Creating Value - Quiz | SaliceSalice

1. Concept testing in NPD is used to:

Reduce product prices

Present the product idea to potential consumers to gauge their reactions

Evaluate competitors’ strategies

Test marketing campaigns

2. Branding in product strategy refers to:

Expanding into international markets

Offering discounts on products

Creating a unique identity and image for a product in the minds of consumers

Focusing only on product pricing

3. Product differentiation is achieved by:

Expanding into new markets

Offering the same product as competitors

Creating unique product features or attributes that set the product apart from competitors

Reducing the price

4. Service blueprinting is a tool used to:

Create marketing campaigns

Set product prices

Design and visualize the service delivery process, including customer interactions and service provider activities

Analyze competitor services

5. Line stretching in product strategy refers to:

Reducing the product mix

Ignoring new market opportunities

Focusing only on one product

Expanding a product line by adding products at different price points or quality levels

6. Test marketing is conducted to:

Introduce the product on a limited scale to test its success in the market

Launch the product globally

Reduce product features

Focus on customer loyalty programs

7. Product strategy primarily focuses on:

Developing plans for product lines, product mix, and branding

Setting promotional budgets

Pricing strategies

Hiring new employees

8. Product line depth refers to:

The number of product lines

The total number of products in a product line

The pricing strategy for each product

The range of product variations within a specific product line

9. Disruptive innovation occurs when:

Market conditions remain stable

A new product significantly changes the market by offering a breakthrough solution that disrupts established competitors

A company focuses on incremental improvements

Competitors launch similar products

10. Maturity stage in the product life cycle refers to:

The introduction of the product to the market

A decline in sales and profits

Sales growth slowing down as the product reaches widespread market penetration

High investment in product development

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