Business Products Quiz

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| By Byron Byrd
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Byron Byrd
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Quizzes Created: 5 | Total Attempts: 91,928
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Business Products Quiz - Quiz

Are you into business or planning to start one? To test your knowledge, take this quiz based on business products. The quiz includes questions about almost everything related to a product, whether it is packaging, shipping, manufacturing, or anything else. If you believe you know everything about it, just start the quiz, and pick the correct answers. All the best for a perfect score on this quiz! Do share the quiz with others who are involved in business strategies for serving customers.


Questions and Answers
  • 1. 

    Which of these is the definition of 'product'?

    • A.

      A physical, tangible offering capable of being delivered to a customer

    • B.

      A good offered to the market for exchange.

    • C.

      A good, service, or idea offered to the market for exchange

    • D.

      An intangible offering to the market

    Correct Answer
    C. A good, service, or idea offered to the market for exchange
    Explanation
    Page 215, LO1

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  • 2. 

    The total product concept broadly describes a product as a bundle of attributes, creating value for the customer. Specifically, a product can be defined as the core product, expected product, _____ product, and _____ product.

    • A.

      Associated, final

    • B.

      Augmented, potential

    • C.

      Augmented, serviced

    • D.

      Associated, finished

    Correct Answer
    B. Augmented, potential
    Explanation
    Page 216, LO1

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  • 3. 

    A clothing company manufactures a range of underwear, singlets, socks, and t-shirts for both men and women. This range is known as the company's

    • A.

      Product capacity

    • B.

      Product item

    • C.

      Product line

    • D.

      Product mix

    Correct Answer
    D. Product mix
    Explanation
    Page 218, LO1

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  • 4. 

    A dairy company manufactures a range of flavored skim milk. This range is known as the company's

    • A.

      Product capacity

    • B.

      Product item

    • C.

      Product line

    • D.

      Product mix

    Correct Answer
    C. Product line
    Explanation
    Page 218, LO1

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  • 5. 

    Stable products, impulse products, and emergency products are all examples of

    • A.

      Convenience products

    • B.

      Specialty products

    • C.

      Unsought products

    • D.

      Shopping products

    Correct Answer
    A. Convenience products
    Explanation
    Page 219, LO1

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  • 6. 

    The product life cycle has five stages: 1. _____, 2. introduction, 3. growth, 4. _____, 5. decline.

    • A.

      Information search, maturity

    • B.

      New product development, advertising

    • C.

      Market research, profitability

    • D.

      New product development, maturity

    Correct Answer
    D. New product development, maturity
    Explanation
    Page 223, LO2

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  • 7. 

    Sales and profits of your company's product are falling. New products are entering the market, and there seems to be little interest in your current product. Which stage of the product life cycle has your product now reached?

    • A.

      Maturity

    • B.

      Decline

    • C.

      Growth

    • D.

      Free fall

    Correct Answer
    B. Decline
    Explanation
    Page 223, LO2

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  • 8. 

    Which of the following describes the awareness stage of the product adoption process?

    • A.

      The consumer knows little about the product, how it works or how it can benefit them

    • B.

      The consumer seeks information to learn about the product

    • C.

      The consumer decides whether or not they should try the product

    • D.

      The consumer experiences interest in the product

    Correct Answer
    A. The consumer knows little about the product, how it works or how it can benefit them
    Explanation
    Page 225, LO2

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  • 9. 

    You are adventurous, interested in new technologies, and a risk taker. With regard to the diffusion of innovations theory, you are a(n)

    • A.

      Innovator

    • B.

      Early adopter

    • C.

      Early majority

    • D.

      Laggard

    Correct Answer
    A. Innovator
    Explanation
    Page 226, LO2

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  • 10. 

    In terms of the product, most of the differentiating features are part of the ____ product layer of the total product concept.

    • A.

      Augmented

    • B.

      Core

    • C.

      Expected

    • D.

