BUS 101 Chapter 12

Multiple Choice

What is the role of product in the marketing mix?

• To determine pricing strategies

• To identify distribution channels

• To classify promotional activities

• To develop, classify, and identify products

Multiple Choice

Which of the following is a key factor in identifying a target market?

• Product features

• Consumer needs and preferences

• Competitor pricing

• Advertising budget

Multiple Choice

What is one of the problems facing new product development?

• High competition

• Long development time

• Limited market research

• High production costs

Multiple Choice

What is the last stage in the product development process?

• Idea development

• New idea screening

• Commercialization

Multiple Choice

Which of the following is an internal source for idea development in new product strategy?

• Marketing research

• Ad agencies

• Consultants

• Customers

Multiple Choice

Which step in the product development process involves brainstorming and coming up with new ideas for a product?

• Market Research

• Idea Generation

• Product Design

• Product Launch

Multiple Choice

What type of product requires buyers to expend effort on planning and making the purchase?

• Convenience product

• Shopping product

• Specialty product

• Impulse product

Multiple Choice

Which of the following is NOT considered a business product?

• Raw materials

• Major equipment

• Accessory equipment

• Food products

Multiple Choice

What does product mix refer to?

• A group of closely related products

• All products offered by an organization

• A single product's marketing strategy

• A production process for a product line

Multiple Choice

During this stage, products sales increase profits start to be made. A business may need to increase outlets to reach new markets.

• Introduction

• Growth

• Maturity

• Decline

Multiple Choice

During this stage of the product life cycle, firms may eliminate models, cut costs and finally phase out products.

• introduction
• growth
• maturity
• decline

Multiple Choice

Name the process of creating a unique name and image for a product in the minds of consumers?

• Product positioning

• Repositioning

• Branding

• Labelling

Multiple Choice

What are the three types of product strategies mentioned?

• Manufacturer brands

• Private distributor brands

• Generic products

• All of the above

Multiple Choice

What are the key functions of packaging in product strategy?

• Influences consumers' attitudes

• Contains ingredients

• Reflects quality

• Provides protection

Multiple Choice

What are the key elements that determine the price of a product?

• Consumer response to price

• Production costs

• Perceived value in the marketplace

• All of the above

Multiple Choice

What are the four common pricing objectives in marketing?

• Maximizing profits

• Boosting market share

• Maintaining status quo

• All of the above

Open Ended

What is the concept of psychological pricing and how does it influence consumer behavior?

Multiple Choice

What are the types of discounts mentioned in the pricing strategy?

• Quantity

• Seasonal

• Promotional

• All of the above

Open Ended

How do companies use a combination of distribution channels? Explain.

Multiple Choice

What are the three utilities that retailers provide according to the distribution strategy?

• Place utility

• Time utility

• Ownership utility

• All of the above