MP IA3 Review

MP IA3 Review

9th - 12th Grade

33 Qs

quiz-placeholder

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MP IA3 Review

MP IA3 Review

Assessment

Quiz

Other

9th - 12th Grade

Medium

Created by

Lynley Payne

Used 3+ times

FREE Resource

33 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does product/service management (PSM) involve?
Eliminating products that have become liabilities
Obtaining, developing, maintaining, and improving a product mix
Reassessing customers' needs
Advertising a product

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is a phase in product/service management?
Marketing research
Developing new products
Expanding brand identity
Increasing advertising spend

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which factor affecting product/service management suggests that a business should adjust its product mix to keep up with laws and regulations in order to avoid lawsuits?
Government regulations
Business & economic trends
Company goals & strategies
The product itself

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the difference between primary and secondary information?
Primary information is gathered for specific situations, while secondary information has already been collected for other purposes
Primary information is more expensive, while secondary information is free
Primary information is quantitative, while secondary information is qualitative
Primary information is for market research, while secondary information is for customer feedback

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which step is involved in the development of a new product?
Testing the product concept with potential customers
Eliminating weak products from the market
Establishing brand loyalty
Managing social media presence

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the primary goal of test marketing a product?
To test the product's profitability
To understand how customers and retailers will react to the product
To determine the product's market share
To establish brand loyalty

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A business determines that its target market values high-quality products and is willing to pay a premium for them. Which pricing objective is the business most likely focusing on?
Sales
Profitability
Competition
Image or prestige

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