FREE Product Management Certification Chapter Questions and Answers

Question 1

When a farmer wishes to offer free cooking classes to clients, which component of the retail marketing mix would the plan fit under?

Accepted Answer

Promotion

Answer

Presentation

Answer

Price

Answer

Place

Question 2

Determine the retail marketing mix by picking one of the options below.

Accepted Answer

Product, promotion, price, place, personnel and presentation

Answer

Product, price, performance and presentation

Answer

Price, product development, promotion, place, personal service and presentation

Answer

Presentation, personnel and customer service

Question 3

Why is the consumer acceptance process important for marketers of new products to understand?

Accepted Answer

So that they will know if a majority of customers are not making it to a certain stage of the process, and focus their efforts to help them progress to the final stage.

Answer

So that they will know if the new product can appeal to a younger customer base to focus their efforts on promoting it accordingly.

Answer

So that when a product is first introduced they can focus their marketing efforts on the pricing.

Answer

So that they can keep potential customers in the dark about the product along the process in order for them to successfully promote it.

Question 4

Which of the following statements is accurate regarding the consumer adoption process' trial phase?

Accepted Answer

A consumer who makes it to the trial stage has evaluated the product, and decided it might suit his/her needs.

Answer

All consumers make it to the trial stage for every new consumer product that is introduced.

Answer

The trial stage is the stage where consumers seek out information about the new product.

Answer

A consumer cannot reject a new product until s/he has been through the trial stage with it.

Question 5

What kind of new product is a new kind of vehicle, a car with foldable wings that enables it to fly?

Accepted Answer

New to the world product

Answer

New product line

Answer

Revision

Answer

Lower priced product

Question 6

Which new product category exemplifies the Doritos Loco Taco?

Accepted Answer

Additions to product line

Answer

New product line

Answer

New to the world

Answer

Lower priced product

Question 7

Which of the following best describes the many components of retail operations?

Accepted Answer

Ownership, Level of Service and Product Assortment

Answer

Level of Service, Product Assortment and Differentiation

Answer

Ownership, Product Assortment and Differentiation

Answer

Level of Service, Financial Investment and Product Assortment

Question 8

Why is it crucial to comprehend the components of a retail strategy?

Accepted Answer

It is important to understand how to best position your retail establishment.

Answer

It is important to understand the best location for the retailer.

Answer

It is important to understand how your community feels about your store.

Answer

It is important to understand what to stock in the store.

Question 9

Asking questions like, "On a scale of 1 to 10, how would you evaluate this product?" will help your business get more detailed responses on the product. To do this, your business has surveyed 100 people with 20 questions, and it is now analyzing the results. Which of the following best describes this?

Accepted Answer

A survey

Answer

An interview

Answer

A focus group

Answer

A theoretic contribution

Question 10

Which of the subsequent is an illustration of product development?

Accepted Answer

Increasing the quality of the camera on the phone your company sells.

Answer

Buying new products from another company.

Answer

Changing how you do business so that you are more consumer orientated.

Answer

Adding only new products to your line.