[Solved] Marketing mix MCQ [Free PDF] - Objective Question Answer for Marketing mix Quiz - Download Now! (2024)

The correct answer isProduct line.

Key PointsProduct Hierarchy -A product is categorised into its primary components according to a hierarchy of products. A product will inevitably be connected to or related to another. The hierarchy of the products ranges from basic necessities to specialised goods that meet a range of purposes.The 6levels of producthierarchy -

1. Product Need
2. Product Family
3. Product Class
4. Product Line
5. Product Type
6. Product Item​

Important PointsProductLine-A series of products from the same product class that are comparable in terms of their functions, target market, price range, and distribution methods make up a product line. For example Product line for hair care like shampoo, Hair wax, Hair gel etc.

As above in question, Insurance are example of Product Line. Health Insurance, Life insurance, Medical Insurance, Accidental Insurance etc. are falls in Product Line Level of Producthierarchy.

Additional InformationProduct Family-All product classes that can meet the primary demand are included in the product family. For instance, railways , roadways, runways etc.

Product class-A group of items with some functional uniformity might be seen as the product class inside a family. A product category may be thought of as a product class. For instance, there are cars, bicycles, and other vehicles on roads.

Product type- A product type is a collection of products that share one of the various product line configurations, such as luxury vehicles, mid-size cars, etc.