Product Decisions in Marketing Management Quiz

Study Notes

Product Offering

A product offered to a market includes tangible and intangible aspects, such as quality, design, features, functionality, warranty, customer service, and brand image.

Classification of Goods

Consumer goods are products intended for personal or household use, such as food, clothing, and electronics.
Industrial goods are products used for production, manufacturing, or business operations, such as machinery, equipment, and raw materials.

Branding

The purpose of branding a product is to create a unique identity, image, and reputation in the market, making it recognizable and differentiated from competitors.

Packaging and Labeling

Packaging and labeling are crucial in marketing a product as they provide functional and aesthetic benefits, such as protection, convenience, and communication of product information.

Product Life Cycle

The product life cycle concept helps in understanding the stages a product goes through, from introduction to growth, maturity, and decline, enabling businesses to plan and adapt their marketing strategies accordingly.

Transactional Analysis

Eric Berne developed the concept and paradigm of transactional analysis, which is a social psychology theory.
The primary focus of transactional analysis is on the transactions or interactions between individuals, examining the games, scripts, and structures that underlie human behavior.
Transactional analysis differs from Freudian psychoanalysis in its focus on conscious, rational, and social aspects of behavior rather than the unconscious, instinctual, and childhood experiences.
Eric Berne supplemented Freud's philosophical construct with the concept of ego states, which are Parent, Adult, and Child, as the basis for understanding behavior and interactions.

Description

Test your knowledge of product decisions in marketing management with this comprehensive quiz. Explore topics such as product classification, product life cycle, branding, packaging, and marketing of services. Evaluate your understanding of product mix decisions and new product development while learning about the reasons for product failure and the importance of product quality and customer service.