      Potential

    Correct Answer
    A. Augmented
    Explanation
    Page 229, LO3

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  • 11. 

    The creation of products and product attributes that distinguish one product from another is known as

    • A.

      New product development

    • B.

      The product mix

    • C.

      The marketing mix

    • D.

      Product differentiation

    Correct Answer
    D. Product differentiation
    Explanation
    Page 229, LO3

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  • 12. 

    A collection of symbols such as a name, logo, slogan, and design intended to create an image in the customer's mind that differentiates a product from competitors' products is known as the

    • A.

      Brand image

    • B.

      Brand

    • C.

      Trace mark

    • D.

      Brand name

    Correct Answer
    B. Brand
    Explanation
    Page 232, LO4

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  • 13. 

    By legally registering "XXXX" with IP Australia, the brewing company gained legally enforceable rights to the exclusive use of the name. Registration officially makes the name a

    • A.

      Brand

    • B.

      Brand name

    • C.

      Brand mark

    • D.

      Trade mark

    Correct Answer
    D. Trade mark
    Explanation
    Page 232, LO4

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  • 14. 

    Brand assets (e.g., trademarks and patents), stock price analysis, replacement cost, brand attributes, brand loyalty, and willingness-to-pay analysis are all metrics to measure

    • A.

      Product value

    • B.

      Brand loyalty

    • C.

      Brand equity

    • D.

      Company value

    Correct Answer
    C. Brand equity
    Explanation
    Page 233, LO4

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  • 15. 

    The Smith's snack food company has a number of brands in addition to Smith's in its product mix, including Doritos, Twisties, Parker's, Nobby's, Red Rock Deli, Cheetos, and Burger Rings, yet these are all known by their individual brand and not by the parent company name of Smith. The branding approach that Smith is taking is an example of

    • A.

      Co-branding

    • B.

      Brand extension

    • C.

      Family branding

    • D.

      Individual branding

    Correct Answer
    D. Individual branding
    Explanation
    Page 234, LO4

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  • 16. 

    Products that only indicate the product category and do not promote a specific brand name are known as

    • A.

      Generic brands

    • B.

      Private label brands

    • C.

      Manufacturer brands

    • D.

      Home brands

    Correct Answer
    A. Generic brands
    Explanation
    Page 235, LO4

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  • 17. 

    Recently, many major retailers such as David Jones have teamed up with financial institutions such as American Express to launch credit cards. This is known as

    • A.

      Co-branding

    • B.

      Franchising

    • C.

      Licensing

    • D.

      A partnership

    Correct Answer
    A. Co-branding
    Explanation
    Page 236, LO4

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  • 18. 

    There are three main types of packaging: primary packaging, secondary packaging, and ____ packaging.

    • A.

      Shipping

    • B.

      Inner

    • C.

      Outer

    • D.

      Product

    Correct Answer
    A. Shipping
    Explanation
    Page 239, LO5

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  • 19. 

    Sometimes a variation or derivative of an existing product can be added to the product line rather than superseding the original product. This is known as a

    • A.

      Modification

    • B.

      Line extension

    • C.

      Repositioned item

    • D.

      Brand extension

    Correct Answer
    B. Line extension
    Explanation
    Page 243, LO6

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  • 20. 

    As products approach the decline phase of the product life cycle, which of the following will not help the product possibly enjoy a new phase of growth?

    • A.

      Product upgrade

    • B.

      Line extensions

    • C.

      Product deletion

    • D.

      Product repositioning

    Correct Answer
    C. Product deletion
    Explanation
    Page 244, LO6

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Our quizzes are rigorously reviewed, monitored and continuously updated by our expert board to maintain accuracy, relevance, and timeliness.

  • Current Version
  • Aug 20, 2023
    Quiz Edited by
    ProProfs Editorial Team
  • Nov 13, 2012
    Quiz Created by
    Byron Byrd
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