Marketing Ch 8 Warm up (Exam 2)

Which stage of the product lifecycle normally lasts longer than the previous stages and poses strong challenges to marketing​ management? A. Maturity B. Product development C. Decline D. Introduction E. Growth

A. Maturity

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

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

During the introductory stage of the product​ lifecycle, ______________. A. sales rise quickly and profits are high B. sales are slow and profits nonexistent C. sales fall and profits decline D. profits rise quickly and there is rapid market acceptance of the product E. sales rise​ quickly, but profits are nonexistent

B. sales are slow and profits nonexistent

What are the two ways a firm can obtain new​ products? A.Mergers and acquisitions B. New product development and external research and development C. Acquisitions and new product development D. Acquisitions and external research and development E. New product development and existing product modification

C. Acquisitions and new product development

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. Generating new product ideas D. Setting the budget E. Building a prototype

C. Generating new product ideas

Once management has decided on its product concept and marketing​ strategy, it can evaluate the business attractiveness of the​ proposal, which involves​ ___________. A. introducing the new product to the market B. conducting concept testing C. building and testing a prototype D. conducting a business analysis E. conducting test marketing

D. conducting a business analysis

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

D. understand its​ consumers, markets, and​ competitors, and develop products that deliver superior value

Which of the following statements regarding the marketing of international products and services is​ correct? A. The trend toward growth of global service companies will not continue and will actually decline. B. Because markets and consumers around the world differ​ widely, companies must usually adapt their product offerings in different world markets. C. Markets and consumers all over the world are​ alike, so a company should always standardize international products. 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. Advertising is one service industry that has not needed to globalize its operations.

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