Trivia Quiz On IB Business And Management Marketing!

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Marketing Management Quizzes & Trivia

Questions and Answers
  • 1. 

    The term 'products' refers to physical (i.e. tangible) goods rather than services.

    • A.

      True

    • B.

      False

    Correct Answer
    B. False
    Explanation
    The statement is false because the term 'products' refers to both physical goods and services. It includes any item or service that is offered for sale or use. Therefore, it is not limited to only tangible goods but also encompasses intangible services.

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  • 2. 

    Most of the new products launched by well-known multinationals are successful.

    • A.

      True

    • B.

      False

    Correct Answer
    B. False
    Explanation
    The statement claims that most new products launched by well-known multinationals are successful. However, this is not necessarily true. While well-known multinationals may have a higher chance of success due to their resources and brand recognition, it does not guarantee that most of their new products will be successful. Many factors such as market demand, competition, and product quality can influence the success of a new product, making it possible for a significant number of new products launched by well-known multinationals to fail. Therefore, the answer is False.

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  • 3. 

    Rapid changes in technology and fashion trends have shortened the life cycles of products in certain industries.

    • A.

      True

    • B.

      False

    Correct Answer
    A. True
    Explanation
    The statement suggests that in certain industries, products have shorter life cycles due to rapid changes in technology and fashion trends. This means that advancements in technology and changing fashion preferences lead to products becoming outdated or less desirable more quickly. This implies that the statement is true.

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  • 4. 

    ​Brands are more likely to succeed than fail. 

    • A.

      True

    • B.

      False

    Correct Answer
    B. False
    Explanation
    The given statement is "Brands are more likely to succeed than fail." The correct answer is False because the statement is not always true. While many brands do succeed, there are also numerous brands that fail. Success or failure of a brand depends on various factors such as market competition, consumer demand, product quality, marketing strategies, and management decisions. Therefore, it cannot be generalized that brands are more likely to succeed than fail.

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  • 5. 

    Brand leaders are the most popular brands in the view of the public.

    • A.

      True

    • B.

      False

    Correct Answer
    B. False
    Explanation
    The statement "Brand leaders are the most popular brands in the view of the public" is false. While brand leaders may be popular, they are not necessarily the most popular brands in the eyes of the public. The popularity of a brand can vary depending on factors such as personal preferences, demographics, and market trends. Therefore, it is incorrect to assume that brand leaders are always the most popular brands overall.

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  • 6. 

    M&M's chocolates are made by Mars. M&M's is therefore a brand label of the Mars company.

    • A.

      True

    • B.

      False

    Correct Answer
    A. True
    Explanation
    The explanation for the given correct answer is that M&M's chocolates are indeed made by Mars, which is a well-known company. Therefore, it can be concluded that M&M's is a brand label of the Mars company.

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  • 7. 

    Products that have a low market share in a high growth market are known as 'problem childs'.

    • A.

      True

    • B.

      False

    Correct Answer
    A. True
    Explanation
    In the context of marketing, "problem childs" refer to products that have a low market share in a high growth market. This means that these products are struggling to gain a significant portion of the market share despite being in a market with high growth potential. Therefore, the statement "Products that have a low market share in a high growth market are known as 'problem childs'" is true.

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  • 8. 

    The Boston matrix can be used to assess the portfolio of strategic business units for a company. 

    • A.

      True

    • B.

      False

    Correct Answer
    A. True
    Explanation
    The Boston matrix is a tool used to evaluate and analyze a company's portfolio of strategic business units. It helps in identifying which business units are performing well and have high growth potential, and which ones are struggling and may require further investment or divestment. By categorizing the business units into four quadrants based on their market growth rate and relative market share, the Boston matrix provides valuable insights for strategic decision-making and resource allocation. Therefore, the statement "The Boston matrix can be used to assess the portfolio of strategic business units for a company" is true.

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  • 9. 

    Assuming that stars, in the Boston Matrix, maintain their relative market share they will eventually become cash cows.

    • A.

      True

    • B.

      False

    Correct Answer
    A. True
    Explanation
    In the Boston Matrix, stars are products or services with a high market growth rate and high market share. As they continue to grow and maintain their market share, they will eventually reach a point where their growth rate slows down and they become cash cows. Cash cows are products or services with a high market share but low market growth rate. Therefore, the statement that stars will eventually become cash cows is true.

