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Questions and Answers
Major equipment typically has a useful life of less than one year.
False
Supplies are considered convenience products in the industrial market.
True
Accessory equipment becomes part of the finished product.
False
Business services include retail operations like cash register maintenance.
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Raw materials include forest products, minerals, and oceanic products.
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Manufactured materials and parts are not further processed before being used in the finished product.
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Parts are always visible when assembled into the total product.
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A product can only be a physical item, not a service or virtual offering.
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Revamping or re-launching a brand is not necessary for maintaining relevance in a changing market or at the end of its lifecycle.
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Every product should have certain characteristics that set it apart from its competitors, and these characteristics are not important for the product's marketing mix.
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Study Notes
Industrial Products
- Major equipment has a useful life of less than one year.
Types of Products
- Supplies are considered convenience products in the industrial market.
- Accessory equipment becomes part of the finished product.
Business Services
- Business services include retail operations like cash register maintenance.
Raw Materials
- Raw materials include forest products, minerals, and oceanic products.
Manufactured Materials and Parts
- Manufactured materials and parts are not further processed before being used in the finished product.
- Parts are always visible when assembled into the total product.
Products
- A product can only be a physical item, not a service or virtual offering.
- Revamping or re-launching a brand is not necessary for maintaining relevance in a changing market or at the end of its lifecycle.
- Every product should have certain characteristics that set it apart from its competitors, and these characteristics are important for the product's marketing mix.
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Description
Test your knowledge on product lifecycle, brand management, and product revamping strategies. Learn about the lifecycle of a product, the importance of re-launching a brand, and strategies for remaining competitive in the market.
