IB Business Management MCQ QuizIB_Business_Management_4_5 Produc

Identify the traditional four Ps of the marketing mix for physical goods.

• People, Physical environment, Place, Product

• Place, Promotion, Price, Product

• Product, Price, Place, Physical evidence

• Production, Planning, Promotion, Price

Identify the name given to products sold by one firm to be used in another firm’s production process.

• Consumer goods

• Perishable goods

• Producer products

• Raw materials

Identify the term used to classify soft drinks, toiletries, and candy bars sold in convenience stores and supermarkets.

• Consumer durables

• Consumer specialty products

• Fast-moving consumer goods

• Producer products

Identify the term used to classify luxury products such as diamonds and designer clothes.

• Consumer durables

• Consumer specialty products

• Convenience goods

• Fast-moving consumer goods

Identify the role of the product life cycle as a business model.

• To analyse how customers perceive a product’s quality in relation to its price

• To identify the cash-generating products for a firm

• To outline a series of steps to research, develop, and launch a product

• To suggest marketing strategies for a product from its design stage to it eventual withdrawal from the market

Identify the correct order of phases in the typical product life cycle.

• Development, introduction, growth, maturity, decline

• Development, launch, growth, extension, maturity

• Introduction, maturity, growth, decline, extension

• Launch, development, maturity, growth, withdrawal

A firm is likely to be unprofitable during the ________ stage of the product life cycle, but profitable during the ________ stage.

• Growth, maturity

• Introduction, maturity

• Launch, decline

• R&D, launch

Identify the unlikely impact to a firm during the maturity phase of the product life cycle.

• Economies of scale for the product

• Increasing sales growth rate for the product

• Increasing sales revenues from the product

• Price competition in the market

Identify the phase of the product life cycle when competition begins to develop.

• Development

• Growth

• Introduction

• Maturity

Identify a poor example of a product extension strategy to increase sales once the product passes its saturation stage in its life cycle.

• Develop new product features

• Increased product advertising

• Merge with a competitor

• Use a predatory pricing strategy