Question 1

Can the PLC be applied to more than just brands? If yes,what are they?

Accepted Answer

The PLC concept can describe a product c

Question 2

Explain business analysis.

Accepted Answer

Once management has decided on its produ

Question 3

Benny's,a leading producer of ketchups and jams,experienced a rapid decline in sales in the early 1990s.To regain its market share,Benny's released new flavors like kiwi and litchi for jams and Italian Sundried Tomatoes and Mexican Hot Chilly for ketchups.Benny's aimed to regain its market share by ________ in this scenario.

Accepted Answer

A) modifying the sales strategy 
B) modifying the pricing strategy 
C) modifying the distribution channels 
D) modifying the product features 
E) modifying the promotional mix 
A) modifying the sales strategy 
B) modifying the pricing strategy 
C) modifying the distribution channels 
D) modifying the product features 
E) modifying the promotional mix

Question 4

Modifying a product is of little use as a strategy in the maturity period of the PLC as the product's decline is irreversible at this stage.

Accepted Answer

A) True 
 B)False

Question 5

Wayne Industries is building a new prototype riding lawnmower especially for women.The marketing strategy for the product has been developed and presented.The lawnmower is now being tested rigorously.This step will ensure that the product meets all the CPSC product specifications and leaves little chance for any product liability issues.Which of the following statements is true with regard to the current stage of product development that the lawnmower is in?

Accepted Answer

A) The new lawnmower is at the introductory stage of the lifecycle. 
B) The new-product idea is at the last stage of the development process. 
C) At this stage, the functional features and the intended psychological characteristics are combined. 
D) The new product at this stage can be distributed through a full-scale roll-out immediately. 
E) After this stage, no changes can be made in any aspect of the product design, features, or composition. 
A) The new lawnmower is at the introductory stage of the lifecycle. 
B) The new-product idea is at the last stage of the development process. 
C) At this stage, the functional features and the intended psychological characteristics are combined. 
D) The new product at this stage can be distributed through a full-scale roll-out immediately. 
E) After this stage, no changes can be made in any aspect of the product design, features, or composition.

Question 6

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

Accepted Answer

A) the market strategy to be used 
B) which target market to compete in 
C) whether to launch the new product 
D) how aggressively it should compete in the market 
E) the time taken to commercialize the product 
A) the market strategy to be used 
B) which target market to compete in 
C) whether to launch the new product 
D) how aggressively it should compete in the market 
E) the time taken to commercialize the product

Question 7

Which of the following represents an internal source of new-product ideas?

Accepted Answer

A) customers 
B) distributors 
C) suppliers 
D) employees 
E) competitors 
A) customers 
B) distributors 
C) suppliers 
D) employees 
E) competitors

Question 8

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

Accepted Answer

A) modify the product 
B) modify the market 
C) modify the marketing mix 
D) divesting from the market 
E) maintain, harvest, or drop the product 
A) modify the product 
B) modify the market 
C) modify the marketing mix 
D) divesting from the market 
E) maintain, harvest, or drop the product

Question 9

At the stage of concept testing,the product is evaluated by the management without any inputs from external sources like consumers.

Accepted Answer

A) True 
 B)False

Question 10

Distinguish among a product idea,a product concept,and a product image.

Accepted Answer

A product idea is an idea for a product

Question 11

Fads are characterized by their ________.

Accepted Answer

A) enduring nature spanning several generations 
B) minor popularity and consumer acceptance 
C) unusually high sales and rapid decline 
D) basic and distinctive modes of expression that seldom become unpopular 
E) non-attainment of the last two stages of the product life cycle 
A) enduring nature spanning several generations 
B) minor popularity and consumer acceptance 
C) unusually high sales and rapid decline 
D) basic and distinctive modes of expression that seldom become unpopular 
E) non-attainment of the last two stages of the product life cycle

Question 12

Felix Solutions is a market leader in designing ergonomic interiors and furnishings for office spaces of all sizes and needs.Some of the largest corporate offices are clients of Felix Solutions and the company is witnessing a steady rise in its market share.The success enjoyed by the company is difficult for competitors to imitate because Felix Solutions always has the products that the market needs.Which of the following,if true,would strengthen the fact that Felix Solutions encourages open innovation programs in addition to intrapreneurial programs?

Accepted Answer

A) The marketing team at Felix Solutions is organized on the lines of the traditional marketing manager model, rather than a brand manager model. 
B) The marketing team at Felix Solutions uses brainstorming as the only idea generation technique. 
C) The marketing team at Felix Solutions offers a quarterly monetary award to the most innovative employee and his/her product idea is considered for the new product development process. 
D) The marketing team at Felix Solutions runs a feature on its web site called Your-Call which enables every recent customer to call in with new ideas. 
E) The marketing team at Felix Solutions considers acquisitions and mergers to be the only ways of making additions to its product mix. 
A) The marketing team at Felix Solutions is organized on the lines of the traditional marketing manager model, rather than a brand manager model. 
B) The marketing team at Felix Solutions uses brainstorming as the only idea generation technique. 
C) The marketing team at Felix Solutions offers a quarterly monetary award to the most innovative employee and his/her product idea is considered for the new product development process. 
D) The marketing team at Felix Solutions runs a feature on its web site called Your-Call which enables every recent customer to call in with new ideas. 
E) The marketing team at Felix Solutions considers acquisitions and mergers to be the only ways of making additions to its product mix.

Question 13

As a result of ________,a company cannot make its product illegally similar to a competitor's already established product.

