Question 1

Which of the following is an example of product modification?

Accepted Answer

A) Find new users for the product. 
B) Find ways to increase usage among existing customers. 
C) Find new market segments. 
D) Create added product features or benefits. 
E) Find new uses for the product. 
A) Find new users for the product. 
B) Find ways to increase usage among existing customers. 
C) Find new market segments. 
D) Create added product features or benefits. 
E) Find new uses for the product.

Question 2

________ occurs when a company introduces a new product into the market.

Accepted Answer

The answer of ________ occurs when a company introduces a...

Question 3

The advantages of standardising an international product include all of the following EXCEPT ________.

Accepted Answer

A) the development of a consistent image 
B) lower product design costs 
C) the adaptation of products to different markets 
D) decreased manufacturing costs 
E) lower marketing costs 
A) the development of a consistent image 
B) lower product design costs 
C) the adaptation of products to different markets 
D) decreased manufacturing costs 
E) lower marketing costs

Question 4

The second part of the marketing strategy statement outlines the product's planned price,distribution and ________ for the first year.

Accepted Answer

A) advertising 
B) promotion 
C) marketing budget 
D) positioning 
E) target market 
A) advertising 
B) promotion 
C) marketing budget 
D) positioning 
E) target market

Question 5

The major purpose of test marketing is to provide management with the information needed to make a final decision about ________.

Accepted Answer

A) how to develop a market strategy 
B) which market to compete in 
C) whether to launch the new product 
D) how to compete in the market 
E) how long to compete in the market 
A) how to develop a market strategy 
B) which market to compete in 
C) whether to launch the new product 
D) how to compete in the market 
E) how long to compete in the market

Question 6

The business analysis stage represents the first large jump in financial investment in the new-product development process.

Accepted Answer

A) True 
 B)False

Question 7

Market modification involves the search for new users and market segments and\or the attempt to increase usage among present customers.

Accepted Answer

A) True 
 B)False

Question 8

GrayBerry Gifts has just brainstormed a large number of ideas for adding new products and services after visiting several buying fairs.The owners will begin the first idea-reducing stage,called ________,to arrive at a realistic number to adopt.

Accepted Answer

A) idea generation 
B) idea screening 
C) concept testing 
D) concept development 
E) business analysis 
A) idea generation 
B) idea screening 
C) concept testing 
D) concept development 
E) business analysis

Question 9

To test the product concept of a new idea,the R & D department of a firm will develop a prototype that will excite consumers and can be produced quickly at budgeted costs.

Accepted Answer

A) True 
 B)False

Question 10

When LEGO developed the LEGO Mindstorms build-it-yourself robot,more than 1000 intrigued customers formed their own web community devoted to making it better.This is an example of customer co-creation.LEGO embraced it.

Accepted Answer

A) True 
 B)False

Question 11

Which of the following best represents the options a company has when a product is declining?

Accepted Answer

A) maintain or harvest the product 
B) harvest or drop the product 
C) maintain,harvest or drop the product 
D) maintain or pioneer the product 
E) pioneer,harvest or maintain the product 
A) maintain or harvest the product 
B) harvest or drop the product 
C) maintain,harvest or drop the product 
D) maintain or pioneer the product 
E) pioneer,harvest or maintain the product

Question 12

Service marketers do NOT face special challenges when going global.

Accepted Answer

A) True 
 B)False

Question 13

Companies rarely solicit ideas from customers during the idea generation stage of product development.

Accepted Answer

A) True 
 B)False

Question 14

A product which falls in and out of favour with customers quickly is called a ________.

Accepted Answer

A) style 
B) fashion 
C) fad 
D) product idea 
E) market strategy 
A) style 
B) fashion 
C) fad 
D) product idea 
E) market strategy

Question 15

Which of the following is NOT a recommended method for companies to tap into their customers as sources for new-product ideas?

Accepted Answer

A) analysing customer complaints and questions 
B) relying heavily on customers to know what types of technical products they need 
C) working alongside customers to get ideas and suggestions 
D) turning customers into co-creators 
E) putting products created by their customers on the market 
A) analysing customer complaints and questions 
B) relying heavily on customers to know what types of technical products they need 
C) working alongside customers to get ideas and suggestions 
D) turning customers into co-creators 
E) putting products created by their customers on the market

Question 16

Black and Decker has greatly improved the safety of its electric hedge trimmers.This action would be an example of the strategy of feature improvement.

Accepted Answer

A) True 
 B)False

Question 17

In the ________ stage of new-product development,products undergo rigorous tests to make sure that they perform safely and effectively or that consumers will find value in them.

Accepted Answer

A) business analysis 
B) idea generation 
C) concept development and testing 
D) product development 
E) marketing mix 
A) business analysis 
B) idea generation 
C) concept development and testing 
D) product development 
E) marketing mix

Question 18

________ is the product life-cycle period when sales fall off and profits drop.

Accepted Answer

A) Introduction 
B) Growth 
C) Maturity 
D) Decline 
E) Development 
A) Introduction 
B) Growth 
C) Maturity 
D) Decline 
E) Development

Question 19

Which of the following best describes the role of a product steward?

Accepted Answer

A) to protect consumers from harm 
B) to evaluate new-product ideas against a set of general criteria 
C) to develop a product concept into a physical product 
D) to protect the company from liability by identifying and solving potential product problems 
E) A and D 
A) to protect consumers from harm 
B) to evaluate new-product ideas against a set of general criteria 
C) to develop a product concept into a physical product 
D) to protect the company from liability by identifying and solving potential product problems 
E) A and D

Question 20

The innovation management system approach yields two favourable outcomes: it helps create an innovation-oriented company culture and it ________.

