Marketing Concepts Of Product: Quiz!

2.

What is a market segment?

When a group is split into houses!
When a market is broken down into smaller groups!
When a market is split for everyone to share!

Correct Answer

A. When a market is broken down into smaller groups!

Explanation

A market segment refers to the process of dividing a larger market into smaller groups based on various characteristics such as demographics, behavior, needs, or preferences. This allows businesses to target specific groups of customers with tailored marketing strategies and products that meet their specific needs and preferences. By segmenting the market, businesses can better understand and cater to the diverse needs of different customer groups, ultimately increasing their chances of success in the marketplace.

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2

3.

Is market research expensive?

Yes
No

Correct Answer

A. Yes

Explanation

Market research can be expensive because it involves various costs such as hiring professionals, conducting surveys or focus groups, collecting and analyzing data, and obtaining relevant industry reports. Additionally, market research often requires a significant amount of time and resources to ensure accuracy and reliability of the results. Therefore, businesses need to allocate a budget for market research activities in order to gather valuable insights and make informed decisions.

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4.

What are the four processes of a product life cycle?

Introduction downfall upfall decline
Introduction growth maturity decline
Starter growth maturity decline

Correct Answer

A. Introduction growth maturity decline

Explanation

The correct answer is "Introduction growth maturity decline". This answer accurately describes the four processes of a product life cycle. The introduction stage is when a product is first launched into the market. It is followed by the growth stage, where the product gains popularity and sales increase. The maturity stage comes next, where the product reaches its peak in terms of sales and market saturation. Finally, the decline stage occurs when the product starts losing market share and sales decline. This sequence represents the typical life cycle of a product from its introduction to its eventual decline.

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5.

Why are brand names used?

So they sound good
So you can define product
So you pick priduct with best name

Correct Answer

A. So you can define product

Explanation

Brand names are used so that consumers can easily identify and differentiate a particular product or service from others in the market. A brand name helps in defining the unique features, qualities, and benefits of a product, making it easier for consumers to make purchasing decisions. It also helps in creating brand recognition and loyalty among customers, as they associate the brand name with a certain level of quality and trust.

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6.

When prices are high is demand usually....

Less
More
Balanced

Correct Answer

A. Less

Explanation

When prices are high, demand usually decreases. This is because as prices increase, consumers are less willing or able to pay for the product or service, resulting in a decrease in demand. Higher prices can also lead to consumers seeking alternatives or postponing their purchases, further reducing demand. Therefore, when prices are high, the demand tends to be less.

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7.

The lower the price the customer is willing to pay the ______ a business will be willing to supply.

More
Less

Correct Answer

A. Less

Explanation

The statement suggests that there is an inverse relationship between the price a customer is willing to pay and the willingness of a business to supply. When the customer is willing to pay a lower price, the business will be less willing to supply the product or service. This is because a lower price may not cover the costs of production or generate enough profit for the business. Therefore, the business will be less inclined to supply the product or service at a lower price.

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0

8.

The amount charged for a product?

Research
Price
Demand

Correct Answer

A. Price

Explanation

The correct answer is "price" because when determining the amount charged for a product, the price is the key factor to consider. Price refers to the monetary value assigned to a product or service, taking into account factors such as production costs, competition, and customer demand. It plays a crucial role in determining profitability and market positioning for a product, making it an essential element in pricing strategies.

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9.

What is the pricing called when it starts high then goes low.

Cost plus
Penetration
Skimming

Correct Answer

A. Skimming

Explanation

Skimming pricing is a strategy where a product is initially priced high and then gradually reduced over time. This approach is commonly used for innovative or unique products to maximize profits from early adopters who are willing to pay a premium. As the market becomes more saturated or competition increases, the price is lowered to attract a broader customer base. Skimming allows a company to capitalize on the willingness of certain customers to pay a higher price initially, while also gaining market share and increasing sales volume as the price decreases.

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Marketing Concepts Of Product: Quiz!

What are the activities that form a part of the marketing mix?

Quiz Preview

What is a market segment?

Is market research expensive?

What are the four processes of a product life cycle?

Why are brand names used?

When prices are high is demand usually....

The lower the price the customer is willing to pay the ______ a business will be willing to supply.

The amount charged for a product?

What is the pricing called when it starts high then goes low.