Exam 15: Product Development and Supply Chain Management

The product life cycle and competitive advantage life cycle differ in that the product life cycle reflects trends for a specific product or service,whereas the competitive advantage life cycle is based on multiple products or services.

A copyright provides protection for the duration of the creator's life,plus

Successful growth

It is important that small firms gain a competitive advantage which cannot be quickly imitated.

Match the term with its definition. a.Brand b.Brand image c.Brand name d.Brandmark e.Design patent f.Direct channel g.Indirect channel h.Patent i.Service mark j.Trade dress k.Trademark l.Utility patent -Registered protection for the appearance of a product and its inseparable parts

Match the term with its definition. a.Brand b.Brand image c.Brand name d.Brandmark e.Design patent f.Direct channel g.Indirect channel h.Patent i.Service mark j.Trade dress k.Trademark l.Utility patent -The overall perception of a brand

Match the term with its definition. a.Channel of distribution b.Copyright c.Patent d.Product e.Product item f.Product life cycle g.Product line h.Product mix i.Product mix consistency j.Product strategy k.Sustainable competitive advantage l.Warranty -A detailed picture of what happens to a specific product's sales and profits over time

The distinctive operating image of a product,including features such as size,shape,color or color combinations,texture,graphics,or even particular sales techniques,can be protected

If a small firm is to maintain its performance over time,it is essential to

Trademarks and service marks are legal terms indicating the exclusive right to use a brand.

Trade dress describes those elements of a firm's distinctive operating image that are specifically protected under a trademark,patent,or copyright.

Franklin sells his product in a bricks-and-mortar store and online.Franklin is using:

Match the term with its definition. a.Agents/brokers b.Common carriers c.Contract carriers d.Distribution e.Dual distribution f.Merchant middlemen g.Patent h.Physical distribution (logistics) i.Plant patent j.Private carriers k.Supply chain management l.Third-party logistics firm -Intermediaries that take ownership of the goods they distribute

Strategies for goods marketing and services marketing are essentially identical.

Match the term with its definition. a.Agents/brokers b.Common carriers c.Contract carriers d.Distribution e.Dual distribution f.Merchant middlemen g.Patent h.Physical distribution (logistics) i.Plant patent j.Private carriers k.Supply chain management l.Third-party logistics firm -Intermediaries that do not take ownership of the goods they distribute

Patricia has developed a new product that she would like to patent and produce.What can she do to reduce the risk of failure?

Match the term with its definition. a.Brand b.Brand image c.Brand name d.Brandmark e.Design patent f.Direct channel g.Indirect channel h.Patent i.Service mark j.Trade dress k.Trademark l.Utility patent -A verbal and/or symbolic means of identifying a product

Before a company's competitive advantage moves into the decline stage,it should

Discuss the purposes of packaging,labeling and warranties in relation to a company's brand.

How can a successfully growing firm fall into a growth trap?