Accepted Answer

A) clearly assigns responsibility for the process 
B) yields a larger number of new-product ideas 
C) guarantees successful products 
D) frees up senior management time 
E) requires less budget support 
A) clearly assigns responsibility for the process 
B) yields a larger number of new-product ideas 
C) guarantees successful products 
D) frees up senior management time 
E) requires less budget support

Which of the following is an example of product modification?

________ occurs when a company introduces a new product into the market.

The advantages of standardising an international product include all of the following EXCEPT ________.

The second part of the marketing strategy statement outlines the product's planned price,distribution and ________ for the first year.

The major purpose of test marketing is to provide management with the information needed to make a final decision about ________.

The business analysis stage represents the first large jump in financial investment in the new-product development process.

Market modification involves the search for new users and market segments and\or the attempt to increase usage among present customers.

GrayBerry Gifts has just brainstormed a large number of ideas for adding new products and services after visiting several buying fairs.The owners will begin the first idea-reducing stage,called ________,to arrive at a realistic number to adopt.

To test the product concept of a new idea,the R & D department of a firm will develop a prototype that will excite consumers and can be produced quickly at budgeted costs.

When LEGO developed the LEGO Mindstorms build-it-yourself robot,more than 1000 intrigued customers formed their own web community devoted to making it better.This is an example of customer co-creation.LEGO embraced it.

Which of the following best represents the options a company has when a product is declining?

Service marketers do NOT face special challenges when going global.

Companies rarely solicit ideas from customers during the idea generation stage of product development.

A product which falls in and out of favour with customers quickly is called a ________.

Which of the following is NOT a recommended method for companies to tap into their customers as sources for new-product ideas?

Black and Decker has greatly improved the safety of its electric hedge trimmers.This action would be an example of the strategy of feature improvement.

In the ________ stage of new-product development,products undergo rigorous tests to make sure that they perform safely and effectively or that consumers will find value in them.

________ is the product life-cycle period when sales fall off and profits drop.

Which of the following best describes the role of a product steward?

The innovation management system approach yields two favourable outcomes: it helps create an innovation-oriented company culture and it ________.

Marketing: Creating and Capturing Customer Value

Company and Marketing Strategy: Partnering to Build Customer Relationships

Analysing the Marketing Environment

Managing Marketing Information to Gain Customer Insights

Consumer Markets and Consumer Buyer Behaviour

Business Markets and Business Buyer Behaviour

Customer-Driven Marketing Strategy: Creating Value for Target Customers

Developing New Products and Managing the Product

Pricing Strategies: Understanding and Capturing Customer Value

Additional Pricing Considerations

Marketing Channels: Delivering Customer Value

Retailing and Wholesaling

Communicating Customer Value: Integrated Marketing Communications Strategy

Filters

Exam 8: Products, Services and Brands: Building Customer Value

Which of the following is an example of product modification?

________ occurs when a company introduces a new product into the market.

The advantages of standardising an international product include all of the following EXCEPT ________.

The second part of the marketing strategy statement outlines the product's planned price,distribution and ________ for the first year.

The major purpose of test marketing is to provide management with the information needed to make a final decision about ________.

The business analysis stage represents the first large jump in financial investment in the new-product development process.

Market modification involves the search for new users and market segments and\or the attempt to increase usage among present customers.

GrayBerry Gifts has just brainstormed a large number of ideas for adding new products and services after visiting several buying fairs.The owners will begin the first idea-reducing stage,called ________,to arrive at a realistic number to adopt.

To test the product concept of a new idea,the R & D department of a firm will develop a prototype that will excite consumers and can be produced quickly at budgeted costs.

When LEGO developed the LEGO Mindstorms build-it-yourself robot,more than 1000 intrigued customers formed their own web community devoted to making it better.This is an example of customer co-creation.LEGO embraced it.

Which of the following best represents the options a company has when a product is declining?

Service marketers do NOT face special challenges when going global.

Companies rarely solicit ideas from customers during the idea generation stage of product development.

A product which falls in and out of favour with customers quickly is called a ________.

Which of the following is NOT a recommended method for companies to tap into their customers as sources for new-product ideas?

Black and Decker has greatly improved the safety of its electric hedge trimmers.This action would be an example of the strategy of feature improvement.

In the ________ stage of new-product development,products undergo rigorous tests to make sure that they perform safely and effectively or that consumers will find value in them.

________ is the product life-cycle period when sales fall off and profits drop.

Which of the following best describes the role of a product steward?

The innovation management system approach yields two favourable outcomes: it helps create an innovation-oriented company culture and it ________.

Marketing: Creating and Capturing Customer Value

Company and Marketing Strategy: Partnering to Build Customer Relationships

Analysing the Marketing Environment

Managing Marketing Information to Gain Customer Insights

Consumer Markets and Consumer Buyer Behaviour

Business Markets and Business Buyer Behaviour

Customer-Driven Marketing Strategy: Creating Value for Target Customers

Developing New Products and Managing the Product

Pricing Strategies: Understanding and Capturing Customer Value

Additional Pricing Considerations

Marketing Channels: Delivering Customer Value

Retailing and Wholesaling

Communicating Customer Value: Integrated Marketing Communications Strategy

Filters