MM51 Unit 2 Test Review

MM51 Unit 2 Test Review

A company decides to update its packaging to appeal to new customer attitudes. Which product-mix strategy is this?

Alteration

Marketing strategy appropriate for the decline stage of the product life cycle?

Selling the product online

Individuals within an organization who are responsible for an individual brand or group of brands

Brand Managers

A bottle of Coca-Cola, a DiGiorno frozen pizza, and a can of Dole pineapple chunks are examples of a…

Item

Product managers have an ethical obligation to design products that clearly…

Inform customers about potential risks

The small segment of the total market interested in a subject

Niche

A 1966 law that tightened requirements for package labels and mandated that all labels offer adequate information

Fair Packaging and Labeling Act

A substance capable of causing cancer

Carcinogen

Marketers may attempt to increase the number of a product’s users by…

Selling the product in a foreign country

The practice of designing a product to become obsolete, or unusable, before it should reasonably need replacement

Planned obsolescence

Which of the following is an example of a product line?

Kraft meats

The product life cycle refers to the stages a product moves through from the time it enters the market until…

It exits the market

True statement about the growth stage of the product life cycle?

Competitors arrive on the scene

Involves businesses joining forces for mutual benefit and to increase brand recognition, customer loyalty, and sales

Co-branding

Start selling a lower-priced line of clothing to appeal to a different market. Which product-mix strategy is this?

Trading Down

True statement about the introduction stage of the product life cycle?

Profits are usually nonexistent

Which of the following is an example of a trade name?

Ford

Marketers may extend a product’s life cycle by…

Finding new uses for it

A drugstore offers a large assortment of products, known as its product…

Mix

Company realizes that pizzas are not profitable & decides to stop selling them. Which product-mix strategy is this?

Contraction

Which is NOT part of the product life cycle?

Stabilization

A new car that provides you the benefit of transporting you to work is known as a(n)…

Good

The drop in cost-per-unit as a company produces a greater number of goods or services and becomes more efficient

Economies of scale

A strategy in which a company continues to offer a declining product but reduces its costs as much as possible

Harvesting

The best way for a company to avoid lawsuits and customer harm is by…

Maintaining transparency by informing the public about product risks

Marketing function that involves obtaining, developing, maintaining, & improving a product or service mix in response to…

Market opportunities

When products and services are managed ethically, customers…

Are generally free from harm and satisfied with their purchases

A person who embraces new products (particularly technology products) before most others do

Early Adopters

Why must care be taken in eliminating weak products?

To prevent damaging a company’s image

Creating a good impression of products, and communicating product benefits are all reasons why companies…

Create advertising campaigns

Why should existing products be monitored?

To make changes to extend a product’s life cycle

Brand licensing is legal authorization by a brand owner to allow another company to use the brand in exchange for a fee.

TRUE

Which of the following individuals is a product manager?

Alyssa is in charge of her company’s line of waterproof rain boots

A group of related product items

Product line

Kellogg’s Froot Loops, General Mills’ Chex, and Post Honey Bunches of Oats are all examples of…

Product brands