Marketing Chapter 8 Warm-Up

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What are the two ways a firm can obtain new​ products?

Acquisitions and new product development

Which of the following statements regarding the marketing of international products and services is​ correct?

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

What is the first step in the new product development​ process?

Generating new product ideas

Which of the following statements regarding socially responsible product decisions is​ correct?

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

Once management has decided on its product concept and marketing​ strategy, it can evaluate the business attractiveness of the​ proposal, which involves​ ___________.

conducting a business analysis

Which stage of the product lifecycle normally lasts longer than the previous stages and poses strong challenges to marketing​ management?

maturity

During the introductory stage of the product​ lifecycle, ______________.

sales are slow and profits nonexistent

To create successful new​ products, a company must​ _______.

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


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