Quiz

Note: It is recommended that you save your response as you complete each question.
Question 1 (25 points)

Products, like people, can be viewed as having a life cycle. The product life cycle (PLC)
describes the stages a product goes through in the marketplace upon which product strategy may
be based.
List and describe each of the 5 stages of the PLC. For each stage, discuss the marketing objective
that operates during that stage. (15 points)
Now list and briefly explain three options an organization has when its product reaches the final
stage of the PLC (10 points).

Question 1 options:

Question 2 (3 points)
A ________ is some combination of products, services, information, or experiences provided to
consumers to satisfy a need or want.
Question 2 options:
A) market offering
B) value proposition
C) brand positioning
D) market segment
E) market mix
Question 3 (3 points)

Which of the following terms refers to sellers being preoccupied with their own products and
losing sight of underlying consumer needs?
Question 3 options:
A) vendor lock-in
B) marketing myopia
C) value proposition
D) conspicuous consumption
E) social loafing
Question 4 (3 points)
________ is the act of obtaining a desired object from someone by offering something in return.
Question 4 options:
A) Market offering
B) Confiscation
C) Valuation
D) Donation
E) Exchange
Question 5 (3 points)
Selecting which segments of a population to serve is called ________.
Question 5 options:
A) market segmentation
B) differentiation
C) positioning
D) target marketing
E) customization
Question 6 (3 points)
Which of the following marketing management orientations focuses primarily on improving
efficiencies along the supply chain?

Question 6 options:
A) marketing concept
B) production concept
C) selling concept
D) societal marketing concept
E) product concept
Question 7 (3 points)
The societal marketing concept seeks to establish a balance between ________.
Question 7 options:
A) marketing mixes and market offerings
B) customer-driven marketing and customer-driving marketing
C) customer lifetime value and customer equity
D) consumer short-run wants and consumer long-run welfare
E) an inside-out perspective and an outside-in perspective
Question 8 (3 points)
Which of the following is the first step in strategic planning?
Question 8 options:
A) formulating the key marketing strategies
B) defining the organizational mission
C) identifying the organization's weaknesses and the threats it faces
D) setting short-term goals
E) developing the business portfolio
Question 9 (3 points)
Which of the following is NOT a market-oriented business definition?
Question 9 options:
A) "We empower customers to realize their dreams."
B) "We create the Hilton experience."

C) "We bring innovation to every home."

D) "We sell success and status."
E) "We make high-quality consumer food products."
Question 10 (3 points)
According to the Boston Consulting Group approach, ________ provides a measure of market
attractiveness.
Question 10 options:
A) market growth rate
B) market penetration
C) market segmentation
D) product attribute
E) product design
Question 11 (3 points)
________ are low-growth, high-share businesses/products that need less investment to hold their
market share.
Question 11 options:
A) Stars
B) Cash cows
C) Bears
D) Dogs
E) Question marks
Question 12 (3 points)
________ are a type of SBU that often require heavy investments to finance their rapid growth.
Question 12 options:
A) Question marks
B) Stars
C) Cash cows
D) Dogs

E) Bears
Question 13 (3 points)
The BCG matrix approach is problematic in that it ________.
Question 13 options:
A)

tends to undermine the importance of market growth rate as a measure of market

attractiveness

B) focuses solely on current businesses and provides little scope for future planning
C)

tends to undermine the importance of relative market share as a measure of company

strength in the market

D) focuses on planning for the future at the cost of ignoring the present
E) fails to classify SBUs
Question 14 (3 points)
Making more sales to current customers without changing a firm's products is known as
________.
Question 14 options:
A) market penetration
B) product diversification
C) product development
D) market segmentation
E) prospecting
Question 15 (3 points)
The managers of Arrow, an American retail chain, are currently reviewing new demographic
markets to sell the firm's current products. This is an example of ________.
Question 15 options:
A) market penetration
B) product development
C) product adaptation
D) market development

E) mass marketing
Question 16 (3 points)
Which of the following is true with regard to products?
Question 16 options:
A)

Products include services, events, persons, places, organizations, ideas, or a mixture of

these.

B) The quality of products is far more difficult to measure than that of services.
C) Products do not include experiences, organizations, persons, places, and ideas.
D) Products refer to only those activities that are essentially intangible.
E) Products are not meant for sale in the market.
Question 17 (3 points)
________ are a form of product that consists of activities, benefits, or satisfactions offered for
sale that are essentially intangible and do not result in the ownership of anything.
Question 17 options:
A) Liabilities
B) Consumer products
C) Specialty products
D) Services
E) Brands
Question 18 (3 points)
Which of the following product offerings is intangible?
Question 18 options:
A) a gold ring
B) a package of laundry detergent
C) a wool jacket
D) an ink cartridge for a printer
E) a taxi ride

Question 19 (3 points)
Product planners need to consider products and services on three levels. At the third level,
product planners must build ________.
Question 19 options:
A) an actual product
B) a basic product
C) a brand personality
D) core customer value
E) an augmented product
Question 20 (3 points)
Consumer products refer to ________.
Question 20 options:
A)

products purchased by consumers for further processing or for use in conducting a

business

B) raw materials as well as manufactured materials and parts

C) primarily intangible offerings from marketers
D) products and services bought by final consumers for personal consumption
E)

products that aid in the consumer's production or operations, including installations and
accessory equipment

Question 21 (3 points)
________ are consumer products and services that customers usually buy frequently,
immediately, and with minimal comparison and buying effort.
Question 21 options:
A) Convenience products
B) Capital items
C) Shopping products
D) Supplies and repair services
E) Unsought products
Question 22 (3 points)

Which of the following groups do marketers involve for the process of concept testing new
products?
Question 22 options:
A) target consumers
B) competitors
C) employees
D) manufacturers
E) suppliers
Question 23 (3 points)
Which of the following statements is true of test marketing?
Question 23 options:
A)

Test marketing is seldom done when management is not sure of the product or its
marketing program.

B) The amount of test marketing needed remains constant for each new product.
C)

When the costs of developing and introducing the product are low, the company will
have to do significant test marketing.

D) Test marketing is seldom done on products that are risky.

E)

Test marketing costs can be high, and it takes time that may allow competitors to gain
advantages.

Question 24 (3 points)
In a ________, new products and marketing tactics are tested online in a virtual shopping
environment.
Question 24 options:
A) controlled test market
B) focus group
C) simulated test market
D) standard test market
E) survey
Question 25 (3 points)

What sets the floor for product prices?

Question 25 options:
A) competitors' strategies
B) product costs
C) consumer perceptions of the product's value
D) market competition
E) advertising budgets
Question 26 (3 points)
Companies facing the challenge of setting prices for the first time can choose between two broad
strategies: market-penetration pricing and ________ pricing.
Question 26 options:
A) comparative
B) competitive
C) cost-plus
D) market-skimming
E) market-segmentation