Marketing Mix: Product, Price And Place Quiz Questions!

This statement is false. A product is actually something that is created or designed to fulfill customer needs or wants. It is a tangible or intangible item that is offered in the market for purchase or consumption. Therefore, a product is capable of satisfying customer needs, making the given answer incorrect.

The statement is true because a product range refers to a group of similar products that are offered by the same business. It includes different variations of a product or different products within a specific category. This allows the business to cater to different customer preferences and needs, providing a wider selection for consumers to choose from.

Dairy milk and freddo are not a brand extension because both products are already under the same brand name "Cadbury." While the other options involve using the brand name on a new product with similar brand characteristics, Dairy Milk and Freddo are both existing products under the Cadbury brand. Therefore, they cannot be considered brand extensions.

Promotion is not a way of product differentiation because it refers to the marketing activities used to communicate and persuade customers about the benefits and features of a product. While promotion can help create awareness and generate interest in a product, it does not inherently differentiate the product itself from competitors. Product differentiation is achieved through factors such as branding, performance, and distinctive design, which make the product unique and stand out in the market.

The given answer is correct because it provides the missing words that complete the list of parts of a product. The first missing word is "materials" which refers to the substances used to make the product. The second missing word is "Design" which relates to the visual appearance and layout of the product. The third missing word is "packaging" which refers to the container or wrapping in which the product is presented. These three elements are essential components in the overall specification and styling, as well as the functions and benefits of a product.

Tesco own brand is not considered a premium brand because it is a store brand or private label brand, which typically offers products at a lower price point compared to premium brands. Premium brands are usually associated with higher quality, exclusivity, and higher price tags. Heinz, Reggae Reggae, and Birds Eye are all well-known brands that are often considered premium brands in their respective categories.

The given answer lists the four factors in the Boston Matrix, which are star, problem child, cash cow, and dogs. The Boston Matrix is a tool used in strategic management to analyze a company's product portfolio. Stars are products with high market share and high market growth, problem child refers to products with low market share but high market growth potential, cash cows are products with high market share but low market growth, and dogs are products with low market share and low market growth. These factors help in categorizing products and determining appropriate strategies for each category.