Product - meaning, features, attributes, product mix, product life cycle, new product planning and development, pricing policies and strategies - Question Bank
1. The decision to add new product lines, discontinue existing ones, or change the depth of product lines relates to the company's:
2. Which of the following is a potential risk of 'penetration pricing'?
3. 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:
4. Which pricing strategy is often used for products with high perceived value and limited competition, especially in the early stages of the PLC?
5. The strategy of offering multiple brands in the same product category is called:
6. Using an established brand name to introduce a new product in a new category is known as:
7. When a company introduces a product with a new brand name in an existing product category, it is called:
8. What is a 'product line extension'?
9. A strategy to extend the 'Maturity' stage of the PLC often involves:
10. In the 'Growth' stage of PLC, companies typically focus on:
11. Which of the following is a key challenge in the 'Introduction' stage of the PLC?
12. The process of generating, evaluating, and selecting new product ideas is part of:
13. A product that is identical to existing products from competitors and offers no unique features is likely in which stage of its life cycle?
14. The 'augmented product' includes:
15. What is the 'actual product' in marketing terms?
16. The 'core benefit' of a product refers to:
17. When a company offers a discount for buying multiple products together, it is using:
18. What is 'promotional pricing'?
19. A strategy where a company prices a whole series of related items at different price points is called:
20. Pricing of low-value by-products to get rid of them or make money from them is known as:
21. Which pricing strategy is used when a company prices products that must be used with a main product?
22. A company sells the same product in two different regions at different prices. This is an example of:
23. An example of psychological pricing is setting a price like $9.99 instead of $10.00. This is often referred to as:
24. What is 'psychological pricing'?
25. Which pricing strategy involves setting prices slightly below, at, or slightly above competitors' prices?
26. What is 'bundle pricing'?
27. A pricing strategy where a company adds a standard markup to the cost of the product is called:
28. Setting prices based on the perceived value of the product by the customer is known as:
29. Which pricing strategy involves setting prices primarily based on competitors' prices?
30. What is the primary goal of 'penetration pricing' strategy?
31. A pricing policy where a company sets a relatively high price for a new product to maximize revenue from early adopters is called:
32. What is the main objective of 'business analysis' in new product development?
33. The final stage of new product development, involving full-scale production, distribution, and promotion, is known as:
34. Which phase of new product development involves introducing the product and its marketing program into realistic market settings?
35. The stage where a new product idea is translated into a testable physical form is called:
36. What is the primary purpose of the 'idea screening' stage in new product development?
37. New product planning and development typically begins with:
38. Which PLC stage is marked by declining sales and profits, and companies may reduce marketing support or discontinue the product?
39. In the 'Maturity' stage of the PLC, sales typically:
40. During the 'Growth' stage of the PLC, what is a common characteristic?
41. Which stage of the Product Life Cycle (PLC) is characterized by high marketing costs, low sales, and often negative profits?
42. The degree to which the various product lines are related in end use, production requirements, distribution channels, or some other way is known as:
43. What does the 'length' of a product mix refer to?
44. The number of versions of each product in a product line (e.g., different sizes, flavors) is referred to as the product mix's:
45. Which dimension of the product mix refers to the number of different product lines the company carries?
46. What does the 'product mix' of a company represent?
47. In marketing, what does the term 'attribute' of a product refer to?
48. Which of the following is NOT a typical feature of a product?
49. What is the fundamental definition of a product in marketing?