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WorksheetsMKTG 101 - MIDTERM
Total questions: 18
Worksheet time: 9mins
Which of the following is an example of a product's design?
a) The color of the product
b) The materials used to make the product
c) The size and shape of the product
d) The price of the product
Product can mean more than a single good or service or a range of goods or services you offer.
True
False
Which of the following is the correct order of Life Cycle Stages of Product/Service Design?
Growth, Introductory, Saturation, Maturity, Decline
Introductory, Growth, Maturity Saturation, Decline
Growth, Maturity, Saturation, Decline, Introductory
Introductory, Maturity, Growth, Decline, Saturation
Product design refers to the conceptual translation of a new product idea or concept.
True
False
A detailed version of the new product idea started in meaningful consumer form is known as
___________________.
Idea Generation
Product Concept
Concept testing
Strategy Development
Research and development (R & D) refers to organized efforts that are undirected towards discovering new knowledge, product or process.
True
False
Which one is not purpose of product testing?
To choose the most promising alternative from a set of alternatives
To get an initial notion of the commercial prospects of a concept
To find out who is not interested in the concept
To indicate what direction further development work should take
Each of the following economic factors can have a strong impact on a firm's pricing strategy EXCEPT ________.
an economic boom
the reseller's reaction to price changes
an economic recession
inflation
interest rates
When you are computing for pricing you have to strategize when you think the price is too high to start with.
true
false
The sum of the expenses of a firm that are stable and do not change with the quantity of product that is produced is also known as:
Fixed costs
Variable Costs
Total Revenue
Variable Revenue
What is the term for the path that the product follows from the producer to the customer?
Physical distribution
Public relations
Market share
Channel of distribution
Value-priced competitors refer to those who offer low price low quality.
True
False
A good understanding or consumers' price sensitivity is important in estimating demand.
True
False
What is the purpose of market analysis in the product development process?
a) To identify potential target markets for the product
b) To determine the production cost of the product
c) To design the product's features and specifications
d) To develop the marketing strategy for the product
What is the purpose of product testing in the product development process?
a) To gather feedback from potential customers about the product idea
b) To test the feasibility of the product's design and features
c) To identify potential target markets for the product
d) To evaluate the product's performance, reliability, and safety
What is value-based pricing?
a) Setting a price based on the perceived value of the product or service to the customer.
b) Setting a price based on the price of similar products or services in the market.
c) Setting a price by adding a markup to the product or service's production cost.
d) Setting a price based on the target profit margin for the product or service.
What is direct distribution?
a) Selling products through intermediaries, such as wholesalers or retailers.
b) Selling products directly to customers without intermediaries.
c) Using a mix of intermediaries and direct sales to distribute products.
d) Selling products through a single intermediary, such as a distributor.
What is a distribution channel?
a) A method used to promote products or services to potential customers.
b) A network of intermediaries that help move products or services from the producer to the end-user.
c) A system of price reductions offered to wholesalers and retailers for purchasing large quantities of a product.
d) A marketing tool used to encourage repeat purchases by offering incentives to customers.
