Product: The Core of Marketing and Sales

Question 1

The combination of five key elements (product, price, place, promotion, and people) in marketing is called the:

Accepted Answer

Marketing mix

Answer

Marketing channel

Answer

Market segmentation

Answer

Value proposition

Question 2

Tangible products are physically present and can be touched. Which of the following is **not** a physical good?

Accepted Answer

Education

Answer

Book

Answer

Smartphone

Answer

Car

Question 3

Services are intangible products that cannot be stored and are produced and consumed simultaneously. Which of the following is **not** a characteristic of a service?

Accepted Answer

Tangible

Answer

Heterogeneous

Answer

Perishable

Answer

Intangible

Question 4

Which of the following is the **first** step in the new product development process?

Accepted Answer

Idea generation

Answer

Product testing

Answer

Concept development

Answer

Market introduction

Question 5

The process of setting a monetary value for a product is referred to as:

Accepted Answer

Pricing

Answer

Promotion

Answer

Advertising

Answer

Distribution

Question 6

Which of the following is **not** a method of product promotion?

Accepted Answer

Packaging

Answer

Sales promotion

Answer

Advertising

Answer

Public relations

Question 7

Making a product available to consumers is known as:

Accepted Answer

Distribution

Answer

Retailing

Answer

Selling

Answer

Promotion

Question 8

The stage in the product life cycle where competition intensifies and sales growth slows down is known as:

Accepted Answer

Maturity

Answer

Decline

Answer

Growth

Answer

Introduction

Question 9

Which characteristic is NOT applicable to services?

Accepted Answer

Tangibility

Answer

Intangibility

Answer

Perishability

Question 10

Product management is the process of:

Accepted Answer

Developing and managing products to meet customer needs

Answer

Designing and implementing marketing campaigns

Answer

Manufacturing and delivering finished goods

Answer

Conducting market research and customer analysis

Question 11

Which pricing strategy involves setting a high initial price?

Accepted Answer

Skimming pricing

Answer

Value pricing

Answer

Cost-plus pricing

Answer

Penetration pricing

Question 12

In the marketing mix, which element involves communicating product information to customers?

Accepted Answer

Promotion

Answer

Place

Answer

Price

Answer

Product

Question 13

The pathway through which a product reaches the customer is known as:

Accepted Answer

Distribution channel

Answer

Sales channel

Answer

Logistics network

Answer

Supply chain

Question 14

Which of the following is an advantage of differentiating products?

Accepted Answer

Increased customer loyalty

Answer

Lower production costs

Answer

Reduced marketing expenses

Question 15

When does a product typically experience a decline in sales?

Accepted Answer

Decline stage

Answer

Maturity stage

Answer

Introduction stage

Answer

Growth stage

Question 16

A key factor to consider when developing a brand strategy is the:

Accepted Answer

Target audience

Answer

Production capabilities

Answer

Product specifications

Answer

Financial resources

Question 17

Which type of innovation involves making minor improvements to existing products?

Accepted Answer

Incremental innovation

Answer

Radical innovation

Answer

Breakthrough innovation

Question 18

Which of the following is NOT a core element of the product concept?

Accepted Answer

Price

Answer

Features

Answer

Brand name

Answer

Form

Question 19

Which product type is characterized by its tangible nature and high upfront cost?

Accepted Answer

Durable product

Answer

Consumable product

Answer

Service product

Answer

Non-durable product

Question 20

The process of bringing a new product from concept to market is referred to as:

Accepted Answer

Product development

Answer

Product marketing

Answer

Product distribution

Answer

Product pricing

Question 21

What is the primary purpose of a brand?

Accepted Answer

To create product differentiation

Answer

To enhance customer loyalty

Answer

To promote product sales

Answer

To increase product awareness

Question 22

The process of making a product available to consumers is known as:

Accepted Answer

Distribution

Answer

Packaging

Answer

Pricing

Answer

Promotion

Question 23

Which stage of the product life cycle is NOT characterized by increasing sales?

Accepted Answer

Decline

Answer

Maturity

Answer

Introduction

Answer

Growth

Question 24

According to Philip Kotler's product hierarchy, which level represents the basic benefits that a product offers?

Accepted Answer

Core benefit

Answer

Augmented product

Answer

Actual product

Answer

Potential product

Question 25

Which type of product is intangible and cannot be physically touched or handled?

Accepted Answer

Service

Answer

Idea

Answer

Physical product

Answer

Digital product

Question 26

What is the term for the sequential steps involved in bringing a new product to market?

Accepted Answer

Product development process

Answer

Product lifecycle

Answer

Product design process

Answer

Product management process

Question 27

Which pricing strategy involves setting a low price for a new product to gain market share quickly?

Accepted Answer

Penetration pricing

Answer

Competitive pricing

Answer

Cost-plus pricing

Answer

Skimming pricing

Question 28

What is the primary purpose of product promotion?

