Test Your Knowledge About Basic Product Marketing!
Product Marketing is the procedure of launching a new product in the market which depends upon branding, advertising and taking feedback from salespersons and customers to improve the product. There are several factors due to which a product becomes more popular and in demand. This quiz has been designed to test your knowledge about basic product marketing and management concepts. So, let's try out the quiz. All the best!
- 1.The product life cycle:
- A.
Describes the stages a new product idea goes through from beginning to end.
- B.
Has five major stages.
- C.
Applies more to individual brands than to categories or types of products.
- D.
Shows that sales and profits tend to move together over time.
- E.
All of the above.
- 2.As a product moves into the market maturity stage of the product life cycle:
- A.
Consumers tend to view products as being more similar.
- B.
The competitive situation moves toward monopoly.
- C.
Promotion emphasizes informing consumers more than persuading them.
- D.
There is less consideration of competition in setting prices.
- E.
All of the above.
- 3.When thinking about the product life cycle, a good manager knows that:
- A.
Sales and profits for individual brands always follow the same life cycle pattern as industry sales and profits.
- B.
The only stage in which products are introduced is the market introduction stage.
- C.
All products will eventually earn a profit.
- D.
A product that is mature in one market may be in the growth stage in another international market.
- E.
All of the above.
- 4.It is easy for marketing managers to predict how long a product or brand will stay in each stage of the product life cycle.
- A.
True.
- B.
False.
- 5.Which statement is true about a product in the sales decline stage of the product life cycle?
- A.
Brand managers should phase-out this product as quickly as possible.
- B.
A declining product may still be profitable for some time so a gradual phase-out may be appropriate.
- C.
Customers will always abandon the declining product immediately if an alternative is available.
- D.
Phasing-out a product at this time is fairly easy and this strategy will cut future losses.
- E.
None of the above statements are true.
- 6.Which of the following statements about the commercialization stage of the new-product development process is FALSE?
- A.
A firm should always rollout the product to the entire target market at one time.
- B.
Channels of distribution need to be filled with goods.
- C.
Introductory promotion tends to be more costly if the firm is entering a very competitive market.
- D.
People need to be hired and trained to provide services.
- E.
All of the above statements are false.
- 7.National Family Opinion (NFO) contacts several hundred members of its consumer panel and provides them with a printed description of a new chewing gum and its package. Consumers are then given a survey containing several multiple-choice questions about their attitudes toward the new product, based on what they read in the description. The final survey question asks consumers to indicate the likelihood that they would purchase the product. NFO seems to be conducting a:
- A.
Market test.
- B.
Concept test.
- C.
Prototype test.
- D.
Sensitivity test.
- E.
Attitude test.
- 8.Testing of new product concepts in a group of a targeted segment of the market is called
- A.
Concept development
- B.
Concept testing
- C.
Material testing
- D.
Market screening
- 9.What is a ‘branded house’?
- A.
A department store
- B.
A company that sells multiple brands
- C.
An alternative name for corporate branding
- D.
A single master brand which spans a set of sub-brands
- 10.Why do many advertisements contain a pack shot?
- A.
It is to help customers to recognize the packaging and remember the message of the advert.
- B.
It is a legal requirement.
- C.
It ensures customers will remember the advert and what product it was for.
- D.
It is a requirement of the advertising code of practice.
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