Marketing Short Quiz

Question 1

Knowing the customer’s needs and providing them with products, services, and experiences is essential to build a profitable relationship.

True or False

Answer 1

True

Question 2

This relationship is the basis for earning enough profit to keep the business going and growing. An essential element in this relationship is the quality of the product and services you offer.

Answer 2

Profitable Relationship

Question 3

Generally described as a “thing created by labor or effort.” Sometimes, it is defined as an “outcome of an act or a process.”

Answer 3

Product

Question 4

▪︎Aything that may be supplied to a market that may satisfy a demand, need or want.
▪︎Are made from raw materials and marketed as completed goods by the manufacturing industry.

Answer 4

Product

Question 5

Products in the retail sector.

Answer 5

Merchandise

Question 6

The company’s project management plan sets the product’s objectives which include the product’s position, specifications, and role in building and strengthening the brand’s relationship with its customers.

True or False

Answer 6

True

Question 7

Refers to the 4Ps of marketing: product, price, place, and promotion. These are the essential components of marketing a product or service, and they interact heavily with one another.

Answer 7

Marketing Mix

Question 8

Refers to the goods or services being offered by the business. It must perform at a minimal level meaning the customer must perceive its value; otherwise, even the most tremendous effort on the other marketing mix components would be ineffective.

Answer 8

Product

Question 9

Refers to how much the customer must pay to obtain a product or service. It is determined by the cost of manufacturing, the characteristics of the target market segment, supply and demand, and a variety of other direct and indirect considerations.

Answer 9

Price

Question 10

Refers to how the product will reach the customers. The primary goal is to make the product attractive and accessible to the target market.

Answer 10

Place

Question 11

Refers to all operations to make the product or service known to the target market. These operations include advertising, word-of-mouth, newspaper coverage, incentives, commissions, and trade awards.

Answer 11

Promotion

Question 12

▪︎A collection of characteristics (features, functions, advantages, and uses) that a person may perceive as valuable.
▪︎Anything a company supplies to provide client happiness.
▪︎May be material or intangible such as a concept (recycling), a physical object (a pair of jeans), a service (banking), or a combination of the three.
▪︎Everything made available to the consumer.

Answer 12

Product

Question 13

▪︎A form of intangible products offered to consumers.
▪︎When one purchased, it does not result in an exchange of ownership between the provider and receiver. ▪︎Customers consume the activities, benefits, and satisfaction of service while it is being provided.

Answer 13

Service

Question 14

It is vital to determine what distinguishes your products from others. One way to do this is to offer an associated experience together with consuming the product or service.

Answer 14

Experience

Question 15

Products and services are key elements of the overall marketing mix.

True or False

Answer 15

True

Question 16

The degree to which a product corresponds to its perceived value at the time of purchase.

Answer 16

Satisfaction

Question 17

A consumer is only pleased if the actual value equals or surpasses the perceived value and how the product is up to its expectations.

True or False

Answer 17

True

Question 18

The degree to which product lines are tied to one another.

Answer 18

Product Consistency or Reliability

Question 19

Number of product lines supplied by a corporation. It is also known as its breadth.

Answer 19

Product Width

Question 20

Number of variants within a product line.

Answer 20

Product Depth

Question 21

Total number of goods in a company’s product mix.

Answer 21

Product Length

Question 22

Refers to a company’s whole variety of goods and services that aim to satisfy customer needs and wants.

Answer 22

Product Mix (product assortment or product portfolio)

Question 23

Companies develop their product portfolio to diversify their market offerings.

True or False

Answer 23

True

Question 24

Levels of Products

Answer 24

Core Benefit
Generic Product
Expected Product
Augmented Product
Potential Product

Question 25

The underlying need or want that the consumer meets when they purchase the goods.

Answer 25

Core Benefit

Question 26

Stripped-down version of the product that has only the functionality required to function.

Answer 26

Generic Product

Question 27

Collection of attributes that buyers anticipate when purchasing a product.

Answer 27

Expected Product

Question 28

Any product modifications, extra features, or services that differentiate the product from its rivals.

Answer 28

Augmented Product

Question 29

Contains all future improvements and adjustments to the product.

Answer 29

Potential Product

Question 30

▪︎Low-cost item that should take the least amount of work on buyers part to pick and acquire.
▪︎Marketing approach is widespread distribution.
▪︎These items are usually low value and considerably standardized. Thus, marketers must raise brand awareness and recognition to a high level.

Answer 30

Convenience Products

Question 31

▪︎More expensive and are purchased on a sporadic basis.
▪︎Consumers weigh several options to assess quality, cost, and features before purchasing.
▪︎The brand’s ability to differentiate itself frequently is crucial in generating sales.

Answer 31

Shopping Products

Question 32

Two types of shopping products:

Answer 32

Heterogeneous
Homogeneous

Question 33

▪︎Products are one-of-a-kind.
▪︎Focused on finding the correct match for your needs or wants than on price alone.

Answer 33

Heterogeneous

Question 34

▪︎Products are pretty comparable.
▪︎Has varying pricing points for particular features, but the core functionality of all of the versions is relatively similar.
▪︎Lowest price is typically sought.

Answer 34

Homogeneous

Question 35

▪︎One-of-a-kind that going to tremendous efforts to acquire and purchase them is worthwhile.
▪︎Custom-made, one-of-a-kind, and branded

Answer 35

Specialty Products

Question 36

▪︎Ones that customers never intend or aspire to purchase. These are either things that clients are unaware of or products the consumer thinks they will never need.
▪︎Marketing Approach: Aggressive sales approaches.

Answer 36

Unsought Products

Question 37

Starts when it is presented to the consumers and ends when it is removed from the shelves.

Answer 37

Product Life Cycle

Question 38

Stages of Product Life Cycle

Answer 38

Introduction
Growth
Maturity
Decline

Question 39

▪︎Developing the product or service to be offered and its market strategy.
▪︎to raise customer awareness ofTthe product and its advantages.
▪︎Sales tend to be slow as demand is just being built.

Answer 39

Introduction

Question 40

▪︎Growing demand should result in increased manufacture and increased availability of the product.
▪︎Branding becomes increasingly crucial to keep your market position.

Answer 40

Growth

Question 41

▪︎Peak or Market saturation
▪︎Many customers will have bought the product, and competitors will have established themselves.
▪︎Retailers will become distributors and order takers.

Answer 41

Maturity

Question 42

▪︎Other companies offer additional product features or lower pricing.
▪︎May be triggered by new technologies that outperform your current product.

Answer 42

Decline

Question 43

The marketing mix encompasses the four Ps of marketing: product, price, placement, and promotion. These are the essential components of marketing a product or service, and they interact heavily with one another.

True or False

Answer 43

True

Question 44

Product life cycle refers to when a product is presented to your consumers and when it is removed from the shelves. A product’s life cycle is split into four stages: introduction, growth, maturity, and decline.

True or False

Answer 44

True

Question 45

A consumer is only pleased if the actual value equals or surpasses the perceived value.

True or False

Answer 45

True