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  • 10. 

    The Boston Matrix could be useful for a business trying to manage a diverse range of products in its portfolio.

    • A.

      True

    • B.

      False

    Correct Answer
    A. True
    Explanation
    The Boston Matrix is a strategic tool used by businesses to analyze and manage their product portfolio. It categorizes products into four quadrants based on their market growth rate and market share. This helps businesses identify which products require investment, which ones have potential for growth, which ones are generating steady profits, and which ones are declining. By using the Boston Matrix, a business can make informed decisions about resource allocation, product development, and overall portfolio management. Therefore, it is true that the Boston Matrix could be useful for a business trying to manage a diverse range of products in its portfolio.

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  • 11. 

    Product portfolio management is the responsibility of all managers in an organisation.

    • A.

      True

    • B.

      False

    Correct Answer
    B. False
    Explanation
    Product portfolio management is not the responsibility of all managers in an organization. It is typically the responsibility of product managers or those specifically assigned to handle the product portfolio. Other managers may have their own areas of responsibility within the organization, such as marketing, finance, or operations, but product portfolio management is not a universal responsibility for all managers.

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  • 12. 

    What is the name given to the category of products in the Boston Matrix that has high or rising market share within a growing market? _________

    Correct Answer
    stars
    Explanation
    Stars are the category of products in the Boston Matrix that have high or rising market share within a growing market. These products are considered to be in a favorable position as they have a strong market presence and are operating in a market that is expanding. Stars typically require high investment to maintain and increase their market share, but they have the potential to become cash cows in the future if their market growth slows down.

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  • 13. 

    Portfolio management is not used to achieve which goal?

    • A.

      Maximise the profitability of the portfolio

    • B.

      Provide balance in a firm's portfolio

    • C.

      Determine customer perceptions of the portfolio

    • D.

      Support the corporate strategy

    Correct Answer
    C. Determine customer perceptions of the portfolio
    Explanation
    Portfolio management is the process of managing a collection of investments to achieve specific goals. It involves making decisions about which investments to include in the portfolio, how much to allocate to each investment, and when to buy or sell them. While portfolio management aims to maximize profitability and support the corporate strategy, it is not primarily used to determine customer perceptions of the portfolio. This goal is more aligned with market research and customer feedback, which helps in understanding how customers perceive the portfolio and making necessary adjustments to meet their needs and preferences.

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  • 14. 

    Products that have suffered from relatively inferior marketing or product quality are known as:

    • A.

      Problem children

    • B.

      Dogs

    • C.

      Cash cows

    • D.

      Stars

    Correct Answer
    A. Problem children
    Explanation
    Problem children refer to products that have suffered from relatively inferior marketing or product quality. These products may have not been able to gain a significant market share or generate substantial profits due to various reasons such as poor promotion, lack of differentiation, or low customer demand. They require significant investment and attention to improve their performance and potentially become stars or cash cows in the future.

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  • 15. 

    According to the Boston Matrix, a firm that has too many _________ will suffer from poor ___________.

    • A.

      Problem children, cash flow

    • B.

      Stars, cash flow

    • C.

      Dogs, profit

    • D.

      Problem children, profit

    Correct Answer
    A. Problem children, cash flow
    Explanation
    According to the Boston Matrix, problem children are products or services that have high growth potential but low market share. These products require significant investment to grow and generate cash flow. Therefore, a firm that has too many problem children will suffer from poor cash flow.

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  • 16. 

    Products that are sold from one business to another to further the production process are known as:

    • A.

      Durable goods

    • B.

      Perishable goods

    • C.

      Capital goods

    • D.

      Consumer goods

    Correct Answer
    C. Capital goods
    Explanation
    Capital goods are products that are sold from one business to another to further the production process. These goods are used to produce other goods or services, such as machinery, equipment, and tools. Unlike consumer goods, which are purchased by individuals for personal use, capital goods are used by businesses to enhance their production capabilities. Durable goods refer to products that have a long lifespan, while perishable goods are products that have a limited shelf life and can spoil or decay. Therefore, the correct answer is capital goods.

