Chapter 9-ENTR-202-Quiz

A(n) ________ plan is a document designed to detail the major characteristics of a firm—its product or service, its industry, its market, its manner of operating and its financial outcomes with an emphasis on the firm's present and future.

business

________ is best described as the process of making a new product available to consumers.

Commercialization.

Which of the following statements is not true of the product life cycle?

The risks from competition in the introduction stage are generally high. The risks from competition in the introduction stage is generally low as most competitors will wait to see if your product is a threat and has staying power before they act.

Scenario: Kitchen Helpers Tony is a whiz in the kitchen. Not only does he make great food but he has invented about a dozen time-saving kitchen gadgets along the way. These are all home-made inventions made either by using new materials or by modifying existing gadgets to work in new, better ways. He has made duplicate gadgets for friends and some say they use the gadget every day. Tony quit his construction job to concentrate on his kitchen gadgets—he started his own company, Kitchen Helpers. From an entrepreneur's perspective, marketing is all about connecting your customer to your product or service. The first step in this process is

connecting the two through the value proposition.From an entrepreneur's perspective, marketing is all about connecting your customer to your product or service. The first step in this process is connecting the two through the value proposition.

A customer role that describes a person in an organization who is responsible for choosing which product or service will be obtained is the

decision maker.

A customer role that describes the person who eventually makes actual use of a product or service in their personal or work life is the

end user.

Which of the following is the first stage of the new product development process?

idea generation

Price competition starts to rise, and manufacturers find ways to cut costs or introduce new features to keep or gain market share in the ________ stage of the product life cycle.

maturity.

The relation of product or company capabilities to customer pains and gains is the ________ you offer your customer.

value proposition. The relation of product or company capabilities to customer pains and gains is the value proposition you offer your customer.