Product Management
Question Bank
Course Introduction
Product Management is a dynamic course that explores the processes, tools, and strategies involved in conceiving, developing, launching, and improving products across various industries. Students will gain an in-depth understanding of the product lifecycle, market analysis, user research, requirement gathering, prototyping, go-to-market strategies, and agile methodologies. Emphasizing both technical and business perspectives, the course also delves into cross-functional collaboration, stakeholder management, and metrics-driven decision making, preparing students to effectively lead product teams and deliver innovative solutions that meet customer needs and drive business value.
Recommended Textbook
Marketing Management 14th Edition by Philip T. Kotler
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Chapter 1: Defining Marketing for the 21st Century
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Sample Questions
Q1) The overabundance of information available on the Internet has made it more difficult for consumers to compare product features and prices.
A)True
B)False
Answer: False
Q2) When eBay and Amazon.com cut out the majority of middlemen that normally would participate in the exchange process, it is an example of ________.
A) deregulation
B) reverse auctioning
C) reintermediation
D) disintermediation
E) diversification
Answer: D
Q3) Integrated marketing is the task of hiring, training, and motivating able employees who want to serve customers well.
A)True
B)False
Answer: False
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Chapter 2: Developing Marketing Strategies and Plans
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Sample Questions
Q1) For an MBO system (manage by objectives)to work, the business unit attempting to implement the process must meet four criteria. What are those criteria?
Answer: The criteria are: (1) they must be arranged hierarchically, from the most to the least important; (2) objectives should be stated quantitatively whenever possible; (3) goals must be realistic; and (4) objectives must be consistent.
Q2) A characteristic of a ________ is that it can be a single business or collection of related businesses that can be planned separately from the rest of the company.
A) strategic business unit
B) subsidiary unit
C) merged unit
D) niche market unit
E) specialized business unit
Answer: A
Q3) Goodwin's Grocery has decided to purchase a meat-processing plant to gain more control of its beef supply and improve its profits. Which form of integrative growth strategy has Goodwin's employed?
Answer: Goodwin's has selected a backward integration strategy.
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Chapter 3: Collecting Information and Forecasting Demand
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Sample Questions
Q1) One of the ways to find relevant online information on competitors' strengths and weaknesses might be to frequent distributor or sales agent feedback sites.
A)True
B)False
Answer: True
Q2) What is a marketing information system (MIS)? From what sources is the MIS developed?
Answer: A marketing information system (MIS) consists of people, equipment, and procedures to gather, sort, analyze, evaluate, and distribute needed, timely, and accurate information to marketing decision makers.
A marketing information system is developed from internal company records, marketing intelligence activities, and marketing research.
Q3) Companies with superior information enjoy a competitive advantage.
A)True
B)False
Answer: True
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Chapter 4: Conducting Marketing Research
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Sample Questions
Q1) ________ are a structured way to disseminate the insights gleaned from the two complementary approaches to measuring marketing productivity within the organization.
A) Marketing metrics
B) Marketing decision support systems
C) Marketing dashboards
D) Marketing segments
E) Marketing mix models
Q2) As a marketing researcher of Matrix Private Limited you have been asked to forecast the demand for your new range of body wash if a discount of 10 percent is offered on each unit sold. Identify the research category into which this market research falls.
Q3) ________ approach uses concepts and tools from anthropology and other social science disciplines to provide deep cultural understanding of how people live and work.
A) Cognitive research
B) Inductive research
C) Archaeological research
D) Ethnographic research
E) Deductive research
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Chapter 5: Creating Long-Term Loyalty Relationships
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Sample Questions
Q1) What technique is used for customer profitability analysis?
Q2) Profit rate tends to decrease over the life of the retained customer due to increased purchases, referrals, price premiums, and increased operating costs to service.
A)True B)False
Q3) All companies should practice one-to-one marketing. A)True B)False
Q4) Which of the following is not conducive to database marketing?
A) Rushbury Theater relies on the generosity of donors to keep functioning.
B) Kenilworthy retails luxury handbags and leather accessories to a select clientele.
C) 2Wheels sells its most profitable products to repeat customers.
D) Uncle Jim's sells its range of snacks in stores throughout the country.
