GB 350 EXAM 3 CASCIO QUESTIONS
AND ANSWERS
Product - Correct Answers -everything, both favorable and unfavorable, that a person
receives in an exchange
- tangingle goods
- services
- ideas
Business product - Correct Answers -a product used to manufacture other goods or
services, to facilitate an organization's operations, or to resell to other cusotmers
Consumer product - Correct Answers -a product bought to satisfy an individual's
personal wants or use
Types of consumer product purchases - Correct Answers -convenience, shopping,
specialty, unsought
Convenience consumer product purchase - Correct Answers -inexpensive items that
merit little shopping effort
Shopping consumer product purchase - Correct Answers -require comparison shopping
Specialty consumer product purchases - Correct Answers -particular items for which
consumers search extensively and are reluctant to accept substitutes
Unsought consumer product purchase - Correct Answers -products unknown to the
potential buyer OR known products that the buyer does not actively seek
Product items - Correct Answers -specific versions of a product that can be designated
as a distinct offering among an organization's products
Product lines - Correct Answers -groups of closely related product items
Product mixes - Correct Answers -all product that an organization sells
Product mix width - Correct Answers -refers to the number of product liens an
organization offers
, Product line depth - Correct Answers -the number of product items in a product line
Benefits of product lines - Correct Answers -equivalent quality
advertising economies
standardized components
efficient sales and distribution
Equivalent quality - Correct Answers -line items perceived as having similar quality
Advertising economies - Correct Answers -spread costs of promotion for multiple items
Standardized components - Correct Answers -product lines allow firms to standardize
components, this reducing manufacturing and inventory costs
Efficient sales and distribution - Correct Answers -enables a targeted range of choices
to customers. which results in better distribution and retail coverage
Adjustments - Correct Answers -product items
product mixes
product lines
Levels of distribution intensity - Correct Answers -intensive: aims at having a product
available in every outlet where target customers might want to buy it
selective: achieved by screening dealers to eliminate all but a few in any single area
exclusive: entails one or only a few dealers within a given area
The importance of retailing - Correct Answers -retailing: all activities directly related to
the sale of goods and services to the ultimate consumer for personal, nonbusiness use
Retail establishments can be classified based on: - Correct Answers -ownership
arrangement
- independent, chain, franchise
level of service
product assortment
price
gross margin
Product item adjustments - Correct Answers -product modifications that add, remove, or
change user capabilities
Product mix and line adjustments - Correct Answers -a company can adjust its product
mix by adding or removing a product line
Brand - Correct Answers -an essential component of product strategy
- name, term, symbols, design, or combination that identifies a seller's products and
differentiates them from competitor's
AND ANSWERS
Product - Correct Answers -everything, both favorable and unfavorable, that a person
receives in an exchange
- tangingle goods
- services
- ideas
Business product - Correct Answers -a product used to manufacture other goods or
services, to facilitate an organization's operations, or to resell to other cusotmers
Consumer product - Correct Answers -a product bought to satisfy an individual's
personal wants or use
Types of consumer product purchases - Correct Answers -convenience, shopping,
specialty, unsought
Convenience consumer product purchase - Correct Answers -inexpensive items that
merit little shopping effort
Shopping consumer product purchase - Correct Answers -require comparison shopping
Specialty consumer product purchases - Correct Answers -particular items for which
consumers search extensively and are reluctant to accept substitutes
Unsought consumer product purchase - Correct Answers -products unknown to the
potential buyer OR known products that the buyer does not actively seek
Product items - Correct Answers -specific versions of a product that can be designated
as a distinct offering among an organization's products
Product lines - Correct Answers -groups of closely related product items
Product mixes - Correct Answers -all product that an organization sells
Product mix width - Correct Answers -refers to the number of product liens an
organization offers
, Product line depth - Correct Answers -the number of product items in a product line
Benefits of product lines - Correct Answers -equivalent quality
advertising economies
standardized components
efficient sales and distribution
Equivalent quality - Correct Answers -line items perceived as having similar quality
Advertising economies - Correct Answers -spread costs of promotion for multiple items
Standardized components - Correct Answers -product lines allow firms to standardize
components, this reducing manufacturing and inventory costs
Efficient sales and distribution - Correct Answers -enables a targeted range of choices
to customers. which results in better distribution and retail coverage
Adjustments - Correct Answers -product items
product mixes
product lines
Levels of distribution intensity - Correct Answers -intensive: aims at having a product
available in every outlet where target customers might want to buy it
selective: achieved by screening dealers to eliminate all but a few in any single area
exclusive: entails one or only a few dealers within a given area
The importance of retailing - Correct Answers -retailing: all activities directly related to
the sale of goods and services to the ultimate consumer for personal, nonbusiness use
Retail establishments can be classified based on: - Correct Answers -ownership
arrangement
- independent, chain, franchise
level of service
product assortment
price
gross margin
Product item adjustments - Correct Answers -product modifications that add, remove, or
change user capabilities
Product mix and line adjustments - Correct Answers -a company can adjust its product
mix by adding or removing a product line
Brand - Correct Answers -an essential component of product strategy
- name, term, symbols, design, or combination that identifies a seller's products and
differentiates them from competitor's
