Exam 8: Developing and Managing Products and Services

Many companies now use the Internet to provide ________. labeling information brand equity support services packaging advantages product mixes

A stripped-down model without any extras is the starting point; a company can create a higher-level model by adding ________. co-brandings features product quality service variability conformance

When a company decides to maintain a product in the decline stage, it will reduce costs and hope that sales hold up to increase the profits in the short run.

Give three examples of specialty products.

Diffusion of innovations theory refers to a theory that divides members of a social group into segments according to how likely they are to adopt new ideas.

With what groups do firms conduct concept testing for new products? suppliers employees target consumers manufacturers competitors

Which of the following is most likely to be included in an executive's write up of a new-product idea to be presented to a new-product committee? the proposed customer value proposition the product image the marketing strategy the business analysis the planned market rollout

Give an example of product mix depth in the soft drink industry.

________ are a form of product that consists of activities, benefits, or satisfactions offered for sale that are essentially intangible and do not result in the ownership of anything. Line extensions Services Brands Consumer products Supplements

The potential market strengths and weaknesses are being determined for a new-product idea at Art for Kids.In what stage of the new-product development process does this occur?

One of the ways to promote new product feature is to add ___________. the cost the service the latest technology the line extension the firm reputation

New World Releases is conducting a business analysis to determine which of the many new songs available to management should be released.Sales must be estimated before costs can be estimated.Which of the following did your text recommend for forecasting sales? considering the history of market opinions conducting surveys of competitors considering the sales history of similar products and conducting surveys of market opinions applying the PLC concept none of the above

During the introduction stage, a company that acts as a market pioneer should execute a launch strategy that is part of a marketing plan for the product's entire life cycle.

________ are those products purchased for further processing or for use in conducting a business. Unsought products Specialty products Shopping products Industrial products Accessories

A company might stretch its product line upward to add prestige to its current products.

What are the two main focuses of the product life cycle theory? distributors and suppliers competitors and costs sales and profits profits and target markets target markets and competitors

When a company lengthens its product line beyond its current range, it is ________. product line filling product line stretching product mixing increasing product depth building brand equity

According to the authors, quality can be defined as __________. positive post-purchase dissonance brand equity freedom from defects quality assurance customer-centered thinking

Profits rise during the growth stage of the PLC because promotion costs are spread over a large volume and unit manufacturing costs fall.

After concept testing, a firm would engage in which stage in developing and marketing a new product? idea screening marketing strategy development business analysis product development test marketing