Prelim Exam: Marketing Exam Quiz Questions! Trivia

Marketing begins and ends with the customer because the main focus of marketing is to understand and meet the needs and wants of customers. It involves identifying target customers, conducting market research to understand their preferences, developing products or services that align with their needs, and creating marketing strategies to effectively communicate and promote these offerings to the target audience. Additionally, marketing also involves building and maintaining customer relationships through various techniques such as customer satisfaction surveys and loyalty programs. Therefore, the customer is at the core of all marketing activities.

The introduction stage refers to the initial phase of a product's lifecycle when it is launched in the market. During this stage, the product is introduced to consumers, and sales are typically low as customers become aware of the product and its features. Companies invest heavily in marketing and promotion to create awareness and generate demand. The focus is on building brand recognition and establishing a customer base. As the product gains traction and sales start to increase, it moves into the growth stage.

The given statement suggests that sales are decreasing and customers are switching to other brands or substitutes. This indicates that the product or industry is in a declining stage, where it is losing its market share and popularity. Therefore, the term "Decaying maturity" accurately describes this situation, as it signifies a decline in sales and the product's maturity stage.

A trademark is a symbol, logo, word, phrase, or design that distinguishes and identifies the source of a product or service. It is a form of intellectual property protection that grants exclusive rights to the owner to use and protect their brand identity. Registering a trademark with the Philippine Patent Office provides legal protection and recognition of the brand, preventing others from using or copying it without permission. Therefore, the correct answer is "Trademark."

A product is something that is created or manufactured through labor, thought, or growth. It can be a tangible item, such as a physical object, or an intangible item, such as a service or idea. The term "product" encompasses a wide range of things that are the result of human effort and creativity.

The product Virgin Cola is experiencing the decline stage in the Product Life Cycle. This stage occurs when the product's sales and profitability start to decline due to various factors such as market saturation, changing consumer preferences, and competition. In the case of Virgin Cola, it is likely that the product faced intense competition from established cola brands and failed to maintain its market share and profitability, leading to its decline.

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The correct answer is Growth stage. In this stage, sales and profits increase as the product gains market acceptance and consumer demand grows. The company wants to capitalize on this growth and ensure that the product reaches its full potential before it reaches the maturity stage. This stage is characterized by intense competition, product improvements, and expanding market share. The company may invest in marketing and advertising to further stimulate demand and maintain the growth momentum.

Screening of Ideas is the correct answer because this step involves evaluating and assessing the feasibility and potential of the ideas generated. It helps in filtering out the ideas that are not practical or viable, and selecting the ones that have the highest chances of success. This step is crucial in the innovation or decision-making process as it ensures that only the most promising ideas move forward for further development or implementation.

Standardization is the process of developing and implementing technical standards to ensure consistency, compatibility, and reliability in the production of manufactured products. It involves establishing specifications, guidelines, and procedures that manufacturers must adhere to in order to meet certain quality and safety standards. Standardization helps to streamline production processes, improve product quality, and enhance consumer confidence. It is a crucial aspect of ensuring uniformity and reliability in the manufacturing industry.

The strategy used in this scenario is the expansion of product mix. Hanes, a brand known for its products for men, has introduced a new line specifically for women. By doing so, they are broadening their product offerings and entering the female market. This strategy allows Hanes to reach a new target audience and potentially increase their customer base and market share.

Quality control is a process that oversees and regulates the manufacturing process to guarantee the desired level of quality in the final product. It involves monitoring and inspecting various stages of production to identify any defects or deviations from established standards. By implementing quality control measures, companies can ensure that their products meet customer expectations and adhere to industry standards. This helps to maintain consistency, reliability, and customer satisfaction, ultimately contributing to the overall success and reputation of the company.

The given statement explains that these products were created because there was a need in the market that had not been fulfilled by any substitute. This suggests that the products are innovative, meaning they are new and unique solutions to the market's needs. They are not replacements for existing products, as there were no substitutes available. Similarly, they are not imitative products, as they are not simply copying or imitating existing products. Therefore, the correct answer is innovative products.

The Philippine Patent Office is the correct answer because it is the government agency responsible for registering brands in the Philippines. This office is responsible for granting patents, utility models, industrial designs, and trademarks. They ensure that brands are registered and protected, providing legal rights and exclusivity to brand owners. The Department of Trade and Industry and the Securities and Exchange Commission have different roles and responsibilities unrelated to brand registration.

The process described in the question, where Jollibee Managers disguise as customers to evaluate the product's adherence to company standards, is commonly known as "Grading". This term is used to assess the quality or performance of a product or service based on predetermined criteria or standards. In this case, the managers are evaluating the product's preparation and determining if it meets the company's standards.

A brand is a word, mark, symbol, or a combination of them used to identify the marketer's product line. It represents the unique identity and image of a company and its products in the market. A brand helps consumers differentiate and recognize a particular product or service from others. It encompasses the overall perception and reputation of the company and its offerings.

Test marketing refers to the process of conducting commercial experiments in limited geographic areas to determine the feasibility of a product. This involves introducing the product to a small target market and monitoring its performance, including sales, customer feedback, and market response. Test marketing helps businesses assess the potential success of a product before fully launching it into the market. It allows them to gather valuable data and make any necessary adjustments or improvements to the product or marketing strategy before a full-scale commercialization.

Levis Jeans has experienced growth in the product life cycle. This is because it has been in the market for more than 100 years, indicating that it has already gone through the introduction stage. The growth stage is characterized by increasing sales and market share as the product gains popularity and acceptance among consumers. As Levis Jeans has been successful and established for a long time, it suggests that it is currently in the growth stage of the product life cycle.

