Home work: Marketing Mix: product

Select the correct word to complete the following sentences: Businesses will try to add value to their products by branding and packaging. A unique selling point is a feature that makes a product stand out from others in the market. Decide whether the following statements are true or false.Packaging is only intended to protect a product when moving it from factory to shop. True False I do not know A unique selling point can be used to help a company increase its market share. True False I do not know Branding should help customers remember a product’s name. True False I do not know The length of a product life cycle is the same for all products. True False I do not know Match the stages of the product life cycle to the correct description. Introduction The product is not well-known so the quantity sold is low. A lot of advertising is needed to attract interest. Growth The quantity sold rises rapidly. The product is likely to start to make profit. Maturity The product is well established. Good profit, but the rate at which goods are sold slows. Decline Quantity sold and profits are falling. The company needs to decide whether to keep the product. Write the correct word to complete the sentence. Businesses try to lengthen the life of their products by using extension strategies. Which TWO of the following are advantages of secondary research? Secondary research helps a business to ask questions to their customers, which helps them to develop better products Secondary research can be used to collect information that primary research would not be able to find out Secondary research is available to all businesses Secondary research is usually cheaper to collect than primary research Which of these is NOT a method of primary research? Internet research Questionnaires Focus groups Interviews Which of the following is NOT a benefit of market segmentation? Market segmentation has the potential to discourage other groups of customers to buy the product Advertising can be targeted at particular groups of customers Market segmentation can allow for price discrimination, allowing a business to make varying amounts of revenue from very similar products When goods and services are designed to meet the requirements of specific customer groups, sales are likely to rise