Take the quiz test your understanding of the key concepts covered in the chapter. Try testing yourself before you read the chapter to see where your strengths and weaknesses are, then test yourself again once you’ve read the chapter to see how well you’ve understood. Show
1. The marketing mix is often known as the 3Ps. True or false? True False 2. Firms rarely compete on the basis of their products’ physical features alone. True or false? True False 3. Capital goods are usually classified as consumer products. True or false? True False 4. Most new products are commercial failures. True or false? True False 5. The product life cycle is widely used as it is a precise and reliable sales forecasting tool. True or false? True False 6. What is the general term for products that have a physical form (i.e. you can touch them)?
7. What is the core product or benefit of a winter coat?
Answer: d. the warmth it provides 8. Where does after-sales service fit into the total product offering?
Answer: d. augmented product 9. Where does brand image fit into the total product offering?
Answer: e. perceived product 10. Which of the following could be classed as a durable good?
Answer: a. washing machine 11. What is a staple product?
Answer: d. something people always like to have and so purchase regularly (e.g. soap) 12. Mary is getting married and she wants everything on the day to be perfect, especially the dress. What kind of product is a wedding dress?
13. Coca-Cola has an easily identified logo (its name written in a flowing script) and is usually packaged in a red can or its famously curvy bottle. What do these elements combine to form?
Answer: c. brand identity 14. A retailer decides to launch its own version of Marmite. What kind of new product is this?
15. Teatimes Ltd. are famous for their speciality teas. They are about to introduce two new teas based on their best-selling English Breakfast blend: Welsh Afternoon tea and Scottish Nightcap tea. What kind of new products are these?
16. What is the final stage of the new product development process?
Answer: e. product launch 17. Visto is a much loved British drink, widely available in the UK but nowhere else. Lately sales have been falling and the big supermarkets have cut back on their orders. Which of the following is most likely to be a successful extension strategy for this well-established drink?
Answer: c. exporting it to other countries 18. What are the axes on the Boston Consulting Group (BCG) matrix labelled?
Answer: e. relative market share and market growth rate 19. The market for organic fruit is booming as more and more people try to follow a healthier lifestyle. The Green Apple Company is the UK market leader and able to command high prices for its excellent products, especially locally grown strawberries. Where are the strawberries most likely to be placed on the Boston Consulting Group (BCG) matrix?
20. According to the GE McKinsey matrix, the best strategy for a product in a strong competitive position in a highly attractive market would be to do what?
Answer: c. invest for growth 21. The 4Ps are product, promotion, place and ______. 22. The total package that makes up and surrounds a product including all supporting features such as branding, packaging, servicing and warranties is known as the total ______ offering. 23. Few companies sell just one product; some sell thousands. Their products are collectively referred to as their product ______. 24. FMCG stands for ______ consumer goods. 25. Truly new products, usually the result of a technological breakthrough such as the invention of laser surgery, are known as ______ products. What is a difference between a consumer product and a business product quizlet?Consumer products are products that are purchased for personal consumption, whereas business products are products that are used either directly or indirectly to produce other products.
Which of the following helps marketers see consumers as individuals with feelings and preferences?Psychographics is the qualitative methodology of studying consumers based on psychological characteristics and traits such as values, desires, goals, interests, and lifestyle choices. Psychographics in marketing focus on understanding the consumer's emotions and values, so you can market more accurately.
What are the four bases used to segment consumer markets?Demographic, psychographic, behavioral and geographic segmentation are considered the four main types of market segmentation, but there are also many other strategies you can use, including numerous variations on the four main types. Here are several more methods you may want to look into.
Which steps are involved in the market segmentation process quizlet? Segmentation (strategy or objectives, segmentation methods). Targeting (Evaluate segment attractiveness, select target market). Positioning (Identify and develop positioning strategy). |
A ______ is necessary for a consumer to differentiate between different products.
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