Product - meaning, features, attributes, product mix, product life cycle, new product planning and development, pricing policies and strategies - One Line Questions

1. What does the 'product mix' of a company represent? — All the products and product items a company offers for sale.
2. An example of psychological pricing is setting a price like $9.99 instead of $10.00. This is often referred to as: — Odd-even pricing
3. Which pricing strategy is used when a company prices products that must be used with a main product? — Captive-product pricing
4. Pricing of low-value by-products to get rid of them or make money from them is known as: — By-product pricing
5. Which phase of new product development involves introducing the product and its marketing program into realistic market settings? — Market testing
6. The stage where a new product idea is translated into a testable physical form is called: — Product development.
7. A company decides to sell its premium coffee makers at $199, while a competitor sells similar ones for $150. This pricing is likely influenced by: — Value-based pricing
8. Which pricing strategy involves setting prices primarily based on competitors' prices? — Going-rate pricing
9. Setting prices based on the perceived value of the product by the customer is known as: — Value-based pricing
10. Which pricing strategy involves setting prices slightly below, at, or slightly above competitors' prices? — Competitive pricing
11. In the 'Maturity' stage of the PLC, sales typically: — Remain stable or grow at a decreasing rate.
12. Which stage of the Product Life Cycle (PLC) is characterized by high marketing costs, low sales, and often negative profits? — Introduction
13. A strategy to extend the 'Maturity' stage of the PLC often involves: — Finding new uses for the product or targeting new markets.
14. What is a 'product line extension'? — Adding new versions or variations to an existing product line.
15. A product that is identical to existing products from competitors and offers no unique features is likely in which stage of its life cycle? — Maturity
16. Which PLC stage is marked by declining sales and profits, and companies may reduce marketing support or discontinue the product? — Decline
17. When a company introduces a product with a new brand name in an existing product category, it is called: — New brand
18. Using an established brand name to introduce a new product in a new category is known as: — Brand extension
19. Which of the following is a potential risk of 'penetration pricing'? — Difficulty in raising prices later.
20. In the 'Growth' stage of PLC, companies typically focus on: — Market share defense and brand building.
21. The strategy of offering multiple brands in the same product category is called: — Multibrands
22. What is the fundamental definition of a product in marketing? — Any tangible item or intangible service that can be offered to a market for acquisition, use, or consumption.
23. The 'augmented product' includes: — The actual product plus additional services and benefits that differentiate it from competitors.
24. Which of the following is a key challenge in the 'Introduction' stage of the PLC? — Significant costs for product development and promotion.
25. When a company offers a discount for buying multiple products together, it is using: — Bundle pricing
26. Which pricing strategy is often used for products with high perceived value and limited competition, especially in the early stages of the PLC? — Skimming pricing
27. A pricing policy where a company sets a relatively high price for a new product to maximize revenue from early adopters is called: — Skimming pricing
28. A strategy where a company prices a whole series of related items at different price points is called: — Product line pricing
29. New product planning and development typically begins with: — Idea generation and screening.
30. The final stage of new product development, involving full-scale production, distribution, and promotion, is known as: — Commercialization
31. The process of generating, evaluating, and selecting new product ideas is part of: — New product development
32. A company sells the same product in two different regions at different prices. This is an example of: — Geographical pricing
33. The decision to add new product lines, discontinue existing ones, or change the depth of product lines relates to the company's: — Product mix strategy
34. During the 'Growth' stage of the PLC, what is a common characteristic? — Profits begin to rise as production costs fall and demand increases.
35. What is 'bundle pricing'? — Offering a package of products at a single, reduced price.
36. What is 'promotional pricing'? — Temporarily reducing prices to increase short-run sales.
37. What is 'psychological pricing'? — Using prices that appeal to consumers' emotional buying tendencies.
38. Which of the following is NOT a typical feature of a product? — Exclusivity
39. What is the 'actual product' in marketing terms? — The physical product with its features, brand name, and packaging.
40. The 'core benefit' of a product refers to: — The fundamental service or benefit the customer is buying.
41. In marketing, what does the term 'attribute' of a product refer to? — The physical characteristics and benefits offered by the product.
42. What does the 'length' of a product mix refer to? — The total number of items across all product lines.
43. What is the primary goal of 'penetration pricing' strategy? — To capture a large market share quickly by setting a low initial price.
44. What is the main objective of 'business analysis' in new product development? — To review sales, costs, and profit projections for a new product.
45. What is the primary purpose of the 'idea screening' stage in new product development? — To evaluate new product ideas and eliminate those that are not viable.
46. A pricing strategy where a company adds a standard markup to the cost of the product is called: — Cost-plus pricing
47. Which dimension of the product mix refers to the number of different product lines the company carries? — Width
48. The number of versions of each product in a product line (e.g., different sizes, flavors) is referred to as the product mix's: — Depth
49. The degree to which the various product lines are related in end use, production requirements, distribution channels, or some other way is known as: — Consistency
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