What Is Product Planning

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  • 1/18 Questions

    An alteration in a company's existing product is called a product

    • Change
    • Modification
    • Expansion
    • Development
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About This Quiz

Explore the essentials of product planning with this quiz. Understand key concepts such as product mix, product lines, and product items. Learn about product width and the initial steps of new product development. Ideal for learners in business and marketing.

What Is Product Planning - Quiz

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  • 2. 

    A specific model, brand or size of a product within a product line.

    • Product item

    • Product mix

    • Product line

    • Product width

    Correct Answer
    A. Product item
    Explanation
    A product item refers to a specific model, brand, or size of a product within a product line. It is a distinct variation of a product that is offered to consumers. For example, within a product line of smartphones, different product items may include different models such as iPhone 11, Samsung Galaxy S20, or Google Pixel 4. Each product item has its own unique features, specifications, and price points, catering to different customer preferences and needs.

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  • 3. 

    The first step in new product development is

    • Screening ideas

    • Generating ideas

    • Developing the product

    • Introducing the product

    Correct Answer
    A. Generating ideas
    Explanation
    The first step in new product development is generating ideas. This involves brainstorming and gathering various concepts and possibilities for a new product. It is crucial to generate a wide range of ideas to ensure creativity and innovation. Once the ideas are generated, they can be evaluated and screened to determine their feasibility and potential for success. This initial step sets the foundation for the rest of the product development process.

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  • 4. 

    The name of our your store in the DECA role play was

    • Save More Super Market

    • Savers Grocery Store

    • Save and Shop Super Market

    • Stop and Save

    Correct Answer
    A. Save More Super Market
    Explanation
    The correct answer is Save More Super Market.

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  • 5. 

    The earlier a product can be brought to market, the greater the chance that revenues and profits will be high.

    • True

    • False

    Correct Answer
    A. True
    Explanation
    Bringing a product to market earlier increases the likelihood of generating higher revenues and profits. This is because being an early entrant in the market allows a company to capture a larger share of the market before competitors enter. It gives the company a competitive advantage, as they can establish brand recognition, customer loyalty, and secure a strong market position. Additionally, early entry enables companies to set higher prices initially, before competition drives prices down. Overall, by entering the market early, a company can maximize its chances of achieving high revenues and profits.

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  • 6. 

    The DECA role play asks you to present ideas and strategies for increasing sales of

    • International products

    • Store brand products

    • Name brand products

    • Sale products

    Correct Answer
    A. Store brand products
    Explanation
    In this DECA role play, the task is to come up with ideas and strategies to boost sales. The correct answer is "store brand products" because focusing on promoting and increasing sales of store brand products can be a smart approach. Store brand products are typically exclusive to a particular retailer and offer competitive pricing and quality, making them an attractive option for customers. By emphasizing the benefits and value of store brand products, such as cost savings and comparable quality, the sales can be effectively increased.

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  • 7. 

    How many performance indicators are on your DECA role play

    • 3

    • 4

    • 5

    • 6

    Correct Answer
    A. 5
    Explanation
    The correct answer is 5. This suggests that there are 5 performance indicators on the DECA role play. Performance indicators are specific skills or areas of knowledge that are evaluated during the role play. These indicators help assess the participant's ability to demonstrate key competencies required for success in the DECA program.

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  • 8. 

    This includes all the different products that a company makes or sells.

    • Product mix

    • Product item

    • Product line

    • Product width

    Correct Answer
    A. Product mix
    Explanation
    The term "product mix" refers to the complete range of products that a company offers to its customers. It includes all the different types of products that the company produces or sells. This can include variations in size, color, features, or any other distinguishing factors. The product mix is an important aspect of a company's marketing strategy as it allows them to cater to a wider range of customer needs and preferences.

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  • 9. 

    According to one study, new products account for what percent of total sales for major consumer goods.

    • Fifteen percent

    • Thirty five percent

    • Sixty five percent

    Correct Answer
    A. Thirty five percent
    Explanation
    According to one study, new products account for 35% of total sales for major consumer goods.

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  • 10. 

    Your job in the DECA role was

    • Sales associate

    • Assistant manager

    • Manager

    • Cashier

    Correct Answer
    A. Assistant manager
    Explanation
    The given correct answer for this question is "assistant manager". This means that the person's job in the DECA role was an assistant manager.

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  • 11. 

