QUESTION Which of the following is NOT an example of a raw material? A) industrial glue B) iron C) oil D) corn E) wood ANSWER Answer: A Explanation: A) Industrial glue is an example of a process material.
Date: September 3rd, 2020
QUESTION A big question at this stage in developing a new product is whether to roll out the product gradually in selected geographical areas or roll it out nationwide all at once. A) product screening B) product analysis C) commercialization D) product development E) test marketing ANSWER Answer: C Explanation: C) Commercialization is the […]
Date: September 3rd, 2020
QUESTION Which of the following is an example of a component part? A) industrial robots B) cleaning agents C) wool D) batteries E) food preservatives ANSWER Answer: D Explanation: D) Batteries, along with computer chips, switches, and tires, are examples of component parts.
Date: September 3rd, 2020
QUESTION Fred’s company wants to come up with new product ideas. So Fred’s manager asked Fred to attend an idea-generating brainstorming meeting. Fred sat quietly throughout the meeting, not contributing anything. Later, Fred said, “My inner voice was blocking my creativity. All kinds of negative thoughts were running through my head.” Which of the following […]
Date: September 3rd, 2020
QUESTION Which product is in a different category of innovation from the others? A) Campbell’s soup label change B) e-book readers C) two-flavor chewing gum D) larger-sized bottled water E) pink-colored hockey gear ANSWER Answer: B Explanation: B) All answer choices except e-book readers are in the continuous innovation category. E-book readers are in […]
Date: September 3rd, 2020
QUESTION Patrick has a small retail store. Which item would Patrick definitely NOT sell in such a store? A) chewing gum B) work boots C) fur coats D) burn bandages E) food preservatives ANSWER Answer: E Explanation: E) Patrick’s store is a retail store, which means he sells to the consumer market. Food preservatives […]
Date: September 3rd, 2020
QUESTION Objectives used when assigning prices to things include matching or beating the competition, making products more affordable to certain people, and creating prestige. Indicate whether the statement is true or false. ANSWER Answer: TRUE Explanation: Three of the five pricing objectives are to match or beat the competition, to make products more affordable […]
Date: September 3rd, 2020
QUESTION The Macy’s star is a brand name. Indicate whether the statement is true or false. ANSWER Answer: FALSE Explanation: The Macy’s star is a brand mark, a part of a brand that cannot be expressed verbally.
Date: September 3rd, 2020
QUESTION Teresa is trying to sell her condo. It has been on the market for six weeks at $379,995 and so now she wants to lower the price. A new price of $375,995 would likely be received better by potential buyers than a price of $373,555. Indicate whether the statement is true or false. […]
Date: September 3rd, 2020
QUESTION Which of the following is NOT one of the four general classes of consumer goods and services? A) shopping B) ordinary C) specialty D) convenience E) unsought ANSWER Answer: B Explanation: B) The four general classes of consumer goods and services are convenience, shopping, specialty, and unsought. Ordinary is not one of them.
Date: September 3rd, 2020
