CHPT 9 Quiz

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A firm can develop new products or acquire them from other firms.​ However, innovation can be expensive and very risky. By one​ estimate, ________ of all new products introduced by established companies fail within two​ years, and​ ________ of all innovations fail to return their development costs. A. 50%; 75% B. ​33%; 50% C. ​66%; 96% D. ​25%; 66% E. ​33%; 96%

66%; 96%

There are several reasons why new products fail. Which one of the following reasons that has been given for a new​ product's failure can the marketing manager​ ignore? A. Incorrect​ positioning, inaccurate​ pricing, or poor advertising B. Higher than expected development and marketing costs C. Poor product design D. Competitors legally restricting market entry simply because the product is new E.Overestimation of potential market size

Competitors legally restricting market entry simply because the product is new

There are many legal responsibilities facing the marketing firm. Which of the following is the firm exempt from having to do legally in managing its product​ offering? A. Following patent laws B. Being prevented from adding products through acquisitions C. Having to legally create product stewards to protect consumers D. Inability to drop all products from the market offering on the​ firm's decision E. Compliance with consumer product quality and safety laws

Having to legally create product stewards to protect consumers

International product and services marketers face special challenges.​ First, the firm must figure out what products and services to introduce and in which countries. What is the second issue the firm must​ address? A. Which countries are financially risky countries B. Which countries do not have laws as strict as the United States C. How to price the products to capture unrealistic profits D. How much to standardize or adapt their products and services E.How to standardize tastes and preferences around the world

How much to standardize or adapt their products and services

In the idea generation​ stage, firms can generate new product ideas from internal and external sources. Which of the following is an internal source for idea​ generation? A. Intrapreneurial programs B. Crowdsourcing C. Distributors and suppliers D. Competitors E. Customers

Intrapreneurial programs

One marketing expert describes an​ R-W-W ("real,​ win, worth​ doing") new product screening framework that asks three questions. Two of these​ are: Is there really a market for the product and can the firm garner a sustainable advantage in the market. Which of the following is the third question the marketer should​ ask? A. Is there a​ clear, precise product​ concept? B. Do we have adequate​ resources? C. Can we beat the competitors in this​ market? D. Is it worth​ doing? E. Is there a real need and desire for the​ product?

Is it worth​ doing?

Which stage of PLC typically lasts the​ longest, and consequently there are more products in this stage of the product life cycle than at any other point in the​ PLC? A.Decline B. Product development C. Introduction D. Growth E. Maturity

Maturity

Managers of products and services in the maturity stage will use several techniques to extend that stage and not enter the decline stage. Which of the following strategies is essentially impossible for the marketing manager to not employ in order to extend​ maturity? A. Modification of the market mix B. Modification of the PLC C. Modification of the market by finding new users D. Modification of the market through increased consumption by current users E. Modification of the product

Modification of the PLC

In the fourth stage of the new product development​ process, the firm creates the marketing strategy​ statement, which consists of three parts. The final portion of this process is to describe​ what? A. ​Sales, market-share, and profit goals for the first few years B. Human resource allocation C. Logistics and operations D. Planned​ long-run sales, profit​ goals, and marketing mix strategy E. The​ product's planned​ price, distribution, and marketing budget

Planned​ long-run sales, profit​ goals, and marketing mix strategy

During which period of the PLC are sales​ zero? A. Growth B. Introduction C. Decline D. Product development E.Maturity

Product development

The PLC concept can describe several different categories of products of interest to marketers. Which one has the fairly traditional PLC shape and is represented by items such as​ tablets, wine​ coolers, and wearable PCs and Internet​ connections? A.Product class B. Industry C. Product image D. Product form E. Product brand

Product form

As the result of​ screening, a firm determines there is a market for a device that automatically tosses a ball for a dog so the owner does not have to throw the ball. The firm does not yet know how big the device would​ be, of what material it would be​ made, or how much it would cost. The​ dog-tossing device is described as what level of new​ product? A. Concept test B. Product market test C. Product image D. Product idea E. Product concept

