review tests only 5
During the idea generation stage of the new product development process, it is important to evaluate new product ideas as they come in to avoid being overloaded with unusable ideas. Select one: True False
The correct answer is 'False'.
Giving a customer an opportunity to try the product before making the purchase decreases the likelihood of an eventual purchase. Select one: True False
The correct answer is 'False'.
It makes it easier for a customer to adopt a new product if the new product is similar to the one it is intended to replace. Select one: True False
The correct answer is 'False'.
Most new products are successful, at least for a short while. Select one: True False
The correct answer is 'False'.
The "trickle down" theory suggests fashion trends originate with lower classes and migrate upward. Select one: True False
The correct answer is 'False'.
When a customer actually purchases a new product for the first time, we can say that person has adopted the product. Select one: True False
The correct answer is 'False'.
A durable good is a consumer product that is expected to last a three years or more. Select one: True False
The correct answer is 'True'.
Companies that take a proactive approach to new product development see new product development as critical to their success. Select one: True False
The correct answer is 'True'.
Large corporations use crowdsourcing campaigns to fund new product development, even if they don't need the money raised through crowdsourcing to develop the product idea. Select one: True False
The correct answer is 'True'.
Many products don't make it past the introductory stage of the product life cycle because late stage buyers are not as forgiving as innovators when there are imperfections in the new product. Select one: True False
The correct answer is 'True'.
The "trickle up" theory suggests fashion trends originate with lower classes and migrate upward. Select one: True False
The correct answer is 'True'.
A continuous innovation is? Select one: a. A way to eliminate distance between your product and a competitor's product position. b. A continuous innovation is all of these things. c. A way to create distance between your product and a competitor's product position. d. A modification to an existing product. e. A way to create an incremental competitive advantage.
The correct answer is: A continuous innovation is all of these things.
A discontinuous innovation is? Select one: a. A product so innovative that it can change the way we live. b. A discontinuous innovation is all of these things. c. A product so new that customers may not understand how to use it. d. A product that is "new to the world" e. An opportunity to gain a significant competitive advantage.
The correct answer is: A discontinuous innovation is all of these things.
The value of the levels of the product concept is that the actual product can be thought of as? Select one: a. The second step in a marketing program. b. The only way to deliver the core benefit to the customer. c. The linkage between the core benefit and the market segment. d. Unfinished until the product has been enhanced by offering a service guarantee. e. A way to deliver the core benefit to the consumer.
The correct answer is: A way to deliver the core benefit to the consumer.
Which of the following is an example of a product? Select one: a. All of these are products. b. A vacation in Jamaica. c. A hospital emergency room. d. A political candidate. e. A new car.
The correct answer is: All of these are products.
Which of the statements about the levels of the product concept are true? Select one: a. It looks at products from the customer's perspective b. It can be used as a basis for positioning. c. All of these statements are true. d. It recognized that there are an infinite number of ways to satisfy a consumer's need. e. It is a useful tool to use in developing new products.
The correct answer is: All of these statements are true.
Which of the statements about the levels of the product concept are true? Select one: a. It recognized that there are an infinite number of ways to satisfy a consumer's need. b. It is a useful tool to use in developing new products. c. It can be used as a basis for positioning. d. It looks at products from the customer's perspective e. All of these statements are true.
The correct answer is: All of these statements are true.
Which of these statements about the introductory stage of the product life cycle is true? Select one: a. Unprofitable products should be divested at the introductory stage. b. All products start the introductory stage start by losing money. c. Competition in the introductory stage is usually very intense. d. Penetration pricing allows you to earn back your initial investment more rapidly. e. The introductory stage corresponds to the late majority in the diffusion process.
The correct answer is: All products start the introductory stage start by losing money.
In order to get an individual to adopt a new product the first thing you need to create is? Select one: a. Desire b. Interest c. Awareness d. Evaluation e. Confirmation
The correct answer is: Awareness
The last group in the diffusion of innovations process, non-adopters, represent people who will never buy the new product. Why is it important to remember this group when dealing with new product introductions? Select one: a. Because it is fun to say there are 6 stages in a 5 stage process. b. Because these people will be the innovators for the next generation of the new product. c. Because you need to take these people into account in order to understand the true market potential for your new product. d. because these people may be converted to customers if the word of mouth or 'buzz' about the new product is good enough. e. Because these people can be converted to late adopters if you change your advertising method.
