Marketers define goods and services as products that satisfy a consume

Question

Marketers define goods and services as products that satisfy a consumer's wants or needs. Goods are predominantly physical and range from bubble gum to a Ferrari. Services are predominantly non-physical products such as a haircut or a trip around the world. Consumer goods can be divided into four categories: convenience, shopping, specialty and unsought goods.

Convenience goods are inexpensive, frequently-purchased and quickly-consumed items such as gasoline and bread. Consumers are unwilling to spend significant time or money on these items. By contrast, when purchasing shopping goods a consumer will compare either features or prices and even go from store-to-store. Examples of shopping goods include more expensive items such as CD players or party dresses. Specialty goods command the most time and effort. Consumers have strong brand and feature preferences. Higher-priced items such as luxury cars or major appliances are considered specialty goods. The final category of consumer goods is that of unsought goods, products of which consumers are not aware or which they would rather not think about. Life insurance and coffins are unsought goods.

The convenience goods marketer must ensure that product is readily available. A thirsty consumer will drink another brand of cola if his preferred brand isn't available. Shopping goods marketers may communicate features, prices and availability with on-package information or trained salespeople. The specialty goods marketer can create brand identity using tools such as advertising or direct mail. For unsought goods, consumers need to be told the category exists, convinced that they need the product, and then sold the specific brand.    1 
 1. The main purpose of this passage is to:

A. explain why soda vending machines are available in so many places
B. argue that raising prices on luxury goods is unfair to the consumer
C. propose a new definition of consumer goods
D. analyze the reasons behind different prices levels for different types of consumer goods
E. describe four types of consumer goods and how they are marketed

2 
 2. Based on the author's description, each of the following could be considered a shopping good EXCEPT:

A. shampoo
B. a business suit
C. a bread machine
D. wall-to-wall carpeting
E. a sport watch

3 
 3. Which of the following is NOT suggested as a criterion used in classifying a consumer good?

A. price
B. variety of features
C. rate of consumption
D. availability
E. consumer awareness

isandyy · Answer

I have selected E A D as answers. 
straight forward answers. looks like a 550 to 650 questions

NawalDwivedi · Answer

1. E is the most appropriate choice. P1 introduces the four types of consumer goods. P2 states the criteria for their categorization and P3 states how they are marketed. So option E summarizes the whole passage while other option are way far from what the passage talks about.

2. A is the correct option. Shampoo can be categorized as a convenience good. It gets quickly consumed and is frequently purchased.

3. D is correct. P2, in which classification is discussed, nowhere mentions anything about availability.

Rege1988 · Answer

Can somebody explain to me about question two and three please? Thank you.

Marketers define goods and services as products that satisfy a consume

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GMAT Reading Comprehension (RC) Questions

Marketers define goods and services as products that satisfy a consume

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