Describe the various categories of consumer products with examples
What will be an ideal response?
Consumer products are products and services bought by final consumers for personal consumption. The various categories of consumer products are:
a) Convenience products: These are consumer products and services that customers usually buy frequently, immediately, and with minimal comparison and buying effort. Examples include laundry detergent, candy, magazines, and fast food.
b) Shopping products: These are less frequently purchased consumer products and services that customers compare carefully on suitability, quality, price, and style. Examples include furniture, clothing, major appliances, and hotel services.
c) Specialty products: These are consumer products and services with unique characteristics or brand identification for which a significant group of buyers is willing to make a special purchase effort. Examples include specific brands of cars, high-priced photography equipment, designer clothes, gourmet foods, and the services of medical or legal specialists.
d) Unsought products: These are consumer products that the consumer either does not know about or knows about but does not normally consider buying. By their very nature, unsought products require a lot of advertising, personal selling, and other marketing efforts. Classic examples of known but unsought products and services are life insurance, preplanned funeral services, and blood donations to the Red Cross.
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Raw materials are different from other business products, in that
A. buyers of raw materials do not seek sources of supply. B. raw materials require grading. C. raw materials never involve contract production arrangements. D. pricing decisions for farm products are more complicated. E. raw materials require a lot of handling before moving to the next production process.
Under which of the following conditions is acceptance sampling appropriate?
A) Time is available for 100% inspection. B) The batch to be sampled is small. C) Testing of the product is destructive. D) The sample can be taken from the top of the batch. E) Sampling is a natural part of the process.
Which of the following two dimensions of the Global Leadership and Organizational Behavior Effectiveness program fit directly with Hofstede's dimensions?
A. power distance and uncertainty avoidance B. power distance and gender differentiation C. uncertainty avoidance and in-group collectivism D. gender differentiation and in-group collectivism
A flexible spending account saves you money on qualifying healthcare and childcare expenses
Indicate whether this statement is true or false.