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  • 17. 

    Non-durable products, such as fresh ice cream, are also known as:

    • A.

      Consumer products

    • B.

      Convenience products

    • C.

      Perishables

    • D.

      Speciality goods

    Correct Answer
    C. Perishables
    Explanation
    Perishables refers to non-durable products that have a limited shelf life and are likely to spoil or decay quickly. Fresh ice cream falls into this category as it is a product that needs to be consumed within a short period of time before it spoils. Therefore, the term "perishables" accurately describes non-durable products like fresh ice cream.

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  • 18. 

    A brand can not be represented by which of the following?

    • A.

      A symbol

    • B.

      A logo

    • C.

      Packaging

    • D.

      A product

    Correct Answer
    D. A product
    Explanation
    A brand cannot be represented by a product because a brand is a combination of various elements such as a symbol, logo, packaging, messaging, and overall perception. While a product is a tangible item that a brand offers, it is just one component of the brand's identity. A brand encompasses the emotional connection, values, and reputation associated with the product, which cannot be solely represented by the product itself.

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  • 19. 

    Pre-launch activities do NOT include:

    • A.

      Generating ideas

    • B.

      Market research

    • C.

      Perception mapping

    • D.

      Test marketing

    Correct Answer
    C. Perception mapping
    Explanation
    Pre-launch activities typically involve tasks that are necessary to prepare a product or service for its launch. Generating ideas, market research, and test marketing are all activities that are commonly done before the launch to ensure that the product or service is well-developed and ready to be introduced to the market. However, perception mapping is not typically considered a pre-launch activity. Perception mapping is a technique used to understand how customers perceive a brand or product, and it is often done after the launch to gather feedback and insights for future improvements.

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  • 20. 

    A group or variety of products that serves the same purpose in a particular market is known as a:

    • A.

      Product line

    • B.

      Product mix

    • C.

      Product range

    • D.

      Product portfolio

    Correct Answer
    A. Product line
    Explanation
    A group or variety of products that serves the same purpose in a particular market is known as a product line. This term refers to a collection of related products offered by a company to meet the needs and preferences of a specific target market. A product line typically consists of different variations or versions of a core product, each designed to cater to different customer segments or address specific needs within the market. By offering a product line, companies can provide customers with a range of options while leveraging their existing brand and expertise in a particular market.

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  • 21. 

    MacDonald's variety of value meals is an example of:

    • A.

      Product line

    • B.

      Product mix

    • C.

      Product range

    • D.

      Product portfolio

    Correct Answer
    B. Product mix
    Explanation
    MacDonald's variety of value meals represents its product mix. A product mix refers to the complete range of products offered by a company. In this case, MacDonald's value meals are a part of their overall product mix, which includes various food items and meal options. The term "product line" typically refers to a group of related products within a company's product mix, while "product range" and "product portfolio" are broader terms that encompass the entire range of products offered by a company.

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  • 22. 

    The marketing strategy used to give products a unique aspect so that customers can distinguish between the product and those offered by other firms is known as:

    • A.

      Product orientation

    • B.

      Product differentiation

    • C.

      Unique selling point

    • D.

      Product range

    Correct Answer
    B. Product differentiation
    Explanation
    Product differentiation is the marketing strategy used to give products a unique aspect so that customers can distinguish between the product and those offered by other firms. This strategy involves creating and promoting unique features, benefits, or qualities of a product to make it stand out in the market and attract customers. It aims to position the product as distinct and superior to competitors' offerings, thus creating a competitive advantage and driving customer preference and loyalty.

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  • 23. 

    Possible strategies used to reverse the decline in slaes of a product do NOT include:

    • A.

      Expanding into new overseas markets

    • B.

      Increasing prices to improve the image of a product

    • C.

      Increased use of promotional strategies

    • D.

      Additional features added to the product, such as special or limited editions

    Correct Answer
    B. Increasing prices to improve the image of a product
    Explanation
    Increasing prices to improve the image of a product is not a possible strategy to reverse the decline in sales of a product. Typically, increasing prices would lead to a decrease in demand as it may make the product less affordable or less attractive to customers. To reverse the decline in sales, strategies such as expanding into new overseas markets, increased use of promotional strategies, and adding additional features to the product can be more effective in attracting customers and increasing sales.

