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Pricing Schools Business

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Marketing Basics: Products and Services

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Questions and Answers

What is a product primarily composed of?

Bundle of physical, service, and symbolic attributes (correct)

Only symbolic attributes

Only service attributes

Only physical attributes

What is the primary purpose of a service?

To satisfy consumer or business user wants

To enhance buyer's need satisfaction

To provide a tangible object

To perform an intangible task (correct)

What is the main function of the goods-services continuum?

To measure the quality of a product

To determine the price of a product

To classify products as either goods or services

To visualize the differences and similarities between goods and services (correct)

Which of the following is a characteristic of a product?

Design to satisfy buyer's want (C) Signup and view all the answers

What is the relationship between goods and services?

Goods and services are on a continuum (C) Signup and view all the answers

What is the term for the set of products that a company offers to customers?

Product mix (B) Signup and view all the answers

What characterizes a group of products in a product line?

They are different versions of the same product (D) Signup and view all the answers

How many product lines does an organization with a product mix typically have?

At least two (A) Signup and view all the answers

What is an example of a company with a product mix?

Sony with all its divisions (A) Signup and view all the answers

What are the two major interrelated dimensions of product policy for international/export marketing?

Product planning and product strategy (D) Signup and view all the answers