Product Management

Name: ________________________ Score: ________

Section: __________

Instruction: Answer as asked: Write only the letter or word of the correct answer

1) What are the two ways that a company can obtain new products?
a. line extension and brand management
b. internal development and brand management
c. new-product development and acquisition
d. service development and product extension
e. market mix modification and research and development
2. Product improvements, product modifications, and original products can all be
classified as ________.
a. pioneer products
b. new products
c. product concepts
d. product ideas
e. test products
3) Which of the following is not a potential reason for a new product to fail?
a. an underestimated market size
b. a poorly designed product
c. an incorrectly positioned product
d. higher than anticipated costs of product development
e. ineffective advertising
4) Which of the following is not a challenge presented by the product life cycle that a
firm must face?
a. All products eventually decline.
b. Changing tastes, technologies, and competition affect the marketing of the
product as it passes through lifecycle stages.
c. A firm must be good at developing new products to replace aging ones.
d. A firm must be good at adapting its marketing strategies.
e. It is difficult to plot the stages as a product goes through them.
5) The creation of a successful new product depends on a company's understanding of
its ________ and its ability to deliver ________ to customers.
a. competitors, distributors, and employees; new styles
b. customers, brands, products; product images
c. customers, competitors, and markets; superior value
d. product, marketing mix, and marketing strategy; functional features
e. product life cycle, legal responsibilities, and social responsibilities; innovations
6. Advertising and marketing are the same thing.
True
False
7. A company which invests most of its budget into sales training and support of their
sales teams, is likely to have a market orientation.
True
False
8. Regular customers are all brand loyal.
True
False
9. Define the term ‘market’.
a. a place where similar products grouped together
b. a competitive high street
c. a place where buyers and sellers meet
d. a basket of goods
e. a shopping mall
10. What is the difference between the term ‘customer’ and the term ‘consumer’?
a. There is no difference.
b. The term consumer refers only to people who buy food and drink products.
c. Customers buy products but it is consumers who use them.
d. Customers make organizational rather than personal purchases.
e. Consumers buy products on behalf of customers.
11. Why is marketing important in a demand-driven economy?
a. Consumers have lots of choice
b. There is competition for customers
c. Supply often exceeds demand
d. All of the above
e. None of the above
12. An organization with an ‘outside-in’ approach focuses on the needs of the
organization first, and customers and the marketplace second.
True
False
13. In a SWOT analysis, strengths and weaknesses are external factors. True or false?
True
False
14. Which of the following is not a typical characteristic of a market-oriented company?
a. strong internal communication
b. identifying and balancing stakeholder needs
c. an effective marketing intelligence system
d. sensitive to market trends
e. emphasis on short-term objectives
15. SWOT is one of the most commonly used analysis tools in business, but what does
it analyze?
a. the external marketing environment
b. the internal marketing environment
c. the competitive environment
d. the organization’s current situation
e. the organization’s strategy
16. What is the first stage of the marketing planning process?
a. research and development
b. evaluation
c. objective setting
d. situation analysis
e. strategy development
17. Promotion’ and Marketing Communications are interchangeable terms.
True
False
18. Advertising is generally a better promotional tool than sales promotion when it
comes to closing a sale.
True
False
19. Which one is not a part of the 4 Ps?
a. Product
b. People
c. Price
d. Place
20. Who is the Father of Modern Marketing?
a. Philip Kotler
b. Peter F. Drucker
c. Abraham Maslow
d. Raymond Kroc