What is a benefit of being a market follower?

You let the others take risks and you just do what works

What is the correct order of stages in a product's life cycle

Introduction, Growth, Maturity, Decline

Create an image people associate with the product or service

What is brand loyalty?

When customers make repeat purchases of the SAME brand

Top of Mind awareness

Customers thinking of your product first

What are the different types of positioning?

Target, benefit, price and distribution

What products require a best before date?

Products with a shelf life of 90 days

A symbol or other design that represents a product

Why do we use psychological pricing strategies?

to make the customer feel like they are paying less

Benefits of a good brand?

Reduces selling time and effort

Which is an example of a direct channel

making jewellery at home and selling it at a craft fair

How is price skimming different from price penetration?

Price skimming enters a new market at a higher price

A brand is made up of:

Logo, Slogan, Brand Name and Colours

studbud

Duplicate of BMI3C - Product, Price and Place

25 termsStudBud Administration62 plays

A Marketing Quiz to practice the concepts of Branding , Price and Distribution

Flashcards25 cardsFPractice quizPHost liveL

Questions 25

Answers

1
During Which Stage Does the "decision point" occur?
Decline
Growth
Introduction
Maturity
2
What is a benefit of being a market follower?
You let the others take risks and you just do what works
You are at the cutting edge of innovation
Everyone looks to you to make changes
You are the brand that everyone buys
3
What packaging material costs the most to produce?
Paper cardboard
Tin
Glass
Plastic
4
What is the best mode of distribution for luxury watches from Switzerland?
Train
Ship
Airplane
Truck
5
What is the correct order of stages in a product's life cycle
Introduction, Maturity, Growth, Decline
Introduction, Growth, Maturity, Decline
Growth, Introduction, decline, Maturity
Maturity, Growth, Decline, Introduction
6
What is positioning?
Where businesses position their stores in the world
Create an image people associate with the product or service
Where businesses place their product
Can involve geographic and demographics
7
The original cost of my backpack was $1200 is markup was 50% what is the final price of the bag
2000$
600$
1600$
1800$
8
What is brand loyalty?
When customers make repeat purchases of the SAME brand
Customers are loyal to the store they shop at
When a store only sell ONE brand
When a customer buys a different brand every month
9
How should you choose your distribution channel?
all of the above
consider routeing, laws, convenience
consider weight, cost, speed of delivery
consider environmental impact, product safety
10
What needs to be on a Nutrition Label?
What ever the company wants
Calories + 15 nutrients
You don't need one
Calories + 13 nutrients
11
Top of Mind awareness
Customers thinking of your product first
Customers buying your brand
Customers insisting on your brand
Customers being aware of your brand
12
What are the different types of positioning?
Size, generation, price and benefit
Target, benefit, price and distribution
Custom , protective , stock and expensive
Value, technical, label and image
13
When would you use a direct channel of distribution? When :
your product is carried at many different retailers
you need help with importing laws
you run a small operation
you have a large manufacturing company
14
What products require a best before date?
Products with a shelf life of 100 days
You don't need one
Every product
Products with a shelf life of 90 days
15
A brand mark and trade mark are examples of a logo
False
True
16
What is a logo?
A word that represents a product
A picture
A symbol or other design that represents a product
Video that Represents a product
17
Why do we use psychological pricing strategies?
to make the customer feel like they are paying less
to make the customer feel like they are paying more
other
no specific reason
18
Benefits of a good brand?
Customers will automatically buy your product
Reduces selling time and effort
Stores will sell your product
Customers will like your product even more
19
What is the major downside to Tetra Pak?
Very expensive to produce
Very difficult to recycle
Hard to put a label on
Shatters easy
20
which of the Practices are illegal?
C)Price fixing
A) Double ticketing
D) both A) and C)
B) Product positioning
21
Which of the following practices of pricing is illegal?
Bait and switch
All of the above
Retail price maintenance
False price sales
22
Which is an example of a direct channel
Importing flowers from Hawaii and selling them at a florist
Buying roasted Chickens at Costco Wholesalers
buying iPads at the Apple Store
making jewellery at home and selling it at a craft fair
23
What is packaging known as?
the face of the brand
the frequent salesperson
Top of the mind awareness
the silent salesperson
24
How is price skimming different from price penetration?
Price skimming enters a new market at a higher price
other
There is no difference
Price skimming enters a new market at a lower price
25
A brand is made up of:
Logo
Logo and Slogan
Logo, Slogan, Brand Name and Colours
Logo, Slogan, Brand Name

Duplicate of BMI3C - Product, Price and Place Flashcards | StudBud