7. Which of the following is NOT considered a product? A. Tax advice from a fina

Question

7. Which of the following is NOT considered a product?
A. Tax advice from a financial consultant.
B. A computer.
C. A haircut.
D. A chair.
E. All of these are considered products.

8. If Wendy's decides to test market a hot dog in several stores to determine if it can make more profit from this menu item than from a "Wendy's single," which market opportunity is Wendy's pursuing?
A. Diversification
B. Market development
C. Market penetration
D. Product development

9. Regarding the age trends in the U. S. population for 2010-2020:
A. The average age of the U. S. population is increasing.
B. The number of people in the 45-64 age group is still increasing-although at a slower rate than between 2000-2010.
C. The number of senior citizens in the over-65 age group is increasing at a greater rate than between 2000-2010.
D. The oldest "baby boomers" are now reaching retirement age.
E. All of these statements are correct.

10. The "marketing concept" says that a business firm should:
A. Aim all its efforts at meeting society's needs-regardless of profitability.
B. Aim all its efforts at satisfying its customers-at a profit.
C. Sell those products which it can make at lowest cost.
D. Place heavy emphasis on developing new products.
E. Treat advertising and selling as its priority.

Explanation / Answer

7 (A.) Tax advice from a financial consultant

Since this is just an advice which is yet to be implemented to arrive at a product. While computer, chair and hair cut are products after going through a process.

8 (A.) Diversification

Diversification is expanding and enlarging a company's product portfolio with addition of more items. Here Wendy's is trying to expand its range of products by test marketing Hot Dogs

9 (E.) All of these statements are correct

10. (B.) Aim all its efforts at satisfying its customers at a profit.

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