Marketing Principles Quiz

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Questions and Answers

What type of consumer product is purchased with minimal planning or search effort?

Unsought products

Shopping products

Speciality products

Convenience products (correct)

Which characteristic is used to classify heterogeneous shopping products?

They are usually purchased due to emergencies.

They are bought on a regular basis.

They are considered different in quality or style. (correct)

They are commonly chosen based on brand loyalty.

What is an example of a product identity factor?

Labeling design (correct)

Market demand

Sales volume

Price comparison

Which of the following types of industrial products includes items used for production or operations?

Materials Signup and view all the answers

What does the 'width' refer to in a product mix?

Number of different product lines Signup and view all the answers

Which type of consumer product is bought during a critical condition?

Emergency products Signup and view all the answers

What packaging strategy does J-Lo perfume use to create a unique product identity?

Lady body-shaped bottle Signup and view all the answers

What type of shopping products are typically shopped for based on the lowest price?

Homogeneous products Signup and view all the answers

What is a key characteristic of a national brand?

It is marketed under the manufacturer's own name. Signup and view all the answers

Which of the following represents an example of product line extension?

A bakery adding gluten-free options to its existing bread line. Signup and view all the answers

What is a distinguishing feature of multibrands?

They involve a variety of different products under various brand names. Signup and view all the answers

Which of the following best defines co-branding?

Forming a partnership between two brands to market a product. Signup and view all the answers

Which type of product would likely fall under the category of 'unsought product'?

A life insurance policy. Signup and view all the answers

What aspect does product quality directly influence?

The perceived price point of a product. Signup and view all the answers

Which of the following is NOT considered a category of consumer products?

Industrial products. Signup and view all the answers

What are product labels primarily used for?

To provide detailed information about the product. Signup and view all the answers

What are capital items primarily classified as on a balance sheet?

Assets Signup and view all the answers

What is a characteristic of capital items in a company?

They contribute to long-term investment. Signup and view all the answers

Which of the following is NOT considered a component material?

Paint Signup and view all the answers

What type of supplies include lubricants and coal?

Maintenance supplies Signup and view all the answers

Which of the following items is categorized under MRO goods?

Nails Signup and view all the answers

What does the term 'residual value' refer to in relation to capital items?

The remaining value at the end of its useful life Signup and view all the answers

What kind of graphic does a product label NOT typically include?

Product dimensions Signup and view all the answers

Which option describes the purpose of a product label?

To identify and describe the product Signup and view all the answers

What are classified as manufactured materials?

Parts manufactured for use in larger products Signup and view all the answers

Which of the following best describes capital items?

Products that aid in production or operations Signup and view all the answers

What constitutes installations in the context of capital items?

Buildings and large equipment Signup and view all the answers

Which of the following items would be categorized as accessory equipment?

Hand tools and office equipment Signup and view all the answers

Why are capital items important in industrial product classification?

They support the manufacturing process at a large scale Signup and view all the answers

What type of items are included as supplies and services?

Industrial products that do not aid direct production Signup and view all the answers

Which best describes the role of raw materials in the manufacturing process?

They require processing to create final products Signup and view all the answers

What factor influences the pricing and marketing of a manufactured product?

The raw material used in manufacturing Signup and view all the answers

What is one of the benefits of effective branding for marketers?

It allows for the expansion of product offerings under the same brand. Signup and view all the answers

Which of the following is NOT a characteristic of successful brands?

Low market share Signup and view all the answers

What should be considered when selecting a brand name?

It should suggest product benefits. Signup and view all the answers

Which type of new product involves improvements or revisions of existing products?

Additional to existing product line Signup and view all the answers

Who are early majority adopters characterized by?

They are skeptical and wait until a product is proven. Signup and view all the answers

What is a characteristic of innovators in the category of adopters?

They are highly venturesome and eager for new ideas. Signup and view all the answers

Which of the following is an example of a 'new to the world' product?

A brand new electric vehicle Signup and view all the answers

Which stage of the Product Life Cycle is most likely associated with the highest sales growth?

Growth Signup and view all the answers

What does a trade name represent in business?

A legal trading name or business name that may not relate to product branding Signup and view all the answers

Which of the following is an example of co-branding?

Disney partnering with Croc to design children's footwear Signup and view all the answers

What primary benefit does branding provide to manufacturers?

It legally protects unique and distinct product features Signup and view all the answers

What is a manufacturer brand?

A brand created, used, and owned by the manufacturer of the product Signup and view all the answers

Which branding strategy involves launching new products under an existing brand name?

