Setting Product Strategy - MCQs with answers - Part 6
Product and Brand relationships, Product systems and mixes
1. In the product hierarchy, the basic need that underlies the survival of a product family is ____
a) Need family
b) Product class
c) Product type
d) None of the above
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2. In a product hierarchy, all the product classes that can meet a core need with justified effectiveness is
a) Need family
b) Product line
c) Product type
d) Product family
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ANSWER: d) Product family
3. In a product hierarchy, a group of products in a product family that have certain functional coherence is
a) Product class
b) Product line
c) Product type
d) Product family
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4. In a product hierarchy, a group of products in a product class that is closely associated as they perform a specific function and sold to same customer groups:
a) Need family
b) Product line
c) Product type
d) Product family
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5. In a product hierarchy, a group of items within a product line that share one of several possible forms of the product are
a) Need family
b)
Product line
c) Product type
d) Product family
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6. A distinct unit within a product line or brand differentiated by the appearance, price, size or some other attribute.
a) Item
b) Product
c) Good
d) None of the above
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7. __________is a group of diverse but associated items that work n a compatible manner.
a) Product
system
b) Product mix
c) Product assortment
d) None of the above
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ANSWER: a) Product system
8. _________is the set of all items and products a particular seller offer for sale.
a) Product system
b) Product mix
c) Product line
d) None of the above
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9. A product mix consists of various
a) Product lines
b) Product system
c) Product family
d) None of the above
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10. The ___________ of a product mix implies to how many different product lines the company carriers.
a) Length
b) Depth
c) Width
d) Consistency
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11. The _______of a product mix implies to the total number of items in the product mix.
a) Length
b) Depth
c) Width
d) Consistency
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12. The ________ of a product mix implies to how many types of variants are offered of each product in the line.
a) Length
b) Depth
c) Width
d) Consistency
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13. The ___________ of the product mix implies to how closely associate the several product lines are in distribution channels, production requirements or some other way.
a) Length
b) Depth
c) Width
d) Consistency
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the set of all product lines and items that a particular seller offers for saleService Intangibility:the concept that services cannot be seen, tested, felt, heard, orsmelled before they are boughtService Inseparability:the concept that the quality of services may vary greatlydepending on who provides them and when where and how they are providedService Perishability:the concept that services cannot be stored for later sale or useBrand Equity:the differential effect that knowing the brand name has on customerresponse to the product or its marketingStore Brand (private Brand):a brand created and owned by a reseller of a product orserviceCo-Branding:the practice of using the established brand names of two differentcompanies on the same productLine Extension:extending an existing brand name to new forms, colors, sizes,ingredients, or flavors of an existing product categoryBrand Extension:extending an existing brand name to new product categoriesCHAPTER 5Mission Statement:A statement of the organization’s purpose – what it wants toaccomplish in the larger environmentStrategic Planning:the process of developing and maintaining a strategic fit between theorganization’s goals and capabilities and its changing marketing opportunitiesBusiness Portfolio:The collection of businesses and products that make up the companyPortfolio analysis:the process by which management evaluates the products andbusinesses that make up the company
Growth Share Matrix:a portfolio planning method that evaluates a company’s SBUs interms of its market growth rate and relative market shareProduct/market expansion grid:A portfolio planning tool for identifying companygrowth opportunities through market penetration, market development, productdevelopment or diversificationMarket Penetration:company growth by increasing sales of current products to currentmarket segments without changing the productMarket Development:company growth by identifying and developing new marketsegments for current company productsProduct Development:Company growth by offering modified or new products tocurrent market segmentsDiversification:company growth through starting up or acquiring businesses outside thecompany’s current products and marketsSWOT analysis:an overall evaluation of the company’s strengths, weaknesses,opportunities, and threatsMarket Implementation:Turning Marketing strategies and plans into marketing actionsto accomplish strategic marketing objectivesReturn on Marketing Investment:the net return from a marketing investment dividedby the costs of the marketing investmentCHAPTER 6New Product Development:the development of orgignal products, productimprovements, product modifications, and new brands through the firm’s own productdevelopment effortsIdea Generation:the systematic search for new product ideasCrowdsourcing: