Can You Score Well In Marketing Management Test?

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  • 1/23 Questions

    The four stages of the product life cycle include all of the following EXCEPT ________.

    • Decline
    • Learning
    • Maturity
    • Introduction
    • Growth
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Can You Score Well In Marketing Management Test? - Quiz

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  • 2. 

    In a ________ company, the obsession of the company is with the customer, not thecompetition.

    • Niche-centered

    • Price-centered

    • Cost-centered

    • Customer-centered

    • Promotion-centered

    Correct Answer
    A. Customer-centered
    Explanation
    A customer-centered company is one that prioritizes the needs and satisfaction of its customers above all else. This means that the company's main focus is on understanding and meeting the needs of its customers rather than being driven by competition or other factors. By placing the customer at the center of its operations, the company aims to build long-term relationships, provide excellent customer service, and deliver products or services that truly meet the customers' expectations.

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  • 3. 

    According to the general bell-shaped curve used to illustrate the product life cycle, whichof the following stages is generally seen when the sales curve is at its peak?

    • Introduction

    • Growth

    • Maturity

    • Decline

    • Abandonment

    Correct Answer
    A. Maturity
    Explanation
    The stage that is generally seen when the sales curve is at its peak is the Maturity stage. This is because during the Maturity stage, the product has reached its maximum level of acceptance and market saturation. The sales are at their highest point, and the product is well-established in the market. This stage is characterized by intense competition and the need for companies to differentiate their product to maintain market share.

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  • 4. 

    Using the market approach, ________ are companies that satisfy the same customer need.

    • Partners

    • Competitors

    • Entrepreneurs

    • Innovators

    • Followers

    Correct Answer
    A. Competitors
    Explanation
    Using the market approach, competitors are companies that satisfy the same customer need. In the market, companies that offer similar products or services and compete for the same target customers are considered competitors. They strive to attract and retain customers by providing similar solutions to fulfill their needs. Competitors play a crucial role in shaping the market dynamics, pricing strategies, and overall competitiveness within an industry. By understanding and analyzing competitors, companies can better position themselves and differentiate their offerings to gain a competitive advantage.

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  • 5. 

    Marketing planning begins with the formulation of an offering to ________ targetcustomers’ needs or wants.

    • Exceed

    • Meet

    • Capture

    • Compete with

    • Comprehend

    Correct Answer
    A. Meet
    Explanation
    Marketing planning begins with the formulation of an offering to meet target customers' needs or wants. This means that the company identifies the specific requirements and desires of their target customers and develops a product or service that fulfills those needs or wants. By doing so, the company aims to create value and satisfy their customers, which is essential for a successful marketing strategy.

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  • 6. 

    ________ do not normally survive (as a special category product life cycle) because theydo not normally satisfy a strong need.

    • Styles

    • Fashions

    • Fads

    • Intra-brands

    • Trends

    Correct Answer
    A. Fads
    Explanation
    Fads do not normally survive as a special category in the product life cycle because they do not usually satisfy a strong need. Fads are short-lived and characterized by a sudden surge in popularity, followed by a rapid decline. They are often driven by novelty and social influence rather than fulfilling a practical or essential purpose. As a result, fads tend to fade away quickly as consumer interest and demand diminish, making them unsustainable in the long term.

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  • 7. 

    The ________ stage of the product is characterized as being one where there is period ofrapid market acceptance and substantial profit improvement.

    • Introduction

    • Growth

    • Maturity

    • Saturation

    • Decline

    Correct Answer
    A. Growth
    Explanation
    The growth stage of the product is characterized as a period of rapid market acceptance and substantial profit improvement. During this stage, the product gains traction in the market, sales and revenue increase significantly, and the company experiences a surge in profitability. This stage is crucial for the long-term success of the product, as it establishes a strong market presence and allows the company to capitalize on its initial success.

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  • 8. 

    As a market follower strategy, the ________ copies some things from the leader butmaintains differentiation in terms of packaging, advertising, pricing, or location. This strategyis tolerated by the market leader as long as the follower’s aggressiveness does not mount.

    • Counterfeiter

    • Cloner

    • Imitator

    • Adapter

    • Adapter

    Correct Answer
    A. Imitator
    Explanation
    An imitator is a market follower strategy that copies some things from the leader but maintains differentiation in terms of packaging, advertising, pricing, or location. This strategy is tolerated by the market leader as long as the follower's aggressiveness does not mount.

