Marketing Mix Module Quiz

A value proposition is a promise of value to be delivered and recognized, it answers the question "Why should I buy this product?". It combines product and price.

Continuously researching the customer’s need, innovation, and improvement of the product to compete with the market.

<p>A product is anything that is tangible or intangible offered for attention, acquisition, use, or consumption.</p> Signup and view all the answers

<p>Who is my target market? and what are their needs and wants?</p> Signup and view all the answers

<p>Convenience products</p> Signup and view all the answers

<p>Basic rice, sugar, and other commodities</p> Signup and view all the answers

<p>False</p> Signup and view all the answers

<p>True</p> Signup and view all the answers

<p>False</p> Signup and view all the answers

<p>False</p> Signup and view all the answers

<p>The core product is the fundamental benefit or need that a product fulfills.</p> Signup and view all the answers

<p>The augmented product encompasses additional features, services, or benefits that enhance the overall value proposition.</p> Signup and view all the answers

<p>The Customer Oriented Product Framework is a model that helps businesses understand the relationship between a customer's purchase decision criteria, a company's product differentiation, and their overall marketing approach.</p> Signup and view all the answers

<p>For example, a smartphone. The core product is communication. The formal product is the hardware, software, design, screen size, and features. The augmented product is the brand reputation, warranty, customer support, data storage plans, and accessories.</p> Signup and view all the answers

<p>Cost effective options for fulfilling customer needs</p> Signup and view all the answers

<p>The change gear strategy emphasizes the unique capabilities of a product through salesmanship, highlighting its key features and benefits.</p> Signup and view all the answers

<p>The problem-solving method focuses on identifying and addressing actual needs or problems that your product can solve. This can help to create a product that is more relevant and valuable</p> Signup and view all the answers

<p>The Dissatisfaction method aims to convert customers' existing satisfaction with other products into a desire for your product. This is often achieved by introducing innovative, game-changing ideas or ways of doing things that challenge the status quo.</p> Signup and view all the answers

<p>Cost-effectiveness is essential if you want to attract and retain customers. It ensures that you can offer the best value to customers while maintaining profitability. If your prices are too high, they are likely to look elsewhere.</p> Signup and view all the answers

<p>Quality refers to how well a product matches the customer’s specifications and requirements. When products exceed the customer’s expectations for quality it can build customer trust and loyalty.</p> Signup and view all the answers

<p>Intrinsic cues are directly related to the physical composition and construction of the product. Extrinsic cues are factors that are not part of the product itself but influence its perceived quality.</p> Signup and view all the answers

<p>A look-alike product is a product that imitates a well-known brand but has a lower quality. This can be detrimental to the original brand as it can lead to distrust and confusion among customers.</p> Signup and view all the answers

<p>Idea generation, idea screening, business analysis, prototype development, and market test and full commercialization.</p> Signup and view all the answers

<p>The purpose of idea generation is to brainstorm and explore as many potential new product concepts as possible.</p> Signup and view all the answers

<p>Idea screening involves analyzing and evaluating the potential of each product idea to determine its feasibility, market viability, and alignment with strategic goals. It helps to narrow down ideas to concentrate on the most promising ones.</p> Signup and view all the answers

<p>Business analysis involves a more detailed evaluation of the product idea, it defines the marketing mix strategy, target market, and financial projections. This helps to create a business case for the product.</p> Signup and view all the answers

<p>The prototype development phase is where a physical or digital representation of the product is created. It helps to visualize the product idea and to gather initial feedback and data that can inform further development. It allows you to test the product’s functionality in real-world scenarios</p> Signup and view all the answers

<p>This final stage involves releasing the product to a test group of customers in the target market. It helps evaluate the customer’s response to the product, It helps adjust the product, marketing, and pricing before a full-scale launch.</p> Signup and view all the answers

<p>The mature stage of the product life cycle is a period of stability, the product is well-established, and sales are relatively consistent. This is the peak of the curve, and this is when the product is most profitable and popular.</p> Signup and view all the answers

<p>Sales decline in the declining stage because the product is becoming outdated or less desirable to consumers. This could be due to technological advances, changing customer preferences, or the emergence of newer and more innovative products.</p> Signup and view all the answers

<p>The key considerations in product development are to ensure that the product is developed to meet the customer’s needs, is cost-effective, and has a good quality.</p> Signup and view all the answers

<p>A Gantt chart is a project management tool that helps to visualize the timeline of a project. It shows the different tasks, their timelines, and dependencies.</p> Signup and view all the answers