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  • 24. 

    Which of the following is a possible reason for an increase in the sales of a product?

    • A.

      Newer and better alternatives become available on the market

    • B.

      A smaller channel of distribution

    • C.

      Lower prices for products with few substitutes

    • D.

      Redesigned packaging to increase the emotional value of a product

    Correct Answer
    D. Redesigned packaging to increase the emotional value of a product
    Explanation
    Redesigned packaging can increase the emotional value of a product, making it more attractive to consumers. When packaging is visually appealing and evokes positive emotions, it can capture the attention of potential customers and create a desire to purchase the product. This can lead to an increase in sales as consumers are more likely to be drawn to the product and perceive it as valuable.

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  • 25. 

    Which of the following is NOT an extension strategy?

    • A.

      Reducing prices to attract more customers

    • B.

      Advertising used to remind and entice customers to make a purchase

    • C.

      Producing new products to sell in overseas markets

    • D.

      Exporting to overseas markets

    Correct Answer
    C. Producing new products to sell in overseas markets
    Explanation
    Producing new products to sell in overseas markets is not an extension strategy. Extension strategies are used to expand the sales and reach of existing products or services. The other options mentioned in the question - reducing prices to attract more customers, advertising to remind and entice customers, and exporting to overseas markets - are all examples of extension strategies. However, producing new products to sell in overseas markets would be considered a diversification strategy, as it involves creating and selling entirely new products in new markets.

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  • 26. 

    Which feature does NOT necessarily apply to fast-moving consumer goods (FMCGs)?

    • A.

      Products that sell in high volumes

    • B.

      Products that have low profit margins

    • C.

      Rely on customer repurchase

    • D.

      Products that are not durable

    Correct Answer
    D. Products that are not durable
    Explanation
    Fast-moving consumer goods (FMCGs) are products that sell in high volumes, have low profit margins, and rely on customer repurchase. However, durability is not necessarily a feature that applies to FMCGs. FMCGs are typically consumed or used up quickly, and their lifespan is shorter compared to durable goods. Therefore, FMCGs are generally not designed to be durable or long-lasting.

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  • 27. 

    Brand image is the __________ that customers have about a particular brand. A strong brand image will lead to _________ product differentiation.

    • A.

      Culture, decreased

    • B.

      Culture, increased

    • C.

      Perception, increased

    • D.

      Perception, decreased

    Correct Answer
    C. Perception, increased
    Explanation
    A brand image is the perception that customers have about a particular brand. A strong brand image will lead to increased product differentiation. This means that when customers have a positive perception of a brand, they are more likely to see it as unique and distinct from its competitors. This differentiation can be a key factor in attracting and retaining customers, as they are more likely to choose a brand that they perceive as being different and better than others in the market.

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  • 28. 

    Which of the following is NOT part of new product development?

    • A.

      Test marketing

    • B.

      Research and development

    • C.

      Market research

    • D.

      Extension strategies

    Correct Answer
    D. Extension strategies
    Explanation
    Extension strategies refer to the tactics used to expand the lifecycle of an existing product in the market. It involves introducing new variations, repackaging, or repositioning the product to attract different customer segments or extend its reach in the market. While test marketing, research and development, and market research are all integral parts of new product development, extension strategies are not directly related to the creation of new products but rather focus on maximizing the potential of existing ones.

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  • 29. 

    Which of the items below is unlikely to be considered as a HIP (high involvement product)? 

    • A.

      Private boarding school education

    • B.

      Family holiday to both America and Canada

    • C.

      Vintage wine

    • D.

      Birthday cards

    Correct Answer
    D. Birthday cards
    Explanation
    Birthday cards are unlikely to be considered as a HIP (high involvement product) because they are typically low-cost items that do not require much research or decision-making. Unlike private boarding school education, family holidays, and vintage wine, birthday cards do not involve significant financial investment or emotional attachment. They are often purchased quickly and without much thought, making them less likely to be categorized as a high involvement product.

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  • 30. 

    The technique of using an existing brand name to launch a new or modified product is known as:

    • A.

      Brand extension

    • B.

      Branding

    • C.

