MARKETING QUIZ

CHAPTER - PRODUCT

 Anything that can be offered to a market for attention, acquisition, use, or consumption that might satisfy a want or need is called a(n): a. idea. b. demand. c. product. d. service.

 Marketing planning begins with the formulation of an offering to ________ target customers needs or wants. a. exceed b. meet c. capture
d. compete with
e. comprehend

In planning its market offering, the marketer needs to address five product levels. These levels include all of the following EXCEPT ________. a. potential product b. augmented product c. core benefit d. basic product e. product usage/purpose

The five product levels constitute ________. At each level more customer value is added. a. customer augmented product b. customer consumption system c. customer value hierarchy d. customer perceived value e. customer hierarchy

Marketers have traditionally classified products on the basis of characteristics: ________, tangibility, and use. a. customer value hierarchy b. expected c. augmented d. durability e. none of the above

When companies search for new ways to satisfy customers and distinguish their offering from others, they look at the ________ product, which encompasses all the possible augmentations and transformations of the product. a. consumption system b. expected c. potential d. augmented e. basic

The vast array of goods consumers buy can be classified on the basis of shopping habits. We can distinguish among convenience, ________, specialty, and unsought goods. a. must haves b. impulse c. shopping d. business e. functional

The consumer usually purchases ________ frequently, immediately, and with a minimum of effort. a. specialty goods b. shopping goods c. must haves goods d. personal goods e. convenience goods

________ are similar in quality but different enough in price to justify shopping comparisons. a. Emergency goods b. Homogeneous shopping goods c. Heterogeneous shopping goods d. Specialty goods e. None of the above

Examples of products such as insurance, cemetery plots, and smoke detectors, are examples of ________ that are products that the consumer does not know about or does not normally think of buying. a. specialty goods b. unsought goods c. heterogeneous shopping goods d. homogeneous shopping goods e. none of the above

A ________ is the set of all products and items a particular seller offers for sale. a. product line b. product mix c. family of products d. product system e. product class

The ________ of the product mix refers to how closely related the various product lines are in end use, production requirements, distribution channels, or some other way. a. consistency b. depth c. width d. length e. composition

 ________ occurs when a company lengthens its product line beyond its current range. a. Market reach b. Product reach c. Product adaptations d. Line shrinking e. Line stretching

When a company positioned in the middle market may want to introduce a lower-priced product line this is an example of ________. a. product-line length b. up-market stretch c. down-market stretch d. maintenance e. none of the above

The product life cycle presents two major challenges. First, a firm must be good at developing new products to replace aging ones. Second, a firm must be good at: a. adapting its marketing strategies in the face of changing tastes, technologies, and competition as products pass through life-cycle stages. b. image building to ensure that products sell well. c. primary demand forecasting so product winners can be chosen rather than making poor investments with product losers. d. acquisition of other companies since this is the only real way to ensure new product success--go with what has worked in the past.

The ______________ is characterized by five distinct stages: product development, introduction, growth, maturity, and decline. a. adoption cycle b. fashion process c. product life cycle d. style curve

With respect to the product life cycle, the _____________ begins when the company finds and develops a newproduct idea. a. product development stage b. introduction stage c. growth stage d. maturity stage

With respect to the product life cycle, the ______________ is a period of slow sales growth as the product is introduced in the market. a. product development stage b. introduction stage c. growth stage d. maturity stage

With respect to the product life cycle, the _______________ is a period of rapid market acceptance and increasing profits. a. product development stage b. introduction stage c. growth stage d. maturity stage

With respect to the product life cycle, the ________________ is a period of slowdown in sales growth because the product has achieved acceptance by most potential buyers. a. product development stage b. introduction stage c. growth stage d. maturity stage

With respect to the product life cycle, the __________________ is the period when sales fall off and profits drop. a. decline stage b. introduction stage c. growth stage d. maturity stage

An increase in competition, attracted by the opportunities for profit, is typical of which stage of the product life cycle? a. decline stage b. introduction stage c. growth stage d. maturity stage

As a product reaches its decline stage of the PLC, management may decide to __________ the product, which means reducing various costs a. disengage b. drop c. harvest d. cultivate

 The stage in the product life cycle that focuses on using a cost-plus formula and creating product awareness and trial is the: a. decline stage. b. introduction stage. c. growth stage. d. maturity stage.