    Red Lobster restaurants specialize in seafood dinners, they have a narrow product line but great

    • Width

    • Depth

    • Length

    • Area

    Correct Answer
    A. Depth
    Explanation
    Red Lobster restaurants specialize in seafood dinners, indicating that they have a focused and specific product line. The term "depth" refers to the extent to which a product line is specialized and concentrated. In this context, "depth" accurately describes Red Lobster's narrow focus on seafood, suggesting that they offer a wide variety of seafood options rather than a broad range of different types of food. Therefore, "depth" is the most suitable term to describe Red Lobster's product line.

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  • 12. 

    A group of closely related products manufactured and/or sold by a business.

    • Product line

    • Product item

    • Product width

    • Product mix

    Correct Answer
    A. Product line
    Explanation
    A product line refers to a group of closely related products manufactured and/or sold by a business. This means that the business offers a range of similar products that cater to different customer needs or preferences. The product line can include variations of a specific product, different models or sizes, or even different product categories that serve a similar purpose. It allows the business to target a wider customer base and provide options to meet various requirements.

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  • 13. 

    Prototypes are created during which step of product development

    • Screening ideas

    • Developing the product

    • Introducing the product

    • Testing the product

    Correct Answer
    A. Developing the product
    Explanation
    During the step of developing the product, prototypes are created. This is because developing the product involves designing and refining the product concept, creating detailed specifications, and building physical or virtual models to test and evaluate the product's functionality, features, and design. Prototypes are essential in this stage as they allow for iterative testing and refinement before moving forward with full-scale production.

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  • 14. 

    Seeking to increase profits, retailers will handle only fast moving and profitable items. Often retailers will carry only those products whose stock turnover exceeds a certain number of turns per month. This is an example of deleting a product because

    • The product conflicts with other products in the same product line

    • The product is dropped to make room for other products

    • The product has lost its appeal

    • The product is no longer profitable

    Correct Answer
    A. The product is no longer profitable
    Explanation
    Retailers will handle only fast-moving and profitable items in order to increase profits. They often carry products that have a high stock turnover, meaning they sell quickly. However, if a product is no longer profitable, retailers may choose to delete it from their inventory. This decision is based on the fact that the product is no longer generating enough revenue to justify its presence in the store.

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  • 15. 

    Changing interests and technology have caused many products to be dropped. This is an example of deleting a product line because

    • The product is obsolete

    • The product has lost its appeal

    • The product is no longer profitable

    • The product does not match current company objectives

    Correct Answer
    A. The product is obsolete
    Explanation
    Changing interests and technology often lead to products becoming outdated or obsolete. As a result, companies may choose to delete these products from their product line to make way for newer and more relevant offerings. This ensures that the company stays competitive and aligns with current market trends.

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  • 16. 

    This refers to the number of of different product lines a business manufactures or sells.

    • Product width

    • Product depth

    • Product line

    • Product mix

    Correct Answer
    A. Product width
    Explanation
    Product width refers to the number of different product lines a business manufactures or sells. It indicates the variety of products offered by a company within a particular industry or market. A business with a wide product width offers a diverse range of product lines, catering to different customer needs and preferences. This allows the company to target a larger customer base and potentially increase its market share. Conversely, a narrow product width indicates a limited range of product lines, which may restrict the company's ability to attract a wide range of customers.

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  • 17. 

    A relatively quick and easy way to add new products to a companys product line is by

    • Product modifications

    • Product expansion

    • Developing new products

    Correct Answer
    A. Product modifications
    Explanation
    Product modifications refer to making changes or improvements to existing products in a company's product line. This can involve altering features, design, packaging, or functionality of the product. By making modifications, the company can introduce new variations of its existing products without the need for extensive research and development or starting from scratch. This allows for a relatively quick and easy way to expand the product line and cater to different customer preferences or market demands.

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  • 18. 

    A retailer that stocks several different brands of jeans such as Levis, Lee and Wrangler is demonstrating product

    • Width

    • Depth

    • Line

    • Mix

    Correct Answer
    A. Width
    Explanation
    The correct answer is "width". A retailer that stocks several different brands of jeans is demonstrating product width, which refers to the variety or range of different brands or options available. In this case, the retailer offers a wide selection of jeans from different brands like Levis, Lee, and Wrangler, indicating a diverse product width. This showcases the retailer's ability to cater to different customer preferences and provides more choices for consumers.

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Quiz Review Timeline (Updated): Oct 12, 2023 +

Our quizzes are rigorously reviewed, monitored and continuously updated by our expert board to maintain accuracy, relevance, and timeliness.

  • Current Version
  • Oct 12, 2023
    Quiz Edited by
    ProProfs Editorial Team
  • Jan 26, 2012
    Quiz Created by
    Jfoisy
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