Exam 9: Marketing in a New Venture

A Shelter Insurance Agent tends to do a majority of his marketing through customer meetings. This is an example of which form of marketing?

A new product was released by Vazco which made packing for trips more efficient.By using Vazco's new vacuum bags,travelers can now decrease the amount of space their belongings usually take up and pack more in one suitcase. A way to get consumers to move from early adopter to early majority is by

One challenge that entrepreneurs face in starting a new business is that they tend to focus on a product that they really like rather than find out what potential customers really want.

In most markets,the innovators and early adopters are probably too small of a group to allow a new product or service to be financially successful.

What are three reasons why entrepreneurs fail to obtain information from customers?

Which group of adopters base buying decisions on intuition about the value of new products and do not require much information to make purchasing decisions?

Which of the following classifications of customers is probably least sensitive to the price of the product?

You are listening to the radio while you are driving your car to school one morning. You are already late and did not have time for breakfast,so you are hungry. You hear the music on the radio and several commercials. One commercial for a new type of energy bar seems to catch your attention. Which of the following terms suggests why that particular commercial might have caught your attention?

Which of the following is the weakest example of a product fulfilling a real need?

The idea that an existing company might have a difficult time developing a new product for a new market because it listens closely to current customers is known as

For which of the following products would an entrepreneur have a more difficult time obtaining target market information?

Assume that for local telephone calls,one pays the same rate each month. However,for long distance telephone phone calls,the costs depend on how many long distance calls were made,what time of day they were made,and the length of each call. What type of costs are the long distance calls to the consumer?

Which of the following tends to represent a disadvantage for existing established companies when attempting to create new products?

Making the transition from early adopters to early majority is usually called

The adoption of products always forms a normal distribution pattern.

Entrepreneurs will have more success offering new products and services to existing markets using known solutions.

Which of the following normally are associated with fixed costs?

If an entrepreneurial firm gets its product to be accepted as the dominant design,that means its product is the very best one on the market.

Product improvements are a function of time,not effort.

To be successful in introducing a new product or service,an entrepreneur probably has to satisfy a market need better than competitors can.