National 5 Bus Mgt Marketing - MM Product

Product is one of the 4Ps of the Marketing Mix. Which is the best description of 'Product'?

• the item the customer purchases which includes packaging, image, guarantee and after-sales service
• the actual amount charged by teh seller and paid by the customer
• where the customer meets the seller and makes the purchase
• the way in which the customer is made aware of the product and is persuaded to buy

The name given to the stages in the duration of a product is called...?

• Product life cycle
• Product duration cycle
• Product stage cycle
• Product existance cycle

Companies often have a range of products it produces called the 'product mix'. Which statement below is NOT an advantage of having a product mix?

• It spreads the risk of one product failing causing whole firm to fail
• Meets the needs of different market segments so increases profits
• Improves the reputation and status of the company
• Increases the amount of advertising required to promote each product in the mix

What is a name, symbol or design (or a combination of all of these) which a producer uses to make their products instantly recognisable to the consumer?

• Voucher
• Brand
• Gimmick
• Graphic

Brands can be so strong that they are commonly used as the name for the actual product. Which brand below does this statement NOT apply to?

• Sellotape
• Biro pen
• Hoover
• Levi's

Which is a disadvantage of successful branding?

• Business cannot save money on marketing when it becomes a household name
• Some brands are subject to fakes which can reduce sales
• It becomes harder to launch new products once customers become loyal
• Low prices need to be charged with most brands

Which is an advantage of successful branding?

• It costs time and money to establish a strong brand
• Bad publicity for one product in the brand can affect the sales of all others 
• It is expensive to fight against counterfeiters who produce fake products 
• Increased profits can be earned if the brand's image allows higher prices to be charged

How many stages are there in the product life cycle?

• 1
• 2
• 3
• 4

What stage of the Product Life Cycle is being described?
Product is first launched and promotion costs are high to raise awareness with the public. Sales are low due and product is probably still loss-making

• Introduction
• Growth
• Maturity
• Decline

What stage of the Product Life Cycle is being described?
Sales are increasing rapidly as consumer's awareness has grown through advertising and word of mouth. The product is likely to begin to make a profit and competitors may start to launch their own version.

• Introduction
• Growth
• Maturity
• Decline