Chapter 8 Warm Up

Once management has decided on its product concept and marketing strategy, it can evaluate the business attractiveness of the proposal, which involves _______________. a. conducting a business analysis b. introducing the new product to the market c. conducting test marketing d. conducting concept testing e. building and testing a prototype

a. conducting a business analysis

Which stage of the product lifecycle normally lasts longer than the previous stages and poses strong challenges to marketing management? a. introduction b. maturity c. product development d. decline e. growth

b. growth

To create successful new products, a company must _____________. a. cut costs to keep the price of new products low b. understand its consumers, markets, competitors, and develop products that deliver superior value c. avoid innovation and only improve​ existing, successful products d. spend more on​ R&D than its competitors e. wait and see what new products its competitors offer

b. understand its consumers, markets, competitors, and develop products and deliver superior value

Which of the following statements regarding the marketing of international products and services is correct? a. Advertising is one service industry that has not needed to globalize its operations. b. The trend toward growth of global service companies will not continue and will actually decline. c. Because markets and consumers around the world differ widely, companies must usually adapt their product offerings in different world markets. d. Markets and consumers around the world are now so similar that international product and services marketers no longer face special challenges when marketing in foreign countries. e. Markets and consumers all over the world are​ alike, so a company should always standardize international products.

c. Because markets and consumers around the wold differ widely, companies must usually adapt their product offerings in different world markets.

During the introductory stage of the product lifecycle, ______________. a. profits rise quickly and there is rapid market acceptance of the product b. sales rise quickly and profits are high c. sales are slow and profits nonexistent d. sales fall and profits decline e. sales rise​ quickly, but profits are nonexistent

c. sales are slow and profits nonexistent

What is the first step in the new product development process? a . Screening new product ideas b. Consulting with​ R&D on the feasibility of the new product c. Setting the budget d. Building a prototype e. Generating new product lines

e. Generating new product lines

What are the two ways a firm can obtain new products? a. New product development and existing product modification b. Acquisitions and external research and development c. Mergers and acquisitions d. Acquisitions and new product development e. New product development and external research and development

d. Acquisitions and new product development

Which of the following statements regarding socially responsible product decisions is correct? a. Manufacturers are not required to comply with laws regarding product quality and safety. b. Consumers who have been injured by a product with a defective design cannot sue manufacturers or dealers. c. Manufacturers are generally not concerned with product liability. d. The government may prevent companies from adding products through acquisition if the effect threatens to lessen competition e. When companies drop​ products, they do not have any legal obligations to​ suppliers, dealers, and customers.

d. The government may prevent companies from adding products through acquisition if the effect threatens to lessen competition