Weekly Quiz 22092023

A product mix is

• a product's final form and assorted features

• features added to the basic products that satisfy additional needs and wants

• the name, symbol, logo, word, or design that identifies a product, service, or company

• a group of similar products with slight variations to satisfy the different needs of consumers

A brand is

• items offered in addition to the product to make it more attractive to the target market

• features added to the basic product that satisfy additional needs of consumers

• the name, symbol, logo, word, or design that identifies a product, service, or company

• the legal protection of words and symbols used by a company

Fringe benefits are

• incentives received in addition to a base salary

• extra perks offered

• sometimes company cars, cell phones, insurance packages

• all of the above

Which of the following is NOT a component of the product mix?

• product line

• packaging

• brand

• distribution channels

When consumers value a brand to the extent that they reject other brands even when the preferred brand is unavailable, which level of brand recognition has been reached?

• nonrecognition

• rejection

• preference

• insistence

When consumers are unable to identify a brand because it is in the introductory stage of the product life cycle, which level of brand recognition are the consumers?

• nonrecognition

• rejection

• recognition

• preference

Which stage of brand recognition are consumers when they purchase a that brand whenever it is available, but may choose another brand if it is not available?

• Recognition stage

• Insistence Stage

• Preferred Stage

• Nonrecognition Stage

The penetrating price strategy is when

• a company wants to differentiate its products or services from its competitors' products or services

• a product is introduced at a very high price, emphasizing quality and uniqueness of the product

• a product is introduced at a low price to help capture a large market share

• a feature added to the basic products that satisfy additional needs and wants

Product extensions are

• items offered in addition to the product to make it more attractive to the target market

• incentives received in addition to a base salary

• features added to the basic product that satisfy additional needs and wants

• a well-known name and/or symbol established by one company and sold for use by another company to promote its products

If your product is in the decline stage of the product life cycle, would you

• cut the product

• sell the product to a licensing company

• discount the merchandise

• all of the above