MKTG 10-14, 16 QUIZ

7 stages of new product process

1. new product strategy development 2. idea generation 3. screening and evaluation 4. business analysis 5. development 6. market testing 7. commercialization

Product Development Life Cycle

Product development, introduction, growth, maturity, decline

Price is the amount of money, time, or effort that a. a buyer exchanges with a seller to obtain a product b. a seller promotes to encourage a buyer to obtain the product c. represents the expected profit a seller expects to make off a product d. represents the value earned after a buyer obtains a product e. a buyer receives in exchange for obtaining a product

a. a buyer exchanges with a seller to obtain a product

Tendency of members of a generation to be influenced & bound together by significant evens in their formative year, age 17 to 22 is referred to as the a. cohort effect b. ash principle c. Maslow's theory d. psychographic segmentation

a. cohort effect

In order to know why customers, purchase certain products, marketers need to understand which three product components? a. core values, actual product, & augmented product b. tangible, intangible product, & projected product c. conceptual product, physical product, and service product d. mass product, uncommon product, & niche product e. central product, legitimate product, & online product

a. core values, actual product, & augmented product

A situation in which a specific change in price causes only a small change in the amount purchased is referred to as a. inelastic demand b. elastic demand c. incremental demand d. incremental elasticity e. perfectly elastic demand

a. inelastic demand

Market segmentation involves dividing a larger market into smaller market segments based on a. meaningful shared characteristics b. shopping habits c. potential interest in a product d. geographical region e. available sales force

a. meaningful shared characteristics

The first step in the analysis of competitors' position is a. perceptual mapping b. highlighting competitive advantages c. evaluating consumers feedback d. determining competitor total revenue e. analysis of competitor's market positions

a. perceptual mapping

If a firm sets prices high for a period of time after a product launches, & then decreases it over time for the purpose of increasing profits on each unit sold, it is focusing on a pricing objective known as a. price skimming b. volume maximization c. penetration pricing d. survival pricing e. price gouging

a. price skimming

All of the following are specific drivers of product innovation except a. product adoption b. consumer expectations c. globalization d. technology e. correlate change

a. product adoption

All of the following are categories of new products except a. new-to-the-market products b. brand extensions c. new category entries d. product line extensions e. revamped products

b. brand extensions

During which stage of the Product Development Life Cycle will competitors begin to enter the product market? a. introduction b. growth c. maturity d. decline e. product development

b. growth

During which of the seven stages of the new product develop are marketers interested in evaluating if the product idea is real, can it win, & is it worth doing? a. idea generation b. idea screening c. business analysis d. product development e. test marketing

b. idea screening

A firm may choose this pricing objective because it encourages a greater volume of purchases & therefore maximum revenue a. profit maximization b. penetration pricing c. price skimming d. survival pricing e. price gouging

b. penetration pricing

Unlike the variable costs of a business, fixed costs a. vary depending on the number of units produced or sold b. remain constant & do not vary based on the number of units produced or solid c. include expenses that may or may not recur on a regular basis d. largely depend on competitive forces within the market e. are generally inconsistent due to customers' changing wants & needs

b. remain constant & do not vary based on the number of units produced or sold

When marketers evaluate each market segment & determine which segments present the most attractive opportunity to maximize sales, this process is known as a. segmentation b. targeting c. positioning d. market analysis e. perceptual mapping

b. targeting

Which of the following adopters would act as influencers a. laggards b. late majority c. innovators d. early adopters e. early majority

c. innovators

A brand development strategy that focuses on developing an existing a product category using the existing brand name is referred to as a. brand extension b. new brand c. line extension d. multi-brands e. co-branding

c. line extension

Firms that engage in a ________ strategy try to meet every need of every costumer & typically end up serving no need of any customer particularly well. a. differentiation b. concentrated (Niche) c. mass marketing d. micro-marketing e. positioning

c. mass marketing

Brand equity is based on which of the following four dimensions? a. image, loyalty, messaging, & recognition b. differentiation, recognition, knowledge, & image c. recognition, associations, perceived quality, & loyalty d. relevance, recognition, image, & esteem e. loyalty, esteem, image, & recognition

c. recognition, associations, perceived quality, & loyalty

The activities a firm undertakes to create a certain perception of its product in the eyes of the target market is referred to as a. segmentation b. targeting c. conceptualizing d. positioning e. categorizing

d. positioning

When apple released its first iPhone in 2007, it charged customers $599. Shortly thereafter, it reduced the price to $399 for the exact same device. Apple's decision to set a relatively high price for a period of time after the product launched & then decrease the price to a level that would be more sustainable over time reflects which pricing strategy? a. volume maximization b. survival pricing c. under pricing d. target pricing e. price skimming

price skimming

Which of the following statements accurately defines a product? a. a product is the specific combination of goods, services, or ideas that a firm offers to its target market b. a product is a tangible good that is received in exchange for money, time, or effort c. a product is any intangible offering a firm makes to an individual consumer or a business d. a product is any good or service that is a mass produced & sold in more than one market e. a product is a marketed item of value that fulfills a need of an individual consumer or business

a. product is the specific combination of goods, services, or ideas that a firm offers to its target market

Products are classified according to how a consumer a. shops, pays for, or uses the product b. researches, decides upon, or purchases the product c. compares, pays, or purchases the product d. discovers, researches, or uses the product e. pays for, purchases, or reviews the product

a. shops, pays for, or uses the product