Line extension Signup and view all the answers

What is a significant limitation of co-branding?

It necessitates complex legal contracts and licensing agreements Signup and view all the answers

How can branding enhance consumer behavior?

By attracting attention to new product launches Signup and view all the answers

What is one way that branding helps manufacturers segment their markets?

By targeting a specific demographic or interest group with tailored products Signup and view all the answers

Study Notes

Product Definitions

A product is anything offered to a market for attention, acquisition, use or consumption
Products can be tangible (goods) or intangible (services)

Product Classifications

Products are categorized into three groups:
- Durable goods: used repeatedly over a longer period (e.g., cars, appliances)
- Non-durable goods: purchased frequently and have a short use period (e.g., food, drinks)
- Services: intangible offerings with unique characteristics (e.g., haircuts, consulting)

Product Classifications - Based on Tangibility

Tangible goods: can be felt, tasted, heard, smelled or seen (e.g., furniture phones)
Intangible services: cannot be felt, tasted, heard, smelled, or seen until they are used (e.g., consulting, university education)

Product Classifications - Based on Durability

Durable Goods: last a long period of time (e.g., house, car)
Non-durable Goods: do not last a long period of time (e.g., food items like bread)

Product Classifications - Based on Use

Industrial goods: used in the production of other products (e.g., raw materials, machinery)
Consumer goods: bought and used by consumers (e.g., convenience goods, shopping goods)

Product Classifications - Consumer Goods

Convenience goods: purchased frequently with minimal effort (e.g., toothpaste, snacks)
Shopping goods: carefully considered before purchase, compared on price (e.g., furniture, clothing).
Specialty goods: unique, highly desired products requiring special purchasing efforts (e.g., luxury cars, designer goods).
Unsought goods: unknown or not desired until a need arises (e.g., insurance, medical services).

Product Levels

Core product: the fundamental benefit the customer seeks (e.g., a ride)
Actual product: the tangible product, including its features, design, quality, etc. (e.g., a car)
Augmented product: additional services and benefits enhancing the product (e.g., warranty, financing)
- Service Characteristics
  - Intangibility: services cannot be seen, tasted, felt, heard, or smelled before purchase
  - Inseparability: services are produced and consumed simultaneously (e.g. haircut)
  - Variability: quality of service depends on who provides them and when, where, and how it is provided
  - Perishability: services cannot be stored for later sale or use (e.g., flight tickets)
  Product Mix
  - Product mix: the complete set of all products offered by a company
    - Product line: a group of closely related products
    - Product width: the number of different product lines
    - Product length: the total number of items in the product mix
    - Product depth: the number of versions for each product line
    - Product consistency: the degree of relatedness between different product lines

New Product Development

New product development (NPD) is the process of creating, testing and launching new products.
Stages in NPD: idea generation, idea screening, concept development and testing, marketing strategy development, business analysis, product development, test marketing, and commercialization

Product Life Cycle (PLC)

PLC: a model describing the stages a product goes through from introduction to decline.
Stages: introduction, growth, maturity, and decline; includes profits and revenue.

Types of Adopters

Innovators: the first to adopt a new product
Early adopters: opinion leaders who adopt new products early in the market
Early majority: adopt new products somewhat before the average consumer
Late majority: adopt new products somewhat after the average consumer
Laggards: the last to adopt a new product

Importance of Branding

Brand helps distinguish from competitors; Builds consumer trust and loyalty.

Branding Decisions

Line extension: adding new products to an existing product line (e.g., new flavors of existing product)
Brand extension: using an existing brand name for a new product category (e.g., extending a chocolate brand to ice cream)
Multi-branding: creating multiple brands for different product lines/categories (e.g., various brands of detergent)
New brands: creating completely new brands for new or existing product categories

Packaging Considerations

Packaging influences customers and brand reputation
Packaging decisions consider protection, visibility, added value, distributor acceptance, cost

Labeling Considerations

Labeling plays a crucial role in product identification and sales
Label contents include product information, marketing elements about the product

Types of Branding

Manufacturer brand (owned by the producer)
Private brand (owned by a distributor)
Co-branding (use of multiple brands on a single product, e.g. a fast food brand featuring ingredients from another brand)

Brand Elements

Brand: A unique name, term, symbol or design that distinguishes from competitors' products
Trade name: A legal business name for organizations.
Brand mark: A distinctive design element that visually identifies a product (e.g. a logo)

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Description

Test your knowledge on various marketing principles and consumer product classifications. This quiz covers topics including consumer behavior, product identity, and branding strategies. Challenge yourself with questions about shopping products and marketing strategies.