Marketing - Study Mode

[#311] Products that are used directly in the production of a final product but are not easily identifiable are categorised as
Correct Answer

Accessory products

Explanation

Solution: Products that are used directly in the production of a final product but are not easily identifiable are categorised as Process materials. Materials processing is the series of operations that transforms industrial materials from a raw-material state into finished parts or products.

[#312] Industrial products are
Correct Answer

(C) Traditionally classified according to their characteristics and intended uses.

Explanation

Solution: Industrial products are traditionally classified according to their characteristics and intended uses. An industrial product is a good used by a company for business consumption.

[#313] A company designs the product with little or no input from customers, the company is practicing which of the following concept?
Correct Answer

(A) Product concept

Explanation

Solution: A company designs the product with little or no input from customers, the company is practicing Product concept. The idea of production concept – “Consumers will favor products that are available and highly affordable”. This concept is one of the oldest Marketing management orientations that guide sellers.

[#314] Which of the following 4Ps of marketing mix involves decisions regarding channels coverage, assortments, locations, inventories or transports?
Correct Answer

(C) Place

Explanation

Solution: Place of the 4Ps of marketing mix involves decisions regarding channels coverage, assortments, locations, inventories or transports. Place decisions outline where a company sells a product and how it delivers the product to the market. The goal of business executives is to get their products in front of the consumers most likely to buy them.

[#315] __________cost refers to the product’s purchase cost plus the discounted cost of maintenance and repair less the discounted salvage value.
Correct Answer

(C) Life cycle

Explanation

Solution: Life cycle cost refers to the product’s purchase cost plus the discounted cost of maintenance and repair less the discounted salvage value. Life-cycle costing is a method of calculating the total cost of ownership over the life span of the industrial product. It can be especially useful in the marketing of industrial products that sell for high initial prices, but which provide long-run cost savings.