      Repositioning

    • D.

      Differentiation

    Correct Answer
    A. Brand extension
    Explanation
    Brand extension refers to the strategy of using an existing brand name to introduce a new product or modify an existing product. This allows companies to leverage the equity and recognition of their established brand to enter new markets or target new customer segments. By extending the brand, companies can benefit from the positive associations and reputation associated with the original brand, reducing the need for extensive marketing efforts to build awareness and credibility for the new product. This strategy can help companies maximize their brand's reach and profitability by capitalizing on existing customer loyalty and brand equity.

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  • 31. 

    Which of the following would most likely be classified as a perishable consumer product?

    • A.

      Motor vehicle

    • B.

      Fridge freezer

    • C.

      Fresh food

    • D.

      Toys

    Correct Answer
    C. Fresh food
    Explanation
    Fresh food is most likely to be classified as a perishable consumer product because it has a limited shelf life and can spoil or decay quickly if not consumed or stored properly. Unlike motor vehicles, fridge freezers, and toys, fresh food is highly susceptible to bacteria growth, enzymatic reactions, and other factors that can lead to its deterioration and make it unsafe or unpalatable for consumption. Therefore, fresh food requires careful handling, storage, and timely consumption to ensure its quality and safety.

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  • 32. 

    The strategy of using a well-established trade mark to develop and sell new products is called:

    • A.

      Brand loyalty

    • B.

      Brand extension

    • C.

      Product differentiation

    • D.

      Extension strategy

    Correct Answer
    D. Extension strategy
    Explanation
    The term "extension strategy" refers to the practice of using an existing and well-known trademark to introduce and market new products. This strategy leverages the reputation and recognition of the established brand to gain a competitive advantage in the market. By extending the brand to new products, companies can capitalize on the trust and loyalty that consumers have towards the original brand, increasing the chances of success for the new offerings.

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  • 33. 

    The stage in a product's life cycle that requires significant investment yet will often incur losses is known as:

    • A.

      Launch

    • B.

      Growth

    • C.

      Saturation

    • D.

      Decline

    Correct Answer
    A. Launch
    Explanation
    The stage in a product's life cycle that requires significant investment yet will often incur losses is known as the launch stage. During this stage, companies invest heavily in product development, marketing, and distribution to introduce the product to the market. However, due to low initial sales and high costs, it is common for companies to experience losses during this stage. The launch stage is crucial for establishing brand awareness, gaining market share, and setting the product up for future growth.

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  • 34. 

    The objective of new product development is LEAST likely to include:

    • A.

      To increase sales turnover

    • B.

      To increase market share

    • C.

      To gain a competitive edge

    • D.

      To raise brand awareness

    Correct Answer
    D. To raise brand awareness
    Explanation
    The objective of new product development typically focuses on increasing sales turnover, increasing market share, and gaining a competitive edge. While raising brand awareness is important for overall marketing efforts, it is not the primary objective of new product development. The main goal is to create and launch a successful product that can generate revenue and capture a larger market share.

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  • 35. 

    Products that have a high market share in a high growth market are known as:

    • A.

      Stars

    • B.

      Cash cows

    • C.

      Dogs

    • D.

      Problem children

    Correct Answer
    A. Stars
    Explanation
    Stars are products that have a high market share in a high growth market. These products are considered to be successful and have the potential to generate high profits. They require significant investment to maintain their market share and fuel their growth. As the market matures, stars may eventually become cash cows, which are products with a high market share in a low growth market.

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  • 36. 

    Products that have a high market share in a low growth market are known as :

    • A.

      Dogs

    • B.

      Cash cows

    • C.

      Stars

    • D.

      Problem children

    Correct Answer
    B. Cash cows
    Explanation
    Cash cows are products that have a high market share in a low growth market. These products generate a significant amount of revenue and profit due to their dominant position in the market. However, since the market growth is low, there is limited potential for further growth. Therefore, these products are considered cash cows as they generate steady cash flow without requiring significant investment or resources.

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  • 37. 

    The opposite of 'early adopters' are purchasers in which stage of a product's life cycle?

    • A.

      Maturity

    • B.

      R&D

    • C.

      Growth

    • D.