Accepted Answer

A) anti-monopoly laws 
B) patent laws 
C) antitrust laws 
D) product warranties 
E) product liability 
A) anti-monopoly laws 
B) patent laws 
C) antitrust laws 
D) product warranties 
E) product liability

Question 14

What are the two advantages of an innovation management system for developing new products?

Accepted Answer

The innovation management system approac

Question 15

The stage at which new product and marketing programs are introduced into realistic market settings is called concept testing.

Accepted Answer

A) True 
 B)False

Question 16

Identify the major sources of external new product ideas and explain why these sources offer advantages over internal sources.

Accepted Answer

The major external sources of new-produc

Question 17

A review of the sales,costs,and profit projections for a new product to find out whether they satisfy the company's objectives is called a ________.

Accepted Answer

A) vendor analysis 
B) portfolio analysis 
C) business analysis 
D) SWOT analysis 
E) concept analysis 
A) vendor analysis 
B) portfolio analysis 
C) business analysis 
D) SWOT analysis 
E) concept analysis

Question 18

Which of the following is true of the growth stage of the PLC?

Accepted Answer

A) The laggards will begin to buy the product at this stage and the early adopters may follow. 
B) The primary reason for growth at this stage is the lack of competitors in the market as the product is new. 
C) The firm will begin to reduce its spending on all other parameters and focus only on production of the good. 
D) Profits are nonexistent at this stage. 
E) By spending a lot on product improvement and promotion, the firm gives up maximum current profit. 
A) The laggards will begin to buy the product at this stage and the early adopters may follow. 
B) The primary reason for growth at this stage is the lack of competitors in the market as the product is new. 
C) The firm will begin to reduce its spending on all other parameters and focus only on production of the good. 
D) Profits are nonexistent at this stage. 
E) By spending a lot on product improvement and promotion, the firm gives up maximum current profit.

Question 19

The international growth in the retail industry has been sluggish and reactive with most retail players exploring new markets with little enthusiasm and interest.

Accepted Answer

A) True 
 B)False

Question 20

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

Can the PLC be applied to more than just brands? If yes,what are they?

Explain business analysis.

Modifying a product is of little use as a strategy in the maturity period of the PLC as the product's decline is irreversible at this stage.

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

Which of the following represents an internal source of new-product ideas?

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

At the stage of concept testing,the product is evaluated by the management without any inputs from external sources like consumers.

Distinguish among a product idea,a product concept,and a product image.

Fads are characterized by their ________.

As a result of ________,a company cannot make its product illegally similar to a competitor's already established product.

What are the two advantages of an innovation management system for developing new products?

The stage at which new product and marketing programs are introduced into realistic market settings is called concept testing.

Identify the major sources of external new product ideas and explain why these sources offer advantages over internal sources.

A review of the sales,costs,and profit projections for a new product to find out whether they satisfy the company's objectives is called a ________.

Which of the following is true of the growth stage of the PLC?

The international growth in the retail industry has been sluggish and reactive with most retail players exploring new markets with little enthusiasm and interest.

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.

Marketing Creating and Capturing Customer Value

Company and Marketing Strategy: Partnering to Build Customer Relationships

Analyzing the Marketing Environment

Managing Marketing Information to Gain Customer Insights

Understanding Consumer and Business Buyer Behavior

Customer-Driven Marketing Strategy: Creating Value for Target Customers

Product,Services,and Brands: Building Customer Value

Pricing: Understanding and Capturing Customer Value

Marketing Channels Delivering Customer Value

Retailing and Wholesaling

Communicating Customer Value

Personal Selling and Sales Promotion

Direct and Online Marketing: Building Direct Customer Relationships

The Global Marketplace

Sustainable Marketing: Social Responsibility and Ethics

Filters

Exam 8: Developing New Products and Managing the Product Life Cycle

Can the PLC be applied to more than just brands? If yes,what are they?

Explain business analysis.

Modifying a product is of little use as a strategy in the maturity period of the PLC as the product's decline is irreversible at this stage.

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

Which of the following represents an internal source of new-product ideas?

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

At the stage of concept testing,the product is evaluated by the management without any inputs from external sources like consumers.

Distinguish among a product idea,a product concept,and a product image.

Fads are characterized by their ________.

As a result of ________,a company cannot make its product illegally similar to a competitor's already established product.

What are the two advantages of an innovation management system for developing new products?

The stage at which new product and marketing programs are introduced into realistic market settings is called concept testing.

Identify the major sources of external new product ideas and explain why these sources offer advantages over internal sources.

A review of the sales,costs,and profit projections for a new product to find out whether they satisfy the company's objectives is called a ________.

Which of the following is true of the growth stage of the PLC?

The international growth in the retail industry has been sluggish and reactive with most retail players exploring new markets with little enthusiasm and interest.

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.

Marketing Creating and Capturing Customer Value

Company and Marketing Strategy: Partnering to Build Customer Relationships

Analyzing the Marketing Environment

Managing Marketing Information to Gain Customer Insights

Understanding Consumer and Business Buyer Behavior

Customer-Driven Marketing Strategy: Creating Value for Target Customers

Product,Services,and Brands: Building Customer Value

Pricing: Understanding and Capturing Customer Value

Marketing Channels Delivering Customer Value

Retailing and Wholesaling

Communicating Customer Value

Personal Selling and Sales Promotion

Direct and Online Marketing: Building Direct Customer Relationships

The Global Marketplace

Sustainable Marketing: Social Responsibility and Ethics

Filters