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  • 9. 

    Marketers have traditionally classified products on the basis of characteristics: ________,tangibility, and use.

    • Customer value hierarchy

    • Expected

    • Augmented

    • Durability

    • None of the above

    Correct Answer
    A. Durability
    Explanation
    Durability is the correct answer because marketers have traditionally classified products based on their characteristics, and durability is one of those characteristics. Durability refers to the ability of a product to withstand wear, decay, or damage over time, and it is an important factor for customers when making purchasing decisions. Therefore, it is a relevant classification criterion for marketers to consider.

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  • 10. 

    A segment is unattractive when there are actual or potential ________ for the product.

    • Contenders

    • Competitors

    • Substitutes

    • Unclear demand

    • Profit fluctuation

    Correct Answer
    A. Substitutes
    Explanation
    A segment is considered unattractive when there are actual or potential substitutes for the product. This means that there are alternative products or services available in the market that can fulfill the same or similar needs of the customers. The presence of substitutes reduces the demand and market share for a particular product, making the segment less attractive for businesses.

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  • 11. 

    A(n) ________ is a group of firms that offer a product or class of products that are closesubstitutes for one another.

    • Industry

    • Cartel

    • Cooperative

    • Monopoly

    • Demand field

    Correct Answer
    A. Industry
    Explanation
    An industry is a group of firms that offer a product or class of products that are close substitutes for one another. This means that these firms are competing with each other in the market, as they are offering similar products to satisfy the same customer needs. In an industry, firms may compete on factors such as price, quality, features, and customer service to gain a competitive advantage over their rivals.

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  • 12. 

    Most companies aim their competitive shots at ________ competitors, because this requiresfewer resources per share point gained.

    • Strong

    • Weak

    • Distant

    • “good”

    • Unacknowledged

    Correct Answer
    A. Weak
    Explanation
    Companies aim their competitive shots at weak competitors because it requires fewer resources per share point gained. Weak competitors are likely to have less market share and fewer resources, making it easier for a company to gain market share by targeting them. By focusing on weak competitors, companies can achieve their goals more efficiently and effectively.

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  • 13. 

    When companies search for new ways to satisfy customers and distinguish their offeringfrom others, they look at the ________ product, which encompasses all the possibleaugmentations and transformations of the product.

    • Consumption system

    • Expected

    • Potential

    • Augmented

    • Basic

    Correct Answer
    A. Potential
    Explanation
    Companies search for new ways to satisfy customers and distinguish their offering from others by looking at the potential product. The potential product refers to all the possible augmentations and transformations that can be made to the basic product. This includes additional features, benefits, and enhancements that can be added to meet customer needs and preferences. By exploring the potential product, companies can identify innovative ways to differentiate themselves and provide greater value to customers.

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  • 14. 

    According to the illustrations describing the product life cycle, during which stage of thecycle is there a strong likelihood that negative profits will be the norm?

    • Introduction

    • Growth

    • Maturity

    • Decline

    • Death

    Correct Answer
    A. Introduction
    Explanation
    During the introduction stage of the product life cycle, there is a strong likelihood that negative profits will be the norm. This is because during this stage, the product is being introduced to the market and there may be limited awareness and demand for it. Companies often incur high costs for product development, marketing, and distribution during this stage, while sales and revenue are still low. As a result, it is common for companies to experience negative profits as they invest heavily in establishing the product in the market and building customer awareness and demand.

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  • 15. 

    Materials and parts are goods that enter the manufacturer’s product completely. They fallinto two classes: ________, and natural products.

    • Component parts

    • Raw materials

    • Farm products

    • Component materials

    • None of the above

    Correct Answer
    A. Raw materials
    Explanation
    Raw materials are goods that are used in the production process to create the final product. They are typically in their natural state and have not been processed or transformed significantly. In contrast, component parts refer to the individual pieces or elements that make up the final product. While both raw materials and component parts are essential for manufacturing, raw materials specifically refer to the unprocessed materials that are used to create the product. Farm products and component materials are not accurate classifications for goods that enter the manufacturer's product completely.

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  • 16. 

    The vast array of goods consumers buy can be classified on the basis of shopping habits.We can distinguish among convenience, ________, specialty, and unsought goods.