The correct answer is that the package can be reused after all is consumed and the package is identical to all products using a common feature. This suggests that Ladies Choice products have good packaging features because the package is designed in a way that allows it to be reused once all the product inside is consumed. Additionally, the package is identical for all products, which means that they share a common feature in terms of packaging design. This consistency in packaging design can create a sense of brand recognition and cohesion among different Ladies Choice products.

A good brand name should be easy to remember so that consumers can easily recall and recognize it. It should also suggest the product benefit, conveying the value or unique selling proposition of the brand. Additionally, it must be legally protected to ensure that other companies cannot use or imitate it, protecting the brand's identity and reputation. Beautiful and famous endorsers may enhance the brand's image and credibility, but this is not a necessary characteristic for a good brand name.

The correct answer is "Stable maturity" because it suggests that sales have become leveled or at breakeven. This implies that the product has reached a point where it is no longer experiencing significant growth or decline in sales. The market may be saturated, meaning that most potential customers have already purchased the product, and there may be a lack of interest in discovering new ideas or alternatives. This leads to a stable phase where sales remain steady but do not show any significant growth.

Commercialization refers to the process of introducing a new product or service to the market for sale. In the context of the given statement, if test marketing is successful, it means that the product has been well-received by consumers and has shown potential for success. Therefore, the company can proceed with full-scale production and product introduction, as they have gained confidence in the market demand and viability of the product. Commercialization is the logical next step after a successful test marketing phase.

The given correct answer is "Product Development". This step involves further qualification of demand, risk, investment, cost, and profitability. It is a crucial stage in the process of bringing a new product to the market. During product development, the company refines and enhances the product concept, designs and prototypes the product, and conducts testing and validation to ensure its feasibility and market acceptance. This step helps in assessing the potential success and profitability of the product before moving forward with full-scale production and marketing.

The reason why a product will reach the decline stage is because new concepts come in, there are changes in fashion or tastes of consumers, and there is a lower cost of substitute. These factors contribute to a decrease in demand for the product, as consumers are attracted to newer and more fashionable options or cheaper alternatives. As a result, the product's sales decline and it eventually reaches the decline stage of its lifecycle.

The brand is the part of a product that carries verbal information about the product or the seller. It represents the overall image, reputation, and identity of a product or company. A brand includes elements such as the name, logo, slogan, and messaging that differentiate it from competitors and communicate its value to consumers. A strong brand can create trust, loyalty, and recognition among consumers, influencing their purchasing decisions.

The objective of product development is twofold: to develop new product features and to achieve stability in sales and profits. Developing new product features helps to meet the changing needs and preferences of customers, while also staying ahead of competitors. Achieving stability in sales and profits is important for the long-term success of a product, as it ensures a consistent revenue stream and allows for strategic planning and investment. By focusing on both aspects, companies can continually innovate and improve their products while also ensuring financial sustainability.

The correct answer is "Positioning of the Product." This is because Perla has changed its positioning by promoting itself as not just a detergent soap, but also as good for the skin. This means that they are targeting a new market segment and repositioning their product to appeal to consumers who are looking for a soap that is gentle on the skin. By doing so, they are differentiating themselves from other detergent soaps and expanding their target audience.

The given statement suggests that the products in question are new to the imitating company, meaning that they are copying or imitating these products from other companies. Therefore, the correct answer is "Imitative," as it accurately reflects the fact that the company is imitating or copying the products from other companies.

Branding plays a crucial role in sales promotions as it simplifies the process by creating a clear and recognizable identity for the product or service. This makes it easier for consumers to understand the benefits and value of the promotion. Additionally, branding encourages repeat sales by creating a loyal customer base who trust and prefer the brand. Middlemen, such as retailers or distributors, also prefer to work with branded products as they are more likely to attract customers and generate higher sales.

The given options are all examples of descriptive labels. Ingredients of the product provide a description of what is included in the product. Directions on how to use provide information on how to use the product effectively. Expiration date indicates the date until which the product is safe to use. Therefore, all of these options serve as descriptive labels by providing relevant information about the product.

The reasons why new products fail can be attributed to various factors. Product deficiencies refer to issues with the product itself, such as poor quality, design flaws, or lack of features that meet customer needs. Poor timing of introduction means that the product was launched at the wrong time, either too early or too late, resulting in low demand or market saturation. Higher cost than anticipated indicates that the product ended up being more expensive to produce or market than initially estimated, leading to financial difficulties. These factors, along with others, can contribute to the failure of new products in the market.

The given answer suggests that the sales rate declines during the growth maturity phase due to distribution saturation and the unwillingness of middlemen to resell the manufacturer's products. This implies that the market has reached a point where it is saturated with the manufacturer's products, making it difficult to find new customers. Additionally, middlemen may be hesitant to continue selling the products due to various reasons such as low profitability or competition. These factors contribute to the decline in sales rate during the growth maturity phase.

The given answer states that Coca Cola, Nike, Bear Brand, Ray Ban, and Motorola are all in the Growth and Maturity stage in the country. This suggests that these products have already passed the introductory stage and are now experiencing steady growth in sales and market share. They have likely established a strong brand presence and have a loyal customer base. Additionally, being in the maturity stage implies that they are still generating significant revenue but may not have much room for further growth.

The given answer includes the types of labels that can be checked. Brand labels are used to identify the brand of a product. Grade labels indicate the quality or standard of a product. Descriptive labels provide information about the product, such as its ingredients or usage instructions. Trademark labels are used to protect a brand's unique symbols or designs.

The given answer includes Nido, Jordan Shoes, Milo, and Sprite as brands according to ownership. Nido is a brand owned by Nestle, Jordan Shoes is a brand owned by Nike, Milo is a brand owned by Nestle, and Sprite is a brand owned by The Coca-Cola Company.