UNIT 1 Marketing Management Quiz 2023-24 9 Jan 2024

What is the Goods and services Continuum and how does it impact marketing strategies?

• The Goods and Services Continuum only impacts distribution channels

• The Goods and Services Continuum has no impact on marketing strategies

• The Goods and Services Continuum only impacts product design

• The Goods and Services Continuum impacts marketing strategies by influencing product positioning, pricing, and promotion strategies.

Explain the concept of the Goods and services Continuum with examples.

• An example of a good would be a car, while an example of a service would be a haircut.

• An example of a good would be a physical product like a smartphone, while an example of a service would be a mobile phone plan or technical support for the smartphone.

• An example of a good would be a book, while an example of a service would be a taxi ride.

• An example of a good would be a laptop, while an example of a service would be a restaurant meal.

What are the different types of consumer goods and how are they classified?

• Luxury goods, essential goods, seasonal goods, and durable goods

• Online goods, offline goods, perishable goods, and non-perishable goods

• Food, clothing, electronics, and furniture

• Convenience goods, shopping goods, specialty goods, and unsought goods

Discuss the classification of consumer goods with suitable examples.

• Digital goods, physical goods, and virtual goods

• Luxury goods, essential goods, and seasonal goods

• Primary goods, secondary goods, and tertiary goods

• Convenience goods, shopping goods, and specialty goods

What is brand equity and why is it important in marketing?

• Brand equity is the variety and weakness of a brand, and it is important in marketing for confusing customer loyalty, decreasing brand awareness, and commanding premium pricing.

• Brand equity is the volume and power of a brand, and it is important in marketing for ignoring customer loyalty, decreasing brand awareness, and commanding premium pricing.

• Brand equity is the cost of purchasing a brand, and it is important in marketing for reducing customer loyalty, decreasing brand awareness, and lowering pricing.

• Brand equity is the value and strength of a brand, and it is important in marketing for building customer loyalty, increasing brand awareness, and commanding premium pricing.

Explain the concept of brand equity and its significance in marketing.

• Brand equity is the value and strength of a brand, which is significant in marketing as it can influence consumer behavior, brand loyalty, and market share.

• Brand equity is the logo of a brand, which is significant in marketing as it can attract more investors.

• Brand equity is the number of employees in a company, which is significant in marketing as it can improve brand reputation.

• Brand equity is the cost of purchasing a brand, which is insignificant in marketing as it has no impact on consumer behavior.

What are the different stages involved in the new product development process?

• Idea generation, product launch, customer feedback, market research

• Idea generation, idea screening, concept development and testing, marketing strategy development, business analysis, product development, test marketing, commercialization

• Prototype development, advertising, distribution, pricing strategy

• Idea screening, product design, competitor analysis, sales forecasting

Discuss the various stages of the new product development process.

• Idea generation, product launch, market research, advertising

• Idea screening, concept development, product design, pricing strategy

• Prototype development, product testing, market analysis, distribution

• Idea generation, idea screening, concept development and testing, marketing strategy development, business analysis, product development, test marketing, commercialization

What is Booz, Allen, Hamilton's Scheme for New Product Classification and how is it useful in marketing?

• It is a method used to categorize new products based on their price and distribution. It helps in identifying the cost-effectiveness of new products.

• It is a method used to categorize new products based on their innovation and market potential. It helps in identifying the market position and potential of new products.

• It is a method used to categorize new products based on their brand popularity and customer reviews. It helps in identifying the market reputation of new products.

• It is a method used to categorize new products based on their color and packaging. It helps in identifying the visual appeal of new products.

Explain the Booz, Allen, Hamilton's Scheme for New Product Classification and its relevance in marketing.

• The relevance of this scheme in marketing is that it helps in understanding the market potential and competitive positioning of new products.

• It is only useful for understanding consumer behavior, not market potential

• It only applies to established products, not new ones

• The scheme has no relevance in marketing