14 Questions
What is the main purpose of a product in the marketing context?
To satisfy the needs and wants of target customers
According to William Stanton, what does a product comprise?
Tangible and intangible attributes, including packaging, color, price, prestige, and services
What is a crucial aspect of product marketing according to the given text?
Branding
Which of the following is NOT mentioned as a form that products can take?
Financial assets
What does the product lifecycle typically include?
Introduction, growth, maturity, and decline
According to Philip Kotler, how does he define a product?
Anything that satisfies a need or a want
Which of the following is not mentioned as a reason for the importance of a product in a company’s marketing strategy?
Creating employment opportunities
What role do well-designed and high-quality products play in relation to customer satisfaction?
They can lead to customer satisfaction and repeat purchases
How does a unique or superior product contribute to a company's position in the market?
It can differentiate the company from its competitors and attract more customers
What is the primary source of revenue for most businesses?
Products
How do innovative products contribute to a company's growth in a rapidly changing market?
They drive growth and keep a company competitive
What are the core components of a company’s marketing mix, alongside product?
Price, place, promotion
What do product characteristics refer to?
The unique qualities, attributes, and features that define and distinguish products from others
Why is quality considered an important product characteristic?
High-quality products tend to be more durable, reliable, and perform better than lower-quality alternatives
Test your knowledge of the marketing concept of product with this quiz. Explore the different forms that products can take and their role in satisfying customer needs and wants.
Make Your Own Quizzes and Flashcards
Convert your notes into interactive study material.
Get started for free
