The Marketing Mix Concepts! Trivia Quiz

2.

What are the 5 stages of the Product Life Cycle diagram?

Introduction
Price Movement
Development
Sales Revenue
Growth
Demand
Maturity
Differentiation
Decline

Correct Answer(s)

A. Introduction
A. Development
A. Growth
A. Maturity
A. Decline

Explanation

The correct answer is Introduction, Development, Growth, Maturity, Decline. This is because the product life cycle refers to the stages that a product goes through from its introduction to the market until its eventual decline. The introduction stage is when the product is first launched and gains initial awareness and sales. The development stage involves refining the product and expanding its market reach. The growth stage is characterized by increased sales and market acceptance. The maturity stage is when the product reaches its peak sales and market saturation. Finally, the decline stage is when sales start to decline due to market saturation or obsolescence.

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3.

Sales volume increases significantly is an example of the 'Growth' stage of the Product Life Cycle Diagram.

True
False

Correct Answer

A. True

Explanation

http://en.wikipedia.org/wiki/Product_lifecycle_(marketing)#Product_life_cycle_.28PLC.29

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4.

Sales volume increases is an example of the 'Decline' stage of the Product Life Cycle Diagram.

True
False

Correct Answer

A. False

Explanation

The statement is false because sales volume increasing is not an example of the 'Decline' stage of the Product Life Cycle Diagram. The decline stage is characterized by a decrease in sales and market demand for a product. When sales volume increases, it usually indicates that the product is in the growth or maturity stage of the life cycle, where demand is still strong and expanding.

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1

5.

Costs are very high is an example of the 'Introduction' stage of the Product Life Cycle Diagram.

True
False

Correct Answer

A. True

Explanation

The statement "Costs are very high" indicates that the product is in the introduction stage of the product life cycle. During this stage, companies typically invest heavily in research and development, marketing, and production, resulting in high costs. As the product gains market acceptance and competition increases, costs tend to decrease in subsequent stages. Therefore, the statement aligns with the characteristics of the introduction stage, making the answer true.

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6.

Increase in competitors entering the market is an example of the 'Maturity' stage of the Product Life Cycle Diagram.

True
False

Correct Answer

A. True

Explanation

An increase in competitors entering the market indicates that the market is becoming saturated and reaching the maturity stage of the product life cycle. In the maturity stage, the market becomes more competitive as more companies enter and try to gain market share. This is because the product has already been adopted by a large portion of the target market, and there is limited room for growth. As a result, companies focus on differentiating their products and finding new ways to attract customers in order to maintain their market position.

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7.

Price skimming is:

When a retailer sets a low price for a product first, then increases the price over time.
When customers get to choose the price of the product, and the retailer adds 10%.
When a retailer sets a high price for a product first, then decreases the price over time.

Correct Answer

A. When a retailer sets a high price for a product first, then decreases the price over time.

Explanation

http://en.wikipedia.org/wiki/Price_skimming

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8.

'Cost-plus pricing' is when the business calculates the cost of the product, and then adds a percentage to it, in order to make a profit.

True
False

Correct Answer

A. True

Explanation

Cost-plus pricing is a common pricing strategy used by businesses. It involves calculating the total cost of producing a product, including materials, labor, and overhead expenses, and then adding a predetermined profit margin or percentage to determine the selling price. This ensures that the business covers its costs and generates a profit. Therefore, the statement that "cost-plus pricing is when the business calculates the cost of the product and then adds a percentage to it in order to make a profit" is true.

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9.

'Penetration pricing' is when a business sets a low price first, in order to attract new customers.

True
False

Correct Answer

A. True

Explanation

Penetration pricing is a pricing strategy where a business initially sets a low price for its products or services in order to attract new customers. This strategy is often used to quickly gain market share and create a customer base. By offering a lower price compared to competitors, the business aims to encourage customers to switch from other brands and try their products. This can help the business establish itself in the market and build customer loyalty over time. Therefore, the statement "Penetration pricing is when a business sets a low price first, in order to attract new customers" is true.

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10.

What are the two 'types' of promotion?

Above the line promotion.
Running through the streets of Hamilton with an All Blacks flag.
Giving Mr P chocolate for being a great teacher.
Below the line promotion.

Correct Answer(s)

A. Above the line promotion.
A. Below the line promotion.

Explanation

The correct answer is "Above the line promotion" and "Below the line promotion". Above the line promotion refers to advertising through mass media channels such as television, radio, and print media. It aims to reach a wide audience and create brand awareness. Below the line promotion, on the other hand, involves direct marketing activities such as direct mail, email marketing, and sales promotions. It focuses on targeting specific individuals or groups and aims to generate immediate sales or responses.

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11.

The three basic objectives of 'promotion' are:

To present information to consumers as well as others.
To take over the world.
To increase the prices of milk.
To give Sonny Bill Williams more money.
To increase demand.
To take away the money from the rich and give to the poor.
To differentiate a product.
To make life easy.

Correct Answer(s)

A. To present information to consumers as well as others.
A. To increase demand.
A. To differentiate a product.

12.

Steve Jobs is the CEO of Apple

True
False

Correct Answer

A. False

Explanation

The given statement is false because Steve Jobs is not the current CEO of Apple. He was the co-founder and former CEO of Apple, but he passed away in 2011. The current CEO of Apple is Tim Cook.

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The Marketing Mix Concepts! Trivia Quiz

What are the four Ps of the Marketing Mix?

Quiz Preview

What are the 5 stages of the Product Life Cycle diagram?

Sales volume increases significantly is an example of the 'Growth' stage of the Product Life Cycle Diagram.

Sales volume increases is an example of the 'Decline' stage of the Product Life Cycle Diagram.

Costs are very high is an example of the 'Introduction' stage of the Product Life Cycle Diagram.

Increase in competitors entering the market is an example of the 'Maturity' stage of the Product Life Cycle Diagram.

Price skimming is:

'Cost-plus pricing' is when the business calculates the cost of the product, and then adds a percentage to it, in order to make a profit.

'Penetration pricing' is when a business sets a low price first, in order to attract new customers.

What are the two 'types' of promotion?

The three basic objectives of 'promotion' are:

Steve Jobs is the CEO of Apple