The correct answer is: Because you need to take these people into account in order to understand the true market potential for your new product.
The two components of quality are? Select one: a. Price, benefits received. b. Benefits received, consistency. c. Reliability, warranty d. Features, benefits. e. Cost of obtaining the benefit, benefits received.
The correct answer is: Benefits received, consistency.
The new product development process has seven stages going from new product strategy development to commercialization. At which stage will a company define the marketing strategy for and determine the projected income from a new product? Select one: a. Market Testing b. Idea generation c. Technical development d. Commercialization e. New-product strategy development f. Business analysis g. Screening and evaluation
The correct answer is: Business analysis
The new product development process has seven stages going from new product strategy development to commercialization. At which stage will a company define the marketing strategy for and determine the projected income from a new product? Select one: a. Screening and evaluation b. New-product strategy development c. Technical development d. Business analysis e. Idea generation f. Market Testing g. Commercialization
The correct answer is: Business analysis
When it comes to carrying inventory in the fashion industry, which approach tends to be the most profitable. Select one: a. Carry a small inventory to make sure there is no excess inventory after the fashion is out of vogue. The fact that some customers, who desire to buy the product, will not be able to do so will only add to the perception that the fashion is hot. b. Carry a lot of inventory to be sure that everyone who desires the product can get it while it is still in fashion, even though there will be excess inventory when the fashion is no longer in vogue. c. To keep unsold merchandise in your warehouse until the next season and re-introduce it as part of next year's line d. Carry just enough inventory to meet anticipated demand. This will allow you to capitalize on the demand that has been created for the product without the expense of getting rid of excess inventory at a discount. That may hurt the brand's image. e. Wait until the fashion season is over and purchase your inventory at a discount
The correct answer is: Carry just enough inventory to meet anticipated demand. This will allow you to capitalize on the demand that has been created for the product without the expense of getting rid of excess inventory at a discount. That may hurt the brand's image.
The new product development process has seven stages going from new product strategy development to commercialization. At which stage will a company introduce the new product into the company's overall product mix? Select one: a. Screening and evaluation b. Idea generation c. Market Testing d. New-product strategy development e. Commercialization f. Technical development g. Business analysis
The correct answer is: Commercialization
The LOWER the ___________ the more likely people will be to adopt your new product? Select one: a. Relative advantage b. Observability c. Trialability d. Compatibility e. Complexity
The correct answer is: Complexity
Companies frequently develop new products by combining two different technologies to come up with a product that represents a dynamically continuous innovation. This is known as _____________? Select one: a. Construction. b. Continuum c. Feature creep d. Convergence e. Brainstorming
The correct answer is: Convergence
Bruce worked for the Northwest Table Pad company. The table pad industry was created in the early 20th century and became very profitable in the post world war II economic boom. In recent years, the number of table pad manufacturers had declined and fewer customers were buying table pads because formal dining rooms were out of fashion and new protective finishes made the need for table pads less obvious to consumers. Table pads were in the ____________ stage of the product life cycle? Select one: a. Decline b. Introductory c. Maturity d. Growth e. Rebirth
The correct answer is: Decline
Bruce worked for the Northwest Table Pad company. The table pad industry was created in the early 20th century and became very profitable in the post world war II economic boom. In recent years, the number of table pad manufacturers had declined and fewer customers were buying table pads because formal dining rooms were out of fashion and new protective finishes made the need for table pads less obvious to consumers. Table pads were in the ____________ stage of the product life cycle? Select one: a. Growth b. Maturity c. Introductory d. Rebirth e. Decline
The correct answer is: Decline
The goal at the ______________ stage of the product life cycle is to maximize profit without investing a lot of resources in the product. Select one: a. Decline b. Rebirth c. Introductory d. Growth e. Maturity
The correct answer is: Decline
When dealing with tangible products, consistency is usually measured in terms of? Select one: a. Attributes. b. Systems c. Cost/benefit analysis. d. Features e. Defects
The correct answer is: Defects
The first step in using the levels of the product concept is to: Select one: a. Decide which of the four "p's" will be the primary focus of this product b. Develop a market-product grid to determine which segments to target with this product c. Develop an advertising campaign that will reach the largest number of market segments. d. Determine what is the core benefit the consumer will receive from the product. e. Decide on the packaging that will be used with the product.
The correct answer is: Determine what is the core benefit the consumer will receive from the product.
