1. Product Planning is not an activity. It is a________
(1) Boom
(2) Development
(3) Process
(4) Creation
(5) Planning
2. Who said "Product development encompasses the technical activities of product research, engineering and design" ?
(1) William J. Stanton
(2) Limpson and Darling
(3) Prof. Bhagwan Dass Sharma
(4) Lai Krishna Adwani
(5) Prof. Pankaj K.Parashar
3. What is one of the main elements of Product Development?
(1) To Discover the feasibility of the production of product
(2) To develop the quality of product
(3) To develop different models
(4) To select the best model
(5) All of above
4. What is one of the principles of Product Development ?
(1) Principle of Standardisation
(2) Principle of Simplification
(3) Principle of Specialisation
(4) Principle of Double Entry
(5) 1, 2 and 3
5. Which principle stresses upon the fact that these must be predetermined standards for the product ?
(1) Principle of Accountancy
(2) Principle of Marketing
(3) Principle of Standardisation
(4) Principle of MBA College
(5) None of above
6. Which Principle stresses that production process must be as simple as possible ?
(1) Principle of Simplification
(2) Principle of Justification
(3) Principle of Marketing
(4) 1 and 3
(5) 1, 2 and 3
7. What is one of the main advantages of Product Development ?
(1) Best quality products
(2) Market Expansion
(3) Maximum Satisfaction to customers
(4) Increase in Profits
(5) All of above
8. The assistant category manager was told to use cost-plus pricing to evaluate the profit potential of new products. This involves
(1) setting prices to reach a specific rate of return
(2) adding a standard markup to the cost of the product
(3) pricing products with the buyer's sense of value in mind
(4) basing the prices on what the competition charges
(5) None of these
9. Before setting his prices, Zach conducted a market research study to learn what consumers would pay. Zach appears to be using which type of pricing method?
(1) cost-plus
(2) target profit
(3) value-based
(4) going-rate
(5) None of these
ANSWERS
1.3
2.1
3.5
4.5
5.3
6.1
7.5
8.2
9.3
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