E) PetZone offers obedience classes, a doggie daycare and other services for pets in the Manhattan area.
Q5) For a magazine, subscription renewal rate is a good measure of retention. A)True B)False
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Chapter 6: Analyzing Consumer Markets
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Sample Questions
Q1) Even if consumers form brand evaluations, two general factors can intervene between the purchase intention and the purchase decision. One of these is unanticipated situational factors. What is the other factor?
A) Amount of purchasing power
B) Attitudes of others
C) Short-term memory capabilities
D) Ability to return merchandise
E) The self-concept
Q2) With respect to consumer decision making, the ________ is the set of strong contenders from which one will be chosen as a supplier of a good or service.
A) total set
B) awareness set
C) consideration set
D) choice set
E) decision set
Q3) Briefly explain Freud's theory on human motivation and explain how this might be related to marketing.
Q4) Explain the differences between a role and status.
Q5) List and briefly characterize Maslow's Hierarchy of Needs.
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Chapter 7: Analyzing Business Markets
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Sample Questions
Q1) Sellers benefit from systems contracting through lower operating costs as a result of steady demand and reduced paperwork.
A)True
B)False
Q2) GM employees work at large customer facilities to reduce materials-management spending. This is an example of the ________ form of solution selling.
A) solutions to encourage partnerships
B) solutions to alter corporate culture
C) solutions to enhance customer revenues
D) solutions to decrease customer risks
E) solutions to reduce customer costs
Q3) In buyer-seller relationships, the contractual transaction generally shows low levels of trust, cooperation, and interaction.
A)True
B)False
Q4) On spot electronic markets, prices of products or commodities change by the minute.
A)True
B)False
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Chapter 8: Identifying Market Segments and Targets
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Q1) If your assignment was to create a value proposition and product-price positioning strategy for each segment, based on the segment's unique customer needs and characteristics, you would be in which of the following steps of the segmentation process?
A) needs-based segmentation
B) segment identification
C) segment attractiveness
D) segment positioning
E) segment "acid-test"
Q2) Hilton Hotels customizes rooms and lobbies according to location. Northeastern hotels are sleeker and more cosmopolitan. Southwestern hotels are more rustic. This is an example of ________ segmentation.
A) demographic
B) behavioral
C) psychographic
D) geographic
E) cultural
Q3) Increasingly, companies are finding that their markets are "hourglass shaped." What does this mean for consumers and for marketers?
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Chapter 9: Creating Brand Equity
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Sample Questions
Q1) Assume you are a marketing manager and want to adopt strategic brand management. List the four main steps that you would most likely go through to accomplish this task.
Q2) Christian Louboutin is a footwear designer who launched his line of high-end women's shoes in France in 1991. Since 1992, his designs have incorporated the shiny, red-lacquered soles that have become his signature. These red-lacquered soles and high stilettos of Louboutin distinguish him from other designer shoe brands. In accordance with the brand asset valuator model, which of the following components of brand equity has Louboutin fulfilled in the given scenario?
A) energized differentiation
B) relevance
C) esteem
D) knowledge
E) advantage
Q3) Customer lifetime value is affected by revenue and by the costs of customer acquisition, retention, and cross-selling.
A)True
B)False
Q4) Describe the meaning and function of a brand audit.
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Chapter 10: Crafting the Brand Positioning
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Q1) There are three key consumer criteria that determine whether a brand association can truly function as a point-of-difference. When the Westin Stamford hotel in Singapore advertised that it was the world's tallest hotel, it attempted to create a point-of-difference (POD). Explain why the hotel may not have been successful in its attempt to create its POD.
Q2) A good positioning should contain points-of-difference and points-of-parity that have rational but not emotional components.
A)True
B)False
Q3) ________ are associations designed to overcome perceived weaknesses of the brand.
A) Conceptual points-of-parity
B) Category points-of-difference
C) Competitive points-of-parity
D) Competitive points-of-difference
E) Category points-of-parity
Q4) Sally's is a boutique bakery that specializes in cupcakes. How can Sally's create image differentiation to stand apart from its competitors?
Q5) Briefly describe four brand differentiation strategies.
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Chapter 11: Competitive Dynamics
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Sample Questions
Q1) Which of the following marketing strategies requires either identifying additional opportunities to use the brand in the same basic way or identifying completely new and different ways to use the brand?