The first step in using the levels of the product concept is to: Select one: a. Determine what is the core benefit the consumer will receive from the product. b. Develop an advertising campaign that will reach the largest number of market segments. c. Decide on the packaging that will be used with the product. d. Decide which of the four "p's" will be the primary focus of this product e. Develop a market-product grid to determine which segments to target with this product
The correct answer is: Determine what is the core benefit the consumer will receive from the product.
_____________ looks at how new products are adopted by entire populations. Select one: a. New product development process b. Adoption process c. Trickle across theory d. Diffusion of innovations e. Cognitive dissonance
The correct answer is: Diffusion of innovations
The value of having a lot of offerings within a product line is? Select one: a. A way to avoid product cannibalization because a customer can select exactly the product she desires. b. A way to maintain high inventory levels because a customer who can't find the product she desires will always be able to find something almost as good. c. Each product satisfies slightly different needs which allows you to target different market segments within the product category. d. All of these reflect the value of having a lot of offerings in a product line. e. A way to achieve economies of scale and allow you to become the low cost producer within a product category.
The correct answer is: Each product satisfies slightly different needs which allows you to target different market segments within the product category.
The value of having a lot of offerings within a product line is? Select one: a. All of these reflect the value of having a lot of offerings in a product line. b. A way to maintain high inventory levels because a customer who can't find the product she desires will always be able to find something almost as good. c. A way to avoid product cannibalization because a customer can select exactly the product she desires. d. Each product satisfies slightly different needs which allows you to target different market segments within the product category. e. A way to achieve economies of scale and allow you to become the low cost producer within a product category.
The correct answer is: Each product satisfies slightly different needs which allows you to target different market segments within the product category.
One of the strategies during the decline stage of the product life cycle is to sell the product to another company or simply to stop producing the product. This strategy is called? Select one: a. Shaking the product. b. Milking the product. c. Harvesting the product. d. Leaving the scene of an accident. e. Exiting the market.
The correct answer is: Exiting the market.
A ____________ is an accepted and popular style? Select one: a. Trend b. Fashion c. Product life cycle d. Attribute e. Bundle
The correct answer is: Fashion
Bruce Company is a small startup with just enough money in the bank to get it through the end of the month. Which market entry strategy might work best for Bruce Company? Select one: a. Third mover strategy, Bruce company should wait until there are two competitors in the market and then pursue a niche strategy during the growth stage. b. First mover strategy, it is riskier and Bruce Company has little to lose if it doesn't work out. c. Wait and see approach. Bruce Company cannot afford to make a mistake so they should wait until they are sure the product will be successful before entering the market. d. Second mover strategy, it would be smarter to let a well capitalized company introduce the product and once it was established, Bruce Company could safely imitate it. e. Testing the waters, Bruce Company should spend more time in the test market stage of the new product development process before attempting to commercialize an unproven product.
The correct answer is: First mover strategy, it is riskier and Bruce Company has little to lose if it doesn't work out.
Which of the following statements about fashion is FALSE? Select one: a. Forecasting is less important for fashion products than it is for other products. b. Fashion products can have a product life cycle of from a few months to several years. c. Fashion products with very short product life cycles are called fads d. Fashion marketing uses 'style obsolescence' to make products seem out of date. e. Fashion marketing works because we want to be unique and at the same time we want to be part of a group
The correct answer is: Forecasting is less important for fashion products than it is for other products.
The goal at the ______________ stage of the product life cycle is to build market share and differentiate the product. Select one: a. Introductory b. Maturity c. Decline d. Rebirth e. Growth
The correct answer is: Growth
The new product development process has seven stages going from new product strategy development to commercialization. At which stage will a company be seeking input from customers, following up on complaints, listening to employees, analyzing market research and monitoring competitors? Select one: a. New-product strategy development b. Screening and evaluation c. Technical development d. Commercialization e. Idea generation f. Business analysis g. Market Testing
The correct answer is: Idea generation
Which of the following statements about the growth stage of the product life cycle is FALSE? Select one: a. Branding is an important tool to use in differentiating the product. b. Increasing demand and decreasing competition lead to higher profits. c. All of the other statements about the growth stage of the product life cycle are false. d. Increasing demand and high profits encourage competitors to enter the market. e. Increasing numbers of customers creates the opportunity to develop profitable market segments.
The correct answer is: Increasing demand and decreasing competition lead to higher profits.
