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Indicate the answer choice that best completes the statement or answers the question 1. In which way does the concept of product life cycle (PLC) help marketing managers? a. It informs marketers about the duration of a product in the various stages of its life cycle. b. It tells managers the length of a product's life cycle e. It dictates the marketing strategy to be used for a product. d. It helps marketers forecast future events and suggest appropriate strategies 2. Which of the following is true of nontraditional channels? a. They lead to competition between distribution channels through cannibalization. b. They may help differentiate a firm's product from the competition. c. They are used to sell stolen or counterfeit products. d. They increase a brand's coverage in the market 3. Two companies enter an agreement such that Company A can now use Company B's already established marketing channels. Company A made this decision because it was too expensive and time consuming to create a new marketing channel. This is an example of a. agent/broker channel b. strategic channel alliance c. dual or multiple distribution d. gray marketing channel 4. Nonprofit organizations differ from profit organizations in that nonprofit organizations a. must often target those who are apathetic about or strongly opposed to receiving their services b. target the niches that may be most profitable. e. compete with, rather than compiement, the efforts of others. d. give priority to developing those market segments that are most likely to respond to particular offerings 5. If a product is modified by reducing its quality, the marketer's likely intent is to: a. provide new opportunities for market segmentation. b. increase brand loyalty c. help firms cater more effectively to higher socioeconomic classes. d. allow a manufacturer to lower the price of the product. enables consumers to return products to the retailer or manufacturer in the event of a product defect or at 6. A the end of the product's usefiul life to the consumer. a. reverse channel b. gray marketing channel c. nontraditional channel d. digital channel 7. Which of the following statements is true of product lines? a. They limit he product choices offered to customens to one or two produsct tems items. b. They provide economies of scale in advertising c. They increase a firm's manufacturing and inventory costs. d. They require greater transportation and warchousing costs than product items