Answer Key Extraction

The components of a product are the basic product, product features, options, brand name, packaging, and a guarantee or warranty.

• True

• False

Product packaging is the least important part of product planning because consumers simply throw away the packaging before using the product.

• True

• False

A markup should be thought of as a pricing mistake because it reduces the amount of money the business has to cover operating expenses and profits.

• True

• False

A farmer selling apples at a roadside stand is an example of a direct channel of distribution.

• True

• False

Services are easier than products to examine to see if they will meet your needs.

• True

• False

Secondary research is existing information gathered for another purpose.

• True

• False

The product's route from the producer to the consumer is its stream of revenue.

• True

• False

Mass promotion is less expensive than personalized promotion.

• True

• False

It is easier to control the quality of a service than the quality of a product.

• True

• False

Finding solutions to problems through carefully designed studies involving consumers is called marketing research.

• True

• False