MKTG 101 - MIDTERM

Which of the following is an example of a product's design?

• a) The color of the product

• b) The materials used to make the product

• c) The size and shape of the product

• d) The price of the product

Answer explanation

Explanation: A product's design includes its size, shape, and form, as well as any other aesthetic or functional features that affect its appearance and appeal.

Product can mean more than a single good or service or a range of goods or services you offer.

• True

• False

Which of the following is the correct order of Life Cycle Stages of Product/Service Design?

• Growth, Introductory, Saturation, Maturity, Decline

• Introductory, Growth, Maturity Saturation, Decline

• Growth, Maturity, Saturation, Decline, Introductory

• Introductory, Maturity, Growth, Decline, Saturation

Product design refers to the conceptual translation of a new product idea or concept.

• True

• False

A detailed version of the new product idea started in meaningful consumer form is known as

___________________.

• Idea Generation

• Product Concept

• Concept testing

• Strategy Development

Research and development (R & D) refers to organized efforts that are undirected towards discovering new knowledge, product or process.

• True

• False

Which one is not purpose of product testing?

• To choose the most promising alternative from a set of alternatives

• To get an initial notion of the commercial prospects of a concept

• To find out who is not interested in the concept

• To indicate what direction further development work should take

Each of the following economic factors can have a strong impact on a firm's pricing strategy EXCEPT ________.

• an economic boom

• the reseller's reaction to price changes

• an economic recession

• inflation

• interest rates

When you are computing for pricing you have to strategize when you think the price is too high to start with.

• true

• false

The sum of the expenses of a firm that are stable and do not change with the quantity of product that is produced is also known as:

• Fixed costs

• Variable Costs

• Total Revenue

• Variable Revenue