MBA 706 Final Test questions with
complete solutions
Product - correct answer ✔✔product strategy, brand strategy, core of the marketing mix.
Place - correct answer ✔✔channel management
People, Physical Evidence, Process Management - correct answer ✔✔softer three P's
external - correct answer ✔✔uncontrollable factors, PEST
Internal - correct answer ✔✔controllable factors, the marketing mix
Product attributes - correct answer ✔✔The core product; features, styles, product quality,
brand name, packaging, size, and color...
Product benefits: - correct answer ✔✔Elements that consumers perceive as meeting their
needs; typically refer to the product's performance and its image.
Marketing support services: - correct answer ✔✔Additional elements to the core product;
include delivery, installation, guarantees, after-sales service and reputation.
Product - correct answer ✔✔•Can be physical goods, services, and ideas.
ØProduct life cycle
,Portfolio analysis - correct answer ✔✔•Effective product management depends on two
dimensions:
Stars - correct answer ✔✔high market growth rate, high relative share
Cash Cows - correct answer ✔✔low market growth rate, high relative market share
Question Marks - correct answer ✔✔high market growth, low market share
Dogs - correct answer ✔✔low growth, low market share
Product Life Cycle - correct answer ✔✔introduction, growth, maturity, decline
Product Policy - correct answer ✔✔Includes the Product life cycle and portfolio analysis
Cash Cows - correct answer ✔✔Which in the maturity stage, cash cow, stars, question marks, or
dogs?
Stars and Question Marks - correct answer ✔✔Which in the growth stage, cash cow, stars,
question marks, or dogs?
Product strategy - correct answer ✔✔•How to manage the product strategically?
important to remember - correct answer ✔✔•In the long term, usually products can be
changed radically. However, in the short term, only minor changes are possible. For example,
package/label changes, new varieties, accessories, etc.
, Market leader, market challenger, market follower, me-too/market nicher - correct answer
✔✔Four types of product strategies
•Market leader - correct answer ✔✔expand the market, protect the current share, and expand
the share
Market challenger - correct answer ✔✔•challenges the leader and other firms (more
aggressive), disocunt prices, cheap goods, innovation, advertise heavilyu, improve services
Market follower - correct answer ✔✔•(less aggressive), segment carefuly,
Me-too/market nicher - correct answer ✔✔• focus on part of the market; if succeed, can be
very profitable (e.g. Porsche)
Brands - correct answer ✔✔•enable consumers to identify products or services with promised
benefits, and to differentiate from competitors.
Brands - correct answer ✔✔•are related with a set of consumer expectations about
performance, quality, price, etc.
Corporate umbrella branding, family umbrella branding, range branding, individual branding -
correct answer ✔✔four brand strategies
Corporate umbrella branding - correct answer ✔✔ØThe company's name is attached to the
entire product portfolio.
ØExample: the old Kellogg's
almost all the products
complete solutions
Product - correct answer ✔✔product strategy, brand strategy, core of the marketing mix.
Place - correct answer ✔✔channel management
People, Physical Evidence, Process Management - correct answer ✔✔softer three P's
external - correct answer ✔✔uncontrollable factors, PEST
Internal - correct answer ✔✔controllable factors, the marketing mix
Product attributes - correct answer ✔✔The core product; features, styles, product quality,
brand name, packaging, size, and color...
Product benefits: - correct answer ✔✔Elements that consumers perceive as meeting their
needs; typically refer to the product's performance and its image.
Marketing support services: - correct answer ✔✔Additional elements to the core product;
include delivery, installation, guarantees, after-sales service and reputation.
Product - correct answer ✔✔•Can be physical goods, services, and ideas.
ØProduct life cycle
,Portfolio analysis - correct answer ✔✔•Effective product management depends on two
dimensions:
Stars - correct answer ✔✔high market growth rate, high relative share
Cash Cows - correct answer ✔✔low market growth rate, high relative market share
Question Marks - correct answer ✔✔high market growth, low market share
Dogs - correct answer ✔✔low growth, low market share
Product Life Cycle - correct answer ✔✔introduction, growth, maturity, decline
Product Policy - correct answer ✔✔Includes the Product life cycle and portfolio analysis
Cash Cows - correct answer ✔✔Which in the maturity stage, cash cow, stars, question marks, or
dogs?
Stars and Question Marks - correct answer ✔✔Which in the growth stage, cash cow, stars,
question marks, or dogs?
Product strategy - correct answer ✔✔•How to manage the product strategically?
important to remember - correct answer ✔✔•In the long term, usually products can be
changed radically. However, in the short term, only minor changes are possible. For example,
package/label changes, new varieties, accessories, etc.
, Market leader, market challenger, market follower, me-too/market nicher - correct answer
✔✔Four types of product strategies
•Market leader - correct answer ✔✔expand the market, protect the current share, and expand
the share
Market challenger - correct answer ✔✔•challenges the leader and other firms (more
aggressive), disocunt prices, cheap goods, innovation, advertise heavilyu, improve services
Market follower - correct answer ✔✔•(less aggressive), segment carefuly,
Me-too/market nicher - correct answer ✔✔• focus on part of the market; if succeed, can be
very profitable (e.g. Porsche)
Brands - correct answer ✔✔•enable consumers to identify products or services with promised
benefits, and to differentiate from competitors.
Brands - correct answer ✔✔•are related with a set of consumer expectations about
performance, quality, price, etc.
Corporate umbrella branding, family umbrella branding, range branding, individual branding -
correct answer ✔✔four brand strategies
Corporate umbrella branding - correct answer ✔✔ØThe company's name is attached to the
entire product portfolio.
ØExample: the old Kellogg's
almost all the products
