D376 MKTG 50 40 Product, Price, & Customer Experience Pre - Assessment Guid e Q & A 2024 1. A company has introduced a new product that is a significant improvement over existing options in the market. Which of the following pricing strategies should the company consider? a) Penetration pricing b) Skimming pricing c) Competitive pricing d) Cost -plus pricing Answer : b) Skimming pricing Rationale: Skimming pricing is appropriate for a new, improved product as it helps the company recoup its development costs by targeting early adopters willing to pay a premium. 2. In the context of customer experience, what does the term 'moment of truth' refer to? a) Th e time when a customer interacts with a brand's advertising b) The point at which a customer contacts customer service c) An interaction that gives a customer an opportunity to form or change an impression about a company d) The moment when a cust omer makes a repeat purchase Answer : c) An interaction that gives a customer an opportunity to form or change an impression about a company Rationale: The 'moment of truth' is critical in shaping the customer's perception and can significantly influe nce their loyalty and future purchasing decisions. 3. When considering product levels in marketing, the core product refers to: a) The physical tangible product b) The basic benefit or service that the customer is really buying c) The additional non-tangible benefits that accompany the product d) The after -sales service and warranty Answer : b) The basic benefit or service that the customer is really buying Rationale: The core product is the fundamental value or need that the consumer sati sfies when they purchase the product, which is not necessarily tangible. 4. A marketing team is evaluating the customer journey map for their product. Which of the following is NOT a typical stage in the customer journey? a) Awareness b) Consideration c) Purchase d) Disposal Answer : d) Disposal Rationale: Disposal is not typically considered a stage in the customer journey map, which focuses on the process leading to purchase and post -
purchase experiences. 5. What is the primary goal of relationship marketing? a) To increase short -term sales b) To enhance customer service c) To build long -term engagement with customers d) To reduce marketing costs Answer : c) To build long -term engagement with customers Rationale: Relationship marketing aims to create strong, even emotional, customer connections to a brand that can lead to ongoing business, free word -of-mouth promotion, and information from customers that can generate leads. 6. Which of the following best describes 'price elasticity of demand'? a) The change in demand when a product's features are improved b) The sensitivity of customers to price changes in terms of the quantity they will buy c) The amount of products supplied to the market at a p articular price point d) The change in a product's price over its lifecycle Answer : b) The sensitivity of customers to price changes in terms of the quantity they will buy Rationale: Price elasticity of demand measures how the quantity demanded of a good responds to a change in the price of that good, reflecting the consumer's purchasing behavior and sensitivity to price changes.
purchase experiences. 5. What is the primary goal of relationship marketing? a) To increase short -term sales b) To enhance customer service c) To build long -term engagement with customers d) To reduce marketing costs Answer : c) To build long -term engagement with customers Rationale: Relationship marketing aims to create strong, even emotional, customer connections to a brand that can lead to ongoing business, free word -of-mouth promotion, and information from customers that can generate leads. 6. Which of the following best describes 'price elasticity of demand'? a) The change in demand when a product's features are improved b) The sensitivity of customers to price changes in terms of the quantity they will buy c) The amount of products supplied to the market at a p articular price point d) The change in a product's price over its lifecycle Answer : b) The sensitivity of customers to price changes in terms of the quantity they will buy Rationale: Price elasticity of demand measures how the quantity demanded of a good responds to a change in the price of that good, reflecting the consumer's purchasing behavior and sensitivity to price changes.
