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Week 2 - Product and Brand Management

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Week 2 - Product and Brand Management

Uploaded by

ushasreegujju8
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Product and Brand Management

Week 2

1. Statement 1: Minimum marketable product (MMP) is a version of a product with just


enough features to be usable by early customers (early-adopters) who can then provide
feedback as quickly as possible, which they can use to iterate and improve for future
product development. It offers all the benefits that an MVP offers

Statement 2: Minimum viable product (MVP) is a product that has the simplest features
yet is made more presentable to be launched in the market.

a. Both statements are false.


b. Statement 1 is True, and Statement 2 is false.
c. Both statements are true.
d. Statement 1 is False, and Statement 2 is True.

2. Match the product terminologies in Table 1 with their correct descriptions in Table
2.

I. Product commercialization A. It is also called product elimination.

II. Product abandonment B. It is usually the last stage in the


development cycle for a new
product

III. Product recall C. It is the withdrawal and request for


return of a product by the
manufacturer or distributor in order
to remedy or replace it due to the
detection of a fault or faults which
render it unfit for the purpose for
which it was sold.
Table 1 Table 2

a. I - C, II - B, III - A
b. I - A, II - B, III - C
c. I - B, II - A, III - C
d. I - B, II - C, III – A

3. Product Life Cycle (PLC) has four premises. Which of the following is NOT one of
them?
a. Products have an unlimited life.
b. Product sales pass through distinct stages, each stage has different implications for the
seller.
c. Profits from the product vary at different stages in the life cycle.
d. Products require different strategies at different stages of the life cycle.

4. Select the tasks that fit the definition of Product Management given below.

“According to The Association of International Product and Marketing Managers,


Product management is the process of ________ products from the market.”

a. Adopting
b. Conceiving
c. Planning
d. Commercializing
e. Developing
f. Testing
g. Managing
h. Globalizing
i. Launching
j. Delivering
k. Withdrawing
l. Integrating
m. Supervising

5. Identify the names of levels X, Y, and Z in the Customer Value Hierarchy.


a. Core Product, Expected Product, Potential Product
b. Generic Product, Bundled Product, Advanced Product
c. Potential Product, Expected Product, Generic Product
d. Core Product, Bundled Product, Potential Product

6. Match the products in Table 1 with the most appropriate examples in Table 2.

I. Core Product A. The Airline offerings free pickup and


drop, hotel accommodation during
waiting period, porter facilities,
lounges for all etc.
II. Basic Product B. A customer buys an air ticket from
an Airlines to travel from one
destination to another destination.

III. Augmented Product C. The airlines provide a hassle-free


travel without any delay in the travel
time.

Table 1 Table 2

a. I - C, II - B, III - A
b. I - A, II - B, III - C
c. I - B, II - A, III - C
d. I - B, II - C, III – A

7. As discussed in class, services differ from goods in several distinct ways. Which of
the following is not one of these characteristics?

a. Intangibility
b. Inseparability
c. Homogeneity
d. Perishability

8. Which of the following statements about the expected product is true?

a. The expected product or expected benefit is the central benefit or purpose for
which a consumer buys a product.
b. The greater a company meets the expected product level, the sustainable is a
brand of a company.
c. These become the means of evaluating alternatives for a customer.
d. The marketer prepares an expected product that exceeds customer
expectations.
9. Statement 1: Convenience Goods are purchased frequently, immediately and with
minimal effort.

Statement 2: Shopping Goods are the goods that consumer characteristically


compares on such bases as suitability, quality, price, and style.

Statement 3: Unsought Goods have unique characteristics or brand identification for


which enough buyers are willing to make a special purchasing effort.

a. All the statements are True.


b. Statement 1 and Statement 3 are true, and Statement 2 is false.
c. Statement 1 is False, and Statement 2 and Statement 3 are True.
d. Statement 1 and Statement 2 are true, and Statement 3 is false.

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