Product Management and Development

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What is a product in the context of business?

Both tangible and intangible attributes, including services and ideas (correct)

Only tangible goods

Only goods and services

Only services and ideas

What type of product is purchased to satisfy personal and family needs?

Consumer product (correct)

Business product

Unsought product

Shopping product

Which product classification is characterized by a relatively inexpensive and frequently purchased item?

Specialty product

Shopping product

Convenience product (correct)

Unsought product

What is an example of an unsought product?

A insurance policy Signup and view all the answers

What is a business product used for?

For resale, making other products, or for use in a firm's operations Signup and view all the answers

Which type of product possesses one or more unique characteristics that attract a significant group of buyers?

Specialty product Signup and view all the answers

What is the primary goal of understanding the product life cycle?

To identify opportunities for new-product development Signup and view all the answers

What type of product is a material that becomes part of a physical product, usually coming from mines, forests, oceans, or recycled solid wastes?

Raw material Signup and view all the answers

What is the term for the total assortment of products offered by a company?

Product mix Signup and view all the answers

What is the primary function of a supply in an organization?

To facilitate production and operations Signup and view all the answers

What is the primary function of branding?

To differentiate a product from its competitors Signup and view all the answers

What is the economic basis of pricing?

Supply and demand Signup and view all the answers

What type of equipment is used in a firm's production or office activities?

Accessory equipment Signup and view all the answers

What is the term for the process of managing a product mix?

Product portfolio management Signup and view all the answers

What type of product is an item that becomes part of a physical product and is either a finished item ready for assembly or a product that needs little processing before assembly?

Component part Signup and view all the answers

What is a business service in terms of product classifications?

An intangible product Signup and view all the answers

What is the primary goal of pricing objectives?

To maximize profits Signup and view all the answers

What type of material is used directly in the production of another product but is not readily identifiable in the finished product?

Process material Signup and view all the answers

What is the primary purpose of packaging in terms of the product?

To maintain the product's functional form Signup and view all the answers

What does the promotional role of packaging involve?

Communicating the product's features and benefits Signup and view all the answers

What is the primary purpose of labeling on a product or its package?

To present information on a product or its package Signup and view all the answers

What sets Casper apart from many brick-and-mortar mattress stores?

It offers a 100-day trial period Signup and view all the answers

What is unique about Casper's product offerings?

It sells just four mattresses in all available sizes Signup and view all the answers

What is the primary benefit of Casper's pricing strategy?

It prices the mattresses below that of most brick-and-mortar stores Signup and view all the answers

What is the purpose of reference pricing?

To position a product next to a more expensive model or brand Signup and view all the answers

What is the benefit of using everyday low prices (EDLPs)?

It provides a consistent pricing experience for customers Signup and view all the answers

What is the strategy of setting prices using odd numbers that are slightly below whole-dollar amounts?

Odd-number pricing Signup and view all the answers

What is the purpose of bundle pricing?

To package together two or more complementary products Signup and view all the answers

What is customary pricing based on?

Tradition Signup and view all the answers