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WorksheetsUnit 3 Lesson 8 Product
Total questions: 57
Worksheet time: 29mins
What is a product portfolio?
A collection of advertisements created by a company
The entire collection of products & services that one business offers to consumers
A list of potential product ideas
The annual sales report of a company's products
Whose job is it to analyse the product portfolio?
The finance team
The customer service team
The marketing team
The production team
Which tool can businesses use to analyse their product portfolio according to the learning material?
SWOT Analysis
PESTLE Analysis
Boston Matrix
Product life cycle
Who created the Boston Matrix?
Philip Kotler
Michael Porter
Bruce Henderson
Peter Drucker
In which year was the Boston Matrix created?
1970
1968
1980
1958
How many sections does the Boston Matrix have?
2
3
4
5
What does the Boston Matrix categorise products based on?
Price and Quality
Market share and Market growth
Advertising and Sales
Cost and Revenue
What does a high market share indicate in the Boston Matrix?
The product is not being sold well
The product is being sold well
The product has low quality
The product has high competition
What does market growth refer to in the Boston Matrix?
The increase in the number of products being sold
The increase in the number of competitors in the market
The increase in the number of potential customers in the market
The increase in the profit margin of products
Which statement best describes a 'cash cow' according to the Boston Matrix?
Low market share in a slow growing market
Mature, well-known products
High market share in a slow growing market
Exciting products that riding a wave of success
What is a characteristic of a 'dog' in the Boston Matrix?
These products need to be discontinued
Investment in marketing could pay-off but could also back-fire
These products can help fund other product areas
Produce hefty cash outflows but also considerable inflows
Which of the following is an example of a 'question mark' product for Unilever according to the Boston Matrix?
Slimfast
Persil laundry sheets
Dove
Marmite
Identify the product that is categorized as a 'star' for McDonald's.
Apple pie
Salad
Cheeseburger
Quarter pounder
What category does Apple's TV fall into in the Boston Matrix?
Cash cow
Dog
Question mark
Star
Which category best describes a product with a high market share in a slow-growing market according to the Boston Matrix?
Cash cow
Dog
Question mark
Star
What is the Boston Matrix category for a product that is an exciting product riding a wave of success?
Cash cow
Dog
Question mark
Star
According to the Boston Matrix, a product that could potentially pay off from marketing investment but also has a risk of backfiring is labeled as what?
Cash cow
Dog
Question mark
Star
What Boston Matrix category should be assigned to a product that produces a hefty cash outflow but is outweighed by considerable inflows?
Cash cow
Dog
Question mark
Star
Identify the category for Apple's Phones in the Boston Matrix.
Cash cow
Dog
Question mark
Star
What is one of the uses of the Boston Matrix mentioned in the learning material?
It can predict future market trends.
It helps in decision-making related to product investment.
It is primarily used for hiring new employees.
It serves as a legal document for business mergers.
According to the learning material, what should companies be careful about when using the Boston Matrix?
They should avoid using it for global operations.
They should not leave cash cows without any investment.
They should use it exclusively for takeovers.
They should only apply it to small-scale businesses.
How might some companies misuse their cash cows according to the learning material?
By investing too much into them
By selling them off too quickly
By using them to fund stars or question marks
By 'milking' them to pay bonuses instead of funding stars or question marks
Should businesses always stop the production of products classified as 'dogs' in the Boston Matrix?
Yes, because it could lead to new competitors and prevent wasted resources.
No, because keeping such products might not require any investment and serves 'niche' customers well.
No, because there could be a chance of a future revival, such as the vinyl record.
Yes, because 'dogs' are always unprofitable and have no potential for growth.
What is the purpose of defining a product portfolio in marketing?
To determine the financial value of a company
To understand the range of products a company offers and their performance
To calculate the exact number of products a company should produce
To design the packaging of new products
Why might a company decide to sell off or discontinue a product?
To raise revenue or prevent wasted resources
To increase the number of products in the portfolio
To rebrand the company's image
To invest in employee training programs
What is indicated by a product that is a 'question mark' in the Boston Matrix?
The product is well-established and profitable
The product is new with potential but requires investment to grow
The product is outdated and should be removed from the market
The product has consistent sales with no need for further investment
According to the indicative content, why might Kento consider selling off its dog product, mint cola?
To create a new advertising campaign
To reduce costs and free up funds for use in promotion or investment elsewhere
To introduce a new product line
To expand its market share
What is the reason for Kento to milk its cola, cherry cola, and vanilla cola products?
To diversify its product portfolio
To reduce the variety of products offered
To build the question marks into dogs
To generate sales and profits into the long term
What is the product life cycle?
