BUS 101 Chapter 12
Presentation
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Business
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University
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Practice Problem
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Hard
Whitney Marcengill
FREE Resource
43 Slides • 20 Questions
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3
Multiple Choice
What is the role of product in the marketing mix?
To determine pricing strategies
To identify distribution channels
To classify promotional activities
To develop, classify, and identify products
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5
Multiple Choice
Which of the following is a key factor in identifying a target market?
Product features
Consumer needs and preferences
Competitor pricing
Advertising budget
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7
Multiple Choice
What is one of the problems facing new product development?
High competition
Long development time
Limited market research
High production costs
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9
Multiple Choice
What is the last stage in the product development process?
Idea development
New idea screening
Commercialization
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11
Multiple Choice
Which of the following is an internal source for idea development in new product strategy?
Marketing research
Ad agencies
Consultants
Customers
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Multiple Choice
Which step in the product development process involves brainstorming and coming up with new ideas for a product?
Market Research
Idea Generation
Product Design
Product Launch
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Multiple Choice
What type of product requires buyers to expend effort on planning and making the purchase?
Convenience product
Shopping product
Specialty product
Impulse product
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Multiple Choice
Which of the following is NOT considered a business product?
Raw materials
Major equipment
Accessory equipment
Food products
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Multiple Choice
What does product mix refer to?
A group of closely related products
All products offered by an organization
A single product's marketing strategy
A production process for a product line
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Multiple Choice
During this stage, products sales increase profits start to be made. A business may need to increase outlets to reach new markets.
Introduction
Growth
Maturity
Decline
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Multiple Choice
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Multiple Choice
Name the process of creating a unique name and image for a product in the minds of consumers?
Product positioning
Repositioning
Branding
Labelling
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Multiple Choice
What are the three types of product strategies mentioned?
Manufacturer brands
Private distributor brands
Generic products
All of the above
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Multiple Choice
What are the key functions of packaging in product strategy?
Influences consumers' attitudes
Contains ingredients
Reflects quality
Provides protection
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Multiple Choice
What are the key elements that determine the price of a product?
Consumer response to price
Production costs
Perceived value in the marketplace
All of the above
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Multiple Choice
What are the four common pricing objectives in marketing?
Maximizing profits
Boosting market share
Maintaining status quo
All of the above
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Open Ended
What is the concept of psychological pricing and how does it influence consumer behavior?
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39
Multiple Choice
What are the types of discounts mentioned in the pricing strategy?
Quantity
Seasonal
Promotional
All of the above
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Open Ended
How do companies use a combination of distribution channels? Explain.
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Multiple Choice
What are the three utilities that retailers provide according to the distribution strategy?
Place utility
Time utility
Ownership utility
All of the above
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