#1
What is the concept of the product life cycle in marketing?
It refers to the stages a product goes through from development to decline.
ExplanationProduct life cycle in marketing denotes the sequential phases a product experiences, spanning from creation to a decline in sales.
#2
Which of the following is NOT a stage in the product life cycle?
Saturation
ExplanationSaturation is not a stage in the product life cycle, which typically includes introduction, growth, maturity, and decline.
#3
What is market segmentation in product marketing?
Dividing the market into small homogeneous groups based on demographics, behavior, or preferences.
ExplanationMarket segmentation involves dividing the market into smaller, similar groups based on demographics, behavior, or preferences for targeted marketing.
#4
What is the purpose of a SWOT analysis in product marketing?
To evaluate the external opportunities and threats facing a product or company.
ExplanationSWOT analysis assesses a product or company's strengths, weaknesses, opportunities, and threats to inform strategic planning.
#5
What is the purpose of a value proposition in product marketing?
To outline the benefits the product offers to customers.
ExplanationA value proposition succinctly outlines the benefits a product provides to its customers.
#6
Which of the following is NOT a component of the marketing mix?
Production
ExplanationProduction is not a component of the marketing mix, which typically includes product, price, place, and promotion.
#7
What is the purpose of market research in product marketing?
To gather information about customers and market trends.
ExplanationMarket research in product marketing aims to collect information about customers and market trends to inform strategic decision-making.
#8
What is disruptive innovation?
An innovation that introduces a new product or service that creates a new market.
ExplanationDisruptive innovation involves the introduction of novel products or services, establishing a new market.
#9
What is the 'chasm' in product marketing and innovation?
A barrier between early adopters and the early majority in the adoption of a new product.
ExplanationThe 'chasm' in marketing is the gap between early adopters and the early majority, hindering widespread product adoption.
#10
What is the 'first-mover advantage' in product innovation?
The advantage gained by being the first to enter a new market.
ExplanationFirst-mover advantage is the competitive edge obtained by being the initial entrant into a new market or industry.
#11
What is A/B testing in product marketing?
Testing two different versions of a product or marketing campaign to see which performs better.
ExplanationA/B testing involves comparing two versions of a product or marketing campaign to determine the more effective option.
#12
What is the role of customer feedback in product innovation?
To validate ideas and identify areas for improvement.
ExplanationCustomer feedback in product innovation helps validate ideas and pinpoint areas for enhancement in the development process.
#13
What is the difference between incremental innovation and radical innovation?
Incremental innovation involves small improvements to existing products, while radical innovation introduces entirely new products or services.
ExplanationIncremental innovation enhances existing products, while radical innovation introduces entirely new products or services.
#14
What is the role of creativity in product innovation?
To generate new and unique ideas for products or services.
ExplanationCreativity in product innovation is essential for generating fresh and unique ideas for products or services.
#15
Which of the following is NOT a characteristic of successful innovation?
Complexity
ExplanationComplexity is not a desirable trait in successful innovation, which typically values simplicity, user-friendliness, and efficiency.
#16
What is the concept of 'blue ocean strategy'?
A strategy of creating uncontested market space by making competitors irrelevant.
ExplanationBlue ocean strategy involves creating new market space uncontested by competitors, rendering them irrelevant.
#17
What is the role of a product manager in the innovation process?
To oversee the development and launch of the product.
ExplanationA product manager is responsible for overseeing the development and launch of a product throughout the innovation process.
#18
What is the role of cross-functional teams in product innovation?
To encourage collaboration between employees from different departments to drive innovation.
ExplanationCross-functional teams in product innovation promote collaboration among employees from various departments, fostering innovation.
#19
What is the purpose of concept testing in product development?
To assess the feasibility of the product idea.
ExplanationConcept testing in product development is conducted to evaluate the feasibility and viability of a product idea before full-scale development.