Accepted Answer

To inform and persuade potential customers about a product's benefits

Answer

To develop new products

Answer

To price products competitively

Answer

To distribute products to consumers

Question 29

Which channel of distribution involves selling products directly to consumers through physical stores?

Accepted Answer

Retail channel

Answer

Dual channel

Answer

Wholesale channel

Answer

Online channel

Question 30

What is the term for a group of products that are closely related in terms of their target market, purpose, and distribution channels?

Accepted Answer

Product line

Answer

Product range

Answer

Product bundle

Answer

Product mix

Question 31

What is the term for the process of introducing significant changes to an existing product to improve its performance or features?

Accepted Answer

Product redesign

Answer

Product innovation

Answer

Product repositioning

Answer

Product line extension

Question 32

Which of the following is a key factor to consider when evaluating the potential success of a new product?

Accepted Answer

Market demand

Answer

Availability of resources

Answer

Personal preferences

Answer

Competitors' weaknesses

Question 33

Identify the characteristic that is NOT applicable to consumer products:

Accepted Answer

Purchased for use in a business

Answer

Relatively low-priced

Answer

Purchased for personal use

Answer

Typically have a short lifespan

Question 34

According to the product life cycle concept, what are the sequential stages that products typically progress through?

Accepted Answer

Introduction, growth, maturity, and decline

Answer

Introduction, growth, expansion, and decline

Answer

Introduction, growth, maturity, and revival

Answer

Development, introduction, growth, and decline

Question 35

Which pricing approach involves setting an initially high price for a product with the intention of skimming the market?

Accepted Answer

Skimming pricing

Answer

Penetration pricing

Answer

Cost-plus pricing

Answer

Target pricing

Question 36

The concept of 'product value' encompasses:

Accepted Answer

The perceived worth of a product to the customer

Answer

The price at which a product is sold

Answer

The objective quality of a product

Answer

The cost of producing a product

Question 37

Which of the following is a recognized advantage of branding?

Accepted Answer

Increased customer loyalty

Answer

Improved production efficiency

Answer

Lower advertising costs

Question 38

The fundamental components of the '4Ps of Marketing' framework are:

Accepted Answer

Product, Price, Promotion, Place

Answer

Product, Price, Place, Potential

Answer

Product, Profit, Promotion, Place

Question 39

The 'USP' of a product refers to its:

Accepted Answer

Unique Selling Proposition

Answer

Ultimate Selling Point

Answer

Universal Selling Proposition

Answer

Unique Shopping Preference

Question 40

The stage in the product life cycle when sales start to decline is referred to as:

Accepted Answer

Decline

Answer

Introduction

Answer

Maturity

Answer

Growth

Question 41

The systematic process of generating ideas, testing, and bringing new products to the market is known as:

Accepted Answer

Product development

Answer

Market research

Answer

Product management

Answer

Product testing

Question 42

The path through which a product reaches the customer is referred to as the:

Accepted Answer

Distribution channel

Answer

Marketing channel

Answer

Sales channel

Question 43

Which of the following is an example of a non-physical product?

Accepted Answer

Consulting

Answer

Book

Answer

Car

Answer

Computer

Question 44

The process of managing the flow of products from the point of origin to the consumer is known as:

Accepted Answer

Supply chain management

Answer

Product distribution

Answer

Inventory control

Answer

Transportation management

Question 45

What is the PRIMARY goal of product development?

Accepted Answer

Create new products that satisfy consumer needs

Answer

Increase company profits and revenue

Answer

Improve and enhance existing products

Answer

Reduce manufacturing costs

Question 46

Which of the following is NOT a main category of product?

Accepted Answer

Luxury goods

Answer

Services

Answer

Consumer goods

Answer

Industrial products

Question 47

What is the key role of branding in product marketing?

Accepted Answer

Establish a unique identity for a product

Answer

Reduce manufacturing and distribution costs

Answer

Improve and maintain product quality

Answer

Increase sales and market share

Question 48

What is the MAIN purpose of product promotion?

Accepted Answer

Raise consumer awareness of the product

Answer

Enhance and improve product quality

Answer

Boost sales figures and revenue

Answer

Lower production costs and increase efficiency

Question 49

What is the difference between a core product and an augmented product?

Accepted Answer

A core product is the basic item, while an augmented product adds extra features and benefits

Answer

A core product is mass-produced, while an augmented product is custom-made

Answer

A core product is tangible, while an augmented product is intangible

Answer

A core product is for personal use, while an augmented product is for business use

Question 50

What is the PRIMARY role of packaging in product marketing?

Accepted Answer

Protect the product and enhance its appeal to consumers

Answer

Communicate detailed product information and instructions

Answer

Lower production costs and streamline packaging processes

Answer

Increase the perceived value and justify a higher price