A) increasing the amount of consumption
B) decreasing the level of consumption
C) increasing dedication to consumption
D) increasing product innovation
E) increasing frequency of consumption
Q2) ________ defense involves occupying the most desirable market space in the minds of the consumers and making the brand almost impregnable.
A) Position
B) Flank
C) Preemptive
D) Mobile
E) Contraction
Q3) As a brand manager of a firm that manufactures denim jeans, how will you implement a preemptive defense marketing strategy to meet an anticipated competitive challenge?
Q4) What are end-user and vertical-level specialists?
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Chapter 12: Setting Product Strategy
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Sample Questions
Q1) In planning its market offering, the marketer needs to address five product levels, each of which reduces customer value.
A)True
B)False
Q2) The customer-value hierarchy consists of the basic product, core benefit, expected product, augmented product, and the consumption system.
A)True
B)False
Q3) The homogeneity of natural materials limits the amount of demand-creation activity that producers undertake.
A)True
B)False
Q4) ________ refers to educating the customer's employees to use the vendor's equipment properly and efficiently.
A) Customer training
B) Open innovation
C) Crowdsourcing
D) Co-development
E) Collaborative research
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Chapter 13: Designing and Managing Services
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Q1) Marketing excellence with services requires excellence in three broad areas. List and explain the three areas.
Q2) ________ refer(s)to logos, symbols, characters, and slogans that service providers use in order to make the service and its key benefits more tangible.
A) Brand engagement
B) Brand orientation
C) Brand elements
D) Brand loyalty
E) Brand equity
Q3) Which of the following is an example of a pure tangible good?
A) massage
B) shampoo
C) e-mail
D) restaurant meal
E) air travel
Q4) List the eight different variables that influence service outcome and customer loyalty.
Q5) Give an example of a pure service provided by a company.
Q6) List and briefly explain with examples the five categories of service offerings.
Page 15
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Chapter 14: Developing Pricing Strategies and Programs
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Q1) A company does not set a final price until the product is finished or delivered. This is known as ________.
A) delayed quotation pricing
B) an escalator clause
C) special-event pricing
D) time pricing
E) the shallow-pockets trap
Q2) Ellie's manager has asked her to come up with ways to reduce costs of their new product by utilizing a process called "target costing." What should Ellie do?
Q3) Total costs consist of the sum of the fixed and variable costs for any given level of production.
A)True
B)False
Q4) How does the Internet help sellers discriminate between buyers and vice-versa?
Q5) What are the different types of promotional pricing?
Q6) Companies sometimes initiate price cuts in an attempt to dominate the market through lower costs.
A)True
B)False
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Chapter 15: Designing and Managing Integrated Marketing
Channels
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Sample Questions
Q1) A manufacturer offers its intermediaries an extra benefit for performing a promotional activity. This is an example of the use of ________ power.
A) reward
B) coercive
C) functional
D) expert
E) referent
Q2) A(n)________ VMS consists of independent firms at different levels of production and distribution, integrating their programs on a contractual basis to obtain more economies or sales impact than they could achieve alone.
A) administered
B) contractual
C) corporate
D) regulated
E) referent
Q3) A manufacturer obtains referent power when it has special knowledge that intermediaries value.
A)True
B)False
Page 17
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Chapter 16: Managing Retailing, Wholesaling, and Logistics
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Q1) A superstore is a storeless retailer serving a specific clientele who are entitled to buy from a list of retailers that have agreed to give discounts in return for membership.
A)True
B)False
Q2) Companies are reducing their inventory costs by treating inventory items differently, positioning them according to risk and opportunity. High-risk, low-opportunity items are known as ________.
A) nuisance items
B) bottleneck items
C) variable items
D) critical items
E) commodities
Q3) ShoeZone is a shoe retailer with outlets across the country. The company is trying to reduce its inventory and warehousing costs, but needs to keep delivery speeds as short as possible. What can ShoeZone do to achieve this?
Q4) In what ways does franchising benefit the franchisor? In what ways does it benefit the franchisee?
Q5) How would merchant wholesaler HCN operate?