According to diffusion of innovations theory, the first 2.5% of the population to adopt a product are called __________? Select one: a. Innovators b. Early Adopters c. Early majority d. Laggards e. Suckers
The correct answer is: Innovators
One common strategy to extend the life of a product in the maturity stage of the product life cycle is to ____________? Select one: a. Divest the product. b. Harvest the product c. Introduce incremental innovations d. Skim the product. e. Stop advertising the product.
The correct answer is: Introduce incremental innovations
One common strategy to extend the life of a product in the maturity stage of the product life cycle is to ____________? Select one: a. Stop advertising the product. b. Divest the product. c. Harvest the product d. Introduce incremental innovations e. Skim the product.
The correct answer is: Introduce incremental innovations
The goal at the ______________ stage of the product life cycle is to get people to try the product for the first time. Select one: a. Introductory b. Growth c. Maturity d. Rebirth e. Decline
The correct answer is: Introductory
The value of having a wide product mix is? Select one: a. It is easier to manage several different product lines than it is to manage only one because you have fewer decisions to make. b. Having wider packages allows you to take up more shelf space in retail stores, increasing the chances that a customer will notice your product. c. It allows you to meet other needs of the customers in your target market, increasing the strength of the relationship with your target customers. d. It allows you to run several different advertising themes at the same time, increasing the chances of finding an advertisement that really works. e. It allows you to feature both tangible and intangible products in the same product category.
The correct answer is: It allows you to meet other needs of the customers in your target market, increasing the strength of the relationship with your target customers.
The value of having a wide product mix is? Select one: a. It is easier to manage several different product lines than it is to manage only one because you have fewer decisions to make. b. Having wider packages allows you to take up more shelf space in retail stores, increasing the chances that a customer will notice your product. c. It allows you to run several different advertising themes at the same time, increasing the chances of finding an advertisement that really works. d. It allows you to meet other needs of the customers in your target market, increasing the strength of the relationship with your target customers. e. It allows you to feature both tangible and intangible products in the same product category.
The correct answer is: It allows you to meet other needs of the customers in your target market, increasing the strength of the relationship with your target customers.
A major disadvantage to introducing a new product that represents a continuous innovation is that? Select one: a. It more difficult to modify an existing product than it is to come up with an entirely new product. b. The customer may not understand how to use the product anymore. c. These are all disadvantages of continuous innovations. d. It is difficult to gain a sustainable competitive advantage with incremental changes. e. You can only use continuous innovation when a competitor copies your existing product.
The correct answer is: It is difficult to gain a sustainable competitive advantage with incremental changes.
In class, your instructor presented research about businesses showing profit leaders generate 39% of sales from new products while profit laggards generate 23% of sales from new products. What was the point he was trying to make? Select one: a. It is important for students to be able to critically evaluate research. b. The vast majority of new product ideas fail. c. Businesses would be even more profitable if they didn't waste a lot of time and effort developing new products. d. It is really important for businesses to develop new products. e. You should aim to have between 23% and 39% of your revenue from new products based on these benchmarks.
The correct answer is: It is really important for businesses to develop new products.
Most established brands are in the ____________ of the product life cycle? Select one: a. Maturity b. Growth c. Introductory d. Decline e. Rebirth
The correct answer is: Maturity
The goal at the ______________ stage of the product life cycle is to maintain market share and extend the life of the product. Select one: a. Introductory b. Growth c. Rebirth d. Decline e. Maturity
The correct answer is: Maturity
One of the strategies during the decline stage of the product life cycle is to stop spending money on advertising continue to sell the product as long as customers are willing to buy it. This strategy is called? Select one: a. Shaking the product. b. Divesting the product. c. Milking the product. d. Repositioning the product. e. Skimming the product.
The correct answer is: Milking the product.
Marketers of ___________ and __________ products have to use intrusive advertising in order to make consumers aware of them at the appropriate point in the consumer buying process? Select one: a. Marketers should use intrusive advertising for all products. b. Familiar, repeat purchase c. Memory based, commercial d. Brand name, hard to find e. New, unsought
The correct answer is: New, unsought
The new product development process has seven stages going from new product strategy development to commercialization. At which stage will a company typically determine the relative importance of new product development to the overall goals of the organization? Select one: a. Business analysis b. Market Testing c. Technical development d. Screening and evaluation e. New-product strategy development f. Commercialization g. Idea generation
The correct answer is: New-product strategy development
The introductory stage pricing strategy that attempts to gain as much market share as possible, even though it may mean more time before the product becomes profitable is called? Select one: a. Penetration pricing. b. Skimming. c. Discounting. d. Cost-plus pricing. e. Introductory pricing.