      Launch

    Correct Answer
    A. Maturity
    Explanation
    The opposite of "early adopters" refers to the stage in a product's life cycle where it has reached its peak and is no longer experiencing significant growth or innovation. This stage is known as the maturity stage. During this phase, the product has already been adopted by a large portion of the market, and sales tend to stabilize or decline. Therefore, the correct answer is "Maturity."

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  • 38. 

    'Decline' is:

    • A.

      The last stage of a product's life cycle

    • B.

      A fall in the output of an economy

    • C.

      A fall in sales revenue

    • D.

      When sales fall faster than the costs of production

    Correct Answer
    A. The last stage of a product's life cycle
    Explanation
    Decline refers to the last stage of a product's life cycle, where the product experiences a decrease in demand and sales. This stage occurs after the maturity stage, where the product has reached its peak and starts to decline in popularity and sales. During the decline stage, companies may consider discontinuing the product or implementing strategies to prolong its life cycle. This stage is characterized by a decrease in sales revenue and a decline in the overall output of the product in the market.

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  • 39. 

    Convenience goods that are sold in retail outlets on a daily basis are known as:

    • A.

      White goods

    • B.

      Fast-moving consumer goods

    • C.

      Soft goods

    • D.

      High involvement products

    Correct Answer
    B. Fast-moving consumer goods
    Explanation
    Fast-moving consumer goods are convenience goods that are sold in retail outlets on a daily basis. These goods are typically low-cost, frequently purchased items that consumers use on a regular basis, such as food, toiletries, and household cleaning products. They have a short shelf life and high turnover rate, requiring retailers to constantly restock them. Fast-moving consumer goods are essential for daily living and are often purchased without much thought or consideration.

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  • 40. 

    The term used to describe a variety of the same product that a business produces is the:

    • A.

      Product mix

    • B.

      Product portfolio

    • C.

      Product line

    • D.

      Product range

    Correct Answer
    C. Product line
    Explanation
    A product line refers to a group of products that are related and similar in nature, produced by a business. It consists of different variations, sizes, or types of the same product. For example, a clothing company may have a product line of t-shirts, which includes different colors, sizes, and designs. The term "product line" is used to describe this variety of products offered by a business.

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  • 41. 

    Products that require little thought, effort and expense are known as:

    • A.

      Consumer goods

    • B.

      Durable goods

    • C.

      Convenience goods

    • D.

      Shopping goods

    Correct Answer
    C. Convenience goods
    Explanation
    Convenience goods refer to products that are easily accessible and require minimal effort and expense to purchase. These goods are often low-cost, frequently purchased, and readily available in multiple locations. Examples include everyday items like toiletries, snacks, and basic household supplies. Convenience goods are designed to provide convenience and save time for consumers, as they do not require much consideration or planning before purchase.

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  • 42. 

    Which of the following activities does NOT take place during the research and development stage of a product life cycle?

    • A.

      Market research

    • B.

      Monitoring of competitors

    • C.

      Test marketing

    • D.

      Publicity

    Correct Answer
    D. Publicity
    Explanation
    During the research and development stage of a product life cycle, activities such as market research, monitoring of competitors, and test marketing are conducted to gather information, analyze the market, and test the product's viability. However, publicity is not typically a part of this stage. Publicity is usually carried out during the later stages of the product life cycle, such as the introduction or growth stage, to create awareness and generate interest in the product among the target audience.

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  • 43. 

    Features of the 'launch' stage of a product's life cycle exclude:

    • A.

      Low sales volume

    • B.

      Extensive promotion and advertising

    • C.

      Negative cash flow for most products

    • D.

      Market research

    Correct Answer
    D. Market research
    Explanation
    During the launch stage of a product's life cycle, market research is not typically included. This is because market research is usually conducted before the launch stage to gather information about the target market, customer preferences, and competitors. Market research helps in developing the product and its marketing strategy. Once the product is launched, the focus shifts towards extensive promotion and advertising to create awareness and generate sales. The launch stage is also characterized by low sales volume and negative cash flow as the product is still establishing itself in the market.

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  • 44. 

    Which statement does NOT refer to a role or function of branding?

    • A.

      It gives a unique character or association to a product

    • B.

