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WorksheetsProduct Management - By Harry
Total questions: 24
Worksheet time: 13mins
Branding is
the use of a name, design, symbol, or a combination of those elements that an organization uses to help differentiate its products from the competition
is a device that legally identifies ownership of a registered brand or trade name
The process of working toward maximizing recognition of a particular brand
Consumer preference for a particular brand as compared to competitor products or services
Shelly will only buy Starbucks coffee is an example of
brand position
brand loyalty
brand identity
visual symbol
What does the CORE level of product include?
fundamental service or benefit
attributes expected when product is bought
exceed the expectations
encompasses all the possible transformations
Which is not one of the three levels of product?
Core Benefit
Actual Product
Augmented Product
Superficial Product
Which statement best describes "Price"?
The cost of producing items
The amount customers are charged for items
The profit earned from selling items
None of above
What is Loss Leader pricing?
A product is sold at production cost price
A product is sold at less than cost price
A product is sold to make a small profit
None of above
What is an advantage of price skimming?
Gains market share
Covers costs and breaks even
Allows an organisation to make the largest profit possible
All above
What is Promotional pricing?
When a business offers different prices to different customers
When a business reduces price to below production cost to clear stock
When a business offers a short term special offer such as buy one get one free to gain interest and increase sales
None of above
What is the selling price of an item which costs Rs.500 to buy and has a 50% mark up (profit added)?
Rs. 750
Rs. 1000
Rs. 500
Rs. 550
What is meant by Psychological pricing strategy?
Items are offered at an uneven number to appear cheaper encouraging sales (eg Rs. 999)
Items are sold using a special promotional offer which is brightly coloured and attracts attention
Items are sold at production cost price to attract customers into the store and increase purchases
All of above
According to Philip Kotler, definition of retail is the
marketing mix (4P's) including price, product, promotion and price.
concept of selling goods or service in the outlet mall.
activities involved in selling goods or services to the final consumers for personal, non-business use.
activities involved in creating brand awareness among new potential customers.
________ is the value-creating activity in which a retailer makes available a wide range of products of different brands and prices at a single location (CLO1)
Providing services
Breaking bulk
Providing assortments
Holding inventory
A total of all the direct costs is known as:
Cost of production
Prime cost
Cost of sales
Works cost
Calculate the prime cost from the following information:
Direct material consumed: Rs. 90,000
Direct labour: Rs. 60,000
Direct expenses: Rs. 20,000
Manufacturing overheads: Rs. 30,000
180000
170000
210000
200000
At the stage of growth in category attractiveness which quadrant of BCG Matrix plays the most important role
Cash Cows
Star
Question Mark
Dog
Product management involves Planning, obtaining, developing and executing in response to which possibility?
Competitors only
Government Regulations
Market Opportunities
All Above
What is need-satisfying ability of a product.
Corporate Brand
Benefits
Targeting
Positioning
The least profitable stage of the Product Life Cycle is
Growth
Decline
Maturity
Introduction
Which kind of non-traditional product life cycle is this?
Cycle - Recycle
Growth - Slump - Maturity
Style, Fashion, Fad
Seasonal
What are the 3 categories of differentiation?
Product, Process, & Content
Technology, Content, Process
Time, Difficulty, & Process
Environment, Product, & Material
When analysing the product mix of a business using the Boston matrix, a 'cash cow' product is one that has:
A high market share in a high-growth market.
A low market share in a high -growth market.
A high market share in a low-growth market.
A low market share in a low-growth market.
The product life cycle shows that:
The sales of a product can grow and decline depending on the amount of advertising.
The sales of a product vary between its market launch and its decline and withdrawal.
The sales of a product vary depending on the seasons of the year.
The sales of a product grow and then will decline before reaching maturity or saturation.
For 'x' item we have -
Purchase Price - 500 Rs.
Delivery Charges - 50 Rs.
Customer Selling Price- 750 Rs.
MRP 800 Rs.
Then Calculate the Profit%.
33%
27%
25%
30%
For 'x' item we have -
Purchase price - 500 Rs.
Delivery Charges - 50 Rs.
Customer Selling Price - 750 Rs.
MRP 800 Rs.
Then Calculate the Markup Value & Percentage.
200, 50%
250, 50%
200, 42%
250, 40%
