MKT 340 Quiz Questions
In which of the following cases is crowdsourcing used for new product development?
. A company creates a forum where anyone can contribute new product ideas.
________ involves a review of the sales, costs, and profit projections for a new product to find out whether they satisfy a company's objectives.
Business analysis
Which of the following is true of perceptual positioning maps?
They are used to analyze consumer perceptions of a brand versus competing products.
When a market segment is large or profitable enough to serve, it is termed ________.
Substantial
Which of the following types of products are generally priced the lowest?
Convenience products
Which of the following statements is most likely true about the new product development process?
Customers, competitors, and suppliers are major sources of new product ideas.
Marque, a high-end maker of designer watches, has started making inexpensive watches to take advantage of enormous growth rates in low-end market segments. Marque is most likely engaging in ________.
Downward stretching
Which of the following statements is most likely true about the product life cycle?
Growth is a period of rapid market acceptance and increasing profits
Expanding a product line by adding more items within the present range of the line is known as product line ________.
Filing
Which of the following is true about the introduction stage of a new product?
sales growth tends to be slow.
Markets can be segmented into groups of nonusers, ex-users, potential users, first-time users, and regular users of a product. This method of segmentation is called ________.
user status segmentation
Which of the following is an example of an industrial product grouped under capital items?
Factory
Which of the following is most likely a true statement about services?
A service is intangible before it is purchased.
Which of the following would most likely have the longest duration in a market and be characterized by several periods of renewed interest?
A style
Market segments that can be effectively reached and served are said to be ________.
Accessible
When an effective program can be designed for attracting and serving a chosen segment, the segment is best described as ________.
Actionable
A ________ is defined as a name, term, sign, symbol, or design, or a combination of these, that identifies the maker or seller of a product or service.
Brand
The stage in which a product concept is presented to groups of target consumers physically or symbolically is referred to as ________.
Concept testing
A product life cycle has five distinct stages: product development, introduction, growth, maturity, and ________.
Decline
Port Orleans Shipping markets different services to the tourism, defense, and trade segments. The firm designs separate offers for each segment based on their needs. This approach is called ________ marketing.
Differentiated
Internal sources of new product ideas for a company include its ________.
Employees
The dependence of service quality on the quality of the buyer—seller communication during the service encounter is referred to as ________ marketing.
Interactive
Which of the following is an example of an unsought product?
Life insurance
Sweet & Cream, a popular frozen yogurt chain, attracts new customers by adding new flavors to its famous frozen yogurt product line. In this case, the company has developed its brand with ________.
Line extensions
________ marketing tailors brands and promotions to the needs and wants of specific cities, neighborhoods, and even stores.
Local
________ is the process of evaluating the attractiveness of different market segments and selecting one or more segments to enter.
Market targeting
Marketing the same product to a huge customer base without any customization is referred to as ________.
Mass marketing
Using a(n) ________ positioning strategy, companies can attack the more-for-more strategy of another firm by offering a brand of comparable quality at a lower price.
More-for-the-same
Xenon, a leading consumer-electronics manufacturing company, markets its products under the company's own brand name. In this case, Xenon has sponsored its products by promoting them as ________ brands.
National
Which of the following is a disadvantage of a team-based approach to new product development?
Organizational confusion and tension are likely to affect the process.
As a result of ________, a company cannot make its product illegally similar to a competitor's already established product.
Patent laws
__________ consists of arranging for a market offering to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target consumers.
Positioning
Company and brand positioning should be summed up in a ________.
Positioning statement
________ refers to the amount of money charged for a product or service.
Price
Flores Fashions promotes its clothing by emphasizing the durability and quality of the fabrics it uses. The company has positioned its brand based on ________.
Product attributes
________ is the stage where a product and its proposed marketing program are introduced into realistic market settings.
Test marketing
Which of the following is the right order of the steps that companies generally follow in designing a customer-driven marketing strategy?
market segmentation, market targeting, differentiation, and positioning
Product mix width refers to the ________.
number of different product lines the company carries
In which of the following cases is little or no test marketing most likely recommended for a new product?
when the costs of developing and introducing the product are low
