Let the vector \( p \) be an eigenvector of the matrix \( A \), and its corresponding eigenvalue is \( \lambda \). The definition of an eigenvector and eigenvalue tells us that:
\[
A p = \lambda p.
\]
This implies that the vector \( p' = A p \) is simply the vector \( p \) scaled by \( \lambda \).
Step 1: Direction of \( p' \)
Since \( p' = A p \), and the matrix \( A \) is a linear transformation, the direction of \( p' \) remains the same as that of \( p \) because eigenvectors are aligned along the same direction as the transformation applied to them. Thus, the direction of \( p' \) is \( \theta \).
Step 2: Magnitude of \( p' \)
The magnitude of \( p' \) is simply the magnitude of \( p \) multiplied by the eigenvalue \( \lambda \):
\[
\|p'\| = \lambda \|p\|.
\]
Therefore, the correct statement is Option (B): Direction of \( p' = \theta \), and \( \|p'\| = \lambda \|p\| \).
Final Answer: (B)