MKTG 400 Exam questions and
answers rated A+
Product Life Cycle? - ANS✅✅Describes the stages a new product goes through in the marketplace.
Introduction in the product life cycle means? - ANS✅✅A product is introduced to its intended
target market, sales grow slowly, and profit is minimal
Growth in the product life cycle means? - ANS✅✅Where there is a rapid increase in sales, it is in
this stage that competitors appear
Maturity in the product life cycle means? - ANS✅✅The slowing of total industry sales, also
marginal competitors begin to leave the market
Decline in the product life cycle means? - ANS✅✅It occurs when sales drop
Penetration Pricing? - ANS✅✅Setting a low initial price on a new product to appeal immediately to
the mass market
Price Skimming? - ANS✅✅Setting the highest initial price that customers who really desire the
product are willing to pay
Low-Learning? - ANS✅✅Product requires little customer education because the benefits of
purchase are understood, so you get immediate sales
High-Learning? - ANS✅✅Product is one where a lot of customer education is required and there is
an extended introductory period
Fashion? - ANS✅✅Products are introduced, decline, and then seem to return
Fad? - ANS✅✅Product experiences rapid sales on introduction and then an equally rapid decline
, Packaging? - ANS✅✅Any container in which it is offered for sale and on which label information is
conveyed
What are the 4 I's of services? - ANS✅✅Intangibility, inconsistency, inseparability, inventory
Intangibility? - ANS✅✅Something a consumer can buy that cant be consumed or touched
Inconsistency? - ANS✅✅Their quality varies
Inseparability? - ANS✅✅The consumer cannot separate the deliverer of the service from the
service itself
Inventory? - ANS✅✅What products are currently ready to sell
Idle Production Capacity? - ANS✅✅Occurs when the services provider is available but there is no
demand for the service
Customer Contact Audit? - ANS✅✅A flowchart of the points of interaction between consumers
and a service provider
Product? - ANS✅✅A good, service, or idea that satisfies consumers needs and is exchanged with
something of value
Price? - ANS✅✅What something costs, it influences the quality of something
Promotion? - ANS✅✅Showing the benefits of the product or service
Place? - ANS✅✅Where something is sold or produced
People? - ANS✅✅Someone who creates and delivers the customer service experience
Physical Environment? - ANS✅✅The appearance of the environment
answers rated A+
Product Life Cycle? - ANS✅✅Describes the stages a new product goes through in the marketplace.
Introduction in the product life cycle means? - ANS✅✅A product is introduced to its intended
target market, sales grow slowly, and profit is minimal
Growth in the product life cycle means? - ANS✅✅Where there is a rapid increase in sales, it is in
this stage that competitors appear
Maturity in the product life cycle means? - ANS✅✅The slowing of total industry sales, also
marginal competitors begin to leave the market
Decline in the product life cycle means? - ANS✅✅It occurs when sales drop
Penetration Pricing? - ANS✅✅Setting a low initial price on a new product to appeal immediately to
the mass market
Price Skimming? - ANS✅✅Setting the highest initial price that customers who really desire the
product are willing to pay
Low-Learning? - ANS✅✅Product requires little customer education because the benefits of
purchase are understood, so you get immediate sales
High-Learning? - ANS✅✅Product is one where a lot of customer education is required and there is
an extended introductory period
Fashion? - ANS✅✅Products are introduced, decline, and then seem to return
Fad? - ANS✅✅Product experiences rapid sales on introduction and then an equally rapid decline
, Packaging? - ANS✅✅Any container in which it is offered for sale and on which label information is
conveyed
What are the 4 I's of services? - ANS✅✅Intangibility, inconsistency, inseparability, inventory
Intangibility? - ANS✅✅Something a consumer can buy that cant be consumed or touched
Inconsistency? - ANS✅✅Their quality varies
Inseparability? - ANS✅✅The consumer cannot separate the deliverer of the service from the
service itself
Inventory? - ANS✅✅What products are currently ready to sell
Idle Production Capacity? - ANS✅✅Occurs when the services provider is available but there is no
demand for the service
Customer Contact Audit? - ANS✅✅A flowchart of the points of interaction between consumers
and a service provider
Product? - ANS✅✅A good, service, or idea that satisfies consumers needs and is exchanged with
something of value
Price? - ANS✅✅What something costs, it influences the quality of something
Promotion? - ANS✅✅Showing the benefits of the product or service
Place? - ANS✅✅Where something is sold or produced
People? - ANS✅✅Someone who creates and delivers the customer service experience
Physical Environment? - ANS✅✅The appearance of the environment