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Chapter 17: Designing and Managing Integrated Marketing Communications
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Sample Questions
Q1) Problem removal and normal depletion are examples of positively oriented relevant brand needs.
A)True
B)False
Q2) When asked about their preferred brand of instant noodles outside a supermarket setting, customers could not remember Nissin's name, but relied on the distinct packaging to help them spot the noodles while shopping. Describe how this problem can be addressed through the objective of Nissin's marketing communications.
Q3) Marketing communications in almost every medium and form have been on the rise, and some consumers feel they are increasingly invasive.
A)True
B)False
Q4) Personal selling refers to people-to-people oral, written, or electronic communications that relate to the merits or experiences of purchasing or using products or services.
A)True
B)False
Q5) What are the elements of the marketing communications mix?
Page 19
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Sample Questions
Q1) Which of the following is an advantage of using newspapers as an advertising medium?
A) long lifespan
B) high reproduction quality
C) huge "pass-along" audience
D) high level of targeting
E) good local market coverage
Q2) ________ refers to the task of securing editorial space-as opposed to paid space-in print and broadcast media to promote or "hype" a product, service, idea, place, person, or organization.
A) Advertising
B) Media planning
C) Communication design
D) Publicity
E) Copy testing
Q3) The historical approach correlates past sales to past advertising expenditures using advanced statistical techniques.
A)True
B)False
Q4) What are the legal and social issues associated with advertising? Page 20
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Chapter 19: Managing Personal Communications: Direct and Interactive Marketing,
Word of Mouth, and Personal Selling
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Q1) An employee who provides clerical backup for outside salespersons, runs credit checks, follows up on deliveries, and answer customers' business-related questions is called a sales assistant.
A)True
B)False
Q2) Which of the following is the first step in the process of personal selling?
A) prospecting and qualifying
B) sales preapproach
C) sales presentation
D) unearthing objections
E) demonstrating advantages
Q3) Direct marketing has the ability to test different elements of an offer strategy under real marketplace conditions.
A)True
B)False
Q4) Most direct marketers apply the RFM formula to select customers. Explain this formula and how it is used to select customers.
Q6) What is buzz marketing? Page 22
Q5) What are cliques? How can two cliques be related?
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Chapter 20: Introducing New Market Offerings
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Sample Questions
Q1) Dragalong income refers to additional income whereas cannibalized income refers to reduced income.
A)True
B)False
Q2) ________ is a "hybrid" data collection technique that combines self-explicated importance ratings with pair-wise trade-off tasks.
A) Sales wave analysis
B) Simulative data testing
C) Adaptive conjoint analysis
D) Business analysis
E) Exponential data collection
Q3) What is the consumer-adoption process? What are the various steps in the process?
Q4) A(n)________ is a possible product the company might offer to the market.
A) test brand
B) alpha product
C) beta version product
D) product idea
E) product concept
Q5) What is the significance of performing business analysis?
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Chapter 21: Tapping into Global Markets
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Sample Questions
Q1) Various governments force companies to charge the ________ price, which is charged by other competitors for the same or a similar product.
A) gray market
B) implicit
C) arm's-length
D) authorized
E) contingent
Q2) If a company charges its subsidiary in a foreign country too low a transfer price, it can be accused of dumping.
A)True
B)False
Q3) A company that is planning to go global must decide on how many countries to enter and how fast to expand. A company's entry strategy typically follows one of two possible approaches. What are those approaches?
Q4) Product adaptation alters the product to meet local conditions or preferences. Identify four levels of adaptation.
Q5) What are the choices available to companies when setting prices to avoid price escalation problems?
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Chapter 22: Managing a Holistic Marketing Organization for the Long Run
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Q1) ________ software provides a set of Web-based applications that automate and integrate project management, campaign management, budget management, asset management, brand management, customer relationship management, and knowledge management.
A) Marketing dashboard
B) Enterprise resource planning
C) Supply chain management
D) Marketing resource management
E) Enterprise campaign management
Q2) Many companies now focus on departments as opposed to processes, because processes can be a barrier to smooth performance.
A)True
B)False
Q3) Top and middle management are primarily responsible for ________.
A) annual-plan control
B) efficiency control
C) profitability control
D) technological control
E) innovation control
Q4) How can firms promote ethical behavior among their employees?
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