    • “must haves”

    • Impulse

    • Shopping

    • Business

    • Functional

    Correct Answer
    A. Shopping
    Explanation
    The correct answer is "shopping" because the sentence mentions "shopping habits" and then goes on to list different types of goods that can be classified based on these habits. The word "shopping" fits logically in the sentence as it is the common factor among all the types of goods mentioned - convenience, specialty, and unsought goods.

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  • 17. 

    The aim of benchmarking is to copy or improve on ________, either within an industry oracross industries.

    • Profitability

    • Manufacturing

    • Ideation

    • Aggressiveness

    • “best practices”

    Correct Answer
    A. “best practices”
    Explanation
    Benchmarking is a process of comparing and measuring an organization's performance against the best practices of other similar organizations, either within the same industry or across different industries. The goal of benchmarking is to identify areas for improvement and to learn from the successful strategies and techniques used by other organizations. Therefore, the correct answer is "best practices".

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  • 18. 

    The consumer usually purchases ________ frequently, immediately, and with a minimumof effort.

    • Specialty goods

    • Shopping goods

    • “must haves” goods

    • Personal goods

    • Convenience goods

    Correct Answer
    A. Convenience goods
    Explanation
    Convenience goods are products that consumers purchase frequently, immediately, and with minimal effort. These goods are usually low-cost and readily available, making them convenient for consumers to buy on a regular basis. Examples of convenience goods include everyday items like bread, milk, and toiletries.

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  • 19. 

    Many products can be differentiated in terms of its ________,—size, shape, or physicalstructure.

    • Form

    • Performance quality

    • Conformance quality

    • Reliability

    • Design

    Correct Answer
    A. Form
    Explanation
    Form refers to the physical appearance or structure of a product. It includes factors such as size, shape, and overall design. Differentiating products based on their form allows consumers to choose products that meet their aesthetic preferences or functional requirements. By considering the form of a product, consumers can determine whether it aligns with their needs and preferences, making it an important factor in product differentiation.

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  • 20. 

    A group of firms following the same strategy in a given target market is called ________.

    • Cartel

    • Cabal

    • Cooperative

    • Informal alliance

    • Strategic group

    Correct Answer
    A. Strategic group
    Explanation
    A group of firms following the same strategy in a given target market is called a strategic group. This term refers to a collection of companies that have similar business models, target the same customer segments, and compete against each other in the same market. These firms often have similar product offerings, pricing strategies, and distribution channels. By analyzing strategic groups, companies can gain insights into their competitors' actions and make informed decisions about their own strategic positioning within the market.

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  • 21. 

    The ________ of the product mix refers to how closely related the various product lines arein end use, production requirements, distribution channels, or some other way.

    • Consistency

    • Depth

    • Width

    • Length

    • Compositione

    Correct Answer
    A. Consistency
    Explanation
    Consistency refers to how closely related the various product lines are in terms of end use, production requirements, distribution channels, or some other way. In other words, it measures the similarity and coherence between different product lines within a product mix. A high level of consistency means that the product lines are closely related and complement each other, while a low level of consistency indicates that the product lines are more diverse and may not have strong connections.

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  • 22. 

    ________ is the percentage of customers who named the competitor in responding to thestatement, “Name the company from which you would prefer to buy the product.”

    • Share of market

    • Share of mind

    • Share of heart

    • Share of competitive space

    • Share of psychological field

    Correct Answer
    A. Share of heart
    Explanation
    Share of heart refers to the percentage of customers who named the competitor when asked about their preference for buying a product. This metric measures the emotional attachment or loyalty that customers have towards a particular company or brand. It indicates the level of trust, satisfaction, and positive sentiment that customers associate with the competitor. A higher share of heart suggests that the competitor has successfully established a strong emotional connection with its customers, making them more likely to choose them over other options.

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  • 23. 

    As a market follower strategy, the ________ emulates the leader’s products, name, andpackaging, with slight variations.

    • Counterfeiter

    • Cloner

    • Imitator

    • Adapter

    • Innovator

    Correct Answer
    A. Cloner
    Explanation
    A market follower strategy involves emulating the leader's products, name, and packaging with slight variations. The term "cloner" accurately describes this strategy as it implies the act of replicating or copying the leader's offerings while making minor adjustments. This term suggests a deliberate attempt to imitate the leader's success by closely mimicking their products and branding.

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    Quiz Edited by
    ProProfs Editorial Team
  • Jan 12, 2010
    Quiz Created by
    Mattli
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