Principles of marketing/PMKT101/Optimizing the Marketing Mix/Quiz 1

Product quiz

Indicate whether the following statements are true or false:

• A "product" can be a good or service.
  • True
    • Correct. A 'product' can be a physical good (e.g. a pair of shoes, cereal or bulldozer) or a service (e.g. HR consulting services, plumbing or accounting services).
  • False
    • Incorrect. A 'product' is an umbrella term for an organization's physical product or service.
• Features of a product can include: variety, quality, design, features, brand name and packaging.
  • True
    • Correct. There are various elements to a product - which can improve its interest to a customer. In addition, an organization may wish to add specific services (i.e., post-sales warranty) to a product.
  • False
    • Incorrect. A product can include several value-add components to distinguish it from its competitors and make it more likely to sell / be adopted or acquired.
• A marketing or business degree is required for success in product marketing.
  • True
    • Incorrect. There is no substitute for experience - even if one has a marketing or business degree. Nevertheless, business training always helps people learn about the latest trends and actions, which can assist marketing efforts.
  • False
    • Correct. A business or marketing degree is not required to achieve marketing success. However, professional development of any kind can assist the development of one's competence and confidence in striving to achieve marketing goals.