Marketing Concepts Of Product: Quiz!

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  • 1/9 Questions

    The amount charged for a product?

    • Research
    • Price
    • Demand
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About This Quiz

According to Kotler and Keller, "Marketing is 'the art and science of choosing target markets and getting, keeping, and growing customers through creating, delivering, and communicating superior customer value.' Take this quiz to test your knowledge about marketing concepts of product demand and supply. Let's try it out!

Marketing Concepts Of Product: Quiz! - Quiz

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  • 2. 

    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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  • 3. 

    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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  • 4. 

    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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  • 5. 

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

    • Product price production place

    • Packaging point price place

    • Product price promotion place

    Correct Answer
    A. Product price promotion place
    Explanation
    The marketing mix consists of various activities that are essential for successful marketing. These activities include product development and design, determining the appropriate pricing strategy, promoting the product through various marketing channels, and choosing the right distribution channels or places to make the product available to the target customers. Therefore, the answer "product price promotion place" accurately represents the activities that form a part of the marketing mix.

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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. 

    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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  • 8. 

    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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  • 9. 

    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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  • Current Version
  • Mar 20, 2022
    Quiz Edited by
    ProProfs Editorial Team
  • Apr 02, 2008
    Quiz Created by
    Natz14181
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