A model that predicts the profitability of a product
A model that sets out the typical stages that sales of product may go through over time
A model that describes the different types of products a company offers
A model that determines the price of a product over time
Why is it important for businesses to understand how sales behave over time?
To decrease the variety of products over time
To increase product prices strategically
To know what products need over time
To reduce marketing efforts
What is the correct sequence of stages in the Product Life Cycle?
Introduction, Growth, Maturity, Decline
Growth, Introduction, Decline, Maturity
Maturity, Decline, Introduction, Growth
Decline, Maturity, Growth, Introduction
What happens to the product as it becomes more price inelastic?
Price can increase followed by an increase in revenue
Revenue & profits fall
Production decreases
Price can decrease and this will stimulate more demand
During which stage of the product life cycle is the product launched on the market?
Introduction
Growth
Maturity
Decline
What is a characteristic of the Growth stage in terms of price?
Price decreases to attract more customers
Price remains the same as during the Introduction stage
Ability to maintain a higher price as popularity increases
Price is cut to destock the product
What strategy is used for the product during the Maturity stage to revitalize it?
Cutting the price
Small-scale production
High investment in marketing
Use extension strategies
At what stage of the product life cycle is there very little, if any, promotion conducted?
Introduction
Growth
Maturity
Decline
Which of the following is an example of a product that has gone through the product life cycle?
Nintendo Wii
Fresh fruit
Iphone
Electricity
During which stage of the product life cycle is the product price likely to be low because the product is elastic?
Introduction
Growth
Maturity
Decline
What is a characteristic of the product during the Growth stage in terms of production?
Production decreases due to high costs
Production is small-scale
Production increases, starting to benefit from economies of scale
Production is outsourced to reduce costs
Which of the following is a strategy used during the Maturity stage of the product life cycle?
Cutting the price to destock the product
Using extension strategies to revitalize the product
High investment in marketing to gain brand loyalty
Promotion used to raise awareness of the product
Which statement best describes the finances of a product in the growth stage of the product life cycle?
Cashflow is negative to high costs of development
Revenue increasing, starting to make a profit, approaching breakeven
Revenue & profits are strong with all previous costs covered
Revenue & profits fall
Which example fits the Introduction stage of the product life cycle?
Personal computers
Organic foods
VR headsets
Nintendo Wii
What is a characteristic of the Place (Distribution) during the Maturity stage of the product life cycle?
Only available via a few channels, stick to the cheapest e.g. website
Availability increasing and more intermediaries want to stock
Wide scale availability but better awareness of the strongest distribution channels
Intermediaries 'destock'
What HR change occurs during the Decline stage?
Need to invest in staff to make the dream a reality
More employees needed although the exact numbers uncertain
HR flow is steady and employees established in the business
Redundancies will take place and staff may be redeployment
Which stage of the product life cycle is likely to require significant increases in numbers of employees and exact numbers of employees needed may be less certain than in other stages?
Introduction stage
Growth stage
Maturity stage
Decline stage
During which stage of the product life cycle is redundancy unlikely to be an issue due to ongoing growth?
Introduction stage
Growth stage
Maturity stage
Decline stage
What is a possible challenge in the introduction stage of the product life cycle according to the HR flow?
The need to reduce staff numbers
The need to retrain existing staff
The need to recruit, induct and train new staff
The need to manage redundancy
In which stage of the product life cycle are the challenges arguably less than in other stages, unless sales volume is quite volatile?
Introduction stage
Growth stage
Maturity stage
Decline stage
Which stage of the product life cycle is likely to provide the greatest challenge as it will probably require redundancy?
Introduction stage
Growth stage
Maturity stage
Decline stage
What is the process of developing a brand new product known as?
Marketing
Innovation
Production
Distribution
Which of the following is the first stage of product development?
Conduct market research
Produce a prototype
Enable trial purchases
Full-scale manufacturing begins
What comes immediately after producing a prototype in the product development process?
Test the product
Promotional launch
Enable trial purchases
Finished goods are distributed into the market
What is the stage before the full-scale manufacturing begins in the product development process?
Enable trial purchases
Produce a prototype
Test the product
Promotional launch
What is the final stage of product development shown in the diagram?
Finished goods are distributed into the market
Enable trial purchases
Test the product
Full-scale manufacturing begins
What is the core of Apple's product innovation according to the text?
Battery technology
User interface (UI) and user experience (UX)
Furniture design
Fuel efficiency
How did Ikea revolutionize the furniture industry?
By introducing touchscreen devices
By embracing kaizen philosophy
By selling innovative products in a 'flat-pack' format
By producing electric vehicles
What philosophy does Toyota use in its product innovation?
Radical transformations
Kaizen
Gigafactory production
Flat-pack convenience
