WorksheetsMarketing Mix: PRODUCT
Total questions: 15
Worksheet time: 10mins
What is the purpose of USP? (Unique selling point)
Being the first in the market to develop a new product and outcome competition.
Plan better the future of the business.
Having higher chances of survival.
Making it easier to deliver their product to its customers.
What is one of the main roles of packaging as a marketing tool?
Achieving customers from different locations.
Diversifying products.
Promoting the brand image.
Being able to benefit from economies of scale.
What is not one of the costs of developing a new product?
Lack of sales if target is incorrect.
Costs involved in market research.
Making of the trial product.
Expansion in other existing markets.
The product life cycle...
has five major stages.
shows that sales and profits tend to move together over time.
describes the stages a new product idea goes through.
applies more to individual brands than to categories or types of products.
Which statement is true about a product in the sales decline stage of it's life cycle?
Brand managers should phase-out this product as quickly as possible.
A declining product may still be profitable for some time so a gradual phase-out may be appropriate.
Customers will always abandon the declining product immediately if an alternative is available.
Phasing-out a product at this time is fairly easy.
What is the best definition for 'Branding'?
It is the way a product is developed and introduced into the market.
It is the unique name of a product that distinguishes it from other brands.
It is the process of telling potential customers about your product and encouraging them to buy it.
It is the general impression of a product held by real or potential consumers.
Why is branding important?
It makes a memorable impression on consumers and distinguishes the business from its competitors.
It gives the business the opportunity of diversifying their products.
It avoids decline in sales.
It carries information about the product.
What is the third phase in the life cycle of a product?
Decline in sales.
Sales increase slowly.
Sales begin to grow rapidly.
Sales reach saturation point.
How do stages of a product's life cycle influence its price?
In the first phase, price of the product will be at its lowest point as it has less chance of selling at its introduction.
Price discounts will be offered during the decline stage, especially if the product will be phased out.
In the maturity phase, the business will higher the prices at an attempt to stop sales declining.
All stages of a product's life cycle maintain the same price.
What is one way the packaging can attract buyers?
By mentioning the components of the product.
Through the detailed information and explanation about the product.
Through its eye-catching design.
By keeping the packaging the same so it is familiar to customers.
What encourages customers to keep buying a product because it provides security?
Not enough options in the market.
Diversification.
Its price.
Brand loyalty.
How is the product design most likely to help a business?
By reducing productivity.
By attracting more competitors.
By differentiating its product.
By increasing the product costs.
Which of the following is a benefit of innovation?
Customers needs can be ignored.
It can extend the product's life cycle.
Business risk is increased.
It will increase delegation.
What is the purpose of trial products?
To test the product and guarantee its success.
To modify the product.
To reduce costs.
To stop the development of the product.
What is meant by 'extension strategy'?
A way of reducing the product's first stage in its life cycle.
How long customers will be interested in the product.
Increasing product price.
A way of keeping a product at the maturity stage and extending the cycle.
