Marketing Mix Module Quiz

A statement that explains the value a product or service provides to customers, addressing their needs and wants, and outlining the benefits they will receive.

Products that are purchased frequently with minimal thought or comparison, often out of habit or necessity.

Products where customers have specific preferences for brands or suppliers but are willing to substitute if needed.

Products that consumers spend time comparing and evaluating before purchasing, often seeking the best value or features.

Unique, customized products with no substitutes, requiring a high commitment and effort from customers.

Products that consumers are unaware of or initially don't consider buying, often requiring marketing efforts to create demand.

The fundamental benefit or need that a product addresses.

The tangible features and attributes of a product, including its design, quality, and functionality.

Additional features, services, or benefits that enhance the customer experience beyond the core function.

A process that involves identifying and pursuing new product ideas to meet customer needs and achieve company goals.

A systematic search for new product ideas, involving internal and external sources.

A process of evaluating new product ideas based on pre-defined criteria to eliminate those with low potential.

A detailed analysis of a new product idea, defining its target market, communication plan, financial analysis, and marketing mix plan.

The development of a physical product prototype to test its functionality and features, ensuring it meets the promised benefits.

Exposing a new product to a representative group of customers in a realistic market setting to gather feedback and understand its potential.

The process of launching a new product to the market, including production scaling, distribution, and marketing efforts.

A model that represents the stages a product goes through in the market, from introduction to decline.

A company's strategy for identifying and meeting customer needs and preferences by focusing on product differentiation and customer satisfaction.

Methods for satisfying customer needs and wants, including finding solutions for existing problems and creating new needs and opportunities.

The process of generating new product ideas through a systematic search, including internal and external sources.

A timetable or Gantt chart that outlines the stages of developing a product from ideation to commercialization.

Physical attributes that signal quality to customers, including inherent properties of the product and external cues associated with it.

A product that uses the same brand but has a different quality level than the original product, potentially damaging the brand’s reputation.

Meeting customer specifications and expectations, measured through customer satisfaction.

Products that are purchased less frequently than convenience goods, requiring more consideration and comparison before buying.

Products that are intangible and involve the provision of services, often with a perceived higher risk due to their intangible nature.

A product that is purchased infrequently, requiring significant effort and comparison, often for specialized needs.

The stage in the product life cycle where a product is introduced to the market, often characterized by low sales and high promotional effort.

The stage in the product life cycle where sales and profits increase rapidly as the product gains popularity and market share.

The stage in the product life cycle where sales growth slows down, and the market becomes saturated.

The stage in the product life cycle where sales and profits decline due to competition, technological advancements, or changing consumer preferences.