of value. c. always provides the selling company with profit. d. a tangible received in exchange for a person's time and effort. e. something people need as a result of a marketer-dominated source. Answer: b Page: 268 Other Locations: SG Rationale: Key term definition—product 10-3 PRODUCT DEFINITION A _____ is the marketing term for a good, service, or idea consisting of a bundle of tangible and intangible attributes that satisfies consumers and is received in exchange for money or some other unit of value. a. product b. market decision c. market factor d. utility e. process Answer: a Page: 268 Other Locations: W Rationale: Key term definition—product 563
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10-4 PRODUCT LINE DEFINITION A ______ is a group of products that are closely related because they satisfy a class of needs, are used together, are sold to the same customer group, are distributed through the same types of outlets, or fall within a given price range. a. product class b. product mix c. product line d. marketing mix e. product category Answer: c Page: 268 Rationale: Key term definition—product line 10-5 PRODUCT LINE APPLICATION The Vermont Teddy Bear Company sells handmade Teddy bears designed to be given as gifts for almost every occasion imaginable. For the Vermont Teddy Bear Company, Teddy bears are an example of a: a. product class. b. product mix. c. product line. d. marketing mix. e. product category. Answer: c Page: 268 Rationale: A product line is a group of products that are closely related because they satisfy a class of needs--in this case, gift giving. 10-6 PRODUCT ITEM APPLICATION The Vermont Teddy Bear Company sells handmade Teddy bears designed to be given as gifts for almost every occasion imaginable. The Love Bandit Bear is one bear it designed for people to give to each other on Valentine's Day. The Love Bandit Bear is an example of a: a. product item. b. product type. c. product class.
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This note was uploaded on 03/11/2012 for the course MKTG 351 taught by Professor Benedicktus during the Fall '08 term at CSU Fullerton.

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Chap010 - CHAPTER 10 DEVELOPING NEW PRODUCTS AND SERVICES...

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