The correct answer is: Penetration pricing.
A ____________ is a bundle of tangible and intangible attributes that provide value to customers in exchange for money (or something else of value). Select one: a. Product b. Segment c. Feature d. Market e. Featurette
The correct answer is: Product
Each of the individual ____________ in a product line are frequently assigned a unique SKU number. Select one: a. Customer segments b. Categories c. Attributes d. Product items e. Price ranges
The correct answer is: Product items
The _________________ is a concept that explains how products go through four distinct stages from birth to death. Select one: a. Adoption process. b. Heimlich maneuver c. marketing perspective d. Diffusion process. e. Product life cycle.
The correct answer is: Product life cycle.
In the maturity stage of the product life cycle, profits can be increased by? Select one: a. Reducing market share b. Skimming. c. Raising prices d. Increasing sales e. Reducing your costs.
The correct answer is: Reducing your costs.
One common strategy to extend the life of a product in the maturity stage of the product life cycle is to ____________? Select one: a. Reposition the product to appeal to a new market segment b. Go back to market testing. c. Skim the product. d. Divest the product. e. Use subliminal advertising.
The correct answer is: Reposition the product to appeal to a new market segment
The product life cycle consists of two curves which show the expected _________ and ________ of a product over time. Select one: a. Units, dollars b. Sales, market share. c. profits, losses. d. Sales, profits. e. Sales, revenue.
The correct answer is: Sales, profits.
The new product development process has seven stages going from new product strategy development to commercialization. At which stage will a company identify feasible ideas and turn them into product concepts? Select one: a. New-product strategy development b. Technical development c. Market Testing d. Idea generation e. Commercialization f. Business analysis g. Screening and evaluation
The correct answer is: Screening and evaluation
Bruce was writing test questions for his marketing class. It was getting very late in the afternoon and he was tired. So he went over to the student union looking for a snack. He noticed that he could buy ice cream for $3 including tip. He thought that he could save a lot of money if he had a refrigerator in his office. They are sort of expensive and take up space so he would probably have to do some looking. He went online and found a number of small refrigerators. Armed with the information about what should be available and what a good price would be, he stopped at three appliance stores before selecting a refrigerator for his office. In terms of product classification, a refrigerator is a(n) for Bruce? Select one: a. Shopping product b. Specialty product c. Sought product. d. Convenience product e. Unsought product
The correct answer is: Shopping product
A dynamically continuous innovation is? Select one: a. Frequently characterized by the words "new and improved" on a familiar package. b. A product that represents a major change to the way we live. c. Somewhere in the middle of the new product continuum. d. A dynamically continuous innovation is all of these things. e. A way to create distance between your product and a competitor's product position.
The correct answer is: Somewhere in the middle of the new product continuum.
Bruce was writing test questions for his marketing class. It was getting very late in the afternoon and he was tired. So he went over to the student union fro a bowl of ice cream. All they had was Dreyers Ice Cream and Bruce was really in the mood for Haagen Daz. So he walked over to Stonestown mall in order to get a bowl of Haagen Daz Ice Cream even though he really didn't have the time. In terms of product classification, Haagen Daz ice cream could best be described as a(n) for Bruce? Select one: a. Specialty product b. Convenience product c. Sought product. d. Unsought product e. Shopping product
The correct answer is: Specialty product
A ___________ is a distinctive mode of presentation or performance? Select one: a. Attitude b. Attribute c. Fashion d. Feature e. Style
The correct answer is: Style
The new product development process has seven stages going from new product strategy development to commercialization. At which stage will a company typically first create a physical prototype of a new product? Select one: a. Market Testing b. Screening and evaluation c. Business analysis d. Commercialization e. Idea generation f. New-product strategy development g. Technical development
The correct answer is: Technical development
Which of the following is NOT a characteristic of a product line? Select one: a. Used together b. Tend to be the same from company to company c. Have some uses in common. d. Sold to the same customer group e. Satisfy a class of needs
The correct answer is: Tend to be the same from company to company
What do we mean when we say that, from the consumer perspective, new products span a continuum from small, incremental changes to radically different products? Select one: a. We mean all of these things when we speak of the new product continuum. b. That 'newness' is hard to define and new could mean different things for different products. c. That whether or not a product is new depends on how the manufacturer chooses to position it on the continuum. d. That consumers may be unaware of the difference between incremental changes and radically different products unless the manufacturer communicates the difference to them. e. That new products start out as incremental changes to existing products and go through refinements until they become radically different products.
