Business Products Quiz

20 Questions | By Alenting | Updated: Aug 25, 2022 | Attempts: 2096

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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
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
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
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
5.

Stable products, impulse products, and emergency products are all examples of
- A.
  
  Convenience products
- B.
  
  Specialty products
- C.
  
  Unsought products
- D.
  
  Shopping products
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
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
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
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
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
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
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
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
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
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
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
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
18.

There are three main types of packaging: primary packaging, secondary packaging, and ____ packaging.
- A.
  
  Shipping
- B.
  
  Inner
- C.
  
  Outer
- D.
  
  Product
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
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