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B Com Exam  >  B Com Tests  >  Test: Product Planning and Market Strategies - B Com MCQ

Test: Product Planning and Market Strategies - B Com MCQ


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10 Questions MCQ Test - Test: Product Planning and Market Strategies

Test: Product Planning and Market Strategies for B Com 2024 is part of B Com preparation. The Test: Product Planning and Market Strategies questions and answers have been prepared according to the B Com exam syllabus.The Test: Product Planning and Market Strategies MCQs are made for B Com 2024 Exam. Find important definitions, questions, notes, meanings, examples, exercises, MCQs and online tests for Test: Product Planning and Market Strategies below.
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Test: Product Planning and Market Strategies - Question 1
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What is the first stage of New Product Development?

Detailed Solution for Test: Product Planning and Market Strategies - Question 1
The first stage of New Product Development is "Idea Generation." This stage involves gathering a variety of ideas from different sources, including internal sources, SWOT analysis, market research, customer feedback, and competition analysis. It is the initial step where a pool of potential ideas is generated for consideration in the product development process.
Test: Product Planning and Market Strategies - Question 2
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What is the purpose of concept development and testing in New Product Development?

Detailed Solution for Test: Product Planning and Market Strategies - Question 2
Concept development and testing involve refining the initial ideas into detailed concepts and then testing these concepts with a selected group of target customers. This stage helps the company evaluate whether the concept resonates with the customers, meets their needs, and provides insights to further develop the concept before moving forward with product development.
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Test: Product Planning and Market Strategies - Question 3
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Which stage of New Product Development involves analyzing factors such as competition, costs, pricing strategies, and breakeven point?

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The stage of "Business Strategy Analysis & Development" involves analyzing various factors such as competition, costs, pricing strategies, and breakeven point. This analysis helps the company make informed decisions about the marketing and business strategies for the product.
Test: Product Planning and Market Strategies - Question 4
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What is the purpose of test marketing in New Product Development?
Detailed Solution for Test: Product Planning and Market Strategies - Question 4
Test marketing involves introducing the actual prototype of the product to a small group of customers in the target market. The purpose is to gather real customer feedback and insights on the product's performance, features, and any necessary improvements before the full launch. This helps the company refine the product based on customer input.
Test: Product Planning and Market Strategies - Question 5
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In which stage of the product life cycle does a firm seek to build brand preference and increase market share?
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In the "Growth Stage" of the product life cycle, a firm aims to build brand preference and increase its market share. This is a phase of rapid sales growth as the product gains more acceptance among the target audience.
Test: Product Planning and Market Strategies - Question 6
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What type of consumer products are bought frequently, immediately, and with minimum comparison and buying effort?
Detailed Solution for Test: Product Planning and Market Strategies - Question 6
Convenience products are consumer products that customers buy frequently, with minimal effort, and without extensive comparison. These products are often everyday essentials like groceries and toiletries.
Test: Product Planning and Market Strategies - Question 7
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What type of industrial product includes raw materials and manufactured materials and parts that enter the manufacturer's product completely?
Detailed Solution for Test: Product Planning and Market Strategies - Question 7
Industrial products known as "Materials and Parts" include raw materials and manufactured components that are integrated into the manufacturer's final product.
Test: Product Planning and Market Strategies - Question 8
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Which type of product is characterized by its unique characteristics or brand identification, for which a significant group of buyers is willing to make a special purchase effort?
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Specialty products are characterized by unique features or brand identity, and a specific group of buyers is willing to put in extra effort to acquire them due to their distinctiveness.
Test: Product Planning and Market Strategies - Question 9
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What are the three levels of product that marketers consider when introducing a product to the market?
Detailed Solution for Test: Product Planning and Market Strategies - Question 9
Marketers consider three levels of a product: Core product (core problem-solving benefit), Actual product (quality, features, brand, etc.), and Augmented product (additional services and benefits).
Test: Product Planning and Market Strategies - Question 10
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What is the purpose of the decline stage in the product life cycle?
Detailed Solution for Test: Product Planning and Market Strategies - Question 10
The purpose of the decline stage in the product life cycle is to manage declining sales and determine the product's future. Companies have options such as maintaining the product, rejuvenating it, harvesting it, or discontinuing it based on its performance and market demand.
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