Podcast
Questions and Answers
Which stage of the product life cycle (PLC) is characterized by the need to establish awareness and enhance demand for the product?
Which stage of the product life cycle (PLC) is characterized by the need to establish awareness and enhance demand for the product?
- Growth stage
- Maturity stage
- Introduction stage (correct)
- Decline stage
Which marketing objective is associated with the maturity stage of the PLC?
Which marketing objective is associated with the maturity stage of the PLC?
- Decrease spending if withdrawal and advertise replacement
- Develop intention to prescribe/buy and inform trade
- Maintain loyalty and encourage switching (correct)
- Tease and prepare the market
What is the key focus of marketing activities during the decline stage of the PLC?
What is the key focus of marketing activities during the decline stage of the PLC?
- Develop intention to prescribe/buy and inform trade
- Promote new uses and strengths (correct)
- Maintain loyalty and encourage switching
- Establish awareness and enhance demand
Which of the following is a characteristic of the 'question marks' quadrant in the Boston matrix?
Which of the following is a characteristic of the 'question marks' quadrant in the Boston matrix?
Which of the following best describes the 'remind' stage in the product life cycle?
Which of the following best describes the 'remind' stage in the product life cycle?
In the context of the product life cycle, which stage is associated with the need to $5(7 + 3)$ promotional tactics to fight competition?
In the context of the product life cycle, which stage is associated with the need to $5(7 + 3)$ promotional tactics to fight competition?
What is the definition of unit market share in terms of sales volume?
What is the definition of unit market share in terms of sales volume?
What is the formula for calculating market capacity?
What is the formula for calculating market capacity?
Which of the following is not a characteristic of a CASH COW product?
Which of the following is not a characteristic of a CASH COW product?
What is the definition of relative market share?
What is the definition of relative market share?
What is the main purpose of a concentrated marketing strategy?
What is the main purpose of a concentrated marketing strategy?
Which of the following is not a component of the market capacity formula?
Which of the following is not a component of the market capacity formula?
What is the definition of a STAR product?
What is the definition of a STAR product?
Which of the following is a key characteristic of niche marketing?
Which of the following is a key characteristic of niche marketing?
What is the purpose of market positioning?
What is the purpose of market positioning?
Which of the following is a key element of the STP (Segmentation, Targeting, Positioning) framework?
Which of the following is a key element of the STP (Segmentation, Targeting, Positioning) framework?
What is the key difference between a differentiated marketing strategy and a concentrated marketing strategy?
What is the key difference between a differentiated marketing strategy and a concentrated marketing strategy?
What is the main goal of a mass marketing strategy?
What is the main goal of a mass marketing strategy?
What type of pricing strategy is effective for businesses that sell unique goods?
What type of pricing strategy is effective for businesses that sell unique goods?
Which pricing strategy aims to minimize marketing and production costs to keep product prices down?
Which pricing strategy aims to minimize marketing and production costs to keep product prices down?
In the early days of a product's life cycle, which pricing strategy is often most effective?
In the early days of a product's life cycle, which pricing strategy is often most effective?
What is the main aim of penetration pricing strategies?
What is the main aim of penetration pricing strategies?
Which type of businesses typically use economy pricing?
Which type of businesses typically use economy pricing?
What can be a potential risk for small businesses using economy pricing?
What can be a potential risk for small businesses using economy pricing?
Which of the following is NOT a key difference between pharmaceutical marketing and regular consumer marketing?
Which of the following is NOT a key difference between pharmaceutical marketing and regular consumer marketing?
Which of the following is a core concept of marketing according to the text?
Which of the following is a core concept of marketing according to the text?
What does the '7Ps' model in the text refer to?
What does the '7Ps' model in the text refer to?
Which of the following is a key difference between transactional and relationship marketing?
Which of the following is a key difference between transactional and relationship marketing?
What does the text suggest is a key difference between pharmaceutical and regular consumer marketing in terms of R&D?
What does the text suggest is a key difference between pharmaceutical and regular consumer marketing in terms of R&D?
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