Product and Brand Management Answers

Product and Brand Management Week 1 1. Statement 1: A brand is defined as a bundle of attributes capable of exchange or use; usually a mix of tangible and intangible forms. Statement 2: A product is a name, term, design, symbol or any other feature that identifies one seller’s good or service as distinct from those of other sellers. a. b. c. d. Both statements are false. Statement 1 is True, and Statement 2 is false. Both statements are true. Statement 1 is False, and Statement 2 is True. 2. Which of the following statements about the product persona is false? a. Personas are abstractions of groups of real consumers who share common characteristics and needs. b. It is also a profile of a employees who sell the product. c. Product Persona provides a unified view of how a product interacts with its users. d. It defines the beliefs, motivations, interests and personality of a product. 3. As discussed in the lecture, there are six levels in the product hierarchy. Identify the missing levels in the diagram? a. b. c. d. Product Mix, Product Design, Product Quality Product System, Product Plan, Product Variant Product Packaging, Product Style, Product Quality Product Item, Product Line, Product Family 4. Who proposed the classification schema that includes Product Referent, Task or Outcome Referent (Benefit), and User Referent (Usage) for describing products and services? a. b. c. d. Philip Kotler Theodore Levitt Myers and Shocker Clayton Christensen 5. Which of the following statements about Product Attributes is NOT true? a. Product attributes are the characteristics by which products are identified and differentiated. b. Product attributes usually comprise features, benefits, and uses. c. Any given product or service can only be presented in one attribute class. d. When making judgments about multi-attribute alternatives consumers are likely facing a mixture of characteristic, beneficial, and image attributes. 6. Match the product terminologies in Table 1 with their correct descriptions in Table 2. I. Product family A. It is the set of all products and items a particular seller offers for sale. II. Product type B. A group of items within a product line that share one of several possible forms of the product. III. Product mix C. All the product classes that can satisfy a core need with reasonable effectiveness. Table 1 a. I - C, II - B, III - A b. I - A, II - B, III - C Table 2 c. I - B, II - A, III - C d. I - B, II - C, III – A 7. Which of the following are the dimensions of product mix? a. b. c. d. e. f. g. h. Width Complexity Length Volume Weight Depth Intensity Consistency 8. Statement 1: Product design is the totality of features that affect the way a product looks, feels, and functions to a consumer. Statement 2: Product mix refers to the number of different classifications of goods carried in a particular merchandising unit. a. b. c. d. Both statements are false. Statement 1 is True, and Statement 2 is false. Both statements are true. Statement 1 is False, and Statement 2 is True. 9. Product development can be viewed from three perspectives. Which of the following is not one of these perspectives? a. b. c. d. As Rational Plan As Communication Web As Leadership Approach As Disciplined Problem Solving 10. __________ is a group of diverse but related items that function in a compatible manner. a. b. c. d. Product System Product Attribute Product Type Product Style Product and Brand Management Week 2 1. Statement 1: Minimum marketable product (MMP) is a version of a product with just enough features to be usable by early customers (early-adopters) who can then provide feedback as quickly as possible, which they can use to iterate and improve for future product development. It offers all the benefits that an MVP offers Statement 2: Minimum viable product (MVP) is a product that has the simplest features yet is made more presentable to be launched in the market. a. b. c. d. Both statements are false. Statement 1 is True, and Statement 2 is false. Both statements are true. Statement 1 is False, and Statement 2 is True. 2. Match the product terminologies in Table 1 with their correct descriptions in Table 2. I. Product commercialization A. It is also called product elimination. II. Product abandonment B. It is usually the last stage in the development cycle for a new product III. Product recall C. It is the withdrawal and request for return of a product by the manufacturer or distributor in order to remedy or replace it due to the detection of a fault or faults which render it unfit for the purpose for which it was sold. Table 2 Table 1 a. b. c. d. I - C, II - B, III - A I - A, II - B, III - C I - B, II - A, III - C I - B, II - C, III – A 3. Product Life Cycle (PLC) has four premises. Which of the following is NOT one of them?