LO2 BOOKLET PART B1 - PRODUCT

Which of the following is a factor that influences product creation?

• Market Saturation

• Unique Selling Point

• Cost of Production

• Distribution Channels

Which of the following is associated with Product Development and Innovation?

• Brand Loyalty

• Product Quality

• Market Segmentation

• Boston Matrix

What is the Boston Matrix used for?

• Analysing market trends

• Evaluating product performance

• Determining pricing strategies

• Conducting customer surveys

What is a tangible product?

• A product that can be held physically in one's hands

• A service provided to someone

• Something you cannot touch

• An idea or concept

Which of the following is an example of an intangible product?

• Laptop

• Dress

• Medical operation

• Can of soft drink

What is the key difference between tangible and intangible goods?

• Tangible goods are more expensive

• Intangible goods are physical

• Tangible goods can be touched

• Intangible goods are always digital

What is a disadvantage of focusing on the needs of the target market?

• Increase in sales

• Easier to promote and advertise to one target group

• Products could be too specific and exclude other groups

• Customers are more likely to buy products that better meet their needs

Why is it important to develop products that meet the needs and wants of the target market?

• To increase production costs

• To convert potential customers into paying customers

• To reduce the quality of the product

• To focus on a single marketing message

What is one advantage of a strong brand image?

• Increased brand loyalty

• Higher marketing costs

• Difficulty entering new markets

• Increased rework rate

Which of the following is a disadvantage of a strong brand image?

• Higher credibility

• High marketing and advertising costs

• Lower return rate

• Improves customer satisfaction