MARKETING quiz

Question 1

Product Life Cycle

Answer 1

Introduction
Growth Stage
Maturity Stage
Decline Stage

Question 2

tangible products which normally survive many uses.

Answer 2

Durable goods

Question 3

are those used in the production of other goods.

Answer 3

Industrial Goods

Question 4

In this Stage, the market is shrinking, reducing the overall amount of profit that can be shared amongst the remaining competitors. At this stage, great care has to be taken to manage the product carefully. It may be possible to take out some production cost, to transfer production to a cheaper facility, sell the product into other, cheaper markets. Care should be taken to control the amount of stocks of the product. Ultimately, depending on whether the product
remains profitable, a company may decide to end the product.

Answer 4

Decline Stage

Question 5

those that the consumers seek to buy and they are not willing or they are not able to accept substitute.

Answer 5

Specialty goods

Question 6

those which are purchased with a minimum of effort.

Answer 6

Convenience goods

Question 7

those that are bought only after an effort to compare
with other goods is made

Answer 7

Shopping goods

Question 8

this is characterized by rapid growth in sales and profits. Profits arise due to an increase in output (economies of scale)and possibly better prices. At this stage, it is cheaper for businesses to invest increasing their market share as well as enjoying the overall growth of the market. Accordingly, significant promotional resources are traditionally invested in products that are firmly in the Growth Stage.

Answer 8

Growth Stage

Question 9

The rate of consumption and tangibility

Answer 9

Durable goods
Nondurable goods
Services

Question 10

Classification of Consumer goods

Answer 10

1. The rate of consumption and tangibility
2. The consumer’s shopping habits

Question 11

intangible goods like activities, benefits or satisfaction which are offered for sale.

Answer 11

Services

Question 12

2. The consumer’s shopping habits.

Answer 12

Convenience goods
Shopping goods
Specialty goods
Unsought goods

Question 13

are those that are not yet wanted by or are still unknown to the consumer.

Answer 13

Unsought goods

Question 14

this is one of the variables in the marketing mix and can be unique so
it will be more attractive to buyers

Answer 14

product

Question 15

Category of Industrial goods

Answer 15

1. Installations
2. Accessory equipment
3. Raw materials
4. Component parts and materials
5. Supplies
6. Services

Question 16

In product differentiation, the following tools are considered:

Answer 16

1. Branding
2. Quality
3. Image
4. Product features
5. Packaging
6. Location
7. Promotion
8. Innovation
9. Different service levels

Question 17

Stage market size and growth is slight. it is possible that substantial research and development costs have been incurred in getting the product to this stage.

It is highly unlikely that companies will make profits on products at this stage

Products at this stage have to be carefully monitored to ensure that they start to
grow. Otherwise, the best option may be to withdraw or end the product.

Answer 17

Introduction

Question 18

This is, perhaps, the most common stage for all markets. it is in this stage that competition is most intense as companies fight to maintain their market share. Here, both marketing and finance become key activities. Marketing spend has to be monitored carefully, since any significant moves are likely to be copied by competitors. The Maturity Stage is the time when most profit is earned by the market as a whole. Any expenditure on research and development is likely to be restricted to product modification and improvement and perhaps to improve production efficiency and quality

Answer 18

Maturity Stage

Question 19

tangible products which are consumed in one or a few uses

Answer 19

Nondurable goods

Question 20

Classification of Products

Answer 20

1. Consumer goods
2. Industrial goods

Question 21

Anything offered for sale by the firm to buyers to satisfy their wants and needs.

Answer 21

product