The correct answer is: That 'newness' is hard to define and new could mean different things for different products.
The augmented product in the levels of the product concept refers to: Select one: a. The intangible attributes that along with the tangible attributes deliver the core benefit to the consumer. b. The core benefit disguised by fancy packaging because the customer may not be aware of what the core benefit really is. c. The core feature set as determined by the manufacturer. d. The actual product along with other features such as a service guarantee and cool packaging that enhance the value of the core benefit delivered to the customer.
The correct answer is: The actual product along with other features such as a service guarantee and cool packaging that enhance the value of the core benefit delivered to the customer.
The actual product, in the levels of the product concept refers to: Select one: a. The physical, or what we think of as the tangible component of the product. b. All of these are what the actual product refers to. c. The core benefit the product is designed to deliver. d. The physical product or, in the case of a service, the service offering. e. The bundle of tangible and intangible attributes we normally think of as the product.
The correct answer is: The bundle of tangible and intangible attributes we normally think of as the product.
The central level of the levels of the product concept consists of: Select one: a. The core benefit that a consumer will get from the product. b. The bundle of tangible and intangible attributes that satisfy a consumer's need c. The tangible component of the product offering. d. These are all related to the central layer of the layers of the product concept. e. The consumer's internal motivation for purchasing a product
The correct answer is: The core benefit that a consumer will get from the product.
What do we mean when we speak of the length of a product line? Select one: a. The number of choices within a product category b. The range of prices associates with a particular group of products c. we mean all of these when we speak of product line length. d. The age of the inventory for a particular product e. The number of different kinds of products carried by a business
The correct answer is: The number of choices within a product category
Which of the following statements about the product life cycle is TRUE? Select one: a. The product life cycle is not useful for understanding products such as fashion, which are expected to have a short life. b. The product life cycle can only be used to understand individual brands. c. The product life cycle shows that a product begins life profitable and will last until it is no longer profitable. d. The product life cycle deals with aggregate demand over the lifetime of a product. e. All of these statements about the product life cycle are true.
The correct answer is: The product life cycle deals with aggregate demand over the lifetime of a product.
Which of the following statements about the product life cycle is TRUE? Select one: a. The product life cycle shows that a product begins life profitable and will last until it is no longer profitable. b. The product life cycle is not useful for understanding products such as fashion, which are expected to have a short life. c. The product life cycle can only be used to understand individual brands. d. The product life cycle deals with aggregate demand over the lifetime of a product. e. All of these statements about the product life cycle are true.
The correct answer is: The product life cycle deals with aggregate demand over the lifetime of a product.
For new products that have a major benefit to the customer, but the benefit is not obvious by casual inspection, ____________ becomes an important factor in whether customers will adopt the new product? Select one: a. All of these are important when a major benefit is not obvious by casual inspection. b. Compatibility. c. Relative advantage d. Observability e. Trialability
The correct answer is: Trialability
Bruce was writing test questions for his marketing class. It was getting very late in the afternoon and he was tired. So he went over to the student union looking for a snack. On his way he noticed someone had set up a table with information on data plans for cellular phones. As he tried to walk past the table, a salesperson stopped him and asked him if he would like to buy a data plan for a very low introductory rate. In terms of product classification, a cell phone could best be described as a(n) for Bruce? Select one: a. Unsought product b. Specialty product c. Shopping product d. Sought product. e. Convenience product
The correct answer is: Unsought product
_____________ refers to the number of product lines in a company's product mix. Select one: a. Depth b. Count c. Scope d. Width e. Market basket
The correct answer is: Width
One of the disadvantages of bringing a discontinuous innovation to market is? Select one: a. You may have to spend a lot of effort helping customers understand the value of the new product. b. The product is so innovative that it may change the way we live. c. All of these are disadvantages of discontinuous innovations. d. You can develop a significant competitive advantage if it works. e. There is less risk associated with discontinuous innovations than with incremental innovations.
The correct answer is: You may have to spend a lot of effort helping customers understand the value of the new product.