Product idea

Many entrants to the global marketplace have been driven or​ "pulled" into the global arena as they followed their client companies that were entering global competition. For which of the following industries is this​ follow-through behavior most​ common? A. Gas and oil companies B. Medical services C. Restaurants D. Retailers E.Professional and business services​ industries, such as​ accounting, management​ consulting, and advertising

Professional and business services​ industries, such as​ accounting, management​ consulting, and advertising

In the growth​ stage, the firm will experience many predictable actions. Which of the following activities is expected in a stage of the product​ life-cycle other than the growth​ stage? A. New competitors enter the market. B. Sales experience rapid growth. C. Distribution expands as more outlets carry the product. D. ​Profits, not market share​ growth, are important. E. Price remains competitive.

Profits, not market share​ growth, are important.

If the purpose of idea generation is to create a large number of​ ideas, what are all the succeeding steps in the new product development process designed to​ do? A. Develop a crowdsourcing program. B. Reduce the number of generated ideas. C. Source ideas externally. D.Multiply the number of new product ideas the firm has. E. Source ideas internally.

Reduce the number of generated ideas.

Marketing researchers for a new golf glove to be introduced to the golf market measure consumer responses to the product in various fabrics and​ colors, and styles as well pricing and other marketing tactics in a laboratory​ "pro shop." Which research method is the firm​ employing? A. Simulated market laboratory test B. Controlled market test C. Residential test market D. Geographic market test E. Online Internet test market

Simulated market laboratory test

The concept of product life cycle that marketers use presents a challenge because all products eventually decline.​ Consequently, a firm must be good at developing new products to replace aging ones. This is known as what​ issue? A.The challenge of new product development B. The challenge that no two products follow the same product life cycle C. The challenge that product life cycle applies only to tangible products D. The challenge of customers being resistant to change and not wanting new products E.The challenge of having to use the same marketing strategies for new products

The challenge of new product development

Which of the following statements about products and services in the decline stage of PLC is​ accurate? A. Decline is typically the longest stage of the PLC. B. The product must be eliminated immediately when sales and profits drop. C. The product must be repositioned. D. The firm can harvest the product and earn profits in the short term. E. There are many competitors entering the market.

The firm can harvest the product and earn profits in the short term.

Above​ everything, new product development must be​ ________ centered, which focuses on finding new ways to solve problems and create more satisfying experiences. A. profit B. customer C. market share D. research and design​ (R&D) E. scientifically

customer

Options in managing the decline stage vary. A manager can follow several different strategies including​ drop, ________, or maintain. A. liquidate B. reposition C. reinvigorate D. build E. harvest

harvest

Rather than leaving new products to​ chance, a company must carry out strong new product planning and set up a​ systematic, customer-driven new product development process for finding and growing new products. There are eight major steps in this process beginning with​ ________ and ending with​ ________. A. concept​ development; commercialism B. idea​ screening; commercialization C. idea​ generation; commercialization D. idea​ generation; business analysis E. idea​ generation; test marketing

idea​ generation; commercialization

The​ five-stage product life cycle​ (PLC) defines the​ ________ stage as the one in which sales slow down because the product has achieved adoption by most potential buyers. Profitability usually levels off. A. decline B. maturity C. growth D. introduction E. product development

maturity

LegalZoom was the first Web site developed to assist consumers in doing legal transactions such as writing​ wills, getting​ divorced, and doing simple patent and trademark work online without hiring a lawyer. LegalZoom is​ a(n) ________ in the industry starting out in the introductory stage of the PLC. A. classic B. fashion C. style D. pioneer E. fad

pioneer

Some PLCs are short and some endure a long time. The PLC for a product​ class, such as a kilt like the Scottish tartan​ skirt, lasts for several centuries and is a​ basic, distinctive mode of expression. The kilt is best described as​ a(n) ________. A. classic brand B. innovation C. fad D. style E. fashion

style

Many firms do not use a traditional sequential process of new product development that passes the product from department to department.​ Instead, they use​ __________ new product​ development, which assembles people from various departments who stay with the new product from start to finish. Which type of new product development approach is​ this? A. ​test-marketing B. product life cycle C. customer-centered D. innovation management system E. ​team-based

​team-based


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