      It encourages repeat custom and customer loyalty

    • C.

      It allows firms to charge above average prices

    • D.

      It allows firms to charge lower prices to attract more sales

    Correct Answer
    D. It allows firms to charge lower prices to attract more sales
    Explanation
    Branding does not typically allow firms to charge lower prices to attract more sales. In fact, branding often enables firms to charge higher prices by creating a perception of value and differentiation. By establishing a unique character or association for a product, branding encourages repeat custom and customer loyalty, and it also allows firms to charge above average prices.

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  • 45. 

    What is the name given to a product that has the largest market share in a particular industry?

    • A.

      Brand leader

    • B.

      Brand loyalty

    • C.

      Brand

    • D.

      Brand development

    Correct Answer
    A. Brand leader
    Explanation
    A brand leader refers to a product that holds the largest market share in a specific industry. It is the most popular and widely recognized brand among consumers. This brand has successfully captured the majority of the market and is often seen as the benchmark for other competitors. The term "brand leader" signifies the dominance and success of a particular brand in a specific industry.

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  • 46. 

    Brands such as Tiffany, Gucci and BMW are perceived as being high in quality and high in price. These brands are therefore known as:

    • A.

      Economy brands

    • B.

      Premium brands

    • C.

      Value brands

    • D.

      Cowboy brands

    Correct Answer
    B. Premium brands
    Explanation
    Premium brands are known for their high quality and high price. They are often associated with luxury and exclusivity. Brands like Tiffany, Gucci, and BMW are considered premium brands because they offer products that are perceived as superior in terms of craftsmanship, materials, and design. These brands cater to a niche market that is willing to pay a premium price for the perceived value and prestige associated with owning their products.

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  • 47. 

    Which of the following is an example of an own-label brand?

    • A.

      Rolex watch

    • B.

      Wal-Mart white wine

    • C.

      Samsung Galaxy cell phone

    • D.

      Doritos corn chip

    Correct Answer
    B. Wal-Mart white wine
    Explanation
    An own-label brand refers to a product that is exclusively produced and sold by a particular retailer under their own brand name. In this case, Wal-Mart white wine is an example of an own-label brand as it is a product specifically produced and sold by Wal-Mart under their own brand name.

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  • 48. 

    The strategy of using a unified brand name, in order to build customer loyalty and trust, for a range of products offered by a firm is known as:

    • A.

      Family branding

    • B.

      Corporate branding

    • C.

      Own-label branding

    • D.

      Manufacturer's branding

    Correct Answer
    A. Family branding
    Explanation
    Family branding refers to the strategy of using a unified brand name for a range of products offered by a firm. This approach helps to build customer loyalty and trust by creating a strong brand identity that extends across different product categories. By associating multiple products with a single brand name, the firm can leverage the positive reputation and recognition of the brand to enhance the perceived value of its offerings. This can result in increased customer loyalty and repeat purchases, as well as a more cohesive and recognizable brand image in the market.

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  • 49. 

    Which type of branding can benefit from economies of scope in advertising?

    • A.

      Individual

    • B.

      Umbrella

    • C.

      Corporate

    • D.

      Own-label

    Correct Answer
    B. Umbrella
    Explanation
    Umbrella branding refers to a marketing strategy where a company uses a single brand name for multiple related products. This type of branding can benefit from economies of scope in advertising because it allows the company to promote multiple products under one brand, resulting in cost savings. By leveraging the reputation and recognition of the umbrella brand, the company can reach a wider audience and achieve greater advertising efficiency. Therefore, umbrella branding is the type of branding that can benefit from economies of scope in advertising.

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  • 50. 

    When customers are reluctant to switch away from purchasing their favourite brand of a particular product, this is known as:

    • A.

      Brand dependability

    • B.

      Brand loyalty

    • C.

      Brand fidelity

    • D.

      Brand development

    Correct Answer
    B. Brand loyalty
    Explanation
    Brand loyalty refers to the tendency of customers to continue purchasing a particular brand of a product even when other options are available. It is characterized by a strong emotional attachment and trust towards the brand, which makes customers reluctant to switch to other brands. This loyalty is often built over time through positive experiences, consistent quality, and effective marketing strategies employed by the brand.

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