The Boston Consulting Group matrix is a 2x2 matrix with ___________ on one axis and ___________ on the other axis. This creates four positions: cash cows, stars, problem children (or question marks) and dogs. Select one: a. market attractiveness, relative market share b. market attractiveness, competitive position c. product lines, prices d. Product growth rate, market growth rate e. market growth rate, inflation
The correct answer is: market attractiveness, relative market share
Bruce was writing test questions for his marketing class. It was getting very late in the afternoon and he was tired. So he went over to the student union and bought a big bowl of ice cream. In terms of product classification, ice cream could best be described as a(n) for Bruce? Select one: a. non-durable good b. Business good. c. Impulsive product d. High calorie product e. durable good.
The correct answer is: non-durable good
Bruce was writing test questions for his marketing class. It was getting very late in the afternoon and he was tired. So he went over to the student union and bought a big bowl of ice cream. In terms of product classification, ice cream could best be described as a(n) for Bruce? Select one: a. non-durable good b. durable good. c. Impulsive product d. Business good. e. High calorie product
The correct answer is: non-durable good
Which of these is NOT a good source of new product ideas? Select one: a. Existing customers b. Consultants c. Suppliers d. People who complain about your current product offerings. e. All of these are good sources of new product ideas.
Your answer is incorrect. The correct answer is: All of these are good sources of new product ideas.
Bruce is considering adding dinosaur slippers to his novelty sleepware line. But first, he needs to determine if there is adequate market potential to justify the expense. Bruce is in the _________ stage of the new product development process. Select one: a. Market testing b. Commercialization c. Idea generation d. Business analysis e. New product strategy
Your answer is incorrect. The correct answer is: Business analysis
Bruce is considering adding dinosaur slippers to his novelty sleepware line. But first, he needs to determine if there is adequate market potential to justify the expense. Bruce is in the _________ stage of the new product development process. Select one: a. New product strategy b. Idea generation c. Market testing d. Business analysis e. Commercialization
Your answer is incorrect. The correct answer is: Business analysis
When a new product is being adopted by the ____________ , you could say it has become reached the mass market. Select one: a. Innovators b. Early majority c. Late adopters d. Early adopters e. Late majority
Your answer is incorrect. The correct answer is: Early majority
When a new product is being adopted by the ____________ , you could say it has become reached the mass market. Select one: a. Innovators b. Early majority c. Late majority d. Late adopters e. Early adopters
Your answer is incorrect. The correct answer is: Early majority
___________ in the diffusion of innovations process are less influenced by advertising and more likely to consider word of mouth information when deciding to adopt a new product. Select one: a. Innovators b. Late majority c. Early majority d. Laggards e. Late adopters
Your answer is incorrect. The correct answer is: Late majority
Which of these theories explains how individuals decide to purchase new products? Select one: a. Special relativity b. New product adoption c. Diffusion of innovations d. Consumer buying process e. New product development
Your answer is incorrect. The correct answer is: New product adoption
Consumers might put significant effort into purchasing a _____________? Select one: a. Specialty product b. Unsought product c. Convenience product d. Shopping product e. Unobtainable product
Your answer is incorrect. The correct answer is: Shopping product
A ______________ is one for which a customer will accept no substitute? Select one: a. Unobtainable product b. Convenience product c. Unsought product d. Specialty product e. Shopping product
Your answer is incorrect. The correct answer is: Specialty product
During the _____________ stage of the fashion cycle, new styles are sought by trendsetters? Select one: a. distinctiveness b. economic c. excitement d. emulation
Your answer is incorrect. The correct answer is: distinctiveness
During the _____________ stage of the fashion cycle, mass produced fashions are available at lower prices. Select one: a. emulation b. economic c. excitement d. distinctiveness
Your answer is incorrect. The correct answer is: economic
After years of steadily declining sales, the amalgamated telephone book company adopted new product development as a strategic priority for future growth. This is an example of the ___________ approach to new product development? Select one: a. defensive b. defective c. proactive d. reactive e. internal development
Your answer is incorrect. The correct answer is: reactive
Bruce decided to add Apple Pay as an option for the customers who regularly buy coffee at his coffee shop. From a levels of the product perspective, this would be an example of...? Select one: a. the core benefit b. the augmented product c. a product extension d. add-on service e. the actual product
Your answer is incorrect. The correct answer is: the augmented product