MKTG 400 Test quizzes with answers
graded A+
Introduction - ANS✅✅occurs when a product is introduced to its market, sales grow slowly and
profit is minimal.
Growth - ANS✅✅rapid increase in sales, in this stage competitors begin to appear
Maturity - ANS✅✅competitors begin to leave market, slowing of industry sales and product class
revenue
Decline - ANS✅✅occurs when sales drop, typically due to environmental changes
Primary Demand - ANS✅✅when the consumer desires a specific product regardless of brand
Selective Demand - ANS✅✅when the consumer desires a specific brand
Skimming Pricing - ANS✅✅high initial price, to help the company recover the costs development
as well as capitalize on the price insensitivity of early buyers
Penetration Pricing - ANS✅✅low pricing, helps build unit volume but a company must closely
monitor costs
Fashion - ANS✅✅product is a style of the times, fashion products are introduced, decline, and
then seem to return
Fad - ANS✅✅experiences rapid sales on introduction and then an equally rapid decline
Product Class - ANS✅✅Refers to the entire product category or industry, such as prerecorded
music.
Services - ANS✅✅Activities or benefits an organization provides to satisfy consumers needs in
exchange for money or something else of value.
graded A+
Introduction - ANS✅✅occurs when a product is introduced to its market, sales grow slowly and
profit is minimal.
Growth - ANS✅✅rapid increase in sales, in this stage competitors begin to appear
Maturity - ANS✅✅competitors begin to leave market, slowing of industry sales and product class
revenue
Decline - ANS✅✅occurs when sales drop, typically due to environmental changes
Primary Demand - ANS✅✅when the consumer desires a specific product regardless of brand
Selective Demand - ANS✅✅when the consumer desires a specific brand
Skimming Pricing - ANS✅✅high initial price, to help the company recover the costs development
as well as capitalize on the price insensitivity of early buyers
Penetration Pricing - ANS✅✅low pricing, helps build unit volume but a company must closely
monitor costs
Fashion - ANS✅✅product is a style of the times, fashion products are introduced, decline, and
then seem to return
Fad - ANS✅✅experiences rapid sales on introduction and then an equally rapid decline
Product Class - ANS✅✅Refers to the entire product category or industry, such as prerecorded
music.
Services - ANS✅✅Activities or benefits an organization provides to satisfy consumers needs in
exchange for money or something else of value.
