MKT 120 Chapter 8

Crowdsourcing is used in the​ _______________________ step of the new product development process. A. idea generation B. marketing strategy development C. idea screening D. commercialization E. product development

A

When Dr. Lawncare developed his revolutionary new​ solar-powered lawnmower, he expected that during the growth stage of the product life cycle​ ___________. A. there would be high costs per customer B. the company could anticipate customers as innovators C. there would few competitors D. the company would see rising profits E. there would be lagging adopters

A

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 decrease competition. B. Manufacturers are generally not concerned with product liability. C. When companies drop​ products, they do not have any obligations to​ suppliers, dealers, and customers. D. Safety legislation has been passed to regulate chemical​ substances, drugs, and​ poisons, but not​ toys, automobiles, or fabrics. E. Companies can safely ignore patent laws.

A

In the early​ 1970s, Gary Dahl sold Pet Rocks. The product had a​ short, temporary period of unusually high sales driven by consumer enthusiasm and immediate product​ popularity, but then sales declined very quickly. The PLC sales pattern for Pet Rocks is known as​ ________________. A. a style B. a fad C. a normal product life cycle curve D. a fashion E. a failure

B

When a product is in the maturity stage of the​ PLC, the company tries to increase consumption by finding new users and new market segments for its brands. This attempt to increase consumption is known as​ ______________________. A. market maintenance B. modifying the market C. harvesting the market D. market stimulation E. milking the market

B

Which of the following statements concerning new products is​ correct? A. A modified product is not considered a new product. B. Modified and improved products are considered new. C. Most new products succeed within two years of their introduction. D. Products that are merely improved in some way are not considered new. E. To be considered​ new, the product must be something consumers have not seen before.

B

Which stage of the PLC is characterized by peak​ sales, low costs per​ customer, high​ profits, mainstream​ adopters, and a stable number of competitors that are beginning to​ decline? A. Decline B. Maturity C. Product development D. Introduction E. Growth

B

After market strategy is​ developed, the next step of the new product development process is​ _______________. A. prototyping B. idea generation C. business analysis D. concept development E. commercialization

C

To create successful new​ products, a company must​ _______. A. spend more on research and development​ (R&D) than its competitors and understand its consumers B. focus its new product development efforts only on consumers and deliver value C. understand its​ consumers, markets, and competitors and develop products that deliver superior value to customers D. obtain successful products through acquisitions instead of doing internal development E. cut costs to keep the price of new products low while delivering acceptable quality

C

Which of the following is NOT a product life cycle​ (PLC) stage? A. Growth B. Introduction C. Commercialization D. Maturity E. Decline

C

Which of the following statements about new product development strategy is​ correct? A. Good advertising creates successful new products. B. New products are usually successful because consumers like new things. C. Innovation can be very expensive and very risky. D. New products are not a major source of growth for companies. E. A new product will succeed as long as it is priced correctly.

C

Which of the following statements is true regarding product life cycle​ curves? A. All products follow the traditional​ five-stage PLC model. B. Once a product reaches the decline​ stage, it cannot be recycled back to growth. C. The sales of a typical product follow an​ S-shaped curve made up of five stages. D. Marketing strategies do not change for different life cycle stages. E. Managing products through their life cycle is an easy task.

C

Which of the following statements is true regarding standardizing products for international​ markets? A. Standardization helps a company develop a different image in different countries. B. Standardization ensures that products will succeed in foreign markets. C. Standardization decreases product​ design, manufacturing, and marketing costs. D. Standardization increases product​ design, manufacturing, and marketing costs. E. Markets and consumers all over the world are​ alike, so a company should always standardize international products.

C

__________________ represent an internal source of new product ideas for a company. A. Suppliers B. Distributors C. Intrapreneurial programs D. Customers E. Competitors

C

​______________________ is the step of the new product development process during which a physical product is first developed. A. Marketing strategy development B. Idea generation C. Product development D. Concept development and testing E. Test marketing

C

Intuit​ Labs, a division of​ Intuit, the accounting and payroll software​ developer, follows a​ "Design for Delight​ (D4D)" development​ philosophy, which states that products should delight customers by providing experiences that exceed expectations. Which new product development approach is Intuit​ using? A. Marketing strategy development B. Systematic new product development C. ​Team-based new product development D. ​Customer-centered new product development E. Crowdsourcing

D

New product commercialization takes much thought and planning. The first critical step in the commercialization process is​ ____________________. A. revenue goals B. the target market C. the value proposition D. introduction timing E. market share goals

D

Which stage of the product life cycle normally lasts longer than the others and poses great challenges to marketing​ management? A. Introduction B. Product development C. Growth D. Maturity E. Decline

D

​______________________ protect consumers from harm and the company from liability by proactively ferreting out potential product problems. A. Brand managers B. Attorneys C. Product managers D. Product stewards E. Ombudsmen

D

A company can obtain new products by buying a whole​ company, a​ patent, or a license to produce someone​ else's product through​ _______________________. A. new product development B. product improvements C. product enhancements D. new product brands E. acquisition

E

Goldtone is a multinational communications and information technology corporation. Its principal products are mobile telephones and tablets. It recently announced on its website that customers can suggest ideas for its upcoming product model. Contributors of​ short-listed ideas will be adequately rewarded. In this​ case, Goldtone is using​ ________ to generate new product ideas. A. marketing strategy development B. test marketing C. concept development D. business analysis E. crowdsourcing

E

Installing an innovation management system to​ collect, review,​ evaluate, and manage new product ideas represents​ a(n) ______________ approach to new product development. A. intrapreneurial B. crowdsourced C. sequential D. ​customer-centered E. systematic

E

Which of the following statements is correct concerning service marketers going​ global? A. Compared with product​ marketers, service marketers do not face any additional challenges when going global. B. The growth of global service companies is expected to decline in the near future. C. Due to the nature of their​ business, professional service firms cannot expand their business to foreign markets. D. One industry that still has not globalized is retailing. E. The trend toward growth of global service companies is expected to continue in the near future.

E

Which of the following would be an appropriate strategy during the growth stage of the product life​ cycle? A. Modify the​ market, product​ offer, and marketing mix. B. Shift some advertising from building product awareness to building product conviction and purchase. C. Use promotional spending to inform consumers and get them to try the product. D. Produce basic versions of the product and focus on selling to those buyers who are the most ready to buy. E. Spend a lot of money on product​ improvement, promotion, and distribution.

E