Deck 6: Product

Question 1

What is a staple product?

A) Office stationery
B) A complementary product
C) Something that is essential for another product to work, e.g. a keyboard for a PC
D) Something people always like to have and so purchase regularly, e.g. soap
E) A basic, unsophisticated product, e.g. paper clips

Answer 1

D

Question 2

Mary is getting married and she wants everything on the day to be perfect, especially the dress. What kind of product is a wedding dress?

A) Speciality
B) Convenience
C) White goods
D) Accessory
E) Consumer-durable

Answer 2

A

Question 3

Coca Cola has an easily identified logo (its name written in a flowing script) and is usually packaged in a red can or its famously curvy bottle. What do these elements combine to form?

A) Brand image
B) Brand personality
C) Brand identity
D) Brand values
E) Brand equity

Answer 3

C

Question 4

A retailer decides to launch its own version of Marmite. What kind of new product is this?

A) Innovative
B) Replacement
C) Variant
D) Me-too
E) Re-launched

Question 5

Teatimes Ltd are famous for their speciality teas. They are about to introduce two new teas based on their best-selling English Breakfast blend: Welsh Afternoon tea and Scottish Nightcap tea. What kind of new products are these?

A) Innovative
B) Replacement
C) Variant
D) Me-too
E) Re-launched

Question 6

What is the final stage of the new product development process?

A) Business analysis
B) Test marketing
C) Idea generation
D) Marketing planning
E) Product launch

Question 7

Visto is a much loved British drink, widely available in the UK but nowhere else. Lately sales have been falling and the big supermarkets have cut back on their orders. Which of the following is most likely to be a successful extension strategy for this well-established drink?

A) Increasing the price
B) Selling it online
C) Exporting it to other countries
D) Offering the supermarkets special deals as incentives to stock it
E) Advertising it on the Internet

Question 8

What are the axes on the Boston Consulting Group (BCG) matrix labelled?

A) Market share and market size
B) Market price and quantity demanded
C) Market attractiveness and market share
D) Historical market growth and current share
E) Relative market share and market growth rate

Question 9

The market for organic fruit is booming as more and more people try to follow a healthier lifestyle. The Green Apple Company is the UK market leader and able to command high prices for its excellent products, especially locally grown strawberries. Where are the strawberries most likely to be placed on the Boston Consulting Group (BCG) matrix?

A) Star
B) Cash cow
C) Problem child
D) Question mark
E) Dog

Question 10

According to the GE McKinsey matrix, the best strategy for a product in a strong competitive position in a highly attractive market would be to do what?

A) Harvest
B) Divest
C